1473. New Haven Savings Bank (New Haven, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
July 18, 1913
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
edaef6a030c28303

Response Measures

None

Description

All articles describe an all-day run on July 18–19, 1913 caused by an erroneous/misconstrued solicitation remark and other rumors. The bank paid depositors promptly, issued statements of soundness, community leaders deposited funds and the run abated; there is no mention of suspension or closure.

Events (1)
1. July 18, 1913 Run
Cause
Rumor Or Misinformation
Cause Details
Rumor/misconstruction originating from solicitors for a new savings department — phrase comparing national banks was misread (public 'cut off the final letter S') and construed to mean New Haven Savings Bank was unsound; rumors spread from unknown source.
Random Run
Yes
Random Run Snippet
Solicitors' remark misread—public dropped final 's', construed bank unsound
Measures
Paid depositors promptly at teller windows; issued public statements of soundness; officials and civic leaders publicly reassured depositors; some prominent local deposits offered/returned funds.
Newspaper Excerpt
New Haven, July 18-A run on the New Haven Savings bank...To a rumor starting from an unknown source to the effect that there was financial difficulties at the bank the officials attribute the run.
Source
newspapers

Newspaper Articles (10)
1. July 18, 1913 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, July 18, 1913

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New Haven Savings Bank Depositors Demand Their Cash New Haven, July 18-A run on the New Haven Savings bank, considered one of the strongest institutions in the city, occurred today, a steady stream of depositors passing the teller's window all morning and well into the afternoon. They were paid as fast as they presented their books. To a rumor starting from an unknown source to the effect that there was financial difficulties at the bank the officials attribute the run. In a statement given out this afternoon they declare there was absolutely no truth to any statement concerning "financial embarrassment of the New Haven Savings bank." The bank they state is able to. meet all indebtedness and has a large surplus still available. The officers are: President, Lewis H. English; vice president, Samuel S. Hemingway; secretary and treasurer, James S. Memingway. Samuel S. Hemingway is president of the Second National Bank and James S. Hemingway is a vice president. Both are directors of, the New York, New Haven and Hartford railroad. Charles S. Mellen, who has just retired as president of the road, is a director of the Second National Bank. The bank's assets are given as over $18,000,000 and the deposits slightly in excess of $17,000,000.

2. July 19, 1913 The Washington Times Washington, DC
Article from The Washington Times, July 19, 1913

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Portland, Me.-Mrs. Clarence H. Mackay, of New York, has leased the beautiful mansion of former Mayor Adam P. Leighton, in this city, and is expected here in a day or two. New Haven, Conn.-Rumors, which were denounced as ridiculous by officers of the bank. started a run on the New Haven Savings Bank, the second largest savings institution in the State. Cleveland-Eight persons were injured and others were less seriously hurt in a rear end collision between two passenger trains on the Lake Shore railway at Perry, Ohio. Pitisburgh-While in a faint, Harry D. Wingert, a graduate of Western Reserve University, was choked to death here by his collar. New York.-Milton Aborn, one of the directors of the Century Opera Company, whose first season vill begin next fall. has arrived from Europe with contracts signed by many noted singers. Philadelphia.-Col. M. M. Mulhall promised the Central Labor Union to come here next week to testify before the committee which is investigating charges against Frank Feeney and others. Philadelphia.-Louis Faber, engineer of the train which killed a boy May 7, ended his life as the result of remorse, Mrs. Faber declaring that her husband had been unable to bear the gaze of the lad's mother. who daily took her stand at the crossing and cried, "Give me my child!" Philadelphia.-Miss Gladys L. Palmer won the Pulitzer residence scholarship at Barnard College. Philadelphia. - Andrew Roemiutel gave four ounces of his blood to save his wife, who has been suffering from blood pisoning. Philadelphia. - Women comprised more than two-thirds of the passengers aboard the steamship Manitou, among them being thirty girls as popularity contest winners in seven States. Philadelphia, Twenty-two men were arraigned before Magistrate Rooney in the pure food prosecutions being brought by the State dairy and food commission. Decatur, Ala-Pinned beneath an overturned locomotive, Huston Fleming, an engineer, put an end to his torture by cutting his own throat, when spectators of his plight refused his request to kill him. Atlanta.-Senator Hoke Smith attacked the present vogue of vast distribution of charity by the wealthy men of the nation in an address before the Georgia legislature, in session here. Branchville, N. J.-Mrs. George Buscher, while asleep in her home. was bitten by a copperhead snake. Her husband, who was awakened by her cries, killed the reptile. Plainfield, Conn.-Millions of brown tall moths descended on this place. The town is organizing to exterminate them. Congers, N. Y.-The home of Theodore Semindinger, having been struck four times by lightning, he is now covering it with cement and asbestos A shingles. New York-A truck owned by the Katz Brewing Company caught fire near Haverstraw. The driver tried to extinguish the flames with beer but failed. to Blue Point, L. I.-Walter L. Suydam, millionaire, earns his living by catching fish, and says all men should work. a

