Manufacturers Bank - Belleville, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 10, 1848
Location: Belleville, New Jersey (40.794, -74.150)

Metadata

Model: gpt-5-mini
Short Digest: 38d8199b

Response Measures

None

Description

Article (New-York Daily Tribune, 1848-06-10) refers to the 'broken Manufacturers' Bank, at Belleville, N. J.' and asks receivers why a final dividend has not been made two years after the bank failed. This indicates the bank had failed earlier and receivers were in charge; no run is described in the article. The bank therefore appears to have suspended and remained closed with receivers (permanent closure). Exact failure date not given; receivers active by 1848.

Events (1)

1. June 10, 1848 Receivership

Newspaper Excerpt: We have been requested to ask the receivers of the broken Manufacturers' Bank, at Belleville, N. J. why it is that a final dividend has never been made on the certificates given by them for the notes outstanding at the time the Bank failed.
Source: newspapers

Newspaper Articles (1)

1. June 10, 1848 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, June 10, 1848

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Article Text

COMMERCIAL AND MONEY MATTERS. For Sales of Stocks, se. see Fourth Page. Friday,June 9-P.M. The Stock market to day was rather heavy for the Fancies. but Government Stocks were firm. Operators were so much engaged with politics that th had but little time to devote to business The ratification by the Mexican Senate of the Treaty of Peace had no effect whatever. and indeed seemed to be entirely overlooked in the greater interest excited by the nomination. There appears to be 8 concerted attempt on the part of large operators to keep down the market until betime for making bids for the new loan has passed, that they may take it at a low figure. Fortunately for the Secretary. the treaty ratification has arrived just in time to have a good effect upon the bide. In Bills there is a moderate business doing, but the tendency of prices is downward Sterling is quoted at 10/2 @111. In Freights there is a fair business doing, and the rates are firm. An engagement of 20,000 bushels Corn was made at 54d in bulk, and several parcels Provisions at 22a 6d@25s. To Havre 200 bales Cotton were taken at 1 cent. The Steamer of to-morrow and the Liverpool packet will take about $350,000 in specie, which is much less than has been reported. The appearances are deeidedly favorable to a decrease of specie shipments after this month The following list of new counterfeits is from h ompson's Bank Note Reporter 5's on the Chesspeake Bank 2's on the Bank of Delaware: 3'son the Fairfield County Bank 10's on the Mechanic's Bank of Burling ton. N.J.: 2's On the Bank of Burlington, Vt: 5's on the Bank of Ca. ledonia, Danville, Vt : 2's on the City Bank of New-Haven; 5's on the Connecticut River Banking Co : 10's on the National Bank, Provi dence 5's on the Union Bank, Dover, N.J.: 3's on the Bank of Corning 2's on the Farmers Bank of Bucks Co. Pa.: 5's on the War wick Bank, R.I.:'s on the City Bank New Haven : 6's on the Mer chants' Bank, Eliery : I's on the Bank of Delaware -letter A. vig. la comotive and cars-seems to be an alteration; 10's on the Washing too County Bank, Md. The following are the earnings of the Macon and Western Railroad for the month of May, 1847 and 1847 1848. 1848 $8,184 15 $9,541 82 Increase in May, 1848, $1,357 68-equal to 16 per cent. We have been requested to ask the receivers of the broken Manufacturers' Bank, at Belleville, N. J. why it is that a final dividend has never been made on the certificates given by them for the notes outstanding at the time the Bank failed. as two years have now elapsed since any payment has been made, and at that time a final dividend was promised. We have thought it well to call the attention of the Receivers to this mat ter. as well in justice to themselves, as to those interested in a farther dividend. The Winchester Bank is the name under which A banking institution has gone into successful operation at Winchester, Cheshire Co. N. H. under the care of Wm. B. Hale as Cashier and John H. Fuller as Pres't A meeting of the stockholders of the Reading Railroad will be held on Wednesday next the 14th June. at the office of the Corporation, Philadelphia, for the purpose of taking such action 08 the stockholders may then direct. in regard to the act of the Pennsylvania Legislature recently passed. authorizing the Com pany to exchange preferred stock for 6 per cent. bands, in liquidation of that portion of the Company's debt, which falls due prior to the year 1860. It is officially stated that the required amount to complete the conversion. had been subscribed for, within $1,000,000. Fears that the object would fail. in consequence of the slow progress hitherto made toward its consummation, have lately depressed the market value of the bends and shares: and the sooner the outstanding bondholders come forward and accede to the plan, the better it will be for them, and for all concerned. The receipts of the Company have been larger in the past five months, than they were during the corresponding period of last year and the nett earnings for the current twelve months, are estimated by the Directors at 8 per cent. upon the entire cost of the road. At the annual meeting of the Directors of the Syracuse and Utica Road, Tuesday, it was resolved to lay a second or double track over their entire road, and to increase their capital stock under the act of 1847.The estimated cost of the new track is about half a million. A decision has lately been had in the Third Dis. trict Court at New-Orleans, which flies directly in the face of mercantile usages in this City. It seemed that a banking firm of New Orleans had drawn several bills payable at eight, upon their correspondent banking estab.ishment in New York, which bills were not paid on presentation, the drawers fairing hetween the time of the drawing of the bills in New Orleans and their arrival in New York. The bills were protested on the first day of presentation and refusal to pay, and returned for recourse against the drawers. The latter being sued, plead in defence that three days of grace were not allowed on the hills, and that the demand and protest should have been made on the third day following the first de mand. The holders of the bills replied. that by custom of merchants in New-York no days of grace upon sight bills were given, and that it usual to protest on first refusal, and offered to prove this by the evidence of a number of exchange dealers. To the introduction of evidence to this effect the defendants (drawers of the bills objected to because the elementary writers and the various judicial dieta held very positively that days of grace must be given on sight drafts. and DO evidence of custom could be admitted to control or vary positive law. The Judge concurred with the defendents' counsel, and the plaintiffs, holders of the bills, were non-suited. The Exports of Sugar and Molasses from the two leading ports of Cuba this season have been as annexed: EXPORTS FROM JAN TO END OF APRIL.