1471. New Haven Savings Bank (New Haven, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
January 23, 1885
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
2d68721803fa43e6

Response Measures

None

Description

Multiple contemporary newspapers (Jan 23–27, 1885) report a brief run on the New Haven Savings Bank caused by unfounded rumors/a joke. The run paid out about $250,000–$300,000 and terminated within a few days; no suspension or receivership is reported. Officials repeatedly denied the reports and pledged liquidity.

Events (1)
1. January 23, 1885 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors and a joke about the bank's condition (including a rumor that an assistant treasurer gambled with bank funds) triggered depositors to withdraw funds.
Random Run
Yes
Random Run Snippet
joking about the bank's condition; unfounded rumors reported
Measures
Bank officers paid out withdrawals (over $250,000 drawn); officials publicly denied reports; offered loans from prominent citizens and kept doors open to pay depositors.
Newspaper Excerpt
There was a run on the New Haven Savings Bank this afternoon, and the excitement is increasing. The bank officers assert that the bank is all right, and the run was caused by some person joking about the bank's condition.
Source
newspapers

Newspaper Articles (10)
1. January 24, 1885 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 24, 1885

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Article Text

SALEM, Jan. 23.-Four below. QUEBEC, Jan, 23.-A report from Saint Annessays that four men were frozen to death in that vicinity. Mr. Langlois was found frozen to death last Sunday morning in the village of Acton and Mr. Valle, a farmer, was also found frozen to death near the latter place after the late storm. PORT DEPOSIT, Md. Jan. 23.-The Susquehanna tonight is gorged with ice from Garrett's Island, three miles south of Port Deposit, to a point several miles north. This afternoon the ice began moving down and gorging 10 to 15 feet high opposite Port Deposit, backing water into the town, submerging the entire lower section and attaining a depth of two to three feet in the streets and at many places flooding cellars and yards. The water continued rising for half an hour and rose five feet in 20 minutes. Citizens have removed their stock. FINANCIAL. The Week's Failures. NEW YORK, Jan. 23.-The failures throughout the country during the last seven days number for the United States, 371; for Canada, 40; compared with 420 last week. Run on a New Haven Bank. NEW HAVEN, Conn., Jan. 23.-There was a run on the New Haven Savings Bank this afternoon, and the excitement is increasing. The bank officers assert that the bank is all right, and the run was caused by some person joking about the bank's condition.

2. January 24, 1885 New-York Tribune New York, NY
Article from New-York Tribune, January 24, 1885

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Article Text

CONDITION OF BUSINESS. RUMORS AFFECTING A BANK. A FRIGHT AMONG DEPOSITORS IN new-haven. [BY TELEGRAPH TO THE TRIBUNE. I NEW-HAVÉN, Jan 23.-Considerable excitement was occasioned on the street to-day by the report that the New-Haven Savings Bank in Orange-st. was on the verge of bankruptcy. It resulted in a mild run on the bank this afternoon, and to-morrow a rush is expected. The report came from unfounded rumors of various sorts, one of which was that Assistant Treasurer Pardee had been gambling in Wall Street with the bank's funds. The bank officials strenuously dented all injurious reports, but did not attempt to explain the matter to the excited depositors, beyond telling them that they could have their money, interest and principal, as fast as it could be paid out to them. The bank is the third largest savings bank in the State and the oldest in the city. The market value of Its assets is $6,062,603 28; due on deposits, $5,637,970 28 ; profit and loss, $6,053 28; surplus, $210,000; total liabilities, $5,693,970 28. All the leading business men of the city consider the bank the most solld in this part of the State. ExGovernor Bigelow has offered to tend the bank $50,000 to meet the run. Others have offered loans. The bank's securities are good, large amounts being in United States 41gs, New-York Central 7 per cent bonds, Shore Line Railway 4½ per cents, and other equally good properties. George Wykes, jr., of W.T. Hatch & Son's branch office here, says the securities are the tinest owned by any bank in the State. It 18 sincerely hoped a panic will not take place among the depositors tomorrow, but if it does the bank is prepared to meet all demands and can pay out at the rate of $300,000 a day. Cashier Richardson says he will keep the doors open as long as any one appears for his money.

3. January 24, 1885 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 24, 1885

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Article Text

The Result of a Joke. NEW HAVEN, Conn., January 23.-A run on the New Haven savings bank this afternoon, the excitement is increasing. The bank officers assert that the bank is all right and the run was caused by some person joking about the bank's condition.

