12642. Howard Savings Institution (Newark, NJ)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
November 19, 1890
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
aee0ef66ddd3e03f

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Nov 19–23, 1890) describe a run on the Howard Savings Institution in Newark. The bank paid out funds, officials repeatedly stated they could meet all deposits and did not invoke suspension/90-day privilege (though one article said they might if the run continued). The run abated and many depositors returned funds. Cause appears linked to recent financial crashes/rumors rather than bank insolvency.

Events (1)
1. November 19, 1890 Run
Cause
Macro News
Cause Details
Depositors alarmed by recent financial crashes and circulating rumors about bank failures; no bank-specific insolvency alleged and several articles say no reason is known.
Measures
Made cash payments to depositors as requested; officials publicly declared bank solvent and did not (at time of reports) invoke the 90-day suspension privilege.
Newspaper Excerpt
President Frelinghuysen says the bank can pay every depositor in full, and have a million dollars left.
Source
newspapers

Newspaper Articles (10)
1. November 20, 1890 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, November 20, 1890

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Article Text

FINANCIAL MATTERS. Wall Street Still in a Very Unsettled Condition-Situation Abroad. NEW YORK, Nov. 20.-The situation on Wall street continues in a very unsettled - condition. The fluctuation in prices is very great. A small run was made on the Howard Savings bank of Newark Tuesday. The president says the bank can pay all its depositors and then have $1,000,000 on hand. Wednesday a rumor was afloat that another large London banking firm was about to go into liquidation. but later advices contradicted it. Francis Higgins has been appointed receiver of the North River bank. with a bond of $500,000. There is a deficiency of nearly $100,000 in the funds of the bank.

2. November 20, 1890 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 20, 1890

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A Run on a Bank. NEWARK, N. J., Nov. 19.-There was a run on the Howard Savings institution today. Money was paid out as fast as the clerks could count it. President Frelinghuysen says the bank can pay every depositor in full, and have a million dollars left.

3. November 21, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 21, 1890

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Article Text

RAIDS ON BANKS CONTINUE Blotous Crowds Camoring for Their Deposite-Anxiety of Women. NEW YORK, Nov. 20.-The run begun on the Citizens' Savings bank was continued this morning. Before 9 o'clock 1,600 excited Poles had gathered in the vicinity. Some paraded up and down the neighborhood all night. President Quintard expects the run to continue today and tomorrow, and says the bank is ready to meet It. The crowd at length became so great that it was necessary to call a squad of police to get them in a line, which extended out to Canal street and down to Elizabeth. The depositors were admitted in squads of five. Offers of assistance from other banks were declined. President Quintard said it would take a week to settle with the depositors in today's line. NEWARK, N. J., Nov. 20.-A bigger crowd than on the two previous days, chiefly women, this morning shivered outside the Howard Savings bank long before the bank opened. Many business men are making deposits to allay the feeling of suspicion. President Frelinghuysen says he has plenty of money to pay off depositors, and if every depositor withdrew the bank would still have over $500,000. The business community is not worried by the run on the bank. The bank has not yet made use of its privilege of claiming ninety days, but it is likely to do so if the run continues several days. No reason is known for the run.

4. November 21, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, November 21, 1890

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Article Text

Plenty of Cash to Pay All. NEWARK, N. J., Nov. 20.-Thernn on the Howard Savings bank abated somewhat this afternoon. Many of the depositors, learning that they could have the safety of their deposits guaranteed went to a guarantee company and in-, sured them. The bank directors made an official statement declaring that its securities were all safe, and that there was no danger of a collapse. They expect that the run will abate to-morrow. The scarce seems nearly over. Confidence is being restored by the assurance of safety.

5. November 21, 1890 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 21, 1890

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essary for the protection of our customers.' Among the railroad investments which probably caused them heavy losses, are Ohio and Northwestern, San Antonio and Arkansas Pass, Oregon Pacific, and Charleston, Cincinnati and Chicago. Run On a New York Bank. NEW YORK, Nov. 20.-The run begun on the Citizens' Savings bank yesterday was continued this morning. Before 9 o'clock 1600 excited Poles had gathered in the vicinity. Some paraded up and down the neighborhood all night. President Quintard expects the run to continue today and tomorrow. He says the bank is ready to meet it. The bank has not yet made use of its privilege of claiming ninety days, but is likely to do so if the run continues several days. No reason is known for the run. The crowd became so great that it was necessary to call out a squad of police to get them in a line which extended out to Canal street and down to Elizabeth. The depositors were then admitted in squads of fifteen. Offers of assistance from other banks were declined. President Quintard said it would take a week to settle with the depositors in today's line. Uneasy Depositors in Newark. NEWARK, N. J., Nov. 20.-A bigger crowd than on the two previous days, chiefly women, shivered outside the Howard Savings bank this morning, long before the bank opened. Many business men made deposits to allay the feeling of suspicion. President Frelinghuysen says he has plenty of money to pay off the depositors, and if every depositor withdrew, the bank would still have over $50,000 left. The business community is not worried by the run on the bank.