3. July 19, 1913 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 19, 1913

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New Haven Savings Bank Loses Thousands. All Depositors Paid Promptly --Local Lawyer to Rescue. Voluntarily Declares Bank Is Sound And Most of Crowd Disperse. New Haven, Conn., July 18.-Thousands of dollars were, today, withdrawn from the New Haven Savings Bank-regarded as one of the strongest banks in the state-in an all-day run on the institution. The bank paid all depositors promptly, and during the day issued several statements, declaring that the bank was sound and that there was no cause for alarm. Just before the usual closing hour the streets in front of the bank were jammed with people. Benjamin Slade, a local lawyer, made what he said was a voluntary statement to the crowd to the effect that he was convinced that the bank was sound. He said he was one of the largest depositors and that, during the day, he had offered to make a deposit of $50,000, but the offer was refused by the bank officials, saying they had ample funds on hand. Mr. Slade said further: "The rumor affecting the bank started in an unfortunate manner as the result of over-zealousness on the part of solicitors seeking deposits for a bank that has started a savings department. Its solicitors stated that National banks are more solid than New Haven savings banks' and the public cut off the final letter 'S' and construed the statement to mean the New Haven Savings Bank was not solid." His remarks apparently had considerable effect, for the crowd, most of whom were foreigners, soon dispersed.

4. July 19, 1913 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, July 19, 1913

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COMMISSIONER LIPPITT ACTS Will Probe to Find Source of False Rumors Starting Run on Savings Bank New Haven, July 19-In a statement issued here today State Bank Commissioner Norris S. Lippitt declared that hie department would take immediate steps to ascertain the source of the rumors, which started the run on the New Haven Savings Bank yesterday, and if responsibility could be fixed, thorough prosecution would follow. He also assured the public that in the opinion of his department, "there is not existing anywhere a more solid savings bank than the New Haven Savings Bank." His statement was issued after a visit to the bank this morning when he inquired into the situation. The run continued today but with decreasing force. A large crowd of depositors, many of whom had been unable to get into the bank yesterday, was on hand when the bank opened its door at the usual hour this morning and payments immediately began through the teller's window. When the doors closed at noon comparatively few persons were there. Later Treasurer James S. Hemingway stated that the officials of the bank considered the run practically abated. Among the offers of assitsance received at the bank during the day was one from Secretary Anson Phelps Stokes, representing Yale University, who said the university was prepared to loan the bank several thousand dollars if necessary. The commissioner's statement follows: "We are very glad to assure people of New Haven and vicinity that there is not existing anywhere a more solid savings bank than the New Haven Savings bank on Orange street, "We believe that it is high time that a thorough investigation as to the source of these false rumors was made, and our department will take immediate steps without regard to expense in such investigation, and will certainly thoroughly prosecute any and every person who it can find issued any statement derogatory to this bank."

5. July 19, 1913 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, July 19, 1913

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GROUNDLESS RUN ON A NEW HAVEN BANK. Statement of Solicitor For Competing Bank Misconstructed. New Haven, July 18-Thousands of dollars were today withdrawn from the New Haven Savings bank-regarded as one of the strongest in the statein an all day run on the institution. The bank paid all depositors promptly and during the day issued several statements, declaring that the bank was sound and that there was no cause for alarm. Late this afternoon a meeting of the officers and trustees was held, after which a statement was issued, saying that "the officers and trustees of the New Haven Savings bank desire to state without any qualification that said bank is able to pay everyone of its depositors in full and that there is no occasion for the slightest alarm." Just before the usual closing hour, the streets in front of the banking house were jammed with people. Benjamine Slade, a local lawyer, made what he said was a voluntary statement to the crowd to the effect that he was convinced that the bank was sound. He said he was one of the largest depositors, and that during the day he had offered to make a deposit of $50,000 but the offer was refused by the bank officials, saying that they had ample funds on hand. Mr. Slade said further: "The rumor affecting the bank started in an unfortunate manner, as the result of of over-zealousness on the part solicitors seeking deposits for a bank that has started a savings department. Its solicitors stated that National banks are more solid than New Haven savings banks' and the public cut off the letter 's' and construed the statement to mean that the New Haven Savings bank was not solid." His remarks apparently had considerably effect, for the crowd, most of whom were foreigners, soon dispersed. Offers of large deposits were made to the bank in the afternoon. One well known man made a deposit of $10,000 and offered to deposit a like sum tomorrow morning, if the bank desired it. Offers of assistance were also received from local and out of town banks, but were declined.

