12643. Howard Savings Institution (Newark, NJ)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
July 29, 1893
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
fe45a83f0190b4d9

Response Measures

None

Description

Multiple contemporaneous newspaper reports (dated July 29–31, 1893) describe a run on the Howard Savings Institution in Newark. The bank paid depositors in full, officers repeatedly stated they had plenty of money, the run subsided, and there is no mention of suspension, receivership, or permanent closure. The run appears part of wider banking disturbances in late July 1893 (sector-wide measures and other bank failures), so classified as driven by macro/systemic banking news rather than a discrete rumor about this institution.

Events (3)

1. July 29, 1893 Run
Cause
Macro News
Cause Details
Part of wider Eastern bank disturbances and sector actions (30-day rule invoked by some savings banks and multiple bank failures/suspensions reported elsewhere) that prompted deposit withdrawals.
Measures
Paid depositors; officers stated bank had plenty of money on hand; police called to keep order when crowd large.
Newspaper Excerpt
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.
Source
newspapers
2. July 31, 1893 Run
Cause
Macro News
Cause Details
Continuation of withdrawals tied to the ongoing regional banking troubles and public nervousness over other bank failures and suspensions.
Measures
Large amounts of coin and silver paid out; police maintained order; reports indicate many depositors left after seeing the bank's coin reserves (run later subsided).
Newspaper Excerpt
NEWARK. N.J., July 31. -The run on the Howard Savings institution continued to-day. 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
3. August 2, 1893 Other
Newspaper Excerpt
Therun on the Howard Savings Institution of Newark subsided yesterday. A great show of gold. silver. and bills was made in the bank ... Twenty-eight persons were in line when the bank closed for the day.
Source
newspapers

Newspaper Articles (11)

Article from Evening Star, July 29, 1893

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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.


Article from The Jersey City News, July 29, 1893

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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.


Article from The Indianapolis Journal, July 30, 1893

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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.


Article from The Salt Lake Herald, July 30, 1893

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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.


Article from The Anaconda Standard, August 1, 1893

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IT WAS BLUE MONDAY. Long List of Banks That Couldn't Keep Up. THE DALLES, Ore., July 31.-The First National bank failed this morning, due to the closing of the Commercial National bank of Portland. AKRON, July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital. $200,000; reserve, $50,000; surplus. $18,000. Will pay in full. PENDLETON, Ore., July 31. The Pendleton Savings bank has temporarily suspended. Assets, $250,000; liabilities, $135,000. SPRINGFIELD, Mo., July 31. - The Springfield Savings bank failed this morning. Deposits, $100,000; capital, $25,000. It will pay in full. The other banks are not affected. No further trouble is expected. ASHLAND. Wis.. July 31. - The First National bank failed this morning owing to a steady drain on deposits. Its re. sources of July 5 were $396,489. A run on other banks is III progress. PORTLAND, Ore., July 31. The First Na. tional bank of East Portland, Ore., has , failed. The officers say the suspension is temporary. Resources July 12 were $325,000; deposits. $160,000. ) EUGENE. Ore., July 31.-The Commercial bank of Cottage Grove has decided to go into liquidation. All depositors will be 1 paid in a few days and the bank will go out of business. A ASTORIA. Ore July 31. -The private I bank of J. W. Case closed this morning on account of a constant withdrawal of $ deposits. A notice on the door states I that the depositors will be paid in full. $ WHATCOM. Wash., July 31. The Belt lingham National bank did not open this : morning. The temporary suspension was I caused by a constant withdrawal of deI posits for the past 90 days. The assets , are $270,000: liabilities, $160,000. , CEDAR RAPIDS, la., July 31. -A. Daniels & Co., private bankers at Marion, made I an assignment. The property is valued I at $200,000. It is believed all depositors I will be paid in full and the bank will be I opened in a few days. No statement of e assets or liabilities has been made. NEWARK. N.J., July 31. -The run on the I Howard Savings institution continued tot I day. The crowd in front of the building I was so large that the aid of the police was necessary to keep the anxious people in order. I


Article from The Herald, August 1, 1893

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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.


Article from The Sun, August 2, 1893

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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.


