Mechanics Bank - New Haven, CT

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 6, 1893
Location: New Haven, Connecticut (41.308, -72.928)

Metadata

Model: gpt-5-mini
Short Digest: c17d3039

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions

Description

A false report that the bank had suspended payment spread after the time-lock on the safe failed to open, prompting local excitement. The bank did not suspend; other banks lent funds and experts were summoned. No evidence of formal suspension or permanent closure.

Events (1)

1. October 6, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: Automatic time lock on the safe failed to operate; rumor spread the bank had suspended payments though this was not true.
Measures: Other banks loaned the Mechanics' Bank all the money necessary to transact the business of the day; experts summoned to examine the lock.
Newspaper Excerpt: A report spread on the street that the bank had suspended payment, and for some time considerable excitement prevailed.
Source: newspapers

Newspaper Articles (1)

1. October 7, 1893 The Sun New York, NY

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Article Text

Couldn't Get the Bank's Safe Open. NEW HAVEN, Oct. 6.-When Teller F. W. Chatterton tried to open the safe in the Mechanics' Bank at the regular hour this morning he found that the automatic time lock failed to operate and access to the money was impossible. A report spread on ithe street that the bank had suspended payment. and for some time considerable excitement prevailed. As soon as the situation was explained other banks came forward and loaned the Mechanics' Bank all the money necessary to transact the business of the day. Experts were summoned from New York to examine the lock and it is expected that it will be in .working order by to-morrow.