7949. Mechanics Savings Bank (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 12, 1877
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
b40dfef1

Response Measures

None

Description

The bank suspended on Jan 12, 1877 (articles cite stagnation of business and withdrawals). Receivers were appointed Feb 1, 1877. Later receivers paid a dividend in July 1877. No explicit run is described; sequence is suspension → receivership/closure.

Events (3)

1. January 12, 1877 Suspension
Cause
Local Banks
Cause Details
Stagnation of business, semi-annual dividend passed; recent failure of Huddell & Seitzinger caused commotion in Boston and heavy withdrawals (~$27,000).
Newspaper Excerpt
The Mechanics' Savings Bank, established in 1874, has suspended. Owing to the stagnation of business and other causes the semi-annual dividend due Jan. 1 was passed, and since then about $27,000 has been drawn by depositors from the bank.
Source
newspapers
2. February 1, 1877 Receivership
Newspaper Excerpt
Geo. P. Dwelly and John F. Colby were appointed receivers for the Mechanics' Savings Bank of Boston.
Source
newspapers
3. July 5, 1877 Other
Newspaper Excerpt
The receivers of the Mechanics' Savings Bank announce that they will pay on the 10th inst. a dividend of forty per cent to depositors.
Source
newspapers

Newspaper Articles (13)

Article from New-York Tribune, January 13, 1877

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Article Text

SUSPENSION OF A BOSTON SAVINGS BANK. BOSTON, Mass., Jan. 12.-The Mechanics' Savings Bank, established in 1874, has suspended. Owing to the stagnation of bustness and other causes the semi-annual dividend due Jan. 1 was passed, and since then about $27,000 has been drawn by depositors from the bank. It is probable that an injunction will be served in order to protect all the depositors alike. On the 24th of December there WAR $446,961 62 due depositors.


Article from The Cheyenne Daily Leader, January 13, 1877

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MASSACHUSETTS. A "Lostngs" Bank. Boston, Jan. 12.-The Mechanics' Savings Bank, established in 1874, has suspended. Due depositors Dec. 24th, 844,696.


Article from The Wheeling Daily Register, January 13, 1877

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Bank Suspension. BOSTON, January 12 -The Mechanics' Savings Bank, established in 874, surpended. Due depreitors_December 24th, $446,961.


Article from The Portland Daily Press, January 13, 1877

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MINOR TELEGRAMS. Fire in Rockport, N. Y., yesterday destroyed $40,000 worth of property. A heavy SNOW storm prevailed at Chicago yesterday. The Mechanics' Savings Bank of Boston has suspended. The recent failure of Huddell & Seitzinger in Philadelphia is causing a fiutter in Boston, where their liabilities are heavy. Smith Dann, 45 years old,living in Stamford, Conn., has been lodged in jail on a charge or incest. The flagship of the Russian squadron arrived in Hampton Roads yesterday, having on board the Grand Duke Alexis. Alexander Barton, cashier of the national bank of Fishkili, is charged with defalcation to the amount of between $20,000 and $60,000. Ex-Pension Agent H. C. Bennett of San Fraucisco has been convicted of embezzlement, but his counsel demand a new trial. Blue Jeans Williams has declared his intention of fully organizing and putting on a War footing the Indiana militia. Of the 500 letters examined by Superintendent Yeoman in New York Thursday night,from the stolen mail-bag received from Montreal, only four were unopened. A large part of the glass roof of the car-house at the Grand Central depot in New York was crushed yesterday by the weight of snow upon it. No one was injured. Poughkeepsie detectives arrested three burg. lars yesterday morning on a Moutreal train, who had begun operations on the safes of the National Express Company. The Democratic Representatives from Louisiana have received a dispatch which says that Packard's legislature shows signs of speedy dissolution. The Republicans of the Pennsylvania Legislature, in secret session Thursday night, passed a resolution cailing on the Governor, in view of the difficulties in tue South, to place the state militia OD a war footing. The Democrats of the Pennsylvania Legislature have accided to introduce into either house no resolution which will provoke political discussion without first submitting it to a caucus.


