Mechanics Bank (Williamsburg, NY)

Episode Information

Episode Type
Run → Suspension → Unsure
Start Date
October 1, 1857
Location
Williamsburg, New York (40.714, -74.006)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
360975772
Model
gpt-5-mini
Short Digest

Notes

Multiple newspaper notices show suspension in early October 1857 and crowd behavior mid-October; later insolvency petition was dismissed but final disposition is unclear.

Events (3)
1. October 1, 1857 Suspension
Cause
Macro News
Cause Details
Part of the broader 1857 financial crisis and bank suspensions in New York leading Williamsburg banks to suspend specie payment.
Newspaper Excerpt
The Mechanic's Bank of Williamsburg suspended to-day.
Source
newspapers
2. October 14, 1857 Run
Cause
Macro News
Cause Details
Depositor agitation and withdrawals driven by the suspension of New York banks and the wider financial panic of 1857.
Measures
Continued to pay out bills upon checks while suspending specie payments.
Newspaper Excerpt
A large crowd gathered ... waited the hour for opening in order to withdraw deposits or change their bills into specie.
Source
newspapers
3. October 26, 1857 Other
Newspaper Excerpt
Application for an order declaring said Banking Association insolvent ... dismissed by the court on hearing Oct. 26, 1857.
Source
newspapers

Newspaper Articles (4)
1. October 1, 1857 Evening Star Washington, DC
Article from Evening Star, October 1, 1857

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Article Text

TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis. NEW YORK, Sept. 30 -The estimated gain of specie to this city the present week is five millions of dollars. Sterling is very dull. The Bank of Charleston bills on the Bank of Liverpool, with city endorsement, are offered at 2% premium, but no buyers appear over par. buyers. The produce bills are offered at 90, without Stocks rallied this afternoon, closing buoyant. There are no failures announced to-day. LOUISVILLE, Sept 30.-The heavy bank payments here to-day were all met without default The banks are discounting freely. CINCINNATI, Sept. 30.-Money matters here are more cheerful, and there is no excitement. Sr. LOUIS, Sept. 30.-There has been a heavy run on the German's Savings Bank and the Boatmen's Bank here. Every dollar was met, and since then but few persons are about the banking houses. The panic is rapidly subsiding. and confidence is partially restored. BOSTON, Sept. 30.-The firm of Butler, Keith & Hill, large dealers in iron and hardware, suspended this afternoon. Benjamin Howard, commission merchant, and Richardson, Kendalt & Co., dealers in woollen goods, have also failed At the adjourned meeting of the bank presidents this morning it was resolved to increase the discounts by those institutions three millions of dollars between now and Monday next, and this has given a brighter aspect to financial affairs. COLUMBUS, Sept. 30-The board of control of the State Bank of Ohio have resolved that the branches have the ability and will continue specie payments, regardless of whatever course may be taken by the banks of other States [SECOND DESPATCH.] NEW YORK, Oct. 1-The Mechanic's Bank of Williamsburg suspended to-day. The Farmers' and Citizens' Bank of Williamsburg has suspended. P.TILADELPHIA, October 1-There is a more harmonious action among the banks to-day. The Bank of Pennsylvania is gradually strengthening her condition, and, to-morrow or Saturday, will probably be in line with the others Several of the banks are accommodating their customers with discounts, and a decidedly better feeling exists. CHARLESTON, Oct. 1 -The presidents of the Charleston banks held a meeting this morning, and resolved to not suspend. The reported forgeries on John Fraser & Co. are entirely without foundation.

2. October 2, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 2, 1857

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Article Text

Dance Suspensions. NEW YORK, Oct. 1.-The Mechanics' Bank of Williamsburg suspended to-day. The Farmers' and Citizens' Bank has also suspended.

3. October 15, 1857 The New York Herald New York, NY
Article from The New York Herald, October 15, 1857

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Article Text

THE BANKS IN WILLIAMSBURG. SUSPENSION OF THE CITY and MECHANICE' BANKS. The two banks in Williamsburg yeaterday morning fol. lowed in the wake of the New York banks, and suspended specie payment. Quite a large crowd gathered around the Williamsburg Bank, corner of First street and South Seventh, and walted the hour for opening in order to with draw deposits or change their bills into specie. As the bank was opened the following notice was posted up:At a meeting of the Directors of the Williamsburg City Bank, on the evening of the 13th of October, 1857, it was Resolved, That in view of the suspension of specie payment by the New York banks that this bank do suspend specie payment until further notice. GEO. FIELD, Cashier. WILLIAMSBURG, Oct. 14, 1857 The bank, however, continued to pay out bills upon checks, and the business in that line appeared to be quite brink. Several police officers were stationed in and about the bank building, but there appeared to be no necessity for their presence, except perhaps to be on the lookout for pickpockets. The crowds outside generally appeared to place the utmost confidence in the seundness of the bank, and some declared that they would net withdraw their money. The Mechanics' Bank, corner of South Seventh street and Dunbam place, also suspended specie payment, but continued to pay out bills on checks. There was but little bu. siness doing at this bank.

4. November 3, 1857 The New York Herald New York, NY
Article from The New York Herald, November 3, 1857

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Article Text

The Mechanics' Bank or Williamsburg. KINGS COUNTY SUPREME COURT-SPECIAL TERM. Before Hon. Lucien Birdseye. Oct. 26, 1857.-In the matter of the Mechanics' Bank of Williamsburg.-On hearing James L. Campbell, Esq., in favor of the application for an order declaring said Banking Association insolvent, and appointing a receiver of said association, and vesting all its property and assets in such receiver, and enjoining the said association and its officers from transacting any business, and from making an assignment or transfer of its property, and after hearing Hon. John A. Lott in opposition thereto, the said Justice does hereby certify that it sufficiently appears before him by affidavit that the said Mechanics' Bank of Williamsburg has a good defence on the merits to the alleged demand of the applicant, on which said application was founded. And it is further ordered that the said application and proceedings be and the same are hereby dismissed.