6. July 20, 1913 Evening Star Washington, DC
Article from Evening Star, July 20, 1913

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RUN ON BANK WANES. State Officer Holds New Haven Concern is Safe. NEW HAVEN, Conn., July 19.-The run on the New Haven Savings Bank which began yesterday continued today, but with decreasing force. A large number of deposits were made and some of those who had withdrawn their savings put them back again. State Bank Commissioner Lippitt issued a statement affirming the safety of the institution.

7. July 20, 1913 New-York Tribune New York, NY
Article from New-York Tribune, July 20, 1913

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LINGUISTS SAVE A BANK New Haven Run Broken by Talks in Many Tongues. [By Telegraph to The Tribune.] New Haven, July 19.-Although a run on the New Haven Savings Bank continued till thousands of dollars were withdrawn by hundreds of depositors, the attack on the funds was broken when the directors induced ex-Governor Woodruff, Mayor Rice and clergymen of every faith and language in the city to address the swarming crowd of excited foreigners who packed the bank's interior, angrily demanding their deposits. Mayor Rice assured every depositor that he would make good every dollar lost through the bank's inability to pay. Ex-Governor Dennis Blakeslee pushed through the throng when it was densest carrying an armful of greenbacks amounting to $10,000, which he deposited. "Ben" Slade, a lawyer, followed with an armful amounting to $2.000. One of the incidents of the run was the refusal of a school teacher who had $1,000 on deposit to take the word of her parish priest that the bank was sound, only to accept the assurance of the president of a brewery that he would make good any loss. Court interpreters addressed the anxious depositors in many languages, and the run was finally broken at 11 o'clock this morning, when many who had withdrawn their money returned with it.

8. July 22, 1913 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, July 22, 1913

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TNE NEW HAVEN BANK SCARE The run, on the New Haven Savings Bank seems to have been without sound reason, one of those unjustifiable panics which occur from time to time, as the result of rumors accidentally, or maliciously, disseminated. It would probably be better if deposits in savings banks were guaranteed by a system of insurance such as is used in the West. Runs would be stopped, and panics prevented by this simple system. The opposition to the guarantee comes from the natural aversion that most men have to breaking away from habit to do something different, and to the fear of the established banks that banking competition would be increased upon the theory that men would then put their money in any bank, instead of in the one where they put now. Capital is indeed timid, and the owners of capital are even more timid, and often in the wrong place. The same gentleman who will put his money in a bank and draw it out upon the slightest rumor, will peacefully buy a share in a fake mine, or a high finance railroad, or a speculative industrial corporation, and watch his investment dwindle, without a single shiver. Habit is a powerful thing. It binds us all.

9. July 25, 1913 The Olneyville Times Providence, RI
Article from The Olneyville Times, July 25, 1913

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RUN ON BANK. New Haven Savings Institution Vic. tim of Absurd Rumor. New Haven.-Thousands of dollars were withdrawn from the New Haven Savings Bank-regarded as one of the strongest banks in the state-in an allday run on the institution. The bank paid all depositors promptly and issued several statements, declaring that the bank was sound and that there was no cause for alarm. The rumor affecting the bank start. ed in an unfortunate manner, as the result of over-zealousness on the part of solicitors seeking deposits for a bank that has started a savings department. Its solicitors stated that National banks are more solid than New Haven savings banks and the public cut off the letter "s" and construed the statement to mean that the New Haven Savings Bank was not solid.

10. July 25, 1913 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, July 25, 1913

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RUN ON BANK. New Haven Savings Institution Vic+ tim of Absurd Rumor. New Haven.-Thousands of dollars. were withdrawn from the New Haven Savings Bank-regarded as one of the strongest banks in the state-in an allday run on the institution. The bank paid all depositors promptly and issued several statements, declaring that the bank was sound and that there was no cause for alarm. The rumor affecting the bank start+ ed in an unfortunate manner, as the result of over-zealousness on the part of solicitors seeking deposits for a bank that has started a savings department. Its solicitors stated that National banks are more solid than New Haven savings banks and the public cut off the letter "s" and construed the statement to mean that the New Haven Savings Bank was not solid.