14051. Mechanics and Laborers' Bank (Jersey City, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 12, 1890
Location
Jersey City, New Jersey (40.728, -74.078)

Metadata

Model
gpt-5-mini
Short Digest
bde5885d

Response Measures

None

Description

The bank is repeatedly referred to as the defunct/closed Mechanics and Laborers' Bank and has a receiver (W. B. Williams). Articles discuss compromise offers, depositors' meetings, refusal by some depositors, and final distribution of remaining funds in March 1891. There is no mention of a depositor run prior to suspension; the bank had closed more than twelve years earlier and remains in receivership, so this matches a suspension that resulted in permanent closure (receivership).

Events (5)
1. November 12, 1890 Other
Newspaper Excerpt
About one hundred depositors of the defunct Mechanics and Laborers' Bank held a meeting ... Resolved ... the sum offered of $120,000 by the directors as a compromise be accepted.
Source
newspapers
2. November 14, 1890 Other
Newspaper Excerpt
It was believed by the majority of the 1,100 depositors in the defunct Mechanics and Laborers' Bank ... James Chester ... protested against the compromise.
Source
newspapers
3. December 12, 1890 Other
Newspaper Excerpt
Notice was served on Washington B. Williams, the receiver of the defunct Mechanics and Laborers' Bank, ... that the offer of compromise ... would not be accepted by them.
Source
newspapers
4. March 24, 1891 Other
Newspaper Excerpt
The receiver, Washington B. Williams, appeared before the Chancellor and applied for a final order to divide the balance of the money in his possession ... the money will be paid at an early date.
Source
newspapers
5. * Receivership
Newspaper Excerpt
the defunct Mechanics and Laborers' Bank ... receiver, Washington B. Williams, appeared before the Chancellor and applied for a final order to divide the balance of the money in his possession; the bank closed its doors more than twelve years ago.
Source
newspapers

Newspaper Articles (4)
1. November 12, 1890 The Jersey City News Jersey City, NJ
Article from The Jersey City News, November 12, 1890

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Article Text

THE OFFER ACCEPTED M. & L. Depositors Finally Agree to the Terms. THE MEETING LAST NIGHT. They All Sign a Paper Accepting the offer of the Mauagers to the Receiver. About one hundred depositors of the defunct Mechanics and Laborers' Bank held a meeting in Germania Hall last night and decided to accept the $120,000 offered as a compromise. The meeting was quite a noisy affair and the opinions of those present were anything but harmonious. Mr. Drum presided and asked for a report from the committee appointed to visit Receiver Williams. Chairman O'Rourke of the committee said that he visited the office of Mr. Williams, but could not find him in. Mr. Kerrigan, another member of the committee, said he had an hour's selk with Mr. Williams and invited him to attend the meeting, but Mr. Williams declined. Mr. Dunn then began to read the letter from Mr. Williams, which stated that the decision of the Chancellor was for $165,000. MR. WILLIAMS ATTACKED. At this Mr. Chester, an old gray headed man, who is one of the largest depositors, said:"P'd like to tell you that I read the whole of the decision, and it gives us all our money notwithstanding what Mr. Williams says. He was always dead against the depositors and a warm friend of the directors. Why didn't be get our money for as long ago and not keep us waiting twelve years. A round of applause greeted this speech. Mr. Oxley then moved to accept fifty cents on the dollar clear. This was followed by a motion to lay on the table which was carried. At this all the depositors wanted the floor at the same time and some exciting though most unintelligible discussion occurred. Mr. Martin said he believed that if the depositors failed to accept the $120,000 offered, they would be compelled to risk their cause before the Court of Appeals with a probable delay of five years. Mr. McCarty said:"The directors are good for it. I am in favor of making a compromise by having the directors split the difference between the amount named by the Chaacellor and $120,000." A motion to this effect was lost. THE COMPROMISE ACCEPTED. The following resolution was then adopted.-Resolved, That it is the sense of this meeting of depositors of the Mechanics' and Laborers' Bank sum offered the directors that the of $120,000 Savings by as a compromise be accepted. After the passage of this resolution the chairman appointed Messrs. Hert, MeCarty and Dunn a committee to wait on the Chancellor at the Chancery Chambers Thursday morning and convey to him the feeling of the meeting. After the meeting adjourned nearly all the depositors present signed their names to the resolution of acceptance.

