Manufacturers Bank - Belleville, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 30, 1845
Location: Belleville, New Jersey (40.794, -74.150)

Metadata

Model: gpt-5-mini
Short Digest: 664e4737

Response Measures

None

Description

Newspaper articles (Nov–Dec 1845) report the bank is already in receivership and the receiver is paying a second dividend to holders of receiver's certificates. No article describes a depositor run; the bank is in receivership (permanent closure). Dates taken from publication notices (Nov 30–Dec 2, 1845).

Events (1)

1. November 30, 1845 Receivership

Newspaper Excerpt: The Receiver of the Manufacturers' Bank of Bellville, N.J., has given notice that a second dividend of 14 per cent will be paid to the holders of Receiver's Certificates, on the 3rd of December next, at the office of A Whitehead, 575 Broad street, Newark, N.J.
Source: newspapers

Newspaper Articles (4)

1. November 30, 1845 The New York Herald New York, NY

Article from The New York Herald, November 30, 1845

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Article Text

Navigation of the Ohio River. Places. Time. State of River Nov. 26 4 tt. scant in the channel. Pittsburg Nov. 18. Wheeling .61 feet and rising. Louisville, Nov. 23 5 feet inches in channel Cincinnati.. Nov. 24 5 feet on flats and bars MONEY MARKET. Saturday, Nov. 29-6 P. M. Quotations for stocks to-day were very firm, and in some instances a slight improvement was realized. Norwich and Worcester went up i per cent ; Erie Railroad, 1; East Boston, 1; Reading Railroad, Morris Canal, t; Harlem, Pennsylvania 5's, Canton, Long Island, and Stonington, closed firm at yesterday's prices; Farmers' Loan fell off I per cent. The sales of the Reading Railroad were very large, but in the other stocks there was very little done. The market is by no means firm, and it is anticipated that the meeting of Congress will depress the market for a time. The fancy stocks generally are held by strong houses, and it is possible they may be drawn from the market to an extent sufficient to sustain prices much better than expected. The Bank of Baltimore has declared a dividend of three per cent. for the last half year. The Westminster (Md) Bank, a semi-annual dividend of three and a half per cent. ST The Receiver of the Manufacturers' Bank of Bellville, N.J., has given notice that a second dividend of 14 per cent will be paid to the holders of Receiver's Certifioates, on the 3rd of December next, at the office of A Whitehead, 575 Broad street, Newark, N.J. In the Lower House of the Legislature of Tennessee, on the 17th inst., the Committee on Banks reported a bill to re-organize and regulate the Bank of Tennessee, and to provide for calling in the branches on the first October, 1846, which shall fail to make the nett profit of six per cent on the bankable funds in any such branch, and transfer the funds of such branch to the principal Bank. It passed its first reading, and was ordered to be printed. Among the bills introduced in the Lower House of the Georgia Legislature, on the 17th inst., was one to extend indulgence to the debtors of the Central Bank till 1st January, 1847-giving the Directors the right to require additional security-in default of which, this indulgence to be forfeited. There is a very full supply of Steiling Exchange in the market, and the demand has been to a fair extent. Quotations have, since the departure of the last steamer been steadily declining, and the rates now rule from a half to three quarters per cent below previous prices. We quote prime bills on London at 8 a 8t per cent premium, with the bulk of the sales at the lowest rate. The supply of southern or cotton bills in the market is very large; but the cotton markets in this country and in Europe are so much depressed, and the prospect in relation to this staple is so very unfavorable, that those making remittances do not have that confidence in these bills a better state of the market would give. In connection with this, is the anticipation that sterling ex. change will experience another decline in rates. Our shipments of produce are immense, and at a very high home valuation, and our importations are unusually limited from all parts of the world. It is possible that upon the opening of the spring, the importations of foreign manufactures will be large, as the ability of the people of the northern and western sections of this country to consume the manufactures of Europe, will be much increased by the remunerative prices they are receiving, and must continue to receive, for their agricultural products. Our own manufacturers will all be much benefited by the increased prosperity of the agricultural classes;and the consumption of the necessaries, and many of the luxuries of life, must be increased a large per cent. It may be a question, whether the reduced consumption of these things at the South, in consequence of the depressed prices of the great staple of that section, may not offset the additional consumption of the North, and bring the consumption down to a fair average.There is not usually that liberality of expenditure in prosperous times, among the people of the North, as among the people of the South. We are more of a saving class, fond of accumulation, and are more apt to husband our gains than the Southerners; and any in. crease in the resources of any single class, is not, there. fore, so generally distributed, at the South. The importations in the spring will, without doubt, be much larger than they bave been this fall, and the balance in our fa vor reduced below what it otherwise would be; but our foreign trade, for one year at least, is destined to be more profitable to the Northern and Western sections of the country, than it ever has been before. The annexed table gives the quotations for the princi. pal State stocks and other securities in this market, for three periods :-

