Article Text
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.
New Haven Savings Bank (New Haven, CT)
Episode Information
- Episode UID
51001171363- Episode Type
- Run Only
- Bank Type
- savings
- Bank ID
-
5100117routing - Routing Number
51-0011- Start Date
- July 18, 1913
- Location
- New Haven, Connecticut (41.308, -72.928)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
094911896fa58eba
Response Measures
None
Events (1)
1.
July 18, 1913
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Overzealous solicitors for a rival bank said 'National banks are more solid than savings banks'; public truncated 's' and construed statement as implying New Haven Savings Bank was unsound.
- Random Run
- Yes
- Random Run Snippet
- Solicitor's phrase misread; dropped 's' implied bank unsound; false.
- Measures
- Paid depositors promptly, issued statements declaring soundness, directors and civic leaders addressed crowd, offers of deposits received/declined.
- Newspaper Excerpt
- Thousands of dollars were withdrawn from the New Haven Savings Bank ... the bank paid all depositors promptly.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
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 New Haven, Conn., July 18.-Thousands of dollars were, today, withdrawn from the New Haven Savings Bank-regarded as one of the strongest banks in the state-in an all-day run on the institution.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.
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Causeless Run on New Haven Bank. NEW HAVEN, Conn., July 19.-A run on the New Haven Savings Bank, considered one of the strongest institutions in the city, occurred yesterday. Depositors were paid as fast as they presented their books. The officials of the bank say it is able to meet all Indebtedness and has a large surplus available.
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RUN ON NEW HAVEN BANK Institution Pays Depositors as Fast as They Present Books NEW HAVEN, Conn., July 18.-A run on the New Haven Savings bank, considered one of the strongest institutions in the city, occurred today. Depositors were paid as fast as they presented their books.
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Enemy of Railroad Blamed for One in New Haven. DEPOSITORS PAID QUICKLY Lawyer Asserts Solicitors for Rival Institution Made False Statements. [By Telegraph to The Tribune.) New Haven, Conn., July 18.-A run on the New Haven Savings Bank, thought to have been due to a rumor reflecting on the condition of the institution started by an enemy of the New York, New Haven & Hartford Railroad, started when the bank opened this morning and increased in strength in a mysterious manner until the closing hour this afternoon. Samuel S Hemingway and James S. Hemingway. respectively vice-president and secretary-treasurer of the savings bank, are also president and vice-president of the Second National Bank of this city, of which Charles S. Mellen. the retiring president of the New York, New Haven & Hartford. is a director. The bank paid all depositors promptly, and during the day issued several statements in which it asserted that the bank was sound and that there was no cause for alarm. The depositors who clamored for their money were mostly laboring people and foreigners. Some of them surged against the bank doors at 3 o'clock when closing time was announced, and tried to force their way in. The officials announced that the bank would open its doors at the usual time to-morrow. Many of the depositors were reassured during the afternoon by Benjamin Slade, a lawyer, who made what he said was a voluntary statement to the crowd, explaining what he thought was the cause of the alarm. He said: "The rumor affecting the bank started in an unfortunate manner as a result of overzealous work on the part of solicitors seeking deposits for another bank that has started a savings department. These men, asserted," he said, "that 'national banks are more solid than 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." Mr. Slade also said he had volunteered to deposit $50,000. but the offer was refused by the bank officials, who told him that they had, ample funds. He is one of the largest depositors and his remarks had some effect. The New Haven Savings Bank is said to be one of the largest savings institutions in the state. Lewis H. English is its president. Its assets are stated as more than $18,000,000, and its deposits as slightly in excess of $17,000,000. No foundation for any adverse report of the bank's condition is known. Late this afternoon a meeting of the officers 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 every one of its depositors in full and that there is no occasion for the slightest alarm."
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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.
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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.
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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.
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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.
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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.