14176. 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
4b523c98

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper dispatches (Nov 19-22, 1890) report an incipient/run on the Howard Savings Institution/Bank in Newark with payouts (~$40,000) and officials repeatedly declaring the institution solvent and able to pay all depositors. No suspension, closure, receivership, or reopening is reported — the run abated and confidence was restored.

Events (1)
1. November 19, 1890 Run
Cause
Macro News
Cause Details
Run driven by alarm from crashes in the New York stock and money markets; poorer depositors frightened by Wall Street troubles.
Measures
Officials paid depositors' demands promptly; directors issued statements of solvency; many depositors insured deposits or returned money as confidence was restored.
Newspaper Excerpt
an incipient run on the Howard Savings Institution...about $40,000 was paid out.
Source
newspapers

Newspaper Articles (10)
1. November 20, 1890 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 20, 1890

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Solid As a Rock. NEW YORK, November 19.-The crashes of the last few days in the stock and money markets in this city have occasioned some alarm in Newark among the poorer classes, and during Monday and yesterday there was an incipient run on the Howard Savings Institution in that city. Most of the people who closed out their small accounts were Polish Jews. Hundreds of accounts were withdrawn and about $40,000 was paid out. Frederick T.Frelinghuysen, president of the bank, said yesterday that the institution was solid as a rock and could pay every depositor and have a million of dollars left over. "The run is our gain," game he said, "because no interest will ave to be paid on the money withdrawn now, but we would prefer not to gain in that way.

2. November 20, 1890 The Morning News Savannah, GA
Article from The Morning News, November 20, 1890

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RUNS ON BANKS. Depositors in Savings Departments Become Panicky. NEW YORK, Nov. 19.-The uncertainty in financial circles has caused an unsettled feeling to possess the minds of those who have deposits in the banks of the city, particularly among the poorer people. The depositors in the Citizens' Savings Bank of the City of New York, at Bowery and Canal streets, besieged its doors to-day from the opening hour until 6 o'clock, when the doors were closed with difficulty. All day long a crowd surrounded the bank and clamored for admission. The officials paid the demands of the depositors with as much expedition as possible, but it was impossible to pass over the money quickly enough to satisfy the applicants, who were laboring under the impression that the bank had failed. President Quintard, at the close of the day, said that about $100,000 had been paid out, averaging about $75 to the depositor. He said the bank was all right. He showed by the books that the bank had a surplus of $1,400,000. There was $1,360,000 subject to check at any time. The assets amounted to $13,419,841. About $12,000,000 were due depositors. A RUN AT NEWARK. NEWARK, N. J., Nov. 19.-The run on the Howard Savings Bank continued to-day. Most of those who withdrew their deposits were poor and had become frightened at the Wall street troubles. President Frelinghuysen said the bank had sufficient money to pay off all depositors.

3. November 20, 1890 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 20, 1890

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NEWS OF THE DAY. Another expulsion of anarchists from Switzerland is imminent. Senator Cockrell predicts the defeat of the force bill should an attempt be made to pass it. Senator Cameron, of Pennsylvania, has received pledges sufficient to insure bis reelection. It is said that Gov. Beaver, of Pennsylvenia, will succeed Gen. Raum as commissioner of pensions. In bis report to Secretary Tracy, Paymaster General Stewart states that it cost $22,500,000 to run the navy last year. Col. Saml. J. Tilden, jr., 8 nephew of the late Samuel J. Tilden, was married yesterday to Miss Halsey, of Brooklyn, Dr. Alexander C. Abbott, of Johns Hopkins Hospital. Baltimore, has gone to Berlin to study Dr. Koch's treatment of tuberculosis. A heavy hail storm swept over the Wy. oming Valley, Pa, yesterday, being particularly severe at Plymouth, where the wind blew down the steeple of the Lithuanian Catholic Church. The name of the seasio who murdered the Russian General Seleverstroff in Paris on Tuesday, is Podelesky. He is a Russian Pole and a man answering his description has been airested on the Spanish frontier. The military have surrounded the Pine Ridge agency, aud troops are rapidly hemming in the other Indian agencies in the northwest, but Gen. Miles does not think the Indians will now attempt an outbreak. The Alabama democratic legislative can cus last night resumed balloting for a candidate for United Senator. The fourteenth and last ballot resulted: Pugh, 44; Watte, 11; Seay, 38; Kolb, 33. The caucus then adjourned to 7:30 tc-morrow evening. The uncertainty in financial circles has caused an unsettled feeling to possess the minds of those who have deposits in the banks of New York, particularly among the poorer people. Depositors in the Citizens' Savings Banks of the city of New York, and in the Howard Savings Bank, in Newark, N.J, made runs on the banks yesterday but all got their money. Thomas H. Tate and James D. Butler, two clerks in the War. State and Navy Department building in Washington got into a cutting scrape yesterday morning about 4:30 o'clock. The young men had been out Beeing the city, and get into a wrangle at the corner of Eleventh street and Pennsylvania avenue. It ended by Tate stabbing Butler four times with a penknife. The wounds are quite serious, and Buller now lies in Emergency Hospital in a critical condition, while Tate is in confinement awaiting the result of Butler's injuries.

