16181. Mechanics National Bank (New York, NY)

View Charter #1250 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1250
Charter Number
1250
Start Date
November 3, 1881
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
c6481776

Response Measures

None

Description

Articles describe the Mechanics' National Bank of New York having failed, a receiver (Frelinghuysen) being qualified (Nov 3, 1881), and investigations showing funds absorbed in Nugent business and teller Baldwin's speculative losses. There is an offer by directors (Dec 3, 1881) to contribute toward paying creditors and reviving the bank, but no clear report of the bank resuming operations; receiver appointed indicates closure/receivership. No explicit bank run is described in the texts; cause of suspension is bank-specific adverse information (embezzlement/speculative losses).

Events (3)
1. November 3, 1881 Receivership
Newspaper Excerpt
Frederick Frelinghuysen was qualfied as receiver, his father, the ex-Senator, being his bondsman for $30,000.
Source
newspapers
2. November 3, 1881 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure tied to funds absorbed in Nugent business and losses by teller Baldwin (speculative losses/possible misappropriation).
Newspaper Excerpt
Nothing new of importance in the bank failure today. Frederick Frelinghuysen was qualified as receiver
Source
newspapers
3. December 3, 1881 Other
Newspaper Excerpt
The Directors of the Mechanics' National Bank have agreed to contribute $1,000,000 towards paying the creditors and reviving the bank. ... The bank will then resume under its old name.
Source
newspapers

Newspaper Articles (4)
1. November 3, 1881 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, November 3, 1881

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Article Text

GENERAL NEWS. LAST NIGHTS DISPATCHES TO THE RECORD UNPON DOMESTIC Sympathy from Guatem: la. WASHINGTON 21 State the his pathy his by Minist heart high wishes being rapid which, without hi parallel in dinary the the Arthur replied Mr Minister singularl ly touched as by gratified which the and to especially pleasing that fitted high station by bis Called which laid the Chief good aim and my carry still has further develop the manifested of good will friendship towards are which b bound in interest and material Minister G Mr. greet the person, of mala Gust people with they bless the that wishes which liberty prosperity United States earnestly desires to shared by all its neighbore. The Signal Service ber 2d W Genera Chief Signal Officer, Wm. Hezen, to the the report of Signal the 1881 the Hazer the the that weather fact coast the Pacific inade unsatisfact and specially the instruc Signa Corna tationed at San Fran make that study may and send of indications that city entire This Hazen coast, wind much will plan better than be thinks, the one of sending eather forecasts for the Pacific coast from Was hington A Cowboy Receives His Reward 2a vember CAMP (Texas), RICE somewhat named Wm into rode Edwar alias intent living the out of the mus He the Chinese said country them striking shooting Chinaman the on terfered. and the cowboy threatened shoot without him, effect. He tried then to run the Chipan citizens but from the the and became fered firing being riddled with bullets. None of the others injured Convict Labor Denoun CHICAGO Herald of Octobe 24th W the Lessens does ployment convicts from New Cal We the of people guilty mur hipped their is any madness sheer the Cashier Ba aldwin's Sue tions that Baldwin known National on shares money the and been has for street dabble and pointers Shipping Potatoes from Ireland to Amer ica. NEW YORK. November 2d The Commer had Already from E of beans high the On home. heels intelligence comes this the in being brough are this England from able quantities forty bar other and North of market President Arthur's Future Residence. to Arthur the the then He White not will there at the When ite tome. Soldiers House yesterday he selected his room in the of northw the Business of the Country No mber Clea NEW The YORK. aring the show for week that busi exchanges the ness th larger again generally last year. week show small cities cent., six-tenths others the gained twotenths of Coin Camp Ign in Virgin W Ma Senator ASHINGTON. for wit full Virginia pocke hone has left the money assist paving poll tax for Repu that fund to has Read the justers Money of the credit Virginia will depend the status Senate. the States United at Lynchburg 2d The Presi Strath dent Wilson vice of the tenure under Southern Bonds Wan ted 000 in Cor federate Return of an Embezzler. YORK D agustua NEW C J. S53 the with day from Europe and in $50,000. Pleasant Outlook Not rain drizzling were the the openi fall National As Fair the of meeting sociation Still Buying Bonds. Large 2d November (Ga. of Con here Receiver Appoint d. Comp 2d W The the Currency has appoi Fred erick relinghuysen the Me National Bank of Newark, Lewis M Price Almost Forgette Already NEW 2c Th November YORK, the of Bank ational Mechanics aff already President the Mechanic tional Bank of New York, the Agency of the broken bank says the lossea of his bank are small Died of Their juries Br ridget LOWEL (Mass.) vember 2d.and Thomas M lone died from received at the fire Rourke's house. Policeman Donnell. who from window, is thought to be fatally in jured. New Base Ball League 23 November new -The CINCINNATI, Base Ball League completed its organ day The home club fixes the rate of a pays regular game. Philadel phia. Louisvi lle and Pittsburg clubs have been admitted and several others applied for admission the Whole Amount Claimed

2. November 4, 1881 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 4, 1881

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Article Text

The Mechanics' Bank. NEWARK, Nov. 3. Nothing new of importance in the bank failure today. Frederick Frelinghuysen was qualfied as receiver, his father, the ex-Senator, being his bondsman for $30,000. An injuction was served on President Hallacy from the Corn Exchange Bank of New York, restraining him from collection. The directors of the Bank have attached $100,000 in the hands of F. W. Diety, shoe manufacturer. said to have been loaned him by Nugent. NEW YORK, Nov. 3. The Mechanics' National Bank in this city, has notes amountinz to $441,491.65 belonging to the Mechanics' National Bank of Newark, on which the New York bank has claim for nearly $300,000.

