Mechanics Savings Bank (Pittsburg, PA)

Episode Information

Episode UID
1671225990887
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
167122599 hash
Start Date
November 12, 1873
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
abbbbe05a5d40778

Response Measures

None

Description

Historic spelling 'Pittsburg' appears in sources; ultimate reopening status unclear from these articles.

Events (1)
1. November 12, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Officers are accused of embezzlement and large loans to themselves and associates (over $84,000) leading to suspension.
Newspaper Excerpt
The banking-house of Mellon & Sons and the Mechanics' Savings bank of this city, suspended to-day.
Source
newspapers

Newspaper Articles (10)
1. November 13, 1873 New-York Tribune New York, NY
Article from New-York Tribune, November 13, 1873

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Article Text

GENERAL PROSPECTS. THE AFFAIRS OF THE COBURN LAND COMPANY TRANS. FERRED TO A NEW MANAGEMENT. AUGUSTA, Me., Nov. 12.-The affairs of the Coburn Land Company, in which the Spragues of Rhode Island are largely interested, have been transferred to the management of Ira D. Sturges and H. A. Dewitt of this city; Mr. Sturges to be the general manager, and Col. Dewitt the financial agent. This company was incorporated by the last Legislature with a capital not to exceed $2,500,000. EXTENSION GRANTED TO THE OHIO FALLS CAR COMPANY. LOUISVILLE, Nov. 12.-The creditors of the Ohio Falls Car Company met to-day, and received a statement of the affairs of the Company, showing assets of $1,500,000, and liabilities of about $450,000. After a thorough examination of the statement, an extension was granted to the Company, and in a few days the works will be again in operation, after a suspension of some weeks. They will furnish employment to 700 men MORE BANK SUSPENSIONS IN PITTSBURGH. PITTSBURGH, Nov. 12.-The banking-house of Melton & Sons. and the Mechanics' Savings bank of this city, suspended to-day.

2. November 13, 1873 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, November 13, 1873

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Article Text

PENNSYLVANIA. PHILADELPHIA, Nov. 12.--Orders have been received at the Navy Yard here to fit out the monitor Manhattan for sea by Friday next. A large force of men have been employed. It is understood that the other monitors at League Island are to be made ready for sea at once. PITTSBURG, Nov. 12.-The banking house of Mellon & Sons and the Mechanics' Savings Bank, of this city, suspended to-day.

3. November 13, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 13, 1873

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Article Text

TELEGRAMS IN GENERAL. Queenstown, 12. Arrived, Abyssinia from New York. Pittsburg, 12. The banking house of Millon & Sons and the Mechanics Savings Bank of this city, suspended to-day.

4. November 13, 1873 Rutland Weekly Herald Rutland, VT
Article from Rutland Weekly Herald, November 13, 1873

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Article Text

From Pennsylvania. SUSPENDED. PITTSBURG, Nov. 12. The banking house of Mullon & Ives and the Mechanics' Savings Bank of this city suspended to-day.

5. November 14, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, November 14, 1873

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Article Text

Wheeling Register. Two more Pittsburgh banks have suspended, vis: The well-known bank ing house of T. Mellon & Sons and the That Mechanics' Savings Bank. makes four suspensions this week.

6. November 18, 1873 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, November 18, 1873

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Article Text

Two more Pittsburgh banks have sbspended, viz: The well-known banking house of T. Mellon & Sons and the Mechanics Savings Bank. That makes four suspensions this week.

7. November 22, 1873 The New North-West Deer Lodge, MT
Article from The New North-West, November 22, 1873

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Article Text

New York, Nov. 14.-A rumor has been circulated in Wall street, that a deficiency to the extent of *000,000 has been discovered in the accounts of an officer of Western Railroad. The New York Tomesto-morrow will publish a report to the effect that the defaulter is David Crawford, of the Missouri, Kansas and Texas Railroad. He is a partner in the firm of Clarke, Dodge & Co., the house which had some difficulty with the New York Security Company some time ago. On the 12th the banking house of Mellon & Sous and the Mechanics' Savings Bank of Pittsburg, suspended. Wm. Gillson was appointed postmaster at Austin, Nevada, by the President on last Wednesday, vice Robert Allen deceased.

8. December 1, 1873 The New York Herald New York, NY
Article from The New York Herald, December 1, 1873

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Article Text

ALLEGED EMBEZZLEMENT BY BANK OFFICIALS. The Officers of the Pittsburg (Pa.) Mcchanics' Savings Bank Charged With Misappropriating Over $84,000. PITTSBURG, Pa., Nov. 30, 1873. Informations were made last evening against the President, Vice President and Treasurer of the Mechanics' Savings Bank of this city, which suspended some days ago, charging them with conspiracy to deiraud the stockholders and depositors of the bank and with embezzlement and misappropriation of funds. Statements show that the assets of the bank will probably not pay its liabilities, although the loss to the depositors will not be heavy. It appears the officers loaned nearly all its money to themselves and Immediate friends, as over $84,000, or. four-fiths of the entire amount loaned, is due from the President, Vice President and others with whom they were associated in business enterprises, without sufficient security being given.

9. December 1, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 1, 1873

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Article Text

PITTSBURGH. THE MECHANICS' SAVINGS BANK. Prrrsnuugh, Nov. 80.-Informations wore made last evening against the President, VicePresident, and Treasurer of the Mechanios' Savings Bank of this, city, which suspended soine days ago, charging them with conspiracy to defraud the stockholders and depositors of the bank, and with embazzlement and misappropriation of the funds. The statements show that the assets of the bank will probably not pay its liabilities, although the loss to depositors will not be heavy. It appears that the officers loaned nearly all its money to themselves and immediate friends, as over $84,000, or four-fifths of the entire amount loaned, is due from the President, Vice-President, and others with whom they associated in business enterprises, insuflicient BOcurity being given.

10. December 3, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, December 3, 1873

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Article Text

PITTSBURGH has recently acquired a somewhat unenviable notoriety by reason of numerous defalcations and other "irregularities" in offices of trust. It deserves, however, to be noted that offenders are promptly dealt with and commendable exertions are made to protect the public from loss. In the case of the "Nation Trust Company" whose cashier absconded leaving the depositors of the concern sadly in th e lurch, the stockholders held a meeting a few days ago and subscribed $625,000 to liquidate the indebtedness of the company and make the depositors whole. The stockholders of the Boatman's Insurance Company have also raised the money necessary to make good the loss occasioned by the defalcation of their Secretary. It is found that the assets of the Mechanics Savings Bank which "suspended" under suspicious circumstances a few weeks ago, will be sufficient to discharge all its liabilities, and an arrangement has been made with the creditors for an extension of time. Mayor BLACKMORE, President of the concern; ALEX. TINDLE, Vice President; and GEO. TINDLE, Treasurer, have been arrested and held for hearing on & charge of conspiracy and embezzlement, it being discovered that these gentlemen "borrowed" nearly all the funds of the suspended bank. The "irregularities" are thus being straightened out without much loss to the confiding public.