4. November 20, 1890 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 20, 1890

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Run on Panks. NEWABK N. J., Nov. 20 -A bigger crowd than on the two-previous days shivered outside of the Howard Savings Bank this morning 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. Many of the business men are making deposits as usual to allay the feeling of suspicion. President Frelinghuysen says that be has plenty of money to pay off depositors and if every depositor withdrew the bank would still have over $500,000 left. The business community is not worried by the run on the bank. NEW YORK, Nov. 20 -The run on the Citizens, Savings Bank was continued to-day. At9 o'clock there were at least from 15,000 to 16,000 excited Poles gathered in the vicinity. As yet the bank has not made use of its privilege of claiming 90 days, but it is likely to do E0 if the run continues for several days :0 come, No reason is known for the IUI,

5. November 20, 1890 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, November 20, 1890

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LATE NEWS IN BRIEF. -A fresh expulsion from Switzerland is imminent. -Two more Nihilists, charged with making bombs, have been arrested in Paris. -Western railroads have formed a traffic alliance to bring the Burlington to terms. -The Waterbury (Conn.) Button Company have advanced the wages of ivory button turners. -The brother of the King of Corea has been executed for conspiring to murder the monarch. -The large school building at Hamburg. Ia., burned Tuesday night. Loss, $23,000; insurance, $12,500. -The opposition of France and Holland delays the settlement of the Congo tariff question. -Brazil's Provisional Government will remain in power until the Constitution is finally voted upon. -Indians are causing terrible devastation in India. One pack killed 40 children who were guarding cattle. -The Turkish Government proposes to form a new Arab corps of irregular troops, numbering 110,000 men. -Drivers in block coal mines at Brazil, Ind., are striking for an advance of wages from $1 871/2 to $2 a day. --The New Orleans City Council voted $15,000 Tuesday night toward the prosecution of the Hennessey assassins. -Riotous students in Madrid disarmed the police force sent to subdue them yesterday, but dispersed without doing damage. -Turner's livery stable at Evanston, a Chicago suburb, with carriages, 17 horses, etc., burned yesterday morning. Loss, $40,000; insured. -Cattle ships which arrived in Europe from Canada, Tuesday, suffered heavy losses of live stock. Three vessels lost respectively 600, 200 and 38 head. -H. E. Thorpe, a Chicago bookbinder, was shot and fatally wounded by Edward Weinder, a fellow-workman, Tuesday night. The murderer is at large. -Harry Williams, of Cleveland, and William Bennett, of Greenbay, Mich., two young deserters from the Naval Training School at Newport, R. I., were arrested at Buffalo. -An engine fireman named John Fisher, at St. Louis, having conceived a hatred against his boarding landlady's family, threw a shovel full of burning coals on her little boy at play. The child will die. -The boiler at the Marblehead. Mass., pumping station, where a reservoir is being built, exploded yesterday, killing John Dunn. the engineer, who was hurled a distance of 171 feet, and seriously injuring four other men. -The Turkish authorities in Macedonia have arrested 14 persons on suspicion of having been connected with the murder of the Greek Pope Stojah. Several died under the judicial examination and the torture which attended it. -A run was made yesterday on the Howard Savings Bank, of Newark, N. J., and $40.000 was paid out. President Frelinghuysen. eldest son of the late Secretary of State, said that the bank could pay all of its depositors in full and then have $1,000,000 on hand. -Miss Julia Marlowe, the actress, is lying at the point of death, with her only hope of life depending on an almost hopeless surgical operation. The physicians will probably decide to open the abscesses in her throat, although her chances of living through the operation are small. -The grand jury at Des Moines will probably indict Justices for conspiring to defraud the county. They took advantage of the prohibition law to earn fabulous salaries. In one instance as many as 128 informations were filed against the same persons for a single offense, thus making 128 fees for a single case. -The Secretary of the Port Arthur (Ont.) Board of Tiade represents to the Canadian Government that while the McKinley bill taxes imports of fish from Canadian fishermen 8/4C a pound, United States fishermen getting their goods in Canadian waters are not taxed. As this provision must lead to the control of the fisheries by Americans, the Government is urged not to issue fishing licenses to Americans hereafter.

