Mechanics' and Laborers' Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 4, 1891
Location: Jersey City, New Jersey (40.728, -74.078)

Metadata

Model: gpt-5-mini
Short Digest: ab3ba320

Response Measures

None

Description

Article (The Sun, 1891-02-04) reports the bank had been 'wrecked several years ago' and that a Supreme Court decision sustains a compromise; Receiver Williams will wind up affairs and depositors to receive ~80% (headline text references 50% but body says 80%). No run is described in the article. This is a failure/receivership and permanent closure.

Events (2)

1. February 4, 1891 Other

Newspaper Excerpt: By the terms of the compromise the depositors receive about 80 per cent. of the amount due them.
Source: newspapers

2. February 4, 1891 Receivership

Newspaper Excerpt: the Supreme Court had unanimously decided to sustain Chancellor McGill's order approving of the compromise in the case of the Mechanics' and Laborers' Savings Bank, which was wrecked several years ago. Receiver Williams will at once proceed to wind up the affairs of the bank, which have been in litigation for a number of years.
Source: newspapers

Newspaper Articles (1)

1. February 4, 1891 The Sun New York, NY

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Article Text

# Mechanics' and Laborers' Savings Bank # Depositors to Get 50 Per Cent. Information was received in Jersey City yesterday that the Supreme Court had unanimously decided to sustain Chancellor McGill's order approving of the compromise in the case of the Mechanics' and Laborers' Savings Bank, which was wrecked several years ago. By the terms of the compromise the depositors receive about 80 per cent. of the amount due them. Receiver Williams will at once proceed to wind up the affairs of the bank, which have been in litigation for a number of years.