4. January 24, 1885 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 24, 1885

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Article Text

"SOUND AS A ROCK." A Slight Scare With Reference To a Sound Institution-What Somebody Told Somebody. A little ripple of excitement was occasioned yesterday about town by a small "run" on the "Old" or New Haven Savings bank on Orange street, which began to be noticeable the day before yesterday. The number withdrawing their savings was larger than on Thursday and a little before 3 o'clock when the bank closed for the day about forty people, mostly women, were busy taking out their deposits, though many did it rather hesitatingly as if afraid they were wrong in not leaving it in. A part of the people at the bank yesterday, however, were depositing money. The run is characterized by the most trusted and able financial men of the city absurd to the last degree. The "scare," if such it may be called, its dimensions being thus far pretty small, originated, gentlemen state, out of mere gossip from irresponsible sources. Men whom the community regard as our soundest and ablest business men and most honorable gentlemen, did not hesitate to pledge all their influence and honor that the bank "is as sound as the Bank of England." Another gentleman in a capacity to know, says "it is sound as a rock." Another said, "Why, the bank's statement is enough to satisfy the most critical." Another gentleman said, "The people who draw their money out will lose three months' interest and that is all there is to it. The bank cannot be shaken." A prominent banker said, "Why, any bank in New Haven would let the bank have a mint of money on its securities. Look at some of them, viz.: United States 41/2 per cent. bonds, par value $100,000, present value $112,500; New York Central and Hudson River railroad bonds, par value $300,000, present value $387,000; Shore Line railway bonds, par value $200,000, present value $216,000; 'Rock Island' railroad bonds, par value $200,000, market value $251,000. The bank has bills receivable of $2,624,755.99 and has hundreds of thousands of dollars more in good railroad bonds and $103,000 of New Haven town bonds and $125,000 of Hartford town bonds, to say nothing of about $150,000 in New Haven and other sound bank stock and about $1,000,000 in bonds of different cities, all good as wheat, and about $600,000 in good railroad bonds." Another gentleman said, "This is the most baseless run, if it can be called a run, I ever heard of. The scare will all be over in short metre." Expressions like these from our best men could be quoted without end. The bank officials are making endeavors to trace out the origin of the absurd rumor which has put many a depositor on the anxious seat, and have traced it from one person to another, principally persons, so a well informed leading man said, "as competent to judge of the matter as a setting hen." But to find its origin, they discover, is like looking for a needle in a hay stack. Mr. John P. Tuttle, secretary and treasurer of the bank, said with regard to the matter: "We shall pay anybody who wants the money. It is of no use to say anything about the solvency of the bank, as it would make no difference with people. If the papers were to publish that they saw a pile of gold pieces ten feet square piled up in the bank, for depositors, it would make no difference with people. Some wouldn't believe it at all. We have nothing to say, except that we shall pay everybody on demand."

5. January 24, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 24, 1885

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Article Text

Run on a Savings Bank. NEW HAVEN, Conn., Jan. 23.-There is a run on the New Haven Savings Bank this afternoon, and the excitement is increasing. The bank's officers assert that the bank is all right, and that the run was caused by some person joking about the bank's condition.

6. January 28, 1885 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, January 28, 1885

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Article Text

NEWS OF THE MORNING. In New York yesterday Government bonds were quoted at 121½ for 4s of 1907; 112% for 41/28; sterling, $4 84@4 88; 101% for 3s; silver bars, 1073/4. Silver in London, 9-16d; consols, 99 13-16d; 5 per cent. United States bonds, extended, 105; 4s, 1245/s; 41/28, 1151/4. In San Francisco Mexican dollars are quoted at 84½@86 cents. The mining shares market opened in San Francisco yesterday morning with a weak feeling, and prices were irregular. The outside stocks continued dull and depressed. After the Board the middle stocks closed weaker. The Court of Appeals in London has granted Charles Bradlaugh a new trial. Parnell turned the first sod of the West Clare Railway Monday, at Milton, Ireland, in the presence of 20,000 people. Up to 2 o'clock yesterday the British War Office had received no further news from Stewart and his army. The panie produced in London by the dynamite explosions still continues. The authorities of Hongkong refuse to allow French men-of-war to refit at that port. The dividends of the Canadian Pacific Bailway this year amounts to 5 per cent. The run on the New Haven (Conn.) Savings Bank terminated yesterday, after over $250,000 had been drawnout. A three-year-old boy was drowned at Reno, Nev., yesterday. Indian Dave was hanged at Belmont, Nev., Friday, for the murder of a Chinaman. A hot fight is going on III the Nevada Legislature over State Prison matters. The Oklahoma boomers have come to terms, and are leaving Indian Territory for Kansas. The Kansas Legislature yesterday elected John J. Ingalls United States Senator. Grant's health is said to be considerably improved. A fire in the Indianapolis insane asylum yesterday morning caused $75,000 damage, but no one was injured. The dead body of George Nail, drowned five weeks ago, was found yesterday near Placerville. The betrothal of Princess Beatrice and Prince Henry of Battenburg has been formally ratified. In the East End, London, there are 5,000 Irishmen out of employment. Nicholas Aragon, the famous outlaw, who has killed over a dozen men, has been captured in New Mexico. The French force in Tonquin will soon number 40,000 men. Near Soda Springs, Idaho, last evening, in a collision between a snow-plow and freight train, a fireman was killed and an engineer badly hurt. Chief Engineer Melville, of Arctic fame, proposes another trip to the frozen North. An insurrection among the prisoners in the jail at Huntington, Pa., yesterday, was quelled by a niece of the Sheriff. Charles Herbert was found guilty at Astoria, Or., yesterday, of murder in the second degree. John McCullough, the actor, is said to be recovering from his recent brain trouble. President-elect Cleveland was the recipient of a grand reception last evening in Albany. A desperate and bloody duel for the hand of a widow took place recently near Quebec, both principals being severely wounded. The death sentence of two Indians at Victoria, B. C., has been commuted to imprisonment by the Governor-General of Canada. Con. Murphy, a notorious horse-thief and desperado, was captured yesterday near Helena, Mont., and lynched by citizens.