3. December 4, 1881 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 4, 1881

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Article Text

ITEMS. WEEKLY BANK STATEMENT. New YORK, Dec. 3.-The following is the weekly bank statement: Loans, increase, $502,900; specie, decrease, $1,703,300; legal tenders, increase. $269,100; deposits, decrease. $128,900; circulation, increase, $135,000; reserve, decrease, $1,401,975. The banks now hold $430,875 less than their legal requirements. FOREIGN GOLD. The steamship St. German brought $145,000 in gold. HAVE AGREED TO CONTRIBUTE S1,000,000. The Directors of the Mechanics' National Bank have agreed to contribute $1,000,000 towards paying the creditors and reviving the bank. The Directors will publicly announce their willingness to pay the creditors a percentare on their dues larger than any that could be hoped from the Receiver. If the creditors accept the amount offered. the sums will be paid In immediately and a receipt taken. The bank will then resume under its old name. FOUND TO HAVE BEEN ACCIDENTAL. The Coroner's jury found the shooting of young Weinmuller. the Poughkeepsie student,

4. January 1, 1882 New-York Tribune New York, NY
Article from New-York Tribune, January 1, 1882

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Article Text

engaged in another direction, which, it is rumored, promises further disclosures. The answer to the bill of Receiver Frelinghuysen, of the Mechanics' National Bank, will be filed by the counsel of C. Nugent & Co. this week. DistrictAttorney Keasbey said yesterday that he had from the first believed Cashier Baldwín's statement that nearly all the bank'sfunds had been absorbed in the Nugent business. Baldwin had excepted $50,000 stolen by Marchbank, and another amount of $8,000 which Baldwin accounted for. It had not been proven. he said, that Baldwin lost money in Wall Street speculations. As regarded Theodore Baldwin, the teller, the investigation had shown f that he lost $100,000 in speculations in Wall Street. It was suspected, but not definitely known, that E this was the bank's money. LONG ISLAND. WESTBURY.-Mrs. Ann Titus, of Westbury, recently bought some cows in New-York. After she had received them it was discovered that they were afflicted with pleuro pneumonia, The farm has been quarantined, and Mrs. Titus prevented from selling milk. JAMAICA.-Long Island farmers who put away quantities of celery and spinach, in anticipation of freezing weather, have found indications of rot and The will be compelled to dispose of them quickly. recent rains have had a damaging effect upon the lettuce grown in hot houses. HEMPSTEAD.-Daniel Thomas, of Hempstead, 3 miser who went about half naked and picked up pieces of wood, rags and old iron in the streets, was sentenced to six months on Barnum Island on Friday as a vagrant. His house was searched and $254 found concealed under some rubbish. Dix HILLS.-Pla Smith. age sixty, of Dix Hills, spent Friday evening with some friends at the Greenlawil Hotel. About midnight he started to return home. In backing his horse from under the wagon shed he was thrown from his wagon, and struck his head on the ground with such force as to kill him almost instantly. SOMIHTOWN.-Henry Jones, a woodchopper, living in a small cabin in the woods near his work at Smithtown, on Monday last hired a strange man to help him. Yesterday morning Jones did not awaken until nearly 10 o'clock, and he felt as if he had been overcome by chloroform. He found that his best suit of clothes, silver watch, $40 in money, and the stranger had disappeared. STATEN ISLAND. NEW-Dorp.-Andrew Doyle, son of Justice Doyle, of Clifton, while gunning in the woods, near NewDorn, on Thursday, acct !entally@discharged both barrels of the gun into his right leg. The shattered limb may have to be amputated. New-BRIGHTON - A person passing Erastus Wiman's house at New-Brighton Thursday evening, saw through a window a blaze in one of the upper rooms. A masquerade party was being held in the parlors. Analarm was given and the names were extinguished with slight damage. The fire was caused by the window curtain igniting from a gas jet. CLISTON.-Thomas Miller and John Kelenis, captains of sand schooners, were arraigned yesterday before Justice Vaughn at Clifton, charged by the Highway Commissioners of Southfield with stealing sand from the beach. The commissioners alleged that the prisoners 111 removing the sand endangered the new boulevard running along the beach. The prisoners were committed to jail in default of $25 fine each. WESTCHESTER COUNTY. MERRITT'S CORNERS.-A post-office has been established at Merritt's Corners, in the town of Newcastle. and named Pocantico. PEEKSKILL.-Eugene Pringle, an employe of the Union Stove Works at Peekskill, fell dead while returning home on Friday evening. He was a prominent Odd Fellow and a member of the Grand Army of the Republic. He leaves a wife, but no children. The cause of his death was heart disease. WHITE PLAINS.-At the opening of the Court of Oyer and Terminer, at White Plains yesterday, District Attorney Baker moved that sentence be passed upon Onoferio Mangano, who was found guilty of murder in the first degree on Wednesday night, in having killed Charles Williams, a fellowconvict. in the State Prison at Sing Sing, on December 9. The counsel for the prisoner opposed the motion on the ground that the proper notice in such cases had not been given as required by the new Code, and further, they had moved for a new trial, on several grounds. Judge Dykman said that he was unwilling to pass sentence of death upon any one until the matter had been reviewed by the General Term. The argument on the motion for a new trial was postponed until Saturday next.