2. December 1, 1845 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, December 1, 1845

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Article Text

win the entire confidence of all who are interested in that great work. A second dividend of fourteen per cent. has been declared from the proceeds of the assets of the Manufacturer's Bank at Belleville, N. J.; and will be paid to the holders of the Receivers' Certificates, on and after the 3d day of December next, at the office of Asa Whitehead, 375 Broad-st. in the city of Newark. Application will be made at the next session of the New-Jersey Legislature for an act to incorporate a Joint Stock Company, for the manufacture of bar and other kinds of Iron from pigs and blooms, and also Nails, Wire and Screws, with a capital of $300,000; also for an act to incorporate the Gloucester Land Co. with a capital of $50,000. Active measures are being taken in Sangamo, Madison, Morgan, Macoupin and other counties in Illinois, immediately interested, to connect Springfield and Aiton with a Railroad. The Branch of the State Bank of Indiana at New Albany, has declared a semi-annual dividend of 4½ per cent. The Merchants' Insurance and Trust Co. of Nashville, Tenn. is checking on this City and Philadelphia, at sight, at 1½ per cent. Two bills, one incorporating the Nashville and Chattanooga Railroad Company, and the other authorising the building of another bridge across the Cumberland river, have passed the lower house of the Tennessee Legislature. The Nahville Orthopolitan, speaking of the proposition to reörganize the State Bank, now pending before the House, says of that institution: This will involve the withdrawal of all such branches as do not make a net profit of 6 per cent, upon their capital, after paying all expenses, and providing for actual losses, and also the appropriations to common schools. As at present organized, and with the present liabilities, it must be evident to all who have examined its condition that the capital must be greatly impaired, unless some means be devised to reduce its liabilities so as to bring them within the means arising from the profits of the bank. The withdrawal of about $68,000 annually from common schools and academies, the committee consider necessary to preserve the bank from bankruptcy, and enable it to meet other liabilities for interest on the State bonds, and preserve the credit of the State. The Ohio State Journal says: The Auditor of State has kindly given us access to a few items of interest which we publish in anticipation of his forthcoming annual report, for the benefit of our readers and others. The first item embraces the total amount of taxable property on the grand list: Acres of land 23,216,286; value....$85,916,169 Town Lots and Houses, Buildings, &c. 22,269 575 No. of Houses, 387,200; value. 15,488.000 Cattle, 723,333 5,786,824 Merchants' Capital, money at interest, &c.... 13,556.507 Pleasure Carriages.. 1,055,742 Stages and Stock 87.652 Total on Grand List....$144,160,469 It will be seen by a comparison of these items with those returned in the Auditor's Report last Winter that the ratio of increase on the grand list of lands, buildings, horses, cattle, &c. is about as great as usual. In the item of merchants' capital, &c. the increase is very great under the amended law of last Winter. In 1844 the whole amount of merchants' capital, money at interest, &c. returned was $7,550,005. By comparison with the return above it will be seen to have nearly doubled. The total amount of property on the grand list last year was $136,142,666. This year it has increased to $144,160,469. Amount of Canal Tax received during the year 1845, being the amount levied and assessed in 1844...$726,343 49 Canal Toll received during the fiscal year ending Nov. 15, 1845. Ohio Canal...$252.199 01 Miami Canal... 74.319 78 Miami Extension Canal.. 32,007 47 Wabash and Erie Canal.. 73,907 44 Muskingum Improvement.... 28.461 26 Hocking Canal. 4.519 73 Walhonding Canal 1.183 82 Total Canal Tolls received...$466.598 51 There were paid into the State Treasury from the Ohio Canal last year, $335,268 50. The falling off is very great, being upward of eighty-three thousand dollars. There is a slight falling off on the Miami Canal. On the Miami Extension there is a very large increase. Last year $12,053 18 were received from this work. Although it has been opened to the lake but a short time, the receipts are. as above stated, over thirty-two thousand dollars. The Wabash and Erie Canal has almost doubled its receipts. The Muskingum Improvement stands about the same as last year. There is a falling off on the Hocking and Walhonding Canals. The whole amount received on the Canals during the fiscal year ending Nov. 15, 1844, was $504,031 08. The reduction, therefore, amounts to $37,432 57. Tolls on Western Reserve and Maumee Road. $6,612 96 Turnpike and Canal Dividends....27,165 18 Common School Tax collected on grand list... 65,426 33 Tax on lawyers, physicians, pedlars, auction duties, banks, Bridge Companies, Insurance Companies, &c...27,485 29 State, Common School and Canal Tax assessed on the grand list for the year 1845, being 7 mills on the dollar, on $144,160,469.1,009,123 23 The total amount of bills redeemed, being State Expenditures for State Government...$201,212 53 It will be seen from this statement that the amount of Revenue accruing to the State from various sources will enable it to meet promptly all its engagements, although owing to the decrease in Canal Tolls, the aggregate falls short of what was expected last Spring. The Tax Law has realized the expectations of its friends, by bringing on the grand list eight millions of dollars worth of property; and with slight modification and amendment it would add in another year largely to this sum.

