New Brunswick Savings Institution

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: September 22, 1873
Location: New Brunswick, New Jersey (40.486, -74.452)

Metadata

Model: gpt-5-mini
Short Digest: 65ca0ba3

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Article (NY Herald 1873-09-24) reports a multi-day run triggered by false reports that large amounts were removed from the vaults plus general financial panic. The bank met demands and did not suspend operations.

Events (1)

1. September 22, 1873 Run

Cause: Rumor Or Misinformation
Cause Details: False reports circulated that large amounts had been removed from the vaults; exacerbated by wider financial panic after Wall Street crisis.
Random Run: Yes
Random Run Snippet: False reports circulated that large amounts were removed from the vaults.
Measures: Bank met withdrawal demands; paid out about $20,000 and officers declared strong condition.
Newspaper Excerpt: Run On a New Brunswick (N. J.) Bank. On Monday a run was commenced on the New Brunswick Savings Institution, which was steadily kept up all day and yesterday, some $20,000 being drawn out... False reports had been circulated to the effect that large amounts had been removed from the vaults by the management; and these, together with the general disquietude caused by the exciting state of affairs in the metropolis and throughout the country, served greatly to disturb the minds of the thrifty Brunswickers, and hence the run.
Source: newspapers

Newspaper Articles (1)

1. September 24, 1873 The New York Herald New York, NY

Article from The New York Herald, September 24, 1873

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Article Text

Effect Upon Railroad Mannfactures and Workmen in Paterson, N. J. PATERSON, Sept. 23, 1873. In consequence of the financial crisis in Wall street, New York, and the general depreciation of new railroad securities, orders for locomotives for three months ahead at the Rogers Locomotive Works in this city have been cancelled, and 585 of the workmen were discharged to-day. It is feared that 500 more may be discharged at the same works, and several hundred at the Danforth and at the Grant Works. Run On a New Brunswick (N. J.) Bank. On Monday a run was commenced on the New Brunswick Savings Institution, which was steadily kept up all day and yesterday, some $20,000 being drawn out, in sums varying from a few dollars to several hundreds. False reports had been cireulated to the effect that large amounts had been re roved from the vaults by the management; and these, together with the general disquietude caused by the exciting state of affairs in the metropolis and throughout the country, served greatly to disturb the minds of the thrifty Brunswickers, and hence the run. The old bank met the demands bravely. The July statement shows that there was due depositors nearly $1,000,000. The profit and loss account, a surplus, footed up over $55,000. There was $40,000 cash on hand. The bulk of the money IS invested in New Jersey property, bonds and mortgages. The officers of the bank declare that the condition of the bank was never more encouraging. The officers are:-Garret G. Voorhees, President: Dr. Clifford Morrogh, Vice-President; Neilson Dunham, Secretary and Treasurer. Managers- -Theodore G. Nelson, Clifford Morrogh, Henry L. Janeway, Garret G. Voorhees, William Rust, Andrew Agnew, Abraham Voorhees, Henry H. Palmer, Lewis T. Howell, George C. Ludlow, Daniel M. Vall, Azariah D. Newell, M. D.: Lucius P. Porter, William II. Acken and Gustavus Auten.