14048. Mechanics and Laborers' Bank (Jersey City, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 4, 1881
Location
Jersey City, New Jersey (40.728, -74.078)

Metadata

Model
gpt-5-mini
Short Digest
0e14ba9d

Response Measures

None

Description

Newspapers report the Mechanics and Laborers' Bank of Jersey City as suspended and its officers later convicted of conspiracy to defraud. The reporting indicates the bank did not resume business: Supreme Court dismissed officers' appeal and criminal sentences were imposed. There is a slight inconsistency in dates across articles (one Nov 4, 1881 item refers to the bank as already suspended; another Dec 5, 1881 item states it suspended Nov 27). I use the suspension date given explicitly (1881-11-27) but note the inconsistency.

Events (3)

1. November 4, 1881 Other
Newspaper Excerpt
The Supreme Court of New-Jersey has dismissed the appeal of the officers of the suspended Mechanics and Laborers' Bank, of Jersey City.
Source
newspapers
2. November 27, 1881 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank officers (president, secretary, director) convicted of conspiracy to defraud; criminal charges against management indicate bank insolvency/misconduct led to suspension.
Newspaper Excerpt
John Hillard, president of the Mechanics and Laborers' Bank, of Jersey City, which suspended November 27, has been convicted of conspiracy to defraud
Source
newspapers
3. December 5, 1881 Other
Newspaper Excerpt
John Hillard, president ... was convicted of conspiracy to defraud and sentenced to eighteen months in the State Prison. The Court was crowded with depositors.
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, November 4, 1881

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Article Text

New Dark Daily Cribune. FOUNDED BY HORACE GREELEY. FRIDAY, NOVEMBER 4, 1881. THE NEWS THIS MORNING. FOREIGN,-A meeting of the Ladies' Land League has been held in Dublin, Miss Parnell preGambetta has denied to the Prince siding. of Wales that he met Prince Bismarck. There are slight prospects of an Anglo-French The Nihilists threaten to prevent treaty. the Czar's coronation unless he comes to terms. The racer Cremorne has been sold for More Liberal gains are expected at $26,190. M. Brisson has the second German elections. been elected President of the French Chamber of Hugh Law has succeeded Lord Deputies D'Hagan as Lord Chancellor of Ireland. DoMESTiC.-Argument on the motion to set aside the criminal information in the Star Route cases was begun in the Supreme Court of the District of The report of United States TreasColumbia. PresiInrer Gilfillan has been made public. dent Arthur left Washington for New-York. The new British Minister to the United States The Fliparrived at Philadelphia yesterday. per Court Martial met at Fort Davis, Texas. he Somerset and Cambria branch of the Baltimore and Ohio Railroad was formally opened yesterday. The Supreme Court of New-Jersey has dismissed the appeal of the officers of the suspended Mechanics and Laborers' Bank, of Jersey City. The Vou Steubens reached Boston yesterday, and the French guests left that city for New-York. 1 CITY AND SUBURBAN.-Adelina Patti and NicoPresident Arlini reached this port yesterday. It was stated that thur arrived in New-York. Nugent, the morocco manufacturer, was the victim The Soof the cashier of the Newark bank. ciety of American Mechanical Engineers began its Gold value of the legalannual session. tender silver dollar (41212 grains), 87.01 cents. Stocks opened active and strong, and later were duil and feverish, closing weak and unsettled. THE :WEATHER.-TRIBUNElocal observations indicate fair and cooler weather, preceded by cloudy weather and rain. Thermometer yesterday: Highest, 61°: lowest, 50°; average, 5834°.


Article from Daily Republican, December 5, 1881

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Article Text

Jersey Jastice and a Bank Prex tuent. John Hillard, president of the Mechanics and Laborers' Bank, of Jersey City, which suspended November 27, has been convicted of conspiracy to defraud and sentenced to eighteen months in the State Prison. James Donnellen, secretary, and Dr. Thos. O'Callahan, director, were sentenced to pay a tipe of $500. Sentenced was suspended on Adam J. Dictinar, J Myer Sweeney, Patrick Sheron and the other convicted directors. The Court was crowded with depositors. Hillard's sentence was applauled. He brokedown and his wife fain ed.