2. November 14, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 14, 1890

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Article Text

NEWS FROM NEW-JERSEY. JERSEY CITY. DEPOSITORS OBJECT TO THE COMPROMISE. It was believed by the majority of the 1,100 depositors in the defunct Mechanics and Laborers' Bank that the affairs of that institution would be wound up by the Chancellor yesterday and the $120,000 offered by the directors as a compromise for the $165,000 due would be accepted. To the surprise of the Chancellor and Receiver W. B. Williams, James Chester, of Hoboken, protested against the compromise. Chancellor McGill intimated that he thought it would be better to accept the compromise than to wait for six months, certain, and perhaps five years, to recover the full amount. He said he would finally settle the matter Monday next, and that in regard to the compromise his actions would be governed by the desires of those who deposited the majority of the money and not by the wishes of the majority of depositors. DEMANDING LICENSES FOR ITS GRADUATES. The Hudson County Board of Health a year ago refused to grant licenses to practice to graduates of the New-Jersey Eclectic Medical College, and the college authorities obtained a writ of mandamus to compel the Health Board to grant the licenses. Testimony is being taken before Supreme Court Commissioner Romaine. Yesterday's proceedings consisted principally in the examination of Dr. L. J. Gordon, president of the Board of Health. In substance he testified that the Board did not refuse to license graduates from that college because it was an eclectic college, but because the Health authorities did not deem the college a reputable one. He said that the conclusions of the Board in discriminating between eligible and ineligible candidates for the right to practice were in conformity with the rules adopted by the American Association of Colleges.

3. December 12, 1890 New-York Tribune New York, NY
Article from New-York Tribune, December 12, 1890

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Article Text

NEWS FROM NEW-JERSEY. JERSEY CITY. WIKTOROWOZ MARRIED SIX MONTHS AGO. There seems to be some reasons for believing that Jacob Norgage, of No. 136 Steuben-st., did, after all, meet an accidental death, although Frank Schwarz was the primary cause of it. Witnesses have testified to facts which would make it appear that Norgage was murdered by Frank Schwarz and Alexander Wiktorowoz because he would not consent to the marriage of Wiktorowoz to his seventeen-year-old daughter Pauline. A Tribune reporter yesterday visited the home of Norgage, where it was said that, although Norgage had not favored the suit of Wiktorowoz, it was Pauline, the daughter, who had refused the Pole. Mrs. Norgage, amid tears and lamentations for the death of her husband, declared that Pauline had never favored her suitor. When Wiktorowoz offered her presents she refused them, and last Christmas when he offered her money to marry him she threw the money in the face of Wiktorowoz and positively refused him. He left the home vowing vengeance. Wiktorowoz five months later married another pre-possessing Polish girl. His wife was found at No. 144 Steuben-st. She said she had been married more than six months and she had never heard of Pauline Norgage. Her husband had never given her the slightest reason to suppose that he loved any other woman than herself. Schwarz admits that he rolled the heavy log on Norgage which crushed him to death, but declares that neither he nor Wiktorowoz knew the unfortunate man was beneath the log until it was too late to save him. Fire destroyed the fireworks factory of Detwiller & Street in Greenville yesterday. The fire was caused by an overheated roller coming into contact with some explosives. The loss was $2,500. Notice was served on Washington B. Williams, the receiver of the defunct Mechanics and Laborers' Bank, by E. K. Seguine, on behalf of James Chester and John J. Fay, depositors in the bank, to the effect that the offer of compromise recently made by the directors to the unpaid depositors would not be accepted by them. This action will take the matter of settlement again into court, and it will be months before the affairs are adjusted.

4. March 24, 1891 New-York Tribune New York, NY
Article from New-York Tribune, March 24, 1891

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Article Text

NEWS FROM NEW-JERSEY. JERSEY CITY. THEY HAVE NOT THEIR PREDECESSORS' FEAR. Among the legacies left by the old Board of Works to their successors, the Street and Water Commissioners, when that body was created by the ClevelandDavis charter, were two pay-rolls. One was for November, 1882, for $941, and the other for November, 1888, amounting to $700. A score of times efforts have been made to pass these pay-rolls, but without success. The debts were created in excess of the appropriations for these respective years and under the .. Lewis Act" the different Boards dared not order them paid for fear of indictment. The present ring Commissioners have no fear, and in consequence yesterday ordered the pay-roll sums paid. Before they can be paid the Board of Finance must concur and the Mayor sign the resolution ordering them paid. DEPOSITORS TO GET A FINAL SETTLEMENT. The Mechanics and Laborers' Bank closed its doors more than twelve years ago. Since then the creditors have been continually in the courts endeavoring to receive back the amount of their deposits. Up to date there has been paid to the creditors 36 per cent of the amount due them. Yesterday the receiver, Washington B. Williams, appeared before the Chancellor and applied for a final order to divide the balance of the money in his possession, which is 47 per cent of the entire amount due the depositors. The order was granted and the money will be paid at an early date. When the depositors receive it they will have been paid in all 83 per cent of the deposits in final settlement.