Morris Canal & Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 4, 1842
Location: Jersey City, New Jersey (40.728, -74.078)

Metadata

Model: gpt-5-mini
Short Digest: 38de45b2

Response Measures

None

Description

Article (New-York Tribune, 1842-02-04) reports appointment of receivers for the Morris Canal & Banking Company and that receivers have entered upon duties. No mention of a depositor run; bank is in receivership, indicating suspension and permanent closure.

Events (3)

1. February 4, 1842 Receivership

Newspaper Excerpt: D. S. Gregory, one of the newly appointed receivers of the Morris Canal and Banking Company, has declined serving, and it is supposed Mr. J. F. Ellis of Jersey City, will be appointed in his place. The other receivers have entered upon the duties of their appointment. The other receivers have entered upon the duties of their appointment. John Read, Esq. has resigned the Presidency of the Philadelphia Bank, and Samuel F. Smith, Esq. has been appointed to fill the vacancy. ... During the run on Saturday, the character of the assests aud liabilities changed somewhat, but the footing would be about the same. The total amount of its liabilities was about $2,400,000, as follows: ... (context).
Source: newspapers

2. February 4, 1842 Suspension

Cause Details: Article does not state specific cause for suspension; only that receivers were appointed and began duties.
Newspaper Excerpt: D. S. Gregory, one of the newly appointed receivers of the Morris Canal and Banking Company, has declined serving, and it is supposed Mr. J. F. Ellis of Jersey City, will be appointed in his place. The other receivers have entered upon the duties of their appointment.
Source: newspapers

3. * Other

Source: newspapers

Newspaper Articles (1)

1. February 4, 1842 New-York Tribune New York, NY

Article from New-York Tribune, February 4, 1842

Click image to open full size in new tab

Article Text

cent. The Bank of Poughkeepsie has declared a dividend of four and a half per cent. The American Insurance Company, Baltimore, has declared a dividend of twelve dollars per share. D. S. Gregory, one of the newly appointed receivers of the Morris Canal and Banking Company, has declined serving, and it is supposed Mr. J. F. Ellis of Jersey City, will be appointed in his place. The other receivers have entered upon the duties of their appointment. John Read, Esq. has resigned the Presidency of the Philadelphia Bank, and Samuel F. Smith, Esq. has been appointed to fill the vacancy. A Philadelphia Correspondent of the American states there is now some probability, almost a certainty, that the interest on the State Debt will be paid in a few days. The arrangement proposed is that the City Banks shall advance to the State the requisite amount, to be repaid in four months. As security the State is to deposit with the Banks assets of the Bank of Pennsylvania, to be sold for reimbursement should the State fail to make the repayment. The following in the statement of the Bank of Pennsylvania, made up to Friday evening. During the run on Saturday, the character of the assests aud liabilities changed somewhat, but the footing would be about the same. The total amount of its liabilities was about $2,400,000, as follows: 300,000 Due to Banks Circulation $500,000 Post Notes due 300,000 500,000 Deposits Due to State 800,000 Total $2,200,000 These sums are in round numbers: the odd figures in the different items make about $200,000 more. Nominal value. ASSETS. $470,000 Girard, United States, and other bank notes 700,000 Bills Receivable in City 1,200,000 at Branches 1,200,009 United States Bank Post Notes 800,000 Real Estate. 100,000 Mortgages 90,000 Various Stocks 300,000 Pennsyl Ivania State Loan 270,500 Specie