Howard Savings Institution (Newark, NJ)

Episode Information

Episode UID
55000371051
Episode Type
Run Only
Bank Type
savings
Bank ID
5500037 routing
Routing Number
55-0003
Start Date
July 9, 1887
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9f0df513634a0c51

Response Measures

None

Events (1)
1. July 9, 1887 Run
Cause
Rumor Or Misinformation
Cause Details
Untraced rumors prompted depositors to withdraw funds, but withdrawals were met and confidence quickly restored.
Measures
Paid out money rapidly and met withdrawals to restore confidence.
Newspaper Excerpt
Rumors which could not be traced caused a run on the Howard Savings Institution yesterday, but money was paid out so rapidly and with such indifference that confidence was restored in a short time.
Source
newspapers

Newspaper Articles (2)
1. July 10, 1887 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, July 10, 1887

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Article Text

Run ON a Safe Bank. NEWARK, N. J., July 9.-Rumors which could not be traced caused a run on the Howard Savings Institution yesterday, but money was paid out so rapidly and with such indifference that confidence was restored in a short time. This bank has $700,000 on deposits and $5,000,000 held in Government bonds. President Frederick Frelinghuysen aud the managers are among the wealthiest citizens of Newark. The bank weathered a great ran before when other savings banks in Newark went under.

2. July 11, 1887 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 11, 1887

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Article Text

Run on a Safe Bank. NEWARK, N.J., July 9.-Rumors which could not be traced caused a run on the Howard Savings Institution yesterday, but money was paid out so rapidly and with such indifference that confidence was restored in a short time. This bank has $700,000 on deposits and $5,000,000 held in Government bonds. President Frederick Frelinghuysen aud the managers are among the wealthiest citizens of Newark. The bank weathered a great run before when other savings banks in Newark went under.