6. November 21, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, November 21, 1890

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SCARED DEPOSITORS. They Make Things Lively ad Savings Banks in Sew York and Newark, X J. New York, Nov. 20.-In some unaocountable way Wednesday & rumor was started that the Citizens' Savings Bank was in trouble. The bank's depositors are largely composed of the poorer classes of Hobrews, Polacks and Germans of the east side of the city, and soon the doors of the institution were besieged with crowds of excited people anxious to draw DUE their deposits before the anticipated collapse. The crowd swelled to a thousand or more, and though each 000 received his money became so riotous that a squad of police bad to be called to preserve order. President Quintard at the close of the day said about $100,000 had been paid out Mr. Quintard said the bank was all right He showed by the books the bank had a surplus of $1,400,000. There were $1,300,000 subjest to check at any time. Assets amounted to $18,419,84L About $12,000,000 were due depositors. NEW YORK, Nov. 30-The run which was begun Wednesday on the Citizens' Saving Bank here continues As early as 9 o'clock there were from 1,500 to 1,600 excited Poles gathered in the vicinity. In fact a number of the unfortunate people who have fears that they have lost all their hard earnings paraded up and down the neighborhood all night As yet the bank has not made use of its privilege of claiming ninety days, but is is likely to do so if the run continues for several days to come. No reason is known for the run. NEWARK, N. J., Nov. 20.-Depositors in the Howard Savings Institution became alarmed over recent financial crashes and made a run on the institution Wednesday. Between $50,000 and $100,000 was withdrawn, but the president says the bank is able to pay in full and still have $1,000,000 left. NEWARK, N. J., Nov. 20.-A bigger crowd than on the two previous days shivered outside of the Howard Savings Bank long before the bank opened. Hundreds of women surrounded the bank to withdraw money. Most of the withdrawals were by Poles, Italians and other foreigners. There were nine women to every man. Many business men are making deposits as usual to allay the feeling of suspicion.

7. November 21, 1890 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 21, 1890

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Article Text

Run on the Howard Say ings Bank. NEWARK, N.J., Nov. 20.-A bigger crowd than on the two previous days, chiefly women, shivered outside the Howard Savings bank long before the bank opened. Many business men are making deposits to allay the feeling of suspicion. President Frelinghuysen says he has plenty of money to pay off depositors and if every depositor withdrew the bank would still have over five hundred thousand dollars left. The business community is not worried by the run on the bank.

8. November 22, 1890 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 22, 1890

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The Run Still Continues. NEWARK, N.J., Nov. 21.-The run on the Howard Savings bank still continues. The Jap Got Too Fresh. Miles D being a .....

9. November 23, 1890 The Morning News Savannah, GA
Article from The Morning News, November 23, 1890

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New York's Bank President. NEW YORK, Nov. 22.-The run on the Citizens' Savings Bank here continued this morning with as much vigor as ever. This, the bank people say, was caused by the fact that they close at noon on Saturday. Work began before 10 o'clock, but the long line of depositors seemed to increase all the while instead of diminishing. The payments already made figure up $300,000. NEWARK'S RUN ABOUT OVER. NEWARK, N. J., Nov, 23.-The run on the Howard savings bank was considerably abated this morning, confidence being restored. Many depositors are returning their money.

10. November 28, 1890 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, November 28, 1890

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NUBS OF NEWS. J. C. Waldron, a New York broker, has failed. August Belmont died at New York Monday. The English parliament assembled Tuesday. Henry Villard sailed for America, Thursday. Red Cloud says he has not even seen the dances. The run on the Howard saving bank is less vigorous. President Adams of the Union Pacific says he will resign. The officers at Pine Ridge regard the situation as critical. Jay Gould says he has not gained control of the Atchison. The run on the Citizens saving bank, of New York continues. Soldiers at Pine Ridge have little food, but much ammunition. Mrs. Birchall and Mrs. Wast Jones are on their way to England. The run on the Citizens Bank, New York, is over, after six days. The story of Indian troubles on the Neshena agency is a canard. Richard Hallen & Co., New York bankers, have failed for a million. Eva Hamilton has been pardoned for shooting her husband in New Jersey. R. F. Tobin, senior vice-commander of the G. A. R., died at Boston, Saturday. Edward Brandon's failure has been announced on New York stock exchange. A special session of the New Hampshire legislature will be held December 2d. The New Orleans jury in the Hennessy assassination case, indicted sixteen Italians. It IS rumored that Father McGlynn will soon be reinstated in the church of Rome. The failure of Barker Bros. & Co. has been announced on the Philadelphia exchange. A boiler explosion at St. John, N. B., Tuesday, killed six and injured many others. Mrs. Maria Wolsely, of Raymond, Wis. was fatally injured by an enraged bull Friday. The Illinois glass works buned at Alton, Ills, Saturday., causing a loss of $1,000,000. Peter Miller, a Chicago millionare, was sent to jail for begging on the street last Monday. Six thousand Alabama coal miners will probably strike December 1st for an increase. The schooner Wm. Jones was wrecked near Manistee, Friday night. The crew was saved. Twenty-sixth Ward bank, Brooklyn was robbed of $5.000 by sneak thieves, Thursday. Washington will suffer heavily on account of the lack of transportation for their wheat. Wm. Clark of Milwaukee was knocked down by two men in that city Tuesday and robbed of $19,000. The regular quarterly dividend of one per cent has been declared on Northern Pacific preferred stock. Many deposito rs are returning money to the Howard bank at Newark, N. J. and the run has abated. Thomas Fawcett & Sons, a Pittsburg coal firm, has failed, with liabilities $400,000; assets $600,000. Benjamin Penhallow Shillaber, familiarly known in literary world as "Mrs. Partington," died Tuesday. The Irish home rulers have unanimously requested Parnell to return to the leadership of the party. A Northwestern freight train with $60,000 worth of freight, went through a bridge near Baraboo, Monday. Acting Indian commissioner Belt notified all the agents to keep him fully posted on the state of affairs. The run on the Howard savings bank of Newark, N. J., continues, but the officials say they have plenty of money. The Commercial bank, of Guthrie, Okla., was assigned to the sheriff and the proprietors left the town Friday. At Clinton, near Beaver Falls, Pa., eight persons have been poisoned. The particulars have not yet been received. Two oil tanks exploded at Danburg,