14133. Farmers & Mechanics Bank (New Brunswick, NJ)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
January 1, 1840*
Location
New Brunswick, New Jersey (40.486, -74.452)

Metadata

Model
gpt-5-mini
Short Digest
4432161a

Response Measures

Full suspension

Other: Receivership / legislative restoration of charter in 1849; dividends paid by receivers in 1848.

Description

Contemporary articles describe a depositor run following rumors after President Abraham Saydam's death (1840), a chancery injunction and appointment of receivers (suspension), certificates issued and dividends paid by receivers in 1848, and the legislature restoring the charter in 1849 so the bank could be revived. Dates for the original run/suspension are given as 1840 in the correspondence; reopening/revival actions are reported in 1849.

Events (4)
1. January 1, 1840* Run
Cause
Rumor Or Misinformation
Cause Details
Following the murder of President Abraham Saydam in 1840, rumors circulated he had absconded to England, prompting a run on the bank.
Measures
Large redemptions; petition to Chancellor; injunction sought and receivers later appointed.
Newspaper Excerpt
sundry rumors that he had absconded and gone to England gained currency, and ... a run was the consequence.
Source
newspapers
2. January 1, 1840* Suspension
Cause
Rumor Or Misinformation
Cause Details
Chancellor intervened after the run, issuing an injunction and appointing receivers; bank operations were enjoined and notes converted to receiver certificates.
Newspaper Excerpt
the Chancellor granted an injunction, and appointed Mesars. Peter Spader, John Van Dyke and David W. Vail, Receivers, and ordered that all persons holding the notes of the Bank should present them and receive certificates
Source
newspapers
3. January 1, 1848 Other
Newspaper Excerpt
The Receivers of the Farmers' and Mechanics' Bank of New-Brunswick will pay ... a farther dividend of twenty cents on the dollar ... By order of PETER SPADER, Chancellor. JOHN VAN DYKE. New-Brunswick, Jan. 1, 1848.
Source
newspapers
4. August 2, 1849 Reopening
Newspaper Excerpt
the Legislature of New-Jersey, in 1849, passed an act to revive the charter ... The Bank cannot commence business until the bona fide stockholders swear that $50,000 has been paid in ... Hon. John Van Dyke is President ... Directors ... will not go into operation until the money has been paid in, and the Bank prepared to do business ... New-BRunswick Aug. 2, 1849 . . . S. E. B. (correspondence).
Source
newspapers

Newspaper Articles (10)
1. January 26, 1848 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 26, 1848

