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 Type
- Run Only
- Start Date
- July 18, 1913
- Location
- New Haven, Connecticut (41.308, -72.928)
- Bank Type
- savings
- Routing Number
51-0011
Metadata
Notes
Contemporary reports trace the panic to a misstatement by solicitors that was widely misinterpreted.
Events (1)
1.
July 18, 1913
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- A misstatement by deposit solicitors was misinterpreted (dropping an 's'), producing an unfounded rumor that the savings bank was unsound; bank officials issued statements denying any embarrassment.
- Random Run
- Yes
- Random Run Snippet
- Solicitors' remark dropped 's' and was misinterpreted; rumor false
- Measures
- Paid depositors promptly as they presented books; issued public statements assuring solvency; later encouraged redeposits to continue accruing interest.
- Newspaper Excerpt
- Rumors, which were denounced as ridiculous by officers of the bank, started a run on the New Haven Savings Bank
- Source
- newspapers
Newspaper Articles (10)
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Article Text
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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RUN ON BANK CONTINUED
Force of the Scare in New Haven, However, Has Decreased. NEW HAVEN, Conn., July 19. The run on the New Haven Savings bank, which began yesterday, was continued today, but with decreasing force. A large crowd of depositors was on hand when the institution opened this morning. Several priests were in the crowd among their parishioners assuring them that there was no cause for alarm, and Mayor Rice made a speech to the crowd along the same lines. These efforts apparently had their effect, as many fell out in the line and left the bank.
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SAVINGS BANK RUN
Depositors in Strong New Haven Institution Alarmed by Rumor. New Haven, Conn., July 19.-A run on the New Haven Savings bank, considered one of the strongest institutions in the city, occurred yesterday, a steady stream of depositors pasing the teller's window all the morning and well into the afternoon. They were paid as fast as they presented their books. The officials of the bank attribute the run to a rumor starting from an unknown source to the effect that there was financial difficulty at the bank. In a statement given out yesterday afternoon, they declared that there was "absolutely no truth to any statement concerning any financial embarrassment of the New Haven Savings bank." The bank, they say, is able to meet all indebtedness and has a large surplus still available.
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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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RUN ON SAVINGS BANK IS STOPPED New Haven, Conn., July 21-Conditions at the New Haven Savings Bank on which there was a run last Friday and part of Saturday were principally normal this morning, it was stated at the bank. Many of those who drew out their money last week put it back again. This return movement was increased by an announcement from the bank that all such deposits made today would continue to draw interest as if they had not been taken out. Mrs. Otto Theis of 174 West Water street reported to the police Saturday that $200 which she drew out of the New Haven Savings bank on Friday was. stolen from a sugar bowl in her pantry. The police have been expecting a number of thefts of money from some of the depositors who withdrew their money and hid it in their homes.
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Conditions at the New Haven savings bank on which there was a run last Friday and part of Saturday are practically normal.
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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.
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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.