Article from Daily Kennebec Journal, January 13, 1877

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MASSACHUSETTS. Marine News. GLOUCESTER, January 12. The ten vessels belonging to this port, reported in dispatches as lost, are not wholly given up. To-day's Advertiser gives an account of only four as missing. but there is DO reason as yet for stating that any of them are lost. Danal. BOSTON, January 12. The Herald denies the story that it had obtained important additional evidence about Blaine, and printed 40,000 copies to be distributed in Maine prior to the election of Senator next Tuesday. Suspended. The Mechanics Savings Bank, established in 1871, has been suspended, owing to stagnation of business, and other causes. The semi-annual dividend. due Jan. 1st, was passed, and since then $27,500 has been drawn by depositors from the bank. It is probable that an injunction will be served in order to protect all depositors alike. On the 24th of December there were $436,060.62 due depositors. Failure. The recent failure of Huddell & Seitzeinger, in Philadelphia, caused some commotion here, where their liabilies are heavy. There are claims against the firm of nearly $600,000, held by Boston parties. Arrested. SPRINGFIELD, January 12. Horace P. Smith, the Eastern railroad messenger, accused of stealing $6000 from the road, was arrested Thursday night, at his home in Pittsfield, and sent back to Boston. Nomination. The President has nominated Henry F. Cutter as post master at Florence, Mass.


Article from The Daily Dispatch, January 13, 1877

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Louisiana. ANOTHER BALLOT FOR REPUBLICAN UNITED STATES SENATOR. NEW ORLEANS, January 12.-The Republican Legislature had another ballot to-day, resulting-Pinchback, 29: Antoine, 22; Beattie, 12 Lewis, 11. The remainder were scattering. THE SITUATION UNCHANGED-BOTH PARTIES WAITING FOR ORDERS. NEW ORLEANS, January 12.-There has been in the yesThe weather is wet exceedterday. no change situation and since ingly are disagreeable. Washington Both parties before taking awaiting orders from further action. THE REPUBLICAN SENATE STILL WITHOUT A QUORUM. NEW ORLEANS, January -The Republican Senate is still without a quorum. Four senators who absented themselves have had an interview with Packard, but the result is unknown. The State-House police are on the qui vive, armed rifles. Governor Packard received a number of telegrams from Washington last night, but beyond the statement that they are encouraging he declines giving their purport. He is evidently more hopeful than he was yesterday of recognition by the national authorities. POSITION OF THE GENERAL GOVERNMENT TOWARDS LOUISIANA. WASHINGTON, January 12.-Governor Nicholls telegraphs Representatives Levy and Ellis this afternoon that the situation is unchanged; everything is quiet and likely to remain so, and that the Republican Legislature shows unmistakable signs of dissolution. The position of the General Government towards the Louisiana State government remains unchanged. INAUGURATION OF GOVERNOR COLQUITT, OF GEORGIA-PATRIOTIC ADDRESS. ATLANTA, January 12.-Governor Alfred H. Colquitt was inaugurated before an immense audience at 12o clock to-day. A large part of his inaugural paper was devoted to urging economy in the State government to relieve the burdens of the people. The Federal matters was enthusiastiand is as majority grand cally part applauded, on popular follows: be of read the the In recent the gubernatorial election is to overwhelming interest that Georgians feel in the issues now convulsing the country, determined purpose with the our and alignment great their patriotic seeking millions to keep of by the in friends, who are instrumentality good to northern peaceful reestablish government of lawful Federal under suffrage Con- the undisputed supremacy of the stitution. [Long applause.] I but speak my own deep-felt sentiments, and echo the public voice of Georgia, when I say that in all the complications of national politics, now so replete with fervid interest, we stood in immovable sympathy with the elected exponent of constitutional liberty, retrenchment, and reform, and will adhere to him and his colaborers in the Federal Congress in every patriotic endeavor they may make to secure the unmistakable will of a large majority of the American people constitutionally expressed at the polls. [Applause.] THE PENNSYLVANIA SENATE ON THE SITUATION. HARRISBURG, January 12.-The Senate today passed a resolution. agreed upon in caucus yesterday, denouncing the threats of violence as being intended to prevent or imperil the declaration and confirmation of the constitutional election for President and Vice-President. A NEW YORK BANK-OFFICER IN TROUBLE. POUGHKEEPSIE, January 12.-Alexander Borton, cashier of the National Bank of Fishkill, is charged with a deficiency of $20,000 to $60,000. Experts are examining his accounts. Borton says he sold the bonds left at the bank for safe keeping to pay the but declines to names of making the overdrafts, the persons counter overdrafts. give the to-day. No money was paid over the It is stated that no business will be transacted until the result of the examination is known. Borton has been connected with the bank over twenty years, and always bore a good character. SUSPENSION OF A BANK, &C. BOSTON, January 12.-The Mechanics Savings Bank. established in 1874, has suspended. On the 24th of December there were $446,961 due depositors. The recent failure of Huddle & Zetinger, in Philadelphia, has caused some commotion here, where their liabilities are heavy. There are claims against the firm of nearly $600,000 held by Boston banks and firms. FIRE AT BROCKPORT, N.Y. ROCHESTER, January 12.- fire at Brockport, caused by the explosion of a kerosene lamp;destroyed the old Methodist church, with other buildings. Loss, $40,000. HEAVY SNOW-STORM AT CHICAGO. CHICAGO, January 12.-There has been a snow-storm for thirty-six hours. In the country the fall was even heavier. The weather is cold.


