Highland Trust Company (West Hoboken, NJ)

Episode Information

Episode UID
619240391370
Episode Type
Run Only
Bank Type
trust
Bank ID
61924039 hash
Start Date
February 13, 1914
Location
West Hoboken, New Jersey (40.745, -74.032)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8ade3cba450d64f3

Response Measures

None

Description

Officials called it a groundless rumor and sought to prosecute the depositor who started it.

Events (1)
1. February 13, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
An Italian depositor misinterpreted a 'Bank Closed - Legal Holiday' sign on Lincoln's Birthday and circulated a groundless rumor of failure.
Random Run
Yes
Random Run Snippet
Italian depositor misread 'Bank Closed' sign; groundless rumor started run
Measures
Engaged detectives to find originator; state examiner reviewed records; bank refused to reopen certain withdrawn accounts and stated it could meet all demands.
Newspaper Excerpt
After careful investigation the officers of the Highland Trust Company of West Hoboken, N. J., have discovered the cause of a run on the savings department ... An Italian depositor who cannot read English started the trouble.
Source
newspapers

Newspaper Articles (3)
1. February 19, 1914 The Evening World New York, NY
Article from The Evening World, February 19, 1914

Click image to open full size in new tab

Article Text

HOLIDAY SIGN READ: "BANK CLOSED." AND THAT STARTED A RUN Italian Depositor Circulated Rumor of Failure and Trouble Began Next Day. After careful investigation the ofGeers of the Highland Trust Company of West Hoboken, N. J., have discovered the cause of a run on the savings department of the institution, which began in a small way last Friday and still continues. An Italian depositor who cannot read English started the trouble. He is employed in a silk mill, and on last Thursday -Lincoln's Birthday-the mill did not close down. During the noon hour he went to the Highland Trust Company to draw some money. He found the doors closed and locked and was confronted by a sign reading "Bank Closed-Legal Holiday." Calling to a passerby, the depositor asked what the sign meant. He was told that the bank was closed for Lincoln's Birthday, but only the fact that the

2. February 20, 1914 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, February 20, 1914

Click image to open full size in new tab

Article Text

PROBING RUN ON BANK IN HUDSON President of Highland Trust Believes Foreigner Spread Groundless Rumor. WEST HOBOKEN. Feb. 20.-President Thomas McEwan. of the Highland Trust Company, wants to know how the run on that bank started, and to that end engaged detectives today. Mr. McEwan believes that the run was wilfully started by somebody and he suspects a disgruntled foreigner. The run is now thought to be at an end, and it is believed that by the end of the week most of the deposits that were withdrawn will have been returned. "This bank has $1.23 to show for every dollar in deposits," said Mr. McEwan, "and if every dollar of deposited money was withdrawn today the Highland Trust Company would still have $223,000. This bank is absolutely sound, so sound that I cannot imagine how the run was started. Our ability to meet every demand without aid from any other banks shows that there is no. merit to the sudden demand for money." The business men of North Hudson showed no signs of distress, and very few of them withdrew during the run. Practically every business man in town is satisfied that the bank is safe, and did not venture to withdraw funds.

3. February 21, 1914 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, February 21, 1914

Click image to open full size in new tab

Article Text

BANK REFUSES TO RENEW ACCOUNTS Highland Trust Asks Panicky Depositors to Try Some Other Institution. [Special to the Newark Star.] WEST HOBOKEN, Feb. 21.-Many of the depositors who withdrew their savings from the Highland Trust Company during the senseless run on the bank Thursday sought to have their accounts reopened today and asked that the interest stand the same as though their funds had never been disturbed. They were told that the interest would not stand and that the bank officials would prefer that they take their accounts to some other institution. The bank officials and business men are anxious to find the man who was ignorant that Lincoln's Birthday was a holiday and started rumors that caused the run. They will prosecute him under a State law of 1907 which makes such an offense a misdemeanor. The punishment is three years in prison or $1,000 fine, or both. State Banking Examiner Ray E. Mayham, of Trenton, is going over the bank's records. He issued a statement last night in which he said: "There is absolutely no cause for alarm on the part of the depositors of the Highland Trust Company. The regular examination of that institution by the State bank examiner several months ago showed it to be in excellent condition and there is no indication that there has been any change. No depositors should be influenced to withdraw money by unfounded rumors. In my opinion the institution is safe and sound and in every way worthy of the confidence of its depositors."