1679. New Haven Savings Bank (New Haven, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
January 24, 1885
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
36a5455c

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Multiple contemporaneous articles (Jan 24-27, 1885) describe a multi-day run on the New Haven Savings Bank with heavy withdrawals (≈$250,000+). The bank remained open, had ample funds and outside lines of credit, and the run ended within a few days after official statements reassured the public. No suspension or receivership is reported. Cause is described as an unfounded scare/rumors.

Events (1)
1. January 24, 1885 Run
Cause
Rumor Or Misinformation
Cause Details
Described as entirely without reason and an absurd scare; panic among poorer classes and flying rumors triggered heavy withdrawals.
Measures
Extended hours (kept open until 6pm), extra clerks to assist cashiers, refused to receive deposits, public statements by trustees and prominent citizens reassuring depositors; lines kept in order by police; standby loans offered by other banks and availability of funds from Treasurer Tuttle/Yale Treasurer.
Newspaper Excerpt
The second day of the run on the New-Haven Savings Bank... The bank kept open till 6 o'clock to-night... About 250 books... No deposits would be received.
Source
newspapers

Newspaper Articles (10)
1. January 25, 1885 New-York Tribune New York, NY
Article from New-York Tribune, January 25, 1885

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Article Text

CONDITION OF BUSINESS. THE BANK PANIC IN NEW-HAVEN. IBT TELEGRAPH TO THE TRIBUNE.| New-HAVEN, Jan. 24.-The second day of the run on the New-Haven Savings Bank has been one of excitement among the poorer classes, and the police have been called upon to preserve order in front of the bank. The bank kept open till 6 o'clock to-night-three hours longer than usual-to give all a chance to get their money. About 250 books, it is thought now, have been cancelled and probably have been paid out to-day. No deposits would be received. The bank clears a cent in interest on every dollar paid out, and 80 long as It does not have to sell its securities, will be a large financial gainer by the run, as it will be saved the worry of investing its surplus. It has a standing offer of loans of $3,000,000 from banks in the city, if the money is needed. The utmost confidence is felt in the institution by business men, and ex-Governors English and Bigelow have done their best to assure the panic-stricken crowd, offering to insure them as to the safety of their money. The presidents of the banks have agreed to furnish Treasurer Tuttle with all the money he requires, and Treasurer Kingsley, of Yale College, this noon said that Treasurer Tuttle could call on him for $50,000 if it was needed. An extra force of clerks have aided the cashiers in paying out, and it is believed that the worst of the run is is over, and that there will be small demand for money on Monday. Those who drew to-day were from the poorer classes, and much of the money drawn will probably be wasted.

2. January 27, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, January 27, 1885

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GALVESTON THUNDERSTRUCK. Suicide of the Cotton Exchange's President and Tumbling Fitnes. GALVESTON, Jan 26.-Startling rumors were afloat this morning regarding the sudden death at midnight last night of Clinton G. Wells, President of the Cotton Exchange. It was said that his death resulted from morphine. The rumors attributed the suicide to financial embarrassment of the firm of Woston, Wells & Vidor, large cotton factors, who are reported to be hopelessly involved, and suspended payment noon. about The deceased was also President of the Island City Savings Bank, the doors of which bore the notice: "Closed on account of the death of President Wells." On the floor of the Cotton Exchange it was currently reported that the bank was a total wreck. The depositors of the bank are principally poor people. There was considerable excitement over the flying rumors. A DAY OF EXCITEMENT. GALVESTON, Jan. 26, 11:45 P. M.-The city has been in a tremor of excitement since early this morning, consequent upon the tragic suicide of Mr. Wells. The doors of the Island City Savings Bank were not opened this morning, causing great uneasiness and alarm among the depositors, who are chiefly poor people. Mr. Wells was President of this bank, and a prominent member of the firm of Wollston, Wells & Vidor, cotton factors. About noon it became known that both concerns were insolvent. The Island City Savings Bank was organized about 12 years ago with a paid up capital of $114,000. It had deposits of ab ut $475,000. The board of directors in a card say that the assets will realize about 70 cents on the dollar, and that the stockholders will certainly lose their capital. "If the stockholders will surrender their stock we, together with others, will agree to raise $100,000 new capital, and will assume the liability to the present depositors, if accepted by all, on the basis of 70 cents, payable in three, six, nine and twelve months.' ACCEPTANCE IMPROBABLE. It is not believed that this proposition by the directors will be accepted by all the stockholders. Attachments aggregating $14,000 were placed on the bank this evening, and the Sheriff is now in possession. The depositors number over 2,000, and are principally of the very poorest class-4 per cent. interest attracting the colored population and inducing them to deposit small sums in the bank. The firm of Wollston, Wells & Vidor have overdrawn their account with the bank to the amount of $150,000. J. H. Blake, a cotton factor doing business at Houston and Galveston, is a debtor to the bank for the sum of $57,000. Wollston, Wells & Vidor gave notice of their suspension this afternoon. Their liabilities are over $300,000 and their assets between $20,000 and $50,000. The liabilities are distributed as follows: Island City Savings Bank, $150,000; interior Texas points, for cotton, about $100,000; foreign. $50,000. It is understood that the firm is preparing a statement to-night, and will assign to M. Lasker tomorrow. Other banks and cottton houses of the city are in no way affected by these failures. THE RUN AT NEW HAVEN. NEW HAVEN, CONN.. Jan. 26.-The run on the New Haven Savings Bank continued today. From 7 o'clock to the closing hour a line varying from 75 to 200 persons was kept in order by a squad of police. About 300 accounts were closed and $100,000 paid out. The bank still has plenty of money on hand, and, moreover, Treasurer Tattle savs that he can obtain all the funds required faster than the money can be distributed. A BATCH OF BREAKS. NEW YORK, Jan. 26.-M. M. Katz, a dry goods dealer at Wilmington. N. C., has made an as-ignment, making local preferences of $16,000. J. P. Kehoe, a fancy goods dealer at Mobile, Ala., has made an assignment. LONDON MERCHANTS FAIL. LONDON, Jan. 26.-George Crobbe & Co., merchants, of No. 147 Leadenhall street. E. C., have failed. The liabilities are placed at £75,000.

