Mechanics Bank - Boston, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 1, 1870*
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: b8780295

Response Measures

None

Description

Article (Portland Daily Press, 1871-04-21) reports Mechanics' Bank in Boston closed in July (likely July 1870) and stockholders have sued the cashier, asking a receiver be appointed. No run is mentioned; closure appears permanent with receiver sought. Bank type not stated in article.

Events (3)

1. July 1, 1870* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier failed to distribute $72,000 to stockholders after the bank closed, indicating internal misconduct or mismanagement.
Newspaper Excerpt: The bank closed last July, with $102,000 assets, and the Cashier failed to distribute $72,000 among the stockholders, as directed.
Source: newspapers

2. April 21, 1871 Other

Newspaper Excerpt: The stockholders of the Mechanics' Bank in Boston entered a suit Tuesday against Henry Pope, Cashier. ... The plaintiffs ask that a receiver be appointed and the accounts of the bank regularly examined and closed.
Source: newspapers

3. April 21, 1871 Receivership

Newspaper Excerpt: The plaintiffs ask that a receiver be appointed and the accounts of the bank regularly examined and closed.
Source: newspapers

Newspaper Articles (1)

1. April 21, 1871 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, April 21, 1871

Click image to open full size in new tab

Article Text

Items. Denver city has just contracted for works to supply it with water. They are to cost $150,000, and be completed in six months. The papers state thatimmigration this spring is large, not only to that place but to the country north and northwest, in which several colonies from the east are settling. Traffic on the rail ways east and north is rapidly increasing, and movements are on foot to push local railroads into the mountain country west and southwest. The stockholders of the Mechanics' Bank in Boston entered a suit Tuesday against Henry Pope, Cashier. The bank closed last July, with $102,000 assets, and the Cashier failed to distribute $72,000 among the stockholders, as directed. The plaintiffs ask that a receiver be appointed and the accounts of the bank regularly examined and closed.