13985. Bank of North America (Flemington, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 25, 1854
Location
Flemington, New Jersey (40.512, -74.859)

Metadata

Model
gpt-5-mini
Short Digest
7d8879e9

Response Measures

None

Description

Newspaper items state the Bank of North America at Flemington is winding up its affairs (Sep 1854) and is later listed among banks 'closing' (Jan 1855). No run or depositor panic is described; the articles indicate voluntary winding up/closure. I mark bank type as unknown because this is before the National Banking Act (1863) and the name alone doesn't confirm charter type.

Events (1)

1. September 25, 1854 Suspension
Cause
Voluntary Liquidation
Cause Details
Officers advertise the bank is winding up its affairs and instruct noteholders to present notes to the State Treasurer; indicates voluntary winding up/closure.
Newspaper Excerpt
The Bank of North America, located at Flemington, Husterdon county, N J., is winding up its affairs. All notes must be presented to the State Treasurer within two years.
Source
newspapers

Newspaper Articles (2)

Article from The New York Herald, September 25, 1854

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Article Text

The Kent News publishes a communication received from the officers of the Farmers' and Mechanics' Bank, Chestertown, Md., which states that it will be impossible to realize assets of the bank before October and No. vember, so that operations cannot be resumed before that time. Note holders are advised "to make no sacrifices, as every liability, the officers promise, will be paid to the last dollar." The Bank of North America, located at Flemington, Husterdon county, N J., is winding up its affairs. All notes must be presented to the State Treasurer within two years. The Treasurer of the State of North Carolina has ad. vertised for proposals for $130,000 of State bonds, having thirty years to run, and for $152,000, having ten years to run. Both draw interest at the rate of six per cent. per annum, payable semi-annually in New York, where the principal is redeemable. Bids will be received at Raleigh until the 20th of October next. The annexed statement exhibits the quantity and value of certain articles exported from this port during the week ending and including Friday, September 22, 1854, distinguishing the destination and extent of exports to each place:COMMERCE OF THE PORT OF NEW YORK-WEEKLY EXPORTS.


Article from The New York Herald, January 13, 1855

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Article Text

The Texas Treasury exmont 10 exceedingly interesting to her poor creditors, who have been waiting the payment of their claims for the last ten years. The balance of the general fund in the treasury consiste of $166,062 in specie, and $4,575,000 of United States government stock. This is exclusive of $5,000,000 United States government stocks at Washington, which neither Texas nor her creditors can get withont an act of Congress, which ought king since to have been passed. The Bank Commissioners of New Jersey report that twenty-four banks have been established under the genéral law; ten are in operation, eleven have given notice of winding up, two have been stopped by injunctions, and one is being proceeded against. The banks still in operation are the Hudson Co. Bank, Jersey City; Newark City Bank; Central Bank, Hightstown; Passsic Co. Bank, Paterson; America Bank, Trenton; Bordentown Banking Co.; Cape May Co. Bank; Princeton Bank; Bank of New Jersey, New Brunswick; Hunterdon Co. Bank, Flemington. The last has been organised during the preceding year. The Farmers' Bank, N. J., at New Brunswick, and Princeton Bink, have come under the general law since the expiration of their charters. The banks that are closing are: Ocean Bank, Bergen Iron Works, Deleware and Hadson at Tom's River, Merchants' st May's Landing, Atlantic at Cape May Court Honse, Bank of America and Traders' do., City Bank, Cape Island, Farmers' at Freehold, Tradesmens' at Flemington, Public Stock at Belvidere, Bar k of North America, Flemington The banks closed by injunction are: American, Excharge, Ca e May Court House, and Merchants' Bank, Bridgeton. The Wheat Growers' Bank, Newten, has been pro eeded against for non-sompliance with the law, but the case is undecided. The circu lation issued under the general law has been con siderably less than $3,000,000, the limi: fixed. No loss has been sustained by noteholders in the windiDg up of the banks. None of the banks have failed, but have stopped voluntarily or under injune tion-in the latter case for non-compliance with the law. On the 9th inst. the first through train from Cairo over the Dlinois Central Railroad arrived with great eclat at Chicago, ani hereafter will run regularly, laying open the interior of the State to markets north and south. In this connection the report of the Commissioner of the General Land Office passess" this year extraordisary interest, not only that its transactions have been larger than in any year since 1938, but that it developes the causes of the great berease in business. It is well known that the goverament, after making large grants. to Western States for the construction of canals and other pur. poses, also made important grants in aid of railreads; of these the most important was to the Iili-