3. January 27, 1885 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 27, 1885

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Not "Busted" Yet. NEW HAVEN, Cr., Jan. 26.-The run on the New Haven Savings Bank continued from 7 o'clock to the closing hour. The line, varying from seventy-five to two hundred persons, was kept in order by the police. About all the accounts were closed and $100,000 paid out. The bank still has plenty of money on hand and Treasurer Tuttle says he can obtain all the funds required.

4. January 27, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 27, 1885

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Article Text

The Run on the New Haven Savings Bank. NEW HAVEN, Conn., Jan. 26.-The run on the New Haven Savings Bank continued to-day, from 7 o'c ock to the closing hour. The line, varying from seventy-five to 200 persons, was kept in order by a squad of police. About 300 accounts were closed, and $100,000 paid out The bank still has plenty of money on hand. Treasurer Tuttle says he can obtain all funds required faster than the money can be distributed.

5. January 28, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, January 28, 1885

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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.

6. January 28, 1885 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, January 28, 1885

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Heavy Run on a Bank. NEW HAVEN, Conn., Jan. 27.-The run on the New Haven Savings bank which commenced last Friday terminated before noon to-day. Over $250,000 was drawn out.

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

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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.

8. January 28, 1885 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 28, 1885

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THE END OF THE RUN. The Finale Yesterday Forenoon-All Quiet on Orange Street-The Trustees' Statement-Its Powerful Effect. The run on the New Haven Savings bank came to an end yesterday forenoon. When the bank opened there were sixty depositors in line and at 11 o'clock the number had dwindled to a dozen and the run was over before noon. This result was anticipated by the best judges and prophesied last Saturday, as the run was entirely without reason, an absurd scare from the beginning. The official statement published by the bank and in the papers had great weight. It was a clincher and left nothing more to be said as to the soundness of the bank. It would be hard to find in the Union or in the old world any sounder institution. Prominent men speaking of the end of the run yesterday said, "The result will be that the bank, strong as it is, will be stronger than ever and stand higher than ever in public estimation." The statement of the trustees, it might be added, carried additional weight from the fact, not known by some, that the trustees (all well known and most highly respected gentlemen) have not a dollar of interest in the bank, are not permitted by law to borrow of the bank or otherwise become its debtors, and receive not a cent for their labor as trustees, the office being held by them without any pecuniary reward or recompense whatsoever. They have much responsibility, as, for instance, in a case like that which has just occurred, and altogether their statement justly carried much weight, being that of disinterested gentlemen serving as it were the public interests. NEW ENGLAND ROAD. "Hobson's Choice" For the Floating Debt Creditors. If the rental of the Norwich and Worcester to the New York and New England is reduced to 8 per cent., the saving to the latter will be about $50,000 a year. The prospect for the reduction is said to be good. Steps are now being taken to settle with the floating debt creditors. Some of them who have liens and are clearly entitled to preference will be offered second mortgage bonds, and the others will be offered preferred stock. It is Hobson's choice with the latter, for the road cannot be taken out of receivership, nor can foreclosure be prevented, unless the debts can be adjusted, the expenses reduced and the income increased so that there is a fair prospect of the company's meeting the fixed charges. When this occurs, both the preferred and common stock will have a basis of value. Death of Warden Sargent of the State Prison. Warden Sargent, of the Connecticut State prison, died Monday night. He was a native of New Hampshire and came to this State in 1865. He became an overseer in the State prison under Warden Willard, and Warden Botelle, who succeeded Mr. Willard, made him a clerk in the warden's office. When Warden Hewes came in Sargent went to Iowa. He was recalled to the prison, and later was made warden. He had been complaining of ill health for some time, but had been confined to the house but two weeks. He was twice married. He lost his first wife and two chil' dren some years ago. He married his last wife something over two years ago-Miss Kate Hanmer, of W ethersfield. They had one child.