Article from Barton County Democrat, August 3, 1893

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коску Mountain Oil Co., is no more, and the big petroleum monopoly has the field to itself once more. FIFTEEN of the striking plate glass workers at Irwin, Pa., were arrested on charges of conspiracy. DUN's review says soundness and strength is disclosed in the business world, notwithstanding the financial disturbances. MANY Pennsylvania iron and steel workers threaten to withdraw from the Amalgamated association. STRIKING miners rioted in Gran, Hungary, until dispersed by the police. Many were wounded. Ten were arrested. AT a meeting of the directors of the Tremont and Suffolk mills, at Lowell, Mass., it was voted to operate these mills on half time. UNITED STATES MARSHAL NIX has in his possession about fifty head of cattle which he confiscated from the gang of horse and cattle thieves who were captured in the Cherokee strip. THE Irving-Terry theatrical company has sailed on the steamship Numidian from Liverpool for Montreal. The company will open in San Francisco on September 4. A RADICAL reorganization of the coast survey is contemplated by Secretary Carlisle. Some of the changes may require congressional action. The work of reform will begin by chopping off heads. THE Utes will soon be compelled to vacate their reservation in Colorado and will be sent to Utah. THREE clerks signed their names to notes upon which $54,000 was obtained from the Elmira, N. Y., national bank. THE gates of the world's fair were opened last Sunday. SEVENTY-THREE New England and New York banks have been swindled by forged duplicate grain receipts. PAYING TELLER ABRAM FARDON, of the First national bank of Paterson, N. J., has been arrested for stealing $10,650. THERE was a run on the Howard savings institution at Newark, N. J. The bank weathered the storm. THE Union indurated fiber works, Buffalo, N. Y., have been destroyed by fire. THE Denver chamber of commerce and board of trade have sent a silver memorial to congress. ONE person was killed and three others were seriously injured in an accident on a bridge in Chicago. DR. LEE LING, a Chinese physician, of Chicago, and Miss Lizzie Fairman, an American girl, of the same city, were recently married at Peoria, Ill. SECRETARY HOKE SMITH was hanged in effigy at Rome, O., because of the suspension of a pensioner. SANFORD & SONS' carpet mills at Amsterdam, N. Y., have been shut down. No protracted stoppage of any of the Carnegie Steel Co.'s big plants have been ordered and none are probable. THE navy department has awarded contracts for supplying about a million pounds of steel gun forging to the Midvale and Bethlehem companies, of Pennsylvania. THE Independente Belge says that in view of the disastrous effects of the recent drought the Belgian government is making preparations on a large scale in experiments for producing rainfall by artificial means. THE American express train No. 31, on the Michigan Central railway, was wrecked at Springfield, Ont. Seven coaches and the locomotive were derailed. Four of the coachos were badly wrecked. No lives were lost. The engineer was badly scalded. EXHIBITORS have presented their grievances to the management of the world's fair. THE McNeil & Urban Safe & Lock Co., one of the oldest safe firms in the country, have assigned to Howard Douglass, of Cincinnati. The assets are $160,000; liabilities unknown. The firm has been unfortunate in several large contracts. ONE of the most daring robberies ever attempted in Chicago was committed at the residence of Mrs. R. Ammon in broad daylight. The thieves, after binding and gagging Mrs. Ammon, succeeded in robbing her of diamonds and a gold watch, the whole value being $2,000, and made good their escape.


Article from The Iola Register, August 4, 1893

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THE LATEST. SIAM accepted the ultimatum 0* France and the blockade of her ports was raised. A RADICAL reorganization of the coast survey is contemplated by Secretary Carlisle. Some of the changes may require congressional action. The work of reform will begin by chopping off heads. THERE was an unsuccessful revolutionary uprising in the province of San Luis, Argentine. SENATOR PUGH, of Alabama. does not favor the repeal of the Sherman law. THE Utes will soon be compelled to vacate their reservation in Coloradoand will be sent to Utah. THREE clerks signed their names to notes upon which $54,000 was obtained from the Elmira, N. Y., national bank. THE gates of the world's fair were opened last Sunday. SEVENTY-THREE New England and New York banks have been swindled by forged duplicate grain receipts. PAYING TELLER ABRAM FARDON, of the First national bank of Paterson N. J., has been arrested for stealing $10,650. THERE was a run on the Howard savings institution at Newark, N. J. The bank weathered the storm. THE Union indurated fiber works, Buffalo, N. Y., have been destroyed by fire. EMPEROR WILLIAM, of Germany, reached England on the 29th. He was enthusiastically received. THE Denver chamber of commerce and board of trade have sent a silver memorial to congress. ONE person was killed and three others were seriously injured in an accident on a bridge in Chicago. DR. LEE LING, a Chinese physician, of Chicago, and Miss Lizzie Fairman, an American girl, of the same city, were recently married at Peoria, Ill. SECRETARY HOKE SMITH was hanged in effigy at Rome, O., because of the suspension of a pensioner. SANFORD & SONS' carpet mills at Am. sterdam, N. Y., have been shut down. No protracted stoppage of any of the Carnegie Steel Co.'s big plants have been ordered and none are probable. SENATOR MCNAUGHTON, of New York, chief in charge of the New York state exhibit at the world's fair, die recently. A ST. PETERSBURG correspondent says that Russia intends to add 50 per cent. to the present maximum tariff on German importations. This will be Russia's reply to Germany's increase of 50 per cent. on her tariffs on Russian imports.


