Mechanics Bank - Brooklyn, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: May 15, 1884
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: 59c02b3d

Response Measures

Accommodated withdrawals, Books examined

Other: Run was small and bank remained open; examination referenced for Atlantic State Bank was by state examiner.

Description

Article (New-York Tribune, 1884-05-16) reports a small run at the Mechanics' Bank tied to broader trouble (Atlantic State/Metropolitan closures). The bank did not suspend; directors/officials expected no trouble and continued operations.

Events (1)

1. May 15, 1884 Run

Cause: Local Banks
Cause Details: Withdrawals were prompted by recent closures/trouble at other Brooklyn/New York banks (Atlantic State, Metropolitan) and general local panic.
Measures: Bank officers publicly reassured depositors; no suspension or special measures reported.
Newspaper Excerpt: At the Mechanics' Bank a small run was made, but President White said that he expected no trouble.
Source: newspapers

Newspaper Articles (1)

1. May 16, 1884 New-York Tribune New York, NY

Article from New-York Tribune, May 16, 1884

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Article Text

what may be called a private nature. We have no reason to complain of his conduct as regards us." CONFIDENCE IN THE ATLANTIC STATE. Notice was posted on the Atlantic State Bank at No. 49 Fulton-st., Brooklyn, that no business would be done yesterday. At no time in the day were there many depositors at the doors. The clerks were at their desks and replied to questions that it was expected to resume business to-day. Mr. Puffer, the president, said that he ordered the bank to be closed as soon as the doors of the Metropolitan Bank were shut. Mr. Seney had not consulted with the other directors and it would depend on the examination which was going on whether the doors could be opened this morning. An accountant from the office of the State Examiner took charge of the bank at noon, and began to examine the books, vouchers and securities. Cashier Denton said We cannot resume to-day, as the State Examiner is in charge of the books. The best I can say Is that we hope to resume to-morrow. That is all the information I can give. The following notice was posted on the bank doors: NEW-YORK REFINING COMPANY, 141 MAIDEN-LANE, NEW-YORK, May 15, 1884. Checks drawn by us on the Atlantic Bank will be paid on presentation to us at our office, 141 Maiden-lane, NewGEORGE S. RICHARDS, Treasurer. York. The bank had nearly $1,000,000 on deposit when it was shut, divided among 375 depositors. The Bridge Trustees have $190,000 in the bank. Acting President Stranahan, of the Bridge Trustees. said that he had every confidence that the bank would resume and that the Bridge would not lose a cent. He had no anxiety. The Union Ferry Company deposited in the same bank, but the directors refused to state the amount. Yesterday's receipts were deposited in the Brooklyn Bank. The Brooklyn City Railroad Company has between $45,000 and $50,000 in the Atlantic State Bank, but President Hazard said that he had no alarm about its safety. The bank. in his opinion, would certainly resume, and until it did the company would draw checks to meet all demands upon other banks. The other Brooklyn National banks were quiet. The action of the Clearing House Committee in sustaining the banks was regarded as the best indication that the panic was ended and that there would be no more trouble. At the Mechanics' Bank a small run was made, but President White said that he expected no trouble. President Lewis, of the Brooklyn Bank, said that the only effect of the trouble was better interest on loans. New accounts were being opened and depositing was done as usual. The bank was poted for caution and conservatism, but those qualities were good in a crisis. At the Nassau Bank it was said that there was enough money on hand to pay each depositor, but no more was being drawn than usual. All the other National banks were quiet. The president of the Atlantic State Bank said last evening, that the State examiners hoped to get through with the accounts, so as to report this morning, and then the Directors would meet and decide when they would open the doors. He did not believe it would be possible to open at the regalar hour this morning, but the bank would probably resume at some time in the day. He judgedfrom what he learned from the examiners, that they found a very satisfactory state of affairs.