Howard Savings Institution (Newark, NJ)

Episode Information

Episode UID
55000371091
Episode Type
Run Only
Bank Type
savings
Bank ID
5500037 routing
Routing Number
55-0003
Start Date
November 19, 1890
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
96566a4f23449156

Response Measures

None

Events (1)
1. November 19, 1890 Run
Cause
Macro News
Cause Details
Panic/nervousness caused by recent crashes in the New York stock and money markets (financial stringency).
Measures
Paid out withdrawals as clerks could handle; bank leadership publicly assured depositors of solvency.
Newspaper Excerpt
there was an incipient run on the Howard Savings Institution in that city. Hundreds of accounts were withdrawn and about $40,000 was paid out.
Source
newspapers

Newspaper Articles (10)
1. November 20, 1890 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 20, 1890

Click image to open full size in new tab

Article Text

Solid As a Rock. NEW YORK, November 19.-The crashes of the last few days in the stock and money markets in this city have occasioned some alarm in Newark among the poorer classes, and during Monday and yesterday there was an incipient run on the Howard Savings Institution in that city. Most of the people who closed out their small accounts were Polish Jews. Hundreds of accounts were withdrawn and about $40,000 was paid out. Frederick T.Frelinghuysen, president of the bank, said yesterday that the institution was solid as a rock and could pay every depositor and have a million of dollars left over. "The run is our gain," game he said, "because no interest will ave to be paid on the money withdrawn now, but we would prefer not to gain in that way.

2. November 20, 1890 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, November 20, 1890

Click image to open full size in new tab

Article Text

HOW THEY WERE FOOLED. Depositors Make all Unnecessary Run on a Bank at Newark. NEWARK, N. J., Nov. 19.-At o'clock this morning a crowd had assembled around the doors of the Howard Savings Institution. They were depositors waiting for the bank to open in order to draw out their money. When the bank doors opened, the crowd had largely increased and they swarmed into the bank like flies. All the forenoon the run on the bank continued and the money was paid out as fast 28 the clerks could handle it. President Frelinghnison was unable to state how much had been paid out as the clerks had all been too busy. He thought the amount might be from $50,000 to $100,000. He said emphatically that the bank was abundantly able to pay every depositor in full and still have $1,000,000. He said he thought the run was caused by recent financial crashes.

3. November 20, 1890 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, November 20, 1890

Click image to open full size in new tab

Article Text

Can Pay in Full. NEWARK, N. J., Nov. 19.-There was a run on the Howard Savings institution today. Money was paid out as last as the clerks could count it. President Frelinghuysen says the bank can pay every depositor in full and have a million dollars left.

4. November 20, 1890 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 20, 1890

Click image to open full size in new tab

Article Text

The Bank Stood the Run. NEWARK. N. J., November 19.-At 9 morning a crowd had assembled around the doors of the Howard Savings Institution. They were deposifor waiting for the bank to open in order to draw out their money. When the bank doors opened, the crowd had largely increased and they swarmed into the bank like flies, All the forenoon the run on the bank continued and the money was paid out as fast as the clerks dald handle it. President Frainghuiin was unable to state how much had seen paid out as the clerks had all been 100 busy. He thought the amount might be from 850,000 to $100,000. He said emphatically that the bank was abundantly atle to pay every depositor full and still have $1,000,000. He said he thought the run was caused by recent financial crashes.

5. November 20, 1890 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, November 20, 1890

Click image to open full size in new tab

Article Text

FINANCIAL MATTERS. Wall Street Still in a Very Unsettled Condition-Situation Abroad. NEW YORK, Nov. 20.-The situation on Wall street continues in a very unsettled - condition. The fluctuation in prices is very great. A small run was made on the Howard Savings bank of Newark Tuesday. The president says the bank can pay all its depositors and then have $1,000,000 on hand. Wednesday a rumor was afloat that another large London banking firm was about to go into liquidation. but later advices contradicted it. Francis Higgins has been appointed receiver of the North River bank. with a bond of $500,000. There is a deficiency of nearly $100,000 in the funds of the bank.

6. November 21, 1890 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 21, 1890

Click image to open full size in new tab

Article Text

Run on the Howard Bank. NEWARK, N, J., November 20.-A bigger crowd than on the two previous days shivered outside of the Howard savings bank this morning long before the bank opened. Hundreds of women surrounded the bank to withdraw money. Most of the withdrawals were by Poles, Italians and other foreigners. Many business men are making deposits as usual to allay the feeling of suspicion. President Frelinghysen says that he has plenty of money to pay off depositors, and if every depositor withdrew the bank would still have $500,000 left. The business community is not worried by the run on the bank.

