13517. Manufacturers National Bank (Mechanicville, NY)

View Charter #5037 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
5037
Charter Number
5037
Start Date
January 23, 1904
Location
Mechanicville, New York (42.903, -73.687)

Metadata

Model
gpt-5-mini
Short Digest
298eefb81df445de

Response Measures

Accommodated withdrawals

Receivership Details

Depositor recovery rate
79.6%
Date receivership started
1931-08-10
Date receivership terminated
1938-08-30
OCC cause of failure
Governance
Share of assets assessed as good
46.9%
Share of assets assessed as doubtful
49.0%
Share of assets assessed as worthless
4.0%

Description

Multiple newspapers (Jan 23–24, 1904) report a slight run on Manufacturers National Bank of Mechanicville driven by withdrawals by mill operatives (described as panicky girls). Withdrawals of $6,000–$10,000 were met by other deposits and officials did not fear continuation. No suspension, receivership, or reopening is mentioned. Cause classified as rumor/nervousness rather than a genuine insolvency—the stories mention a minor Stillwater mill transaction loss but emphasize panic rather than failure.

Events (4)
1. April 16, 1896 Chartered
Source
historical_nic
2. January 23, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Withdrawals by operatives (reported as 'panicky girls') and nervousness among mill workers; possibly touched off by news of a minor Stillwater mill transaction loss, but officials characterized the run as absurd and non-threatening.
Measures
Bank officials reassured the public; deposits by others exceeded withdrawals, preventing continuation of the run.
Newspaper Excerpt
There has been a slight run upon the Manufacturers' bank of Mechanicville, $6,000 being withdrawn from the savings department... the bank officials do not fear a continuation of the run.
Source
newspapers
3. January 24, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Continued withdrawals by mill employees driven by panic; press describes action as 'panicky' and suggests the trigger was fear rather than insolvency.
Measures
Bank president and cashier publicly downplayed the run; reassurances and sufficient incoming deposits stabilized the situation.
Newspaper Excerpt
There was a run this morning on the Manufacturers' National Bank, of Mechanicsvilba, when a number of girls employed in the Union Knitting Mill, withdrew their accounts... the withdrawals were only about $10,000.
Source
newspapers
4. August 10, 1931 Receivership
Source
historical_nic

Newspaper Articles (3)
1. January 23, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 23, 1904

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Article Text

Run on s Savings Bank. SARATOGA, N. Y., Jan. 23.-There has been a slight run upon the Manufacturers' bank of Mechanicville, $6,000 being withdrawn from the savings department of the bank by operatives of the Mechanicville and Stillwater mills. The deposits made by others exceeded that amount, and the bank oketals do not fear a continuation of

2. January 23, 1904 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, January 23, 1904

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Article Text

Run on a Savings Bank. SARATOGA, N. Y., Jan. 23.-There has been a slight run upon the Manufacturers' bank of Mechanicville, $6,000 being withdrawn from the savings department of the bank by operatives of the Mechanicville and Stillwater mills. The deposits made by others exceeded that amount, and the bank officials do not fear a continuation of the run.

3. January 24, 1904 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 24, 1904

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Article Text

BANK RUN CAUSED BY PANICKY GIRLS (Special to The Times-Dispatch.) TROY, N. Y., Jan. -There was a run this morning on the Manufacturers' National Bank, of Mechanicsvilba, when a number of girls employed in the Union Knitting Mill, withdrew their accounts. This afternoon the run continued, but the withdrawals were only about $10,000. President William L. Howland and Cashier Newton T. Bryan stated that the run was absurd. The run may have started from the fact that a small amount was recently lost in a Stillwater mill transaction, but only about $12,000 was involved in the deal, and the claim was IF sold for nearly the face value.