Article from The New York Herald, January 13, 1877

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SAVINGS BANK SUSPENDED. BOSTON, Mass, Jan. 12, 1877. The Mechanics' Savings Bank, established in 1874, has suspended. Owing to the stagnation of business and other CHUSES the semi-annual dividend, due Janu. ary 1, was passed. and since then about $27,000 has been drawn by depositors from the bank. It 18 probable that an injunction will be served, in order to protect all the depositors alike. On the 24th of December there were $446,961 62 due depositors.


Article from Chicago Daily Tribune, January 13, 1877

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FINANCIAL. Special Disputch to The Tribuna. DAVENPORT, Ia., Jan. 12.-J. A. Ryan, a hatter of this city, has falled, with liabilities of $10,000. F. Wallace, general merchant, and Jones & Atkinson, manufacturers of spiece, have also falled, each with liabilities of about $10,000. BOSTON, Mass., Jan. 12.-The Mechanics' SayIngs Bank, established In 1874, has suspended. The amount due depositors ou Dec. 24 was $446,901. Special Dispatch to The Tribune. FORT WAYNE, 1mm., Jan. 12.-The statement is made on behalf of Thanhauser & Wiler, jobbere in notions and faney goods, that the firm is perfectly sound, and will pay 100 ccuts on the dollar, their assets belog largely In excess of liabilities. Bankruptcy proceedlugs were Instituted by one of the partners on account of is personal difficulty with other members of the firm. The failure of N. B. Young & Co., merchant tallors, is announced. Liabilities, $23,000.


Article from The Democratic Press, January 18, 1877

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THE Mechanics' Savings Bank, at Boston, Mass., established in 1874, has suspended. Due deposits Dec. 24th, $446,961. THE directors of the Northern Ohio Fair Association have voted not to hold a fair this year. DURING the last twelve years ten theaters and 220 churches have been destroyed by fire in this county.-[Ex. THE Ashtabula bridge disaster is to be investigated by a committee of the Legislature, It is hoped the investigation may be a thorough one. THE Legislature adjourned on Friday morning last at 8 o'cloch, till Tuesday morning, and the Solons were thus afforded an opportunity to visit their homes. THERE were over a thousund deaths by violence in New York City last year. And yet Grant has not sent a bayonet to that locality to protect the people. THE new Governor of North Carolina has not forgotten the colored men who voted for a reform ticket at the late electior. Several of them have been appointed to positions within the gift of the Executive Department.


