Mechanics & Traders National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1624
Charter Number: 1624
Start Date: October 21, 1907
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: ce2d8251

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected

Other: Pledging of a $10,000,000 fund by a group of banks to support Clearing House actions was arranged.

Description

Newspaper items show heavy withdrawals by Mechanics & Traders' National Bank during the 1907 turmoil (Clearing House assistance noted). No article indicates the bank suspended payments or closed. An 1879 docket reference appears but is unrelated to a suspension/run in 1907.

Events (3)

1. December 23, 1865 Chartered

Source: historical_nic

2. April 24, 1884 Voluntary Liquidation

Source: historical_nic

3. October 21, 1907 Run

Cause: Macro News
Cause Details: Contagion from the United Copper corner collapse and the Heinze/Morse/Thomas scandal triggered market distress and heavy withdrawals from several New York banks.
Measures: New York Clearing House decided to extend assistance; associated banks pledged support and a fund of $10,000,000 was pledged to render assistance as needed.
Newspaper Excerpt: The sum owed by the Mechanics and Traders' National Bank was $430,000 ... indicated that heavy withdrawals were being made from these two banks.
Source: newspapers

Newspaper Articles (2)

1. April 16, 1879 New-York Tribune New York, NY

Article from New-York Tribune, April 16, 1879

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Article Text

granted; report confirmed and deficiency judgment ordered Middleditch agt. Livingston ; Griggs agt. Norton : Mechan, ics' and Traders' National Bank agt. Miner.- Motions granted and receivers appointed. Starkweather. jr., agt. Bromler.Motion granted without costs. Society for the Reformation of Juvenile Delinquents agt. Allen.-Injunction continued. Fox agt. Willis.-Motion granted. Harris agt, Lisner. Writ of inquiry may issue. In the matter of 155th-st.-Report con. firmed and order granted. Best agt. Staugh.-Report confirmed. Hull agt. the New-York Life Insurance and Trust Company.-Motion denied, In the matter of Robinson.- Report now confirmed and trustee appointed. Palmer agt. Stewars.-Motion granted for the 25th. Morris agt. Pacitic Mail Steamship Company: Conner agt. Corneil: Lewis, jr, agt. Bell : Mahon agt. Chapman.-See memorandams. By Judge Donohue.-Taylor agt. Taylor.-Final decree on accounting granted. Superior Court-Special Term-By Judge Freedman. Beardsley agt. Crowell-Order granted. Broder agt. Lord.Order settled. By Judge Sedgwick.-Gould agt. Kruse et al.-Order of dis. continuance, Grover agt. Buckheisber.-Order granted. Pay, son agt. the Angomar Company et al.-Order discontinuing action. Shethar agt. Reisig.-Order granting motion. Schile agt. Brokhahin.-Undertaking approved. Goldsmith agt. Schloss.-Order filing bond nune pro tune. Bandowine ast, Willis.-Orderof discontinuance. Munsell agt. Flood.-Order of substitution. McKelvey agt. Lewis.-Remittitur filed, Bonyard agt. Le Bess: Lordlard agt. Fleischman.-Orders of discontinuance. Coffe age. Rown; Same agt. Pruneta.-Orders of substitution. Goldschmidt agt. Schloss et al.-Undertaking approved. Van Dyck agt. Jones.-Order opening default. Elumston agt. Ross.-Order denying motion with $10 costs to abide event. Arliton act. Shepard; Davison age, Clarkson Dart agt. Gillis : Kilman art. Bradley: Hesse agt. Briggs: Bennon agt. Herbert; Verplanek agt. Kendall; Collins agt, Jewell: the Continental National Bank ngt. ingate: Assold son agt. Aasoldson; Kruth age. Glinsman; Foiler agt. Lippe. -Orders granted. Common Pleas-Special Term-By Chief-Justice C.P, Daly.-In the matter of the assignment of Parr: Dixon age Sterling: Appleton agt, Hall: Cahill agt, Austin ; Grumm, etc., agt Moehring.-Granted. In the matter of the assign, ment of Deacon to Brewster ; Chamberlain agt. Greenleaf Hart agt. Phelan.-Applications granted. McDonald agt, Bradie and another.-Settled and ordered to be filed. and order signed denying motion. In the matter of the assignment of Levine to Hymes--Application granted. In the matter of the assignment of Rauth & Son to Schiang.-Application denied.

2. October 21, 1907 The Evening Star and Newark Advertiser Newark, NJ

Article from The Evening Star and Newark Advertiser, October 21, 1907

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Article Text

New York Clearing House Again Assists Mercantile National. ATMOSPHERE IS CLEARED Retirement of Heinzes, Morse and Thomas From Official Connection With Chain of Financial Institutions Restores Confidence, NEW YORK, Oct. 21.-Everyone interested in Wall Street and the financial affairs in the city in general felt much easier over the banking situatien by reason of the Clearing House announcement that aid would be extended to the Morse-Heinze-Thomas banks if assistance were required. When the United Copper corner collapsed last week and was followed by the retirement of F. Augustus Heinze from the presidency of the Mercantile National Bank disquieting rumors were circulated as to the standing not only of that bank, but as to the stability of the institutions controlled by Charles W. Morse and E. R. Thomas, who were associated with Heinze in the Mercantile. These rumors rapidly spread throughout the downtown district, and they had considerable to do with the crumbling away of stock exchange prices last week. The action of the Clearing House, however, following the retirement of Morse, Thomas and Heinze from their New York banks, cleared the financial atmosphere considerably, and sentiment in and around the Stock Exchange was more cheerful today than for some weeks. The Clearing House committee was again in session this morning to deal with the developments which might arise in the banking situation. Manager Sherer, of the Clearing House, said that institution had the situation under control, that all the undesirable elements had been eliminated, and for this reason there would begin a new era in banking in New York. It was officially denied that it would be necessary to issue Clearing House certificates in order to secure support for the banks which have been under criticism. The Mercantile National Bank today owed the Clearing House on balance $1,900,000. The National Bank of North America owed the Clearing House $850,000 on balance. These sums were unexpectedly large and indicated that I heavy withdrawals were being made from these two banks. The sum owed by the Mechanics and Traders' National Bank was $430,000 and that owed by the New Amsterdam National Bank $200,000. The Clearing House Committee decided at the meeting today to assume the responsibility for the Mercantile National Bank's large debit balance. This is the third consecutive day on which the associated banks have gone to the assistance of the Mercantile. Seth M. Milliken, the newly elected president of the Mercantile National Bank, said today that, counting out the Heinze-Morse loans, the assets of the bank are one dollar and forty cents for every dollar of liability, and that o the loans in question are of value. Besides choosing new officers for the as Heinze-Morse-Thomas banks and announeing that each and every one was in a solvent condition, a most important step has been taken here. This is the pledging of a fund of $10,000,000 by a score of individual banks to render such assistance as the Clearing House committee may think necessary. The meeting at which this was done was the most notable gathering of bankers that any occasion in recent years has brought together. The deposits of the