7. January 28, 1885 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, January 28, 1885

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Article Text

A Bank Tested and Found Solid. NEW HAVEN, CONN., Jan. 27.-The run on the New Haven Savings bank, which commenced Friday last, terminated before noon to-day. Over $250,000 was paid out.

8. January 28, 1885 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, January 28, 1885

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The Bank Weathered the Storm. NEW HAVEN, Jan. 27.-The run on the New Haven Savings bank, which commenced on Friday last, terminated before noon to-day. Over $250,000 was paid out.

9. January 29, 1885 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, January 29, 1885

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General News. An organized society of assassins at Sara Sota, Fla., has committed several murders. Six persons were frozen to death in the country near Quebec the past week. At Wrytheville, Va., two young men named Vernon and Walker were suffocated in their room by coal gas. The cold snap continues in Texas, and reports from all parts of the state show the loss of cattle and sheep to be appalling. An unfounded rumor has caused a run on the New Haven savings bank, but the treasurer says he can pay all the depositors and have half a million dollars left. Sidney West, SON of Gen. A. M. West of Holly Springs, Miss., a young man of great promise, while carelessly handling a pistol in Oxford, Miss., shot and killed himself. Thomas and Freddy Fitzpatrick, 14 and 9 years old, living at Noonsocket, R. 1., while sliding on the Blackstone river, broke through the ice and were drowned. All the public schools at Hazel Green, Wis., have been closed on account of diphtheria which prevails as au epidemic. Two deaths occurred at St. Louis, Mo., which are suspected to have been caused by Asiatic cholera, but the officials think it is native cholera. At Decatur, III., William Halleton, one of a sleighing party returning from a rural ball, was frozen to death. The mercury was 24 below zero. Florida orange growers already begin to worry about over production. They have gone on as if the demand were unlimited. The advocates of woman suffrage regard the recent Washington convention as conspicuously successful both in the interest exhibited and the presence of new faces.

10. February 18, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 18, 1885

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# ABOUT PEOPLE AND THINGS. GEORGE ELIOT'S biography has already brought in to its publisher $40,000. CAPTAIN LORD "Charley" Beresford, who is doing capital service on the Nile, was thirty-nine years old last week. SIR HERBERT STEWART, the hero of Abu-Klea and Gubat, is a teetotaler. He is a man of irrepressible spirits and untiring patience. It is said that the run on the New Haven Savings Bank brought out several persons with bank books who have been drawing aid from the city for years. MISS CALDWELL, who has given a large endowment for a Roman Catholic university in this country, will this year be the recipient of the golden rose annually given by the Pope to the church's greatest benefactor. CAMERON, the correspondent who was killed in the Soudan recently, was unmarried, but his aged mother was dependent upon him for support. The London Standard, for which he was working, has granted her a handsome life pension. A GERMAN paper states that eggs may be kept perfectly fresh for a year by rubbing them with vaseline which has been melted with three-tenths per cent. of salicylic acid. The application should be made twice at an interval of a month. MR. HENDRICKS, though not quite as good a shot as Davy Crockett, knows a thing or two about a rifle. An American who was in Paris when Mr. Hendricks was there says that they went together on a trip up the Seine and halted at a landing where there was a shooting gallery. As they sat in a booth watching the marksmen fire at the heads of clay pipes at a distance of four rods, Mr. Hendricks suddenly said: "I