Mechanics and Laborers' Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 20, 1888
Location: Jersey City, New Jersey (40.728, -74.078)

Metadata

Model: gpt-5-mini
Short Digest: 0ce8dfdb

Response Measures

None

Description

Article (New-York Tribune, 1888-05-20) describes the bank as 'defunct' and mentions Receiver Williams and depositors rejecting a compromise; no run is reported. OCR in the article spelled the name 'Mechanies'—corrected here to 'Mechanics'.

Events (2)

1. May 20, 1888 Receivership

Newspaper Excerpt: He will instruct Receiver Willlams on Friday as to whether be will accept or reJect the peoposed compromise.
Source: newspapers

2. * Suspension

Cause Details: Bank is described as defunct; directors proposed compromise payment which depositors rejected (no explicit cause such as rumor or correspondent failure given).
Newspaper Excerpt: The depositors of the defunct Mechanies and Laborers' Bank have rejected the compromise offered by the directors...
Source: newspapers

Newspaper Articles (1)

1. May 20, 1888 New-York Tribune New York, NY

Article from New-York Tribune, May 20, 1888

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Article Text

JERSEY CITY. Judge Knapp appointed Park Commissioners yesterday under an act of the last Legislature providing for the establishing of public parks in Hudson County. The commissioners appointed are John H. Bonn, five years; Charles B. Thurston, four years; Henry Lembeck, three years; William C. Heppenheimer, two years; Garret D. Winant, one year. The depositors of the defunct Mechanies and Laborers' Bank have rejected the compromise offered by the directors to pay them $50,000 in full settlement of their claims, and insist upon being paid the principal with interest, which would make the total at the present time about $180,000. Vice-Chancellor Van Fleet sat in the Chancellor's Chambers yesterday and heard statements for and against the acceptance of the compromise. He will instruct Receiver Willlams on Friday as to whether be will accept or reJect the peoposed compromise. Henry Ebert, the convicted wife-murderer, was sentenced by Judge Knapp yesterday to be hanged on Wednesday, July 18. The prisoner displayed no motion whatever. The committee of citizens appointed by the Board