14358. Trenton Savings Bank (Trenton, NJ)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 21, 1889
Location
Trenton, New Jersey (40.217, -74.743)

Metadata

Model
gpt-5-mini
Short Digest
dd79aff9

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper reports describe a depositors' run on Trenton Savings Bank on Sept 21, 1889 sparked by a rumor originating in an iron mill that the bank was defaulting (and rumors of robbery). Bank met all demands, paid out $15,000, and did not suspend operations.

Events (1)
1. September 21, 1889 Run
Cause
Rumor Or Misinformation
Cause Details
A rumor originating in a local iron mill claimed the bank was defaulting; another rumor alleged the bank had been robbed, prompting depositors (chiefly Hungarian and Italian laborers) to withdraw funds.
Measures
Paid out depositor demands (about $15,000); officials demonstrated bank's soundness (surplus and government bonds); other banks offered assistance though not needed.
Newspaper Excerpt
A report originated in one of the iron mills here today that the Trenton Savings Bank was defaulting in its payments. Soon the bank was besieged by depositors demanding their money.
Source
newspapers

Newspaper Articles (3)
1. September 22, 1889 The Morning News Savannah, GA
Article from The Morning News, September 22, 1889

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Article Text

A RUN ON A BANK. All Except the Small Depositors Satisfied of Its Soundness. TRENTON, N. J., Sept. 21.-A report originated in one of the iron mills here today that the Trenton Savings Bank was defaulting in its payments. Soon the bank was besieged by depositors demanding their money. In a little while the bank officials were able to show all except small depositors that there was not any sort of an excuse for the report, the bank having a surplus of $400,000 and its funds being chiefly in government bonds. Small depositors, however, consisting chiefly of Hungarians and other foreigness, kept u their run all day. and the bank paid out $15,000. Every demand was met.

2. September 22, 1889 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, September 22, 1889

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Article Text

Run on a Bank. [By telegraph to the Dispatch.] TRENTON, N. J., September 21.-A report originated in one of the iron-mills here today that the Trenton Savings Bank was defaulting in its payments. Soonthe bank was besieged by depositors demanding their money. In a little while the bank officials were able to show all except the small depositors that there was not any sort of excuse for the report, the bank having & surplus of $400,000 and its funds being chiefly in Government bonds. The small depositors, however, consisting chiefly of Hungarians and other foreign laborers. kept up their run all day, and the bank paid out $15,000. Every demand was met.

3. September 23, 1889 The Jersey City News Jersey City, NJ
Article from The Jersey City News, September 23, 1889

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Article Text

The Trenton Savings Bank Run. The Trenton True American says of the run on the Trenton Savings Bank, reported in these columns Saturday, that it was confined to the Hungarian and Italian contingent of the city:"The ready payment of the first demands appeared to have no effect on those who came after, for the run was kept up until the hour of closing, when the bank had paid out $15,000. There would have been no difficulty had the demands been many times as large, as the bank has securities, readily convertible into cash, to the amount of $2,000,000. The whole amount entrusted to them by depositors is $1,800,000. "The other banks, hearing of the run, tendered assistance, but it was not needed. President Parker says that he did not know the orgin of the absurd rumors. One of them was to the effect that the bank had been robbed."