7. November 22, 1890 The Morning Call San Francisco, CA
Article from The Morning Call, November 22, 1890

Click image to open full size in new tab

Article Text

BANK FAILURES. Wharion Barker Said to Be Solvent-A Guthrie Concern Closed. PHILADELPHIA, Nov. 21.-Barker Bros. & Co.'s banking-house was open this morning, although no business was done. No statement of the firm's condition has yet been made. The Investment Company, of which Wharton Barker is a director, is perfectly solvent, it is asserted. NEW YORK, Nov. 21.-Kiernan's News Agency says that Barker Bros. had no interest whatever in the bonds or stock of the San Antonio and Arkansas Pass Company, and the firm does not owe them one dollar, nor ever had any transactions with them. THE CITIZENS' BANK. The run on the Citizens' Savings Bank continues in full force. The Directors met this morning and decided not tc take advantage of the ninety days' rule, but to pay depositors as far as possible. FOURTH NATIONAL BANK. The Board of Directors of the Fourth National Bank to-day adopted resolutions setting forth the facts of the present financial stringency and stating that during the present month that bank has had $3,285,000 commercial paper fall due, all of which has been promptly met at maturity, showing it to be in a prosperous condition: that the stringency in the money market has almost stopped the purchase of commercial bills and deprived the mercantile community of its accustomed facilities, and authorizing the officers of the bank to buy freely first-class commercial paper and take out it necessary a liberal amount of clearing-housecertificates for that purpose. THE RUN CONTINUES. NEWARK (N.J.), Nov. 21.-The run on the Howard Savings Bank continues, but it is not as heavy as it was yesterday. BARING BROS. WILL CONTINUE. LONDON, Nov. 21.-It is officially announced that arrangements for continuing the business of Baring Bros. have been concluded. A limited company has been formed with a subscribed capital exceeding £1,000,000. Thomas Baring, M. P., becomes Chairman of the company and devotes the whole of his fortune to the firm's credit. A GUTHRIE FAILURE. GUTHRIE, Nov. 21. - The Commercial Bank, the largest in the Territory, has failed. The assets and liabilities are unknown. The Guthrie Bank belongs to a syndicate which practically controls banks in Newton, Kans., Normal, El Reno, Stillwater and Whitewater. The Newton Bank failed yesterday. To-day the Guthrie Bank suspended and the Whitewater concern is now in the hands of an examiner. Nothing has been heard from the El Reno, Normal or Stillwater banks. The Guthrie Bank's capital was $300,000, Newton's $100,000 and the others about the same. It is believed here that the assets are equal to the liabilities.

8. November 22, 1890 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, November 22, 1890

Click image to open full size in new tab

Article Text

THE STOCK MARKET. Comparatively Quiet Opening This Norping - London Shows a Stronger Tone. NEW YORK, Nov. 21.-There was a comparatively quiet opening on the stock market this morning, and first prices showed an advance over last night's figures of from 14 to 1 per cent. The only marked feature developed in trading was renewed weakness in Rock Island, which was so pronounced yesterday. The Run Continues. The run on the Citizen's saving bank still continues. NEWARK, N. J., Nov. 21.-The run on the Howard Savings bank still continues, Stocks Show a Slight Advance. LONDON, Nov. 21. Prices on the stock exchange this morning, as compared with yesterday's closing. show slight advances for American securities. The stock market closed strong. Reopened for Business. PRADELPHIA, Nov. 21.-Barker Bros. & Co.'s banking house was opened this morning, although no business was done. One of the firm's employes stated that no statement of the firm's condition would be made this morning, altough one might be made later in the day. The Investmentcompany, of Philadelphia, of which Wharton Barker is one of the directors, is perfectly solvent, it is asserted, and unaffected by the failure of Barker Bros.

9. November 23, 1890 The Morning News Savannah, GA
Article from The Morning News, November 23, 1890

Click image to open full size in new tab

Article Text

New York's Bank President. NEW YORK, Nov. 22.-The run on the Citizens' Savings Bank here continued this morning with as much vigor as ever. This, the bank people say, was caused by the fact that they close at noon on Saturday. Work began before 10 o'clock, but the long line of depositors seemed to increase all the while instead of diminishing. The payments already made figure up $300,000. NEWARK'S RUN ABOUT OVER. NEWARK, N. J., Nov, 23.-The run on the Howard savings bank was considerably abated this morning, confidence being restored. Many depositors are returning their money.

10. November 26, 1890 The Enterprise Wellington, OH
Article from The Enterprise, November 26, 1890

Click image to open full size in new tab

Article Text

LATER. WILLIAM III., King of Holland, died on the 23d, after a long illness, having reached the age of seventy-three years. He ascended the throne in 1849, and with him dies the direct male descendant of the great house of Orange. ON the 22d the walls of a brick building in process of erection tJersey City, N. J., suddenly fell, burying a large nnmber of workmen in the ruins. George Barrett was killed and twelve Italian laborers more or less injured. MR. P. B. SHILLABER, the humorist and poet, who is better known to the world as "Mrs. Partington," is lying at the point of death at his home in Chelsea, Mass. THE run on the Howard Savings Bank at Newark, N. J., has abated. confidence being restored. Many depositors have returned their money. THE trial of W. W. Allen, superintendent of mails in the Buffalo postoffice, charged with robbing the mails, was concluded in the United States Court at Auburn. N. Y., on the 22d, resulting in a verdict of acquittal. R. F. TOBIN, National Senior Vice Commander of the G. A. R., died at Boston, Mass., on the 22d. As the day express on the Michigan Central road was nearing Kankakee, Ill., on the 22d, it struck a buggy containing Daniel Crane and Bert Green, killing them instantly. THE extensive silk mills of Bamford Bros, at Paterson, N.J., were destroyed by fire on the 22d, together with the residences of Joseph and Walter Bamford adjoining. Loss, $400,000; half insured. MRS. SARAH F. HENSLER, widow of Frederick W. Hensler, late professor of music in the New York institute for the blind, suicided on the 23d by shooting herself. She was fifty-five years old and wealtby. A NUMBER of coal and iron interests in the Hocking Valley, Ohio, have consolidated under the name of the "United Hocking Valley Coal and Iron Company." The authorized capital of the new company is $1,500,000. The Baltimore & Ohio railroad is closely identified with the deal THE United States Rolling Stock Company was on the 22d placed in the hands of a receiver. The liabilities are placed at $3,816,000 and the assets at nearly twice that amount. - The failure was precipitated by slow collections and depression in the market. The company is one of the largest builders of railway cars in the world. It has plants at Hegewich, III, Decatur, Ala., Anniston. Ala., and Urbana, O., employs 2,200 men, and pays $600.000 monthly for wages and material.