Article from Perrysburg Journal, January 19, 1877

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business houses at Brockport, N. Y., were burned on the 12th. Loss $40,000. The fire was caused by the explosion of a kerosene lamp. Three schooners of the Gloucester (Mass.) fishing fleet, with crews of about ten men each, are missing and doubtless lost. At ten a. m. of the 12th the thermometer indicated 20 deg. below zero at Watertown, N. Y.-a change of fifty degrees in ten hours. The Mechanics' Savings Bank, of Boston, suspended on the 12th. Amount due depositors Dec. 24, 1876, $446,961. On the night of the 11th seven buildings on Water street, Oswego, N. Y., were burned. Loss $25,000. Three burglars were arrested on the Montreal train on the New York Central Railroad, on the 12th, while endeavoring to break into the National Express Company's car. The Grand Duke Alexis and his cousin, the Grand Dake Constantine, landed at Norfolk, Va., on the 13th and visited the Russian Minister. James Gordon Bennett and party were taken aboard the steamer City of Richmond, which left New York for Liverpool on the 13th, at Sandy Hook, where the Herald yacht was in waiting. Detectives were watching for Mr. Bennett at the steamer's dock when she sailed. At Scranton, Pa., on the 13th, the Exchange Block, containing three valuable stores and a number of law offices, was totally destroyed by fire. Loss $100,000. Dr. Phelps, the New York surgeon alleged to have been In attendance at the May-Ben nett duel, committed for contempt, was dis charged on the 15th on a promise to go be fore the Grand Jury on the 16th Twenty frame buildings at Edenburg Par, occupied as stores, offices, etc., were destroyed by fire on the 14th; also the Edenburg Hotel. Loss $60,000 Eli Saulsbury was renominated for U.S Senator by the Democratic cancus of the Delaware Legislature on the 15th. Judge J. G. Abbott received the nomination for U.S. Senator in the Democratic caucus of the Massachusetts Legislature on the 15th.


Article from Alexandria Gazette, February 1, 1877

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Telegraphic Summary. Prof. J. E. Hilgard, of the U. S. Coast Survey, Washington, was robbed last night of a gold watch and chain valued at $350 on a University place car. Ffteen thousand pieces of black alpacas, the product of the Arlington mills at Lawrence, Mass., were sold at auction in New York, yes. terday, at from 19 to 391 cents, according to quality. A delegation of Western oil refiners are at Ottawa endeavoring to secure the maintainance of the present taritf as a protection to the oil industry and tending to exclude American oils. George P. Dwelly and John F. Colby were to day appointed receivers for the Mechanics' Savings Bank of Boston. Frank Weppner, an entensive pork packer, made an assignment last night Liabilities unknown, but supposed to be large. The French schooner Delphine, from Martinique to Baltimore, which wentashore on Cobb's island, has arrived at Norfolk. The cargo and vessel are slightly damaged.


Article from New-York Tribune, February 2, 1877

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TELEGRAPHIC NOTES. BOSTON, Feb. 1.-Geo. P. Duelly and John F. Colby were appointed receivers for the Mechanics' Savings Bank. PHILADELPHIA, Feb. 1.-The Board of Directors of the Pennsylvania Railroad Company met to-day and declared the usual dividend of two per cent, payable on the 27th of February. OTTAWA, Ont., Feb. 1.-A deputation of Western oil retiuers are here endeavering to secure the unsintenance of the present tariff as protection to the oil industry, and tending to exclude American oil. SAN FRANCISCO, Feb. 1.-In the case of the United States against the proprietors of the Bay View Dis illery, on trial in the United States District Court, the jury to-day found a verdict for the defendants. SAN FRANCISCO, Feb. 1.-A dispatch from Eureka, Nevada, says the tital of the injunction suit of tife Eareka Consolidated Company against the Richmond Mining Company was begun to-day, and will probably occupy several days. BOSTON, Mass., Feb. 1.-In the Supreme Judicial Court an injunction was granted on the petition of the Boston Five Cept Savings Bank restraining for one month the sale of a house, valued at $30,000, her as is nileged. by Susan C. Ayres in thest for Ezra D. Winslow, and upon which the bank has a mortgage.


Article from The New York Herald, July 6, 1877

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MECHANICS' SAVINGS BANK OF BOSTON. BOSTON, July 5, 1877. The receivers of the Mechanics' Savings Bank announce that they will pay on the 10th inst. a dividend of forty per cent to depositors.