6. November 21, 1890 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, November 21, 1890

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Business Men Not Worried. 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 it every depositor withdrew the bank would still have over $500,000 left. The business community is not worried by the run on the bank.

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

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Plenty of Cash to Pay All. NEWARK, N. J., Nov. 20.-The run 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.

8. November 22, 1890 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 22, 1890

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TELEGRAPHIC BREVITIES. A new French loan of 700,000,000 france will be issued January 1st, 1891. Congressman Hitt, who was yesterday reported seriously ill with pneumonia, is now quite recovered. The 100 on the Howard savings bank at Newark, N. J., considerably abated this morning, confidence being restored. It is announced by the New York office of the United States Rolling Stock Company that a receiver has been appointed for the concern. The people's party of Bourbon county, Kas., have nominated Gsn. Jo.o H. Rice as a candidate for the Senate to succeed Senstor Ingalls. It is reported that ex-Assistant Petmas-

9. November 22, 1890 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 22, 1890

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CONDENSED DESPATCHES The Pith of the News Taken From the Current Events of the Day. The run on the Howard Savings Bank at Newark, N. J., is beginning to die out. The great Harvard-Yale football match will be played at Springfield, Mass., Saturday. The run on the Citizens Savings Bank at New York, which started Wednesday continued in full force Fribay, and money is being paid to depositors as fast as they demand it. Edward Sebald early Thursday morning shot his wife fatally at Charlotte, Mich., then shot himself through his head, dying instantly. Faithlessness of Mrs. Sebald was the cause of the tragedy. The tragedy has caused much excitement and the names of several prominent men are connected with the affair. The papers in the contest in Nebraska, begun by the Independents to test the legality of the election of James E. Boyd, democrat, as governor, T.J. Majors, republican, as lieutenant-governor and several other officials, have been prepared and will be served immediately. The contest will be tried by the Legislature and the Speaker will preside. In the Superior Criminal Court at East Cambridge, Mass., James H. Berry, of Melrose, was sentenced to seven years' imprisonment at the State Prison and two years of solitary confinement, and Frank A. Miller, of Wakefield, was sentenced to the Concord reformatory for lareeny and breaking and entering freight cars on the Boston & Maine railroad. Just as a freight train on the Meriden, Waterbury & Connecticut River road had crossed the Southington road trestle Friday morning, the brake beam of one of the coal care dropped to the track and eight cars that followed were derailed, two of them tumbling down the forty-foot embankment and dragging with them James McDermott and William Hart, brakemen. McDermott was fatally injured; Hart, seriously. During the last presidential campaign an engagement between Mary Shull and Dehart Lehman. of Lima, Ohio. was broken. Miss Shull was a strong democrat, and never lost an opportunity to cheer for Cleveland when Lehman was around. He is a republican and became so greatly incensed that he broke the engagement. Miss Shull then brought suit for damages and Friday the circuit court awarded her $1000 It is stated that an alliance has been formed between the interests represented by Geo. C. Magoun of Kidder, Peabody & Co., Jay Gould, C. P. Huntington and the Standard Oil party, by which all railroads owned or controlled by them individually or jointly will be operated together practically under Gould's direction. This alliance includes the Southern Pacific, Missouri Pacific, Northern Pacific, Atchison, Wabash, Kansas & Texas, Texas Pacific and many other roads. Six members of the New York branch of the Irish Land League have issued an address criticising the methods and motives of Mesors. Dilion and O'Brien. The address charges that they fear to have the Irish Land League here, to which they would have to account for money subscribed by Irish-Americans and that they have endeavored to stay the raising of money to prepare for the impending famine in Ireland through fear that it would interfere with their own purposes.

