13990. Farmers Bank (Freehold, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 20, 1854
Location
Freehold, New Jersey (40.260, -74.274)

Metadata

Model
gpt-5-mini
Short Digest
205ae07c

Response Measures

None

Description

Contemporary New Jersey Bank Commissioners' reports (Jan 1854–Jan 1855) list the 'Farmers' at Freehold' as 'in process of liquidation' / 'closing' under the general banking law. No article describes a depositor run; bank appears to have stopped operations and entered winding up/liquidation (voluntary or by compliance with law). Used 1854-01-20/21 report references as event date range.

Events (1)
1. January 20, 1854 Suspension
Cause
Voluntary Liquidation
Cause Details
Listed by the New Jersey Bank Commissioners as 'in process of liquidation' (winding up) under the general banking law; stopped operations rather than failing from a depositor run or a government seizure.
Newspaper Excerpt
the Farmers' at Freehold ... are in process of liquidation.
Source
newspapers

Newspaper Articles (3)
1. January 20, 1854 The New York Herald New York, NY
Article from The New York Herald, January 20, 1854

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Article Text

The receipts the office or the Assistant Treasurer of this port to-day, were $244,085 86; paid, $155,480 17; be. Jance, $3,317,473 41. The committee appointed by the Board of Brokers have reported that the first issue of bonds by the New York Dentral Railroad Company given for the premium on the stock of companies forming the constitution, shall hereafter be known as the New York Central Railroad bonds The issue given for subscription to the stock of the Lake Shore and Great Western Railroad companies shall hereafter be known as New York Central Railroad subscription bonds. The bonds are all of the same date, and mature in 1880. The Albany Atlas of last evening says :The Board of Directors of the New York Central Railroad Company will meet here on Friday next to declare their dividend from the carnit gs of the road from the 1st of May to the 1st of February, last. The earnings of the road will amount to & net sum sufficient to declare six per cent, and leave a handsome sum after paying interast OD the debt, and laying aside the sinking fund of 1) per cent. What the dividend will be is of course unknown, though it will certainly not be less than four per cent, which will probably be the measure of the semi annual divi dends. It will be paid in cash on the 1st of February proximo. The report of the New Jersey bank commissioners to the Legislature furnishes the following information reistive to the banks under the general laws of the State:The City Bank at Cape Island has closed its busineas, and the Bank of Cape May Company has been started ia its place. Its stock in generally owned in the county, and it is doing a bona fide business. A new bank called the Mechanics' and Traders' Bank has been established in Jersey City since the last report, which is also bona fide, and apparently sound and healthy The Hudson County Back, Newark City Bank, Borden town Banking Company, and Central Bank, at Hightown conduct & legitimate business. and deserve the confidence of the community. The Hudson Company, the Borden town Banking Company, and the Central, have applied for an obtained an increased amount of stock. &The Ocean Bank at Bergen Iron Works, the Delaware and Hudson at Tom's river, the Merchants' Bank at May's landing, the Atlantic at Cape May Court House. the Far. mers' at Freehold, and the Tradesmen's at Flemington, are in process of liquidation. Legal proceedings have been commenced since the last report against the American Exchange Bank, Cape May Court House, the Bank of America do, and the Traders do. The American Exchange Bank has been closed by law. The proceedings against the other banks have been suspended, they having complied with the law. The case of the Merchants' Bank at Bridgeton is still before the Chancellor The Commissioners cannot say as to the character of the Public Stock Bank, Belvidere, the Passaic County Bank at Paterson, the Wheat Growers' at Newton, the Bank of North America at Flemington, and the America Bank Treaton; but no legal complaint has been made concerning them. The Commissioners recommend the enastment of a supplement to the general law, with the following fea tures 1. No bank to have notes from the Treasurer till a certificate is given that their capital stock is paid in, in spesie. 2. No bank to organize till $30,000 is placed with the State Treasurer. 8. No bank to receive notes till the Bank Commission are certify to their possessing a Lona fide banking house. 4 Three directors to be residents of the place where the bank is located. 5. Annual statements hereafter to be made to the Bank Commissioners. 6. Stockholders to file certificates that they are bona fide owners of the stock registered in their names 7. The Commissioners' approval of the location of B bank to be necessary to its going into operation. The eighth annual report of the Macon and Western ,Railroad Company gives the following statement of receipts and disbursements for the year 1853 :MACON AND WESTERN (GEO.) RAILROAD.

2. January 21, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 21, 1854

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Article Text

The Bates Manufacturing Company has declared a semiannual dividend of 4 cent, payable Feb. 1. The Bay State Mills have also declared 4 ₽ cent. The report of the New Jersey Bank Commissioners to the Legislature furnishes the following information relative to the Banks under the General Banking Law of the State: The City Bank at Cape Island has closed its business, and the Bank of Cape May Co. has been started in its place. Its stock is generally owned in the County, and it is doing a bona fide business. A new Bank, called the Mechanics and Traders' Bank, has been established in Jersey City since the last report, which is also bona fide, and apparently sound and healthy. The Hudson County Bank, Newark City Bank, Bordentown Banking Co., and Central Bank, at Hightstown, conduct a legitimate business, and deserve the confidence of the community. The Hudson Co., the Bordentown BankCo., and the Central, have applied for and obtained an increased amount of stock. The Ocean Bank, at Bergen Iron Works, the Delaware and Hudson at Tom's River, the Merchants' Bank at May's Landing, the Atlantic at Cape May Court House, the Farmers' at Freehold, and the Tradesmen's at Fleming ton, are in process of liquidation Legal proceedings have beer commenced since the last report against the American Exchange Bank, Cape May Court House: the Bank of America do., and the Traders' do. The American Exchange Bank has been closed by law. The proceedings against the other Banks have been suspended. they having complied with the law. The case of the Merchants' Bank, at Bridgeton, 18 still before the Chancellor. The Commissioners cannot any as the character of the Public Stock Bank, Belvidere the Passaic County Bank, at Paterson: the Wheat Growers', at Newton; the Bank of North America, at Flemington, and the America Bank, at Trenton: but no legal complaint has been made concerning them. The Commissioners recommend the enactment of a supplement to the general law, with the following features: 1. No Bank to have notes from the Treasurer till a certificate is given that their capital stock is paid in, in specie. 2. No Bank to organize till $30,000 is placed with the State Treasurer. 3. No Bank to receive notes till the Bank Commission ers certify to their possessing a bona fide banking house. 4. Three Directors to be residents of the place where the Bank is located. 5. Annual statements hereafter to be made to the Bank Commissioners. 6. Stockholders to file certificates that they are bona fide owners of the stock registered in their names. 7. The Commissioners' approval of the location of a bank to be necessary to its going into operation. The annual meeting of the Troy and Boston Railroad was held at Troy on Tuesday. The whole cost of the road to the 1st of October was $1,080,405. The stock paid in amounted to $437,830, leaving $69,410 to be collected. The total debt was $694,757, of which $235,757 was floating. The

3. January 13, 1855 The New York Herald New York, NY
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-