Stock Security Bank - Hackensack, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 19, 1858
Location: Hackensack, New Jersey (40.886, -74.043)

Metadata

Model: gpt-5-mini
Short Digest: 822dfdd2

Response Measures

None

Description

OCR in article rendered 'sterson' for Paterson; corrected. Article (New-York Daily Tribune, 1858-08-19) lists Merchants Bank of Paterson as put in liquidation by order of the Court of Chancery and names a receiver (Ogden). No run is described; the bank is being liquidated/placed in receivership by court order.

Events (2)

1. August 19, 1858 Receivership

Newspaper Excerpt: MERCHANTS BANK, Paterson... Ogden, Receiver.
Source: newspapers

2. August 19, 1858 Suspension

Cause: Government Action
Cause Details: Placed in liquidation by order of the Court of Chancery; Treasurer instructed to redeem notes and dispose of securities.
Newspaper Excerpt: MERCHANTS BANK, Paterson.-Circulation $5,397. Securities, $4,00 Virginia Bonds $1,000 Missouri Bond, $1,000 Paterson City Bonds. Ogden, Receiver. ... the order is: That the Treasurer of State forthwith give notice that the circulating notes of these banks will be redeemed out of the trust funds in his hands: and further, that the said Treasurer proceed to dispose of the securities, and with the proceeds pay the billholders.
Source: newspapers

Newspaper Articles (1)

1. August 19, 1858 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, August 19, 1858

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Article Text

The trustees of the First-Mortgage bondholders of the Vermert Valley Road have declared 8 dividend of 50 P cent, being the balance due on coupons of April 1, 1856, payable on and after the 26th inst. The New York holders may be accommodated at the office of Alexander Hamilton, jr., No. 41 Wall street. The business of the Clearing-House to-day was $14,726,590. The Gold Hill Mining Company have declared a divided of 5 cente ₽ share out of the net earnings of the past six months. It is stated that after the payment of this dividend the Company will have about $5,000 in the treasury; that the Company is earning about $10,000 P month, and have a large amount of stores and other property on hand. The dividend is payable at No. 108 Front street on the 1st September. A suit has been commenced on $37,000 of the 1875 bonds of the Erie Company By the terms of this issue, the principal of the bends falls due upon the nonpayment of the coupons. It is understood that the number of Wieconsin banks to be thrown out to day at Chicago is twenty-six. The object of the movement is to force these banks to are range for redeeming their currency in Chicago or Milwaukee, and it is possible that some of them have already made such arrangements. Meanwhile, the brokere in Wall street have put the rate of discount to 21/a 3 ₽ cell. Thompson's Bank Note Reporter has the following information in regard to Jersey Banks: The following -Jersey Banks have been put in liquidation by order of the Court of Chancery: OCEAN COUNTY BANK, Tom's River-Circulation $11,550; Securities $7.500 Virginia Bonds, $6,000 Missouri Bonds. R. M. Smith of Treaton, Receiver. STOCK SECURITY BANK Ha kensack-Circulation $2,700: Securities, $3,000 Virginia Bonda F. B. Ogden of Hoboken, Receiver. BANK OF TRADE Tom's River-Circulation $25,315. Sec rities, $80,500 Virginia Sterling Bonds. R. M. Smith, Receiver, ARTISAN BANK Trenton.- Circulation, $24,081. Securities $20,000 Missouri Bonds: $2,000 Virgibia Bonds: $1,100 Peon sylvania per cents $400 Pennsylvania 6 per cents; $1,058 Bond and Mortgage. R. M. Smith Receiver. MERCHANTS BANK, sterson.-Circulation $5,397. Secu rities, $4.00 Vireinia Bonds $1,000 Missouri Bond, $1,000 Pateison City Bonds. Ogden, Receiver. In relation to the securities and circulation, the order is: That the Treasurer of State fortbwith give notice that the circulating notes of these banks will be redeemed cut of the truet funds in his hands: and further, that the said Treasurer proceed to dispose of the securities, and with the proceeds pay the billholders. Thorpson Brothers will cortique to buy the notes of the above backs 88 heretofore. We have reason to believe that & Convention will be held in this city during the present week, probably to-monrow (Thursday), of the representatives of the Erie and Central, and poeably of the Baltimore and Obio and Pennsylvania Central Roads, to make another attempt to arrange harmoniously the difficulties which have been for some time past existing bet ween the two Gret named roads. It is understood that at the meeting the Erie Road will nct be represented by Mr. Moran, but that bis agent will not probably be withbeld from any basis of settlement which shall be arrived ar. The present state of affairs is working less disastrously for the Erie than for the Central, as the former, having DO dividends to pay, and only a portion of its interest, consequently the contest is of $13,000,000 capital against $38,000,000, an inequality which renders the Central very de. alious of coming to an arrangement. The Erie managers are willing to entertain any proposition, but will make none themselves. It is not improbaa ble that the present controversy will end in return to removerating rates for freight and pareengers on & basis of division of earnings, something ke that existing between the Michigan Central and Michigan Southern Roade. However this may be, it is very certain that unless the managere of the enor. more amount of property involved in these two enterprices come speedily to some fair understanding by which the property can be eaved from ruin, the stock betcheldere . III arrive at the conclusion that per and ebeticacy rather tiremprinciplegovern is, manager and will feel it to be their Hotpito