9. 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

10. February 18, 1885 Watertown Republican Watertown, WI
Article from Watertown Republican, February 18, 1885

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CHIPS. FLORIDA has a town named "Hurrah." THERE are nine American countesses and marchionesses in Rome this winter. IT is said Cape Cod Canal will cost $7,500,000 and consume three years in digging. SEVERAL thousand California trout have recently been placed in Pennsylvania streams. IT is said that there are nearly 200 women employed on daily newspapers in this country. THE actual membership of the Mormon church according to the census of 1880, was 79,886. A CAR STARTER at the union depot in Pittsburg, Pa., is said to be the son of an English peer. ELECTRICAL footwarmers for use in railroad carriages are undergoing experiments in Paris. "TINY conversation" is the modern phrase for "small talk" in fashionable circles of New York. IT is estimated that one million of the cattle in Texas are owned by men who live outside the state. THERE are now twenty-three cities in Massachusetts. The most recently incorporated is Waltham. HORSE-RACING is becoming SO popular in Mexico that it is believed the sport will soon drive out the bull-fight. THE Mormon temple at Salt Lake will yet require more than four years for its completion, and will cost $3,000,000. AN eccentric Englishman, who landed in New York the other morning, took a steamer for Liverpool the same afternoon. He said he had seen enough. SMOKERS are warned by a celebrated optician from reading and smoking at the same time. The blue of the smoke imposes unequal work on the two eyes. THE oldest postmaster in Western Massachusets is A. W. Williams of West Pittsfield, who was appointed by President Pierce and is now 81 years of age. A BOSTON doctor who has just retired with a big fortune says he drew remedies for corns and consumption from the same keg, and most of his patients got well. THE Sea of Galilee swarms with piscatorial life, as in ancient times, but the fishing industry has greatly run down, there being but one sailing craft on the lake. "THON." the proposed new pronoun (impersonal singular number), is being taught by some of the teachers in the public schools, the Lewiston (Me.) Journal says. AN engraver's mistake lately caused the bride's parents to say on the cards "Mr. and Mrs.-respectfully request your presents at the marriage of their daughter," etc. A GOVERNMENT pensioner of Edgartown, Mass., is the fourth of his line in direct descent who have drawn pensions from the United States by reason of military service. A FLOW of hydrogen gas from one of the Stockton (Cal.) Water Company's artesian wells is to be utilized for illuminating and heating purposes. The well is 1,081 feet deep. A FARMER of Berkley County, W. Va., fortified his chicken-house with dynamite bombs. Now he hasn't any chickens or house, and a colored neighbor is similarly scattered. ONLY fourteen of the 1862-3 residents of Billings, Montana, are now living. Of those dead four were killed by Indians, two committed suicide, and one was killed in the Big Hole battle. 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. Their supplies from that quarter will be stopped. THERE is a fortunate little girl in Trinidad, Col. When she was borntwelve years ago-her grandfather gave her a cow. She has now $5,000 worth of cattle, the offspring of her birthday present. AMERICAN purchases of French works of art have recently undergone a wonderful decline. In 1882 we imported from France art objects to the valueof $1,938,650; in 1883, $1,361,080, and in 1884, $694,975. TWENTY years ago, says an observer of events, there was not a telephone in existence. Now we can send a message a distance of over two miles and receive an answer in about a week. Such is progress. THE "real nice" New Yorker of today keeps a valet, and cruel critics say that the principal use of a valet is in the line of putting his master to bed when he cannot locate that comfortable quarter himself. WHILE praying during a recent storm, the Natchez (Miss. )Daily Democrat, "old Katie Hightower, who has been blind for fifteen years, had her sight suddenly restored, and can now see as well as when a child." BOSTON people are sure that cholera will visit America this year, and have begun making preparations by placing ample means at the command of the health department to insure a safe sanitary condition of the city. AN anonymous donor in Melbourne, Australia, has offered the Baptist association the sum of $125,000 toward the founding of a denominational college in Victoria, provided an equal sum is