Howard Savings Institution (Newark, NJ)

Episode Information

Episode UID
55000371123
Episode Type
Run Only
Bank Type
savings
Bank ID
5500037 routing
Routing Number
55-0003
Start Date
July 29, 1893
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1631b3ac2157cc6a

Response Measures

None

Events (2)
1. July 29, 1893 Run
Cause
Local Banks
Cause Details
Runs and new withdrawal rules among nearby savings banks (Brooklyn/Trenton) produced nervousness and withdrawals in Newark.
Measures
Paid out large amounts (silver/gold/bills) to depositors; officers displayed funds to reassure customers.
Newspaper Excerpt
There is a slight run today on the Howard Savings Institution of this city. ... The officers of the bank say that they have plenty of money on hand to pay all demands.
Source
newspapers
2. July 31, 1893 Run
Cause
Local Banks
Cause Details
Ongoing contagion from runs and banking measures in the region kept depositors withdrawing.
Measures
Police assisted crowd control; bank paid depositors promptly and later displayed large stacks of coin to restore confidence.
Newspaper Excerpt
The run on the Howard Savings Institution continued today. The crowd in front of the building was so large that the aid of the police was necessary to keep the anxious people in order.
Source
newspapers

Newspaper Articles (10)
1. July 29, 1893 Evening Star Washington, DC
Article from Evening Star, July 29, 1893

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Article Text

IT CAUSED A RUN. Effect of the Decision of the New York Brooklyn Savings Bank Presidents. BROOKLYN, N. Y., July --There is . slight run on the Brooklyn Savings Bank. About 100 people are in line. The run 18 caused by the action of the savings hank presidents yesterday requiring thirty days notice. Cashier Flandreau said the bank was in good condition and all depositors who demand their money today will be paid in full. The Dime Savings Bank and the South Brooklyn Savings Bank both put into open. ation today the thirty and sixty day rule, The General Savings Bank of Kings county announces that they will put the same rule into operation on Monday morning, All of the savings banks of Kings county will probably do the same. Able to Stand Runs. TRENTON, N. J., July 29.-A run come menced this morning on the Trenton Savings Bank and by noon about $30,000 was paid out. The bank is one of the strongest in the state, having 8. clean surplus of $268,000. The money paid out this morning was in new silver dollars just received from the Philadelphia mint. All the Trenton banks are in excellent shape and no suspensions will occur. NEWARK. N. J., July 29.-There is . slight run today on the Howard Savings Institution of this city. A long double line of depositors has been passing in front of the paying teller's window all the morning. The officers of the bank say that they have plenty of money on hand to pay all demands. The Howard is the strongest savings bank in the city.

2. July 29, 1893 The Jersey City News Jersey City, NJ
Article from The Jersey City News, July 29, 1893

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Article Text

Newark Hit Too. NEWARK, July 29, 1893.-There - is a slight run today on the Howard Savings Institution of this city. A long couble lino of depositors have been passing iu front of the paying teller's window all the morning. The officers of the bank say that they have pleuty of money oa hand to pav all demands, The Howard IS the strongest savings bank in in the city.

3. July 30, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 30, 1893

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Article Text

New Jersey Banks. TRENTON, N. J., July 29.-A run commenced this morning on the Trenton Savings Bank, and by noon about $30,000 was paid out. This bankisone of the strongest in the State, having a clean surplus of $268,000. NEWARK, N. J., July 29.-There was a run to-day on the Howard Savings Institution. of this city. A long double line of depositors passed in front of the paying teller's window all morning. The bank officials say they have plenty of money on hand to pay all demands. The Howard is the strongest savings bank in the city.

4. July 30, 1893 The Herald Los Angeles, CA
Article from The Herald, July 30, 1893

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Article Text

Runs on New Jersey Banks. NEWARK, N. J., July 29.-There is a run on the Howard Savings institution of this city. The officers say they have plenty of money on hand to pay all demande. The Howard is the strongest savings bank in the city. TRENTON, N. J., July 29.-A run began on the Ironton Savings bank this morning. The bank is one of the strongest in the state and no danger is looked for as the result of the run. Withdrawing depositors are paid in silver dollars.

5. July 30, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 30, 1893

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Article Text

Run on a Savings Bank. NEWARK, N. J., July 29.-There is a run on the Howard Savings institution in this city. Officers say they have plenty of money on hand to pay all demands. Howards' is the strongest savings bank in the city.