10. November 23, 1890 The Morning Call San Francisco, CA
Article from The Morning Call, November 23, 1890

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BUSINESS EMBARRASSMENTS Failure of a Great Car-Building Firm. Bank Suspensions. CHICAGO, Nov. 22.-The United States Rolling Stock Company has been placed in the hands of a receiver. The liabilities are $3,816,000|and the assets $6,053,000. Attorney High of the company says that the failure was percipitated by slow collections and the depression in the money marker. The company is the largest builders of railway cars in the world, and has plants at Hegewisch, Itls.: Decatur, Ala.; Anniston, Ala., and Urbana, Ohio. The capital stock is $4,000,000. The assets consists of the plant at Hegewisch, worth $2,000,000; and the plants at the other places, which are mentioned as worth $1,500,000. The other assets are in Car Trust Bonds, worth $1,533,000; rolling stock leased to various railroads, worth $300,000; supplies and material in process of manufacture, $1,000,000, and accounts amounting to $300,000. It is understood the failure is due to the inability to collect $300,000 due from various roads for the rent of cars. The property is put into the hands of a friendly receiver that this sum may be realized on. The company employs 2200 men and its cash payments to employes and for material are $800,000 monthly. The stringency in the money market compelled the railroads which bought cars of the company to pay their bills in long-time paper instead of cash, and it has been extremely difficult to discount the paper. Judge Blodgett of the Federal Court has appointed A. Hegewisch receiver. Hegewisch is the President. The Judge ordered the receiver to continue the works. NEW YORK, Nov. 22. - Vice-President Roys of the United States Rolling-stock Company made a statement to-night confirmatory of that made by the officials of the company in Chicago to-day. He said auxiliary proceedings will be had in all the States where the company has property. All the creditors are satisfied with the arrangement for a receiver, which is to enable the company to tide over the critical point. A London committee advised it and this feeling has been fully reciprocated by the B ard of Directors in New York. CHICAGO, Nov. private bank of W. L. Prettyman, on the North Side, closed its deors this morning. Prettyman could not be found, so no statement of the assets and liabilities is obtainable. Many poor people's hard-earned savings are involved. Lyons Bros., dealers in crockery, have $15,000 on deposit. This is believed to be the largest single loss. This atternoon an assignment was made to the cashier of the bank, Johnson, and at the same time he was made assignee of the North Division Lumber Company, in which Prettyman was the heaviest stockholder Prettyman also assigned his real and personal estate. The assets and liabilities of the two conce rns and Prettyman's estate will reach, it is believed, $1,000,000. Assignee Johnson refuses to make any statement of assets and liabilities either of the bank or lumber company. He said the cause of assignment was the tight money market and its bad effect on the lumber company. This concern and the bank were closely connected. One of the former depositors in the bank, however, who asserts a pretty good knowledge of affairs, believes the liabilities of the bank will reach half a lion. and the assets are problematical. He said Prettyman has been speculating heavily this year in real estate and putting up houses for sale, and that the business has not proved profitable. A large number of depositors in the bank are poor people. WICHITA (Kan.), Nov. 22.-The Commercial Bank of Newton was closed to-day after a rush by depositors. The capital stock is $75,000. No statement of affairs has been made. The Bank of Whitewater, which is a branch of the Newton and Oklaboma banks, is also closed. PHILADELPHIA, Nov. 22.-No statement has yet been made by Barker Bros. It is not likely one will be made for several days. NEW YORK, Nov. 22.-The run on the Citizens' Savings Bank is continued this morning. The bank officials say the run will be broken to-day. The payments already made aggregate nearly $300,000. NEWARK (N. J.), Nov. 22.-The run on the Howard Savings Bank considerably abated this morning, and many depositors are returning their money. LONDON, Nov. 22.-Argentine finances are to be taken in hand by the strongest committee that can be formed in London, and if the Aigentine authorities co-operate it is believed to be perfectly p ssible to bring things around within R reasonable time, certainly long before the three years now allowed for the liquidation of the Baring estate and the realization on their great mass of Securities. PARIS, Nov. 22.-The Comptoir National d'Escompte has failed to float the South Brazilian Railway loan. Only one-third of the amount of the loan was subscribed.