14173. Howard Savings Institution (Newark, NJ)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
November 15, 1881
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
525f7cb7

Response Measures

Accommodated withdrawals

Description

November 1881: brief threatened run/withdrawals tied to general distrust after the Mechanics' National Bank default (Oscar Baldwin). The institution paid depositors, had surplus at day's end and the run subsided. No suspension or receivership mentioned.

Events (2)

1. November 15, 1881 Run
Cause
Local Banks
Cause Details
General distrust caused by recent excitement over the Mechanics' National Bank default and reported (but denied) connections with Oscar Baldwin led some small depositors to present claims.
Measures
Paid depositors who applied; officers stated ability to pay claims; borrowed none on securities.
Newspaper Excerpt
There were threats of a run on the Howard Savings institution this morning but proved insignificant. ... The officers profess to be able to pay all depositors as fast as they can present their claims
Source
newspapers
2. November 18, 1881 Other
Newspaper Excerpt
The run on the Howard Savings Institution subsided yesterday. A statement connecting Oscar Baldwin, the defaulting cashier of the Mechanics' National Bank, with the affairs of the Howard, is denied by the management.
Source
newspapers

Newspaper Articles (3)

Article from Daily Kennebec Journal, November 16, 1881

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Article Text

THE NEWARK BANK AFFAIR. Examination of Nugent Postponed. NEWARK, N. J., Nov. 15th. The examination of Christopher Nugent, on the charge of aiding and abetting Oscar L. Baldwin in abstracting the funds of the Mechanics' National Bank, was postponed until Saturday. Harry B. Marchbank, corresponding clerk of the Bank, waived an examination on the charge of defaulting, and gave bail to appear at the United States Court in Trenton. Threatened Run on the Howard Savings Institution. There were threats of a run on the Howard Savings institution this morning but proved insignificant. There is no excitement, and only a few small depositors, alarmed by the general distrust caused by recent excitement, were present. At noon they had dwindled down to three or four. The officers profess to be able to pay all depositors as fast as they can present their claims and seem anxious to have their reliability tested.


Article from New-York Tribune, November 18, 1881

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Article Text

Bowe and Hutton recognized two notorious thieves, Michael Finnan and William Lynch whom they captured. The prisoners were arraigned in Justice Peloubet's Court yesterday, but Leavy was unable to appear, being confined to his bed. NEWARK. The run on the Howard Savings Institution subsided yesterday. A statement connecting Oscar Baldwin, the defaulting cashier of the Mechanics' National Bank, with the affairs of the Howard, is denied by the management. which asserts that Baldwin was never connected with the institution, even as a depositor. The bank has borrowed no money on its securities and has not been called upon to use money held on hand in view of a possible emergency. The Dime Savings Bank suspended payment in 1878 and its affairs went into the hands of the Chancellor. Among the assets were bonds of the city of Hoboken, which were considered of doubtful value. Since 1878 various dividends have been paid to the depositors, and the managers have made strenuous efforts to realize the fullest value of the assets. A suit was brought against the city of Hoboken, and yesterday the corporation paid to the managers of the company the sum of $148 000, and a balance of $32,000 will be paid in a few days, making the total of the principal and interest of the bonds. This will enable the bank to declare an additional dividend of 20 per cent. and ultimately to pay the claims of the depositors in full. NEW-JERSEY. RIDGEFIELD.-The Protection Society of Ridgefield Township, Bergen County, is arresting and prosecuting all persons found gunning near the Palisades. PATERSON.-Alvin E. Clifton, a confidence operator who recently escaped from imprisonment in St. Louis. has recently been imposing on the people of Paterson. where he gave his name as Alfred Walters, and said that he was formerly a practising lawyer in Denver, Col. His true character, however, was finally discovered, and he disappeared suddenly from the city vesterday, leaving his board bill for two weeks unpaid. He had also succeeded in borrowing several sums of money from persons whose confidence he had gained. LONG ISLAND. MINEOLA.-The annual meeting of the Queens County Agricultural Society was held at the Fair Grounds at Mineola, yesterday afternoon. The following officers were elected for the ensuing year: President, J. Fred Lawrence, of Flushing; vice-president, S. S. Aymar, of Jamaica; treasurer, Duryea Thorn, of North Hempstead; secretary, J. Howard Rushmore, of Westbury. OYSTER BAY.-The body of an unknown man was found on Wednesday afternoon on Fox Island Beach, near Matinnecock Point. The man was about thirty years of age, five feet seven inches in height, with sandy hair, and was dressed in a suit of dark clothing and blue flannel shirt. In his pockets was a small memorandum book, on one of the leaves of which was written, Shipped on the Hayes for $30 per month," and the names of several members of a family named Taylor. Coroner Baylis held an inquest. STATEN ISLAND. SOUTHFIELD.-At a meeting of Board of Health of Southfield, yesterday David J. Tyson, the proprietor of the tomato canning factory at New-Dorp, was present and denied the reports that his factory was detrimental to health and that several of his employes had died from disease contracted there. To show that the neighborhood in which his factory is situated was no more unhealthy than any other locality in the town Mr. Tyson produced the affidaVITS of over sixty persons living in the vicinity of the factory. Counsellor Hornfager, in behalf of the Board, questioned Mr. Tyson as to the health of the men employed in the factory. Mr. Tyson said that the men that had been taken sick appeared to suffer from malaria, which was more or less prevalem all over the island. Health Officer Clarke was instructed to visit Mr. Tyson's factory every day until further orders from the Board.