6. August 1, 1893 The Herald Los Angeles, CA
Article from The Herald, August 1, 1893

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Article Text

EASTERN BANK TROUBLES. Runs on Financial Institutions-Several Suspensions, NEWARK, N. J., July 31.-The run on the Howard Savings Institution continued today. The crowd in front of the building was so large that the aid of the police was necessary to keep the anxious people in order. HORNELLSVILLE, N. Y,, July 31.-N. M. Craveland, a private banker, failed this morning. The assets are said to exceed the liabilities. AKRON, O., July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital, $200,000; reserve, $50,000; surplus, $18,000. It will pay in full. ASHLAND, Wis., July 31.-The First National bank failed this morning, owing to a steady drain on the deposits. The resources July 15th were $396,489. Heavy runs on other banks resulted. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion, made an assignment of property valued $200,000. It is believed all will be paid in full, and that the bank will be open in a few days. No statement of assets and liabilities. SPRINGFIELD, Mo., July 31.-The Springfield Savings bank failed this morning. Deposits, $100,000; capital, $25,000. It will pay in full. Other banks are not affected. No further trouble is expected.

7. August 1, 1893 The Sun New York, NY
Article from The Sun, August 1, 1893

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Article Text

HIS HONOR TO THE RESCUE. Mayor Haynes Tries to Stop - Foolish Rus on a Newark Bank. The effect of an exaggerated story of a run on the Howard Savings Institution of Newark on Saturday was shown yesterday morning. A crowd of 200 persons stood waiting in front of the bank before sdoors were opened. The police took a hand in forming the people in line, and when the bank opened they were paid ns rapidly as their accounts could be closed. Many dropped out of the line when they saw that everybody was being paid promptly. but enough stuck to their purpose of getting their money out to leave A dozen unpaid when the banking hours were over. Mayor Haynes took R lively but unselfish interest in the matter. and talked to the people in front of the bank for half an hour at noon, telling them of the soundness of the Howard Bank. which has several times withstood worse runs than this could possibly be. The bank has a surplus over all liabilities of three-quarters of a million dollars.

8. August 2, 1893 The Sun New York, NY
Article from The Sun, August 2, 1893

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Article Text

TOOK HIS $2,300 IN SILVER. Hard Work Getting It Home-A Woman Wheeled Away $400 In a Baby Carriage. Therun on the Howard Savings Institution of Newark subsided yesterday. A great show of gold. silver. and bills was made in the bank. and it so impressed the line of foreigners and women that many of them went away at once, while others drew out small amounts of their savings. and left the balance. A good deal of silver was paid out, and this further discouraged those who had large deposits. it did not discourage one man. who insisted upon getting $2.300. It was paid in silver. and. after he struggled across the street under the load of coin. he wanted to deposit it with the Dime Savings Bank. but the teller would not accept it. He then had to carry it home. It was as much as he could carry. A woman took out $400 and wheeled it home in n baby carriage with n two-year-old child sitting upon it. Twenty-eight persons were in line when the bank closed for the day.

9. August 6, 1893 The Morning News Savannah, GA
Article from The Morning News, August 6, 1893

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Article Text

LOADED WITH SILVER. One of Newark's "Runners" Gets Too Many Bland Dollars. From the Philadelphia Record. Newark, N. J., Aug. 2.-The great display of gold and silver at Howard Savings Institution was what stopped the run on that bank yesterday. It restored confidence on the part of most of the depositors. But the big bulk of silver that was paid out did not discourage one man, who insisted upon getting $2,300. It was paid in silver, and, after he struggled across the street under the load of coin, he wanted to deposit it with the Dime Savings Bank, but the teller would not accept it. He then had to carry it home. It was as much as he could carry. A woman took out $400 and wheeled it home in a baby carriage with a 2-year-old child sitting upon it.

10. August 17, 1893 Herald and News Randolph, VT
Article from Herald and News, August 17, 1893

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Article Text

Silver in Demand. Silver is excellent currency for banks to have on hand, with which to pay panie-stricken depositors, A run on the Howard Savings institution of Newark, New Jersey, was checked by the display of a great stack of gold, silver and bills on the counter. One man, who insisted on withdrawing his deposit of $2,300, was compelled to receive it in silver dollars. He tugged his bag across the street and laid it down on the steps of the Dime Savings bank with a tired air; but that institution refused to receive it, and he had to carry it home. A woman who drew out $400 wheeled it off in her child's carriage with a two-year-old babe sitting upon it. If the banks had had the forethought to lay in a stock of silver some time ago, much of the silver in the treasury vaults might have been brought into circulation.-Windsor Journal.