Article from Baxter Springs News, August 5, 1893

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THE EAST. FIFTEEN of the striking plate glass workers at Irwin. Pa., were arrested on charges of conspiracy. MANY Pennsylvania iron and steel workers threaten to withdrrw from the Amalgamated association. Two persons were killed and several seriously injured by a fire at Pittsburgh, Pa., caused by an explosion of polish which a peddler was using on a stove. AT a meeting of the directors of the Tremont and Suffolk mills. at Lowell, Mass., it was voted to operate these mills on half time. THREE clerks signed their names to notes upon which $54,000 was obtained from the Elmira. N. Y., national bank. SEVENTY-THREE New England and New York banks have been swindled by forged duplicate grain receipts. PAYING TELLER ABRAM FARDON, of the First national bank of Paterson, N. J., has been arrested for stealing $10,650. THERE was a run on the Howard savmgs institution at Newark, N. J. The bank weathered the storm. THE Union indurated fiber works. Buffalo, N. Y., have been destroyed by fire. SANFORD & SONS' carpet mills at Amsterdam, N. Y., have been shut down. No protracted stoppage of any of the Carnegie Steel Co.'s big plants have been ordered and none are probable. NEW YORK has declared a five days' quarantine against vessels from South America to guard against yellow fever. SENATOR MCNAUGHTON, of New York, chief in charge of the New York state exhibit at the world's fair, died recently. IT has been discovered that Charles F. Morrill, the bank cashier, who absconded from Manchester, N. H., was over $100,000 short in his accounts. THE Waltham. Mass., Watch Co. has resumed at a reduction of 15 per cent. in wages. THE Philadelphia Packing & Provision Co. is insolvent. FINANCES were firmer in New York and the demands on savings banks much quieter. It was said that $4,400.000 gold had been withdrawn from the Bank of England for shipment to this country. THE Edison Phonograph Co., of Drange, N. J., has discharged 300 men. It is asserted that the reduction in the force is for the purpose of taking stock. A MEETING of the eastern agents of the Western Passenger association was held in New York to attempt to regnlate the scheduling of immigrants over the various routes.


Article from Newark Evening Star and Newark Advertiser, April 23, 1910

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HOWARD SAVINGS BANK HEAD DROPS DEAD ON TRAIN Horace T. Brumley Had Been Connected With Institution for Forty=four Years. Horace T. Brumley, president of the old Howard Savings Institution, died suddenly last night on the Montreal express of the New York Central railroad, after the train left Utica, while on the way from Lake Placid, where he had been three weeks, to his home at Troy Hills, this State. He had been ill since March 1, the trouble being a kidney disease. But his friends did not think his condition was critical and they were shocked this morning when they heard of his death. Mr. Brumley is survived by his wife and three daughters. The latter are: Mrs, Arthur Paulmier, of Troy Hills; Mrs. Warren Baldwin, of Boonton, and Mrs. W. O. Cooper. of East Orange There is a young grandson, Horace Brumley Paulmier Mr. Brumley was a director of the National Newark Banking Company the American Insurance Company and the Provident Loan Association. He was a trustee in the Presbyterian Church at Parsippany. He was vicepresident of the Morristown and Erie Railroad Company, which has lines extending from Essex Fells to Morristown. The body of Mr. Brumley was removed from the train to a mortuary chapel in New York city, A Newark undertaker will take it to Troy Hills tonight. Horace T. Brumley was born in Connecticut about sixty years ago, went to a "deestrict school" for a few years, Newark when he was 16 years and in 1866, when was a messenger boy. young, came old. was to he He 16 years made the floors rooms. a clerk in fires He became and swept the of bank, the merit, was to higher positions was elected and promoted in 1878 secretary for elected of the institution. In 1885 he was also. November he president to treasurer was elected succeed 16, 1903, first the Vanderpool, son of the bank, was late president Eugene which of the incorporated March, 1857. At the time Mr. Brumley entered the a messenger its deposits to only $800,000 numbered nearly bank amounted positors as 3,000. and the When dewas elected in had 1903 Mr. the Brumley deposits increased depositors president to $15.000,000 and the number of to over 53,000. During the seven years Brumley was president there was a increase in in the of depositors. He was very Mr. number large deposits and in the bank when the old Newark Savings Institution failed the first time in 1877, Howard kept its doors open depositor for and when paid the every who Howard called did his her deposits. The at the second and the or same of the repeated final it failures old bank and in the panic of 1893. Mr. Brumley lived in Roseville until he built a country home at Troy Hills, near Whippany, more than a dozen ago. He was at his desk in the week day morning until years hour bank in every the from after the it opening friends closed in the afternoon. His intimate often said he gave too close attention and took too little recreawas a quiet man tion. to the He bank who family did man. not care for society. He was a He a very able Bank has presiThe was Howard bank had manager. five ents since it began business fifty-three years ago. They were Beach Vanderpool, who died in 1884: Joseph N. Tuttle, who died in 1887; Frederick Frelinghuysen, who resigned in 1900 to be president of the Mutual Benefit Life Insurance Company; Eugene Vanderpool, who died in 1903, and Horace T. Brumley, who was connected with the bank forty-four years.