Manufacturers National Bank (Mechanicville, NY)

View Charter #5037 on SPMC View balance sheet

Episode Information

Episode UID
503701249
Episode Type
Run Only
Bank Type
national
Bank ID
50370 national
Charter Number
5037
Start Date
January 23, 1904
Location
Mechanicville, New York (42.903, -73.687)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a705d4dad6862efa

Response Measures

Accommodated withdrawals, Public signal of financial health

Receivership Details

Depositor recovery rate
79.6%
Date receivership started
1931-08-10
Date receivership terminated
1938-08-30
OCC cause of failure
Governance
Share of assets assessed as good
46.9%
Share of assets assessed as doubtful
49.0%
Share of assets assessed as worthless
4.0%

Events (3)
1. April 16, 1896 Chartered
Source
historical_nic
2. January 23, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Withdrawals by operatives (described as panicky girls) and mill workers; may have been sparked by news of a small Stillwater mill loss but withdrawals were viewed as unwarranted panic.
Measures
No special suspension; other deposits exceeded withdrawals and officials discouraged fears.
Newspaper Excerpt
There has been a slight run upon the Manufacturers' bank of Mechanicville, $6,000 being withdrawn from the savings department...
Source
newspapers
3. August 10, 1931 Receivership
Source
historical_nic

Newspaper Articles (3)
1. January 23, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 23, 1904

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Article Text

Run on s Savings Bank. SARATOGA, N. Y., Jan. 23.-There has been a slight run upon the Manufacturers' bank of Mechanicville, $6,000 being withdrawn from the savings department of the bank by operatives of the Mechanicville and Stillwater mills. The deposits made by others exceeded that amount, and the bank oketals do not fear a continuation of

2. January 23, 1904 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, January 23, 1904

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Article Text

Run on a Savings Bank. SARATOGA, N. Y., Jan. 23.-There has been a slight run upon the Manufacturers' bank of Mechanicville, $6,000 being withdrawn from the savings department of the bank by operatives of the Mechanicville and Stillwater mills. The deposits made by others exceeded that amount, and the bank officials do not fear a continuation of the run.

3. January 24, 1904 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 24, 1904

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Article Text

BANK RUN CAUSED BY PANICKY GIRLS (Special to The Times-Dispatch.) TROY, N. Y., Jan. -There was a run this morning on the Manufacturers' National Bank, of Mechanicsvilba, when a number of girls employed in the Union Knitting Mill, withdrew their accounts. This afternoon the run continued, but the withdrawals were only about $10,000. President William L. Howland and Cashier Newton T. Bryan stated that the run was absurd. The run may have started from the fact that a small amount was recently lost in a Stillwater mill transaction, but only about $12,000 was involved in the deal, and the claim was IF sold for nearly the face value.