14204. Newark Savings Institution (Newark, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 23, 1909
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
efcaf00e

Response Measures

None

Description

Article (1909) states the Newark Savings Institution is defunct and a receiver (Gen. Joseph W. Plume) was appointed; 1910 article recalls the institution's earlier closing precipitated runs on other savings banks. No direct contemporaneous description of a depositor run on this specific bank is given in the provided articles, but the bank is clearly closed and in receivership.

Events (2)
1. September 23, 1909 Receivership
Newspaper Excerpt
An order directing the receiver for the old Newark Savings Institution to pay to Mrs. Annie Mabey... The Newark Savings Institution has, been bankrupt for a long time. General Joseph W. Plume is the receiver.
Source
newspapers
2. * Other
Newspaper Excerpt
where the old Howard Savings Institution was located when the first closing of the Newark Savings Institution caused a run by depositors on all savings banks.
Source
newspapers

Newspaper Articles (2)
1. September 23, 1909 The Newark Star and Newark Advertiser Newark, NJ
Article from The Newark Star and Newark Advertiser, September 23, 1909

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Article Text

MRS. MABEY GETS $184 LEFT IN DEFUNCT BANK. An order directing the receiver for the old Newark Savings Institution to pay to Mrs. Annie Mabey, of Montclair, $184.60 was signed today by ViceChancellor Howell. Mrs. Mabey petitioned the court for the order through her counsel, John L. Johnson, on the grounds that the money, originally deposited by Mrs. Mabey's sister, Mrs. Mary Carroll, belongs to her as the guardian of Mrs. Carroll, who has been insane since May 11, 1882. The hitch in awarding the money came about through a mistake in recording the money. Mrs. Carroll, in giving her name to the bank officials, was understood to say "Cairns" by the clerk, and "Cairns" is the name now on record. This point was cleared in court by Mrs. Mabey's swearing that her sister, shortly before her incarceration in the asylum, mumbled her words. The Newark Savings Institution has, been bankrupt for a long time. General Joseph W. Piume is the receiver.

2. May 5, 1910 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, May 5, 1910

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Article Text

JOHN A. GIFFORD SECURITY SAVINGS BANK'S NEW HEAD Elected to Succeed the Late Edward Spaeth as President. John A. Gifford, who has been vicepresident of the Security Savings Bank and a director for sixteen years, was elected at a meeting of the board of directors today president, to succeed the late Edward Spaeth, who died several months ago after a long illness. Oscar B. Mockridge was elected vice-president and reelected treasurer as well. Mr. Gifford, who was in business in New York for many years, has performed the duties of president of the bank ever since the illness and death of Mr. Spaeth. Mr. Mockridge was the first treasurer of the bank when it began business twenty-five years ago After serving two years he resigned and Mr. Spaeth was elected in his place. The late Thomas B. Peddie was the first president of the bank. He was succeeded by the late John D. Harrison, the late Sylvester S. Battin and Mr. Spaeth, who was elected to the position about seven years ago. The bank has been very successful during the quarter of a century of its existence. It occupies the first floor of 742 Broad street, where the old Howard Savings Institution was located when the first closing of the Newark Savings Institution caused a run by depositors on all savings banks.