Two contemporary newspaper notices (July 9, 1887) report a brief run triggered by untraceable rumors. Funds were paid out rapidly and confidence was restored in a short time, so the bank did not suspend or close. 'Savings Institution' indicates a savings bank, but the precise charter type is not stated, so bank_type set to unknown.
Events (1)
1.July 9, 1887Run
Cause
Rumor Or Misinformation
Cause Details
Untraceable rumors reported in the local press prompted depositors to withdraw funds; no specific factual trigger given.
Measures
Money was paid out rapidly to depositors; prompt payouts and calm handling restored 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.