Article from Connecticut Western News, November 23, 1881

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Article Text

NEWS OF THE DAY GENERAL ITEMS. -Forty-three fishermen and seven vessels belonging to the Gloucester district were lost during the fishing season of 1881. -It is rumored in Washington that General Kilpatrick, the American Minister'to Chili, is dead, and that if he is not he will be recalled It is also rumored that President Calderon, of Peru, has been arrested by the Chilian Admiral Lynch. A new eomet, the seventh of 1881, has been discovered by Professor Swift Horace Kimbell's Woollen Mill, at Pascoag, R.I. was burned Thursday. cost $150,000. -The full vote of Pennsylvania for State Treasurer at the late election is given by the Philadelpbia Times as follows Baily, (Rep.) 265,293 Noble, (Dem.) 258,387; Wo'fe, (Ind. Rep. 49,969,Jackson, (Grbk.) 14,946; Wilson, (Proh. 4,512 For President last year Garfield had 444,704; Hancock, 407,428; Weaver, 20,668; Dow and Eat tering, 1,986, At Washington it is reported that Secretary Lincoln will be succeeded by General Beale, that Mr. Emory Storts will be the new Attorney Generel, General Longstreet Secretary of the Navy, ex Senator Chaffee Secretary of the Interior, and Mr. Chauncey I. F1 ley Postmaster General. At ten o'clock Wednesday evening the body of Miss Ellen Kesner twenty years of age, a Normel School pupil, was found in a suburb of Chicago with the head out off -There was run on the Howard Savings Institution at Newark, N. J. but the bank paid all depositors who applied and had a surplus at the end of the day of $250,000. Fifth Auditor Alexander reports from Weshington that the consular serviee is not only self-sustaining, but contributes in a measure to the support of the diplomatic service, the excess of receipts over expenses last year being $25,243.65. -M. Maretzek has sued Adelina Patti for about$40,000 damages for an alleged breach of contract to sing in Mexico in 1861. -Burglars at Youngsiown, Obio, blew open a safe in the house of Jesse Bald win and stole between $30,000 and $40, 000 in gold. Dr. J. L. Cabell, President of the National Board of Health in his annual report/says that yellow fever appeared in only one locality in tbe United States during the summer just ended, at Key West -The President has commissioned the following Postmasters for terms of four years : J. H. Templeton, at Mil lerten, N. Y. E. T. Semans, Naples, N. Y Fanny L Bacon, New Lebanon, N. Y. Wm. H. Hastings, Hammondsport, N.Y.;J. P. Cowperthwaite, Toms River, N. J., and J. F. Ten Broeck, Perth Amboy, N.J. -A sharp earthquake was experienced Tuesday noon at San Jose, Cal. -Since the Buffalo Convention the United States Lend League bas sent to the home executive $127,835.74 -Aconvention of alleged tariff reformers met in Chicago on Tuesday and elected McKinley, of Ohio, a high tariff man, President Senator Jones, of Nevada, Congressman Kelley, Seth Low Senator Hawley, and Senator Morrill the father of high tariff, are among the -presidents choser The delegates represent nearly every industry protected by the tariff. R solutions were offered favoring bounties to sbip-build ers, derouncing British free trade and demanding the repeal of all internal revenue taxes except those on spirits tobacco, fermented liquors and national bank cirulation. Lieutenant Ray reports the suc cessful landing of his party and materi als for a Signal Service station at Point Barrow, the northwestern extremity of Alaska. About five adres of land near Cleve land, Ohio, slid into a ravine, and the movement continues. Secretary Folger assumed charge of the Treasury Department on Mon day. Col. J. Howard Welles, of No. 365 Fifth avenue, New York, was arrested Sunday afternoon after posting a black mailing letter addressed to Jay Gould. The prisoner is accused of having sent a number of tbreatening let ters to Mr. Gould with a view to extorting information about st locks. Colonel Welles admitted his guilt end threatened to take his life if Mr. Gould decided to prosecute him. -J. Howard Welles, who attempted to blackmail Mr. Jay Gould, waived exmination and was remanded to await the action of the Grand Jury -Snow has fallen in large quantities in western Kansas, Colorado and New Mexico and trains are greatly delayed. In other portions of the West very heavy rains have fallen. The Attorney General of Pennsyl vania applied to the Dunpbin County Court for writs of quo warranto looking to the dissolution of grave-yard insurance companies for violations of their charters. The hearing was fixed for November 25. Near Albany, Ga., E. Faircloth, merchant, refused credit to Aleck Mc Elwin and wife (colored), when they at tacked and killed him, cutting him and striking him with an axe handle on the head. -In Washington an entire reorganization of the Cabinet is expected before the close of the year. -Ten boilers in a factory near East Saginaw, Mich., exploded Sunday, killing four workmen. Mrs. Edwin Booth died Sunday at residence of her parents in N. Y. City. Senator Beck will present at the next session of the Senate a resolution offered twenty- five years ago touching the insufficiency of statutory provision for a Presidential vacancy. -Mr. Nelson, of the Signal Service detachment, sent to Alaska, has returned with valuable results from his labors, The Arctic steamer Rogers is to winter at St. Lawrence Bay. A sledge party remains on the Siberien coast to communicate with nativor in the spring.