3. December 2, 1845 The Columbian Fountain Washington, DC

Article from The Columbian Fountain, December 2, 1845

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On my return from your city last Thursday evening, I learned with pleasure that (through the exertions of that untiring champion of the good cause, brother Thos. M. Davy,) a public meeting had been gotten up in about five hours time, and that the members of Harmony Division, No. 2, Sons of Temperance, and Association, No. 4, of United Brothers, would attend in regalia, at eight o'clock., at the Methodist Protestant Church, which, to their great satisfaction, was filled with ladies and gentlemen anxious to close the proceedings of " thanksgiving day" in so appropriate a manner. A Hymn, appropriate to the occasion, was first sung, and the Rev. Dr. Reese having opened the proceedings with prayer, brother Thomas M. Davy arose and addressed the audience in an impressive manner. His speech abounded with facts showing the awful devastation consequent upon the use of intoxicating drinks, even in our own town, and under our own personal observation. He closed his address by an allusion to the prejudice existing against the Sons and United Brothers of Temperance, and assured the audience that, as far as his knowledge of either (which was furnished by a membership in both) extended, they possessed no secret but such as is kept by every mercantile establishment in the country, having private marks upon merchandize. Mr. Wm. D. Massey next followed; and in a short and highly entertaining address, urged upon the young men present, who had not yet given their influence to the side of Total Abstinence, the propriety of signing the Pledge, and confuted many of the arguments (if so they may be called) used to defend the practice of moderate drinking Mr. M. concluded by introducing to the audience the Rev. John S. Reese, D.D., of the Methodist Protestant Church. Dr. Reese began his address by utterly demolishing the great foundation of rum selling: If I don't sell it somebody else will," which species of argument he compared to that of an angler, who insisted that he had nothing to do with the catching of fish, inasmuch as he used no force, but ONLY" baited his hook, to which the fish voluntarily appended themselves. He next proceeded to show, by sound argument, and a reference to facts, that so insidious is the approach of the foe, and so certain the aim of his fiery arrow, that the only safety for the young especially, was in total and entire abstinence from all that may intoxicate. He then proceeded, briefly, to exhort the older portions of the auditory to discharge their duty by giving good examples in this matter to the young, and pointed out to them the manner in which unsuspecting youth was led into the snare by following the example of old and respectable moderate drinkers. The ladies, especially, he urged to assist in the great work, and they nobly responded by giving 23 names to the Pledge, which, with those of three gentlemen, who had the independence to do their duty by signing, at the stand, before the entire audience, made a total of 26 as the result of the meeting. The ode, "Go, go, thou that enslavest me," was then sung, with much animation, by the whole congregation; and the meeting, after the benediction by Dr. Reese, adjourned. Thus was thanksgiving day spent in Alexandria. L. The Bank of Baltimore has declared a dividend of three per cent, for the last half year. The Westminster (Md.) Bank, a semi-annual dividend of three and a half per cent. The Receiver of the Manufacturers' Bank of Bellville N. J., has given notice that a

4. December 2, 1845 The Columbian Fountain Washington, DC

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The Bank of Baltimore has declared a dividend of three per cent, for the last half year. The Westminster (Md.) Bank, a semi-annual dividend of three and a half per cent. The Receiver of the Manufacturers' Bank of Bellville N. J., has given notice that a second dividend of 14 percent will be paid to the holders of Receiver's Certificates, on the 3rd of December next, at the office of A. Whitehead, 575 Broad street, Newark, N.J.