Two newspaper accounts (July 9, 1887) report a short-lived run caused by untraceable rumors. Funds were paid out quickly and confidence was restored the same day; there is no mention of suspension, receivership, or permanent closure.
Events (1)
1.July 9, 1887Run
Cause
Rumor Or Misinformation
Cause Details
Untraceable rumors about the bank prompted depositors to withdraw funds; no specific allegation or evidence of insolvency was given.
Measures
Paid out money rapidly and with apparent indifference, restoring confidence.
Newspaper Excerpt
Rumors which could not be traced caused a run on the Howard Savings Institution yesterday, but money was paid out so rapidly and with such indifference that confidence was restored in a short time.
Run ON a Safe Bank. NEWARK, N. J., July 9.-Rumors which could not be traced caused a run on the Howard Savings Institution yesterday, but money was paid out so rapidly and with such indifference that confidence was restored in a short time. This bank has $700,000 on deposits and $5,000,000 held in Government bonds. President Frederick Frelinghuysen aud the managers are among the wealthiest citizens of Newark. The bank weathered a great ran before when other savings banks in Newark went under.
2.July 11, 1887Wheeling RegisterWheeling, WV
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Article Text
Run on a Safe Bank. NEWARK, N.J., July 9.-Rumors which could not be traced caused a run on the Howard Savings Institution yesterday, but money was paid out so rapidly and with such indifference that confidence was restored in a short time. This bank has $700,000 on deposits and $5,000,000 held in Government bonds. President Frederick Frelinghuysen aud the managers are among the wealthiest citizens of Newark. The bank weathered a great run before when other savings banks in Newark went under.