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Bowery.--Three j24 3t* F RENCH lessons gratis. MADE No expense EASY for at books. 103 THEODOR GLAUBENSKLEE-Teacher to MR the German Language and Literature, removed j24 lw 162 Grand-st. IVES. JR. Professor of Music, teacher of Singing, PianoE. in private lessons and in classes, and of the 1m* j10 forte, 609 Broadway cor. of Houston-st. RENCH LANGUAGE.-Profemor F. RICHARD. inF graduate of the University of Paris, respectfully courses forms the public that he is about to open two new Wednesin the French Language, to meet on Mondays, another and Fridays. One from 6 to 7 o'clock and in days 8 to 9 o'clock Terms, 810 per quarter, payable 183 advance. from Subscriptions received at hts academy, j24 3t'g Broadway. HOW CASES: SHOW CASES!-A large as S sortment of newand second-hand Show Cases constant- Show ly on hand, and Show Cases made to order Also, Broome-st. Cases taken in exchange at M.J. EARL'S,346 j6 1m* near the Bowery. HARDWARE STORE FOR SALE. now doing For sale H the stock and fixtures of a Hardware Store, Sixtha good busines. Terms reasonable. Apply at 179 j21 lw* avenue. MACHINERY FOR SALE. seven Ose do. COFFEE 36-inck Picker and Lapper; 36-inch Cards; the whole in good working order, and now ten operation. The picker can be delivered in about bal. in three of the cards in about six weeks, and the days, by the first of April Apply to HENRY M. LOW, R. Paterson, ance N. where the articles may be seea, or to D. M. STEBBINS & CO. Namau-st N. jis 2wood OTICE. The Receivers of the Farmers' and Me and N chanica' Bank of New-Brunawick will pay on New the 1st day of February next. at their office in dolafter Brunswick a farther dividead of twenty cents on the the certificates issued by them, on presentation the of lar, said upon certificates by the holders thereof. By order of PETER SPADER, Chancellor JOHN VAN DYKE. j22tF1 New-Brunswick, Jan. 1, 1848. MACON, Geo. 6th Jan. 1848 IVIDEND. A dividend of two dollars per R. share R. Co. on capital stock of the Macon and Western has been declared, payable on the first day of February next the Bank of the State of New-York, for all shares standing on the books of the New. York Agency. By j13tF2 order, J. H. TAYLOR, Treas'r EW- YORK AND ERIE Railroad Company.- Railroad N The stockholders of the New-York and Eria of $10 are hereby notified that an instalment Company share on all shares on which the payments heretofore the of made per do not exceed $75, is required to be paid at of the Company 45 Wall-st. on or before the 17th day of tice February next. Byorder of the Directors New York, Jan. 17,1848. 017 1m] NATHANIEL MARSH, Sec'y SANDFORD B. KELLOGG, TTORNEY-AT-LAW, office 40 Pine-at St. all Louis, A The securing collection of debts, and professional business will be promptly and faithfully . attendad to. Refer to Messrs. L.A. Benoist & Co: Loker, Renick & bankers, and Collins & Kellogg, St. Louis. Mesars. Ran Co. Daryee & Co ; Lawrence, Trimble & Co; Hugh Auch inclose kin, & Sons, and W. W. Pignes & Co. New-York.80 2awfim Messra Collins & Brothers. Hartford TEADMAN'S PATENT Self-Suction Nursing Breast-Pipe-highly recommended by phy. and all who have seen them used. ad. inwill satisfy any person that sicians S spection Bottle and they have A single great havover those in common use. The subscriber vantages been appointed the sole agent for this market, is pre- of ing pared to furnish them in any quantity. The attention druggists is respectfully requested to the above, by G. DUMMER LYMAN, Manufacturer of Flint and Green Glass Ware, 109 John st. j8 Im* INREDEEMED PLEDGES. For sale cheap, a U large and varied assortment of unredeemed pledges, and consisting of new and second-band clothing watches musical and mathematical instruments, sextants, For jewelry, quadrants, double and single guns, pistols, &c. &c. information of those in want of such, I would name a Good pilot and beaver from $4 to 810; dress and frock coats, the few and cloaks. of my prices. A lot of cloth good overcosts from and 82 $8; pants and vests, $1 to su. new second-hand to flutes, from $2.50 10 each Also constantly hand, mechanical and other work and a great many other articies too numerous to u mention. ILSON g Chatham-st 430 Im* BRITANNIA WARE ANDMETALS-LuciusHart Bliate Boardman & Hart), manufacturer and importer of Britannia Ware and dealer in Block Tin Antimony, Lead, Metallic Bismuth, &c. at . Burling-slip, offers for sale at the lowest market prices Britannia arms, tea and coffee pots; Castors, with cut, mould and preased bottles Pewter plates, platters, dishes and basins; Flagons, tankards, zobiets, plates and baptismal bowls Metallic counting house inkstands, assorted sizes: Soup ladles, table and tea spoons a great variety Mantel candlesticks, chamber do. and Britannia lamps; Pitchers, mugs, tumbler and molasses cups; Planished tio coffee erus. filterers and egg-boilers; Patent table and tea spoons. with steel handles; A full assortment of Dixon's Sbeffield Britannia goods; Regulus of Antimony; Banca, Straits and bar Tio; Pare metallic Bismuth, pig and bar Lead. &c. Particular attention paid to supplying families at retail, j20 lw and every article warranted CHLOROFORM- subscribers are importing of Chloride of Lime, superior to any

2. January 27, 1848 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 27, 1848

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OTICE. - The Receivers of the Farmers' and Me chanics' Bank of New-Brunswick will pay ou and after the 1st day of February next, at their office in New. Brunswick a farther dividend of twenty cente on the dollar, upon the certificates issued by them, on presentation of said certificates by the holders thereof. By order of the PETER SPADER, Chancellor. JOHN VAN DYKE. j22th New-Brunswick, Jan. 1, 1848.

3. January 28, 1848 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 28, 1848

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FOR SALE-The stock and fixtures of a clothing store, one of the best stands in the city-the stock is small, well selected and in prime order. The rent of the store is very moderate and can be had for a term of years at the same rate The owner of said stock (being engaged in other business) will sell out on very reasonable terms. Address box 545 Post Office. j27 St* NY PERSON having . superior gun or watch to disA pose of, and wishing to obtain a fine set of teeth (or any other performance in the dental art) in exchange for the same, may hear of a customer by addressing A. Dentist, Tribune Office. The advertiser is an experienced practitioner, and does not doubt but that he can satisfy any one j26 3t* on the score of ability. NOTICE. The Receivers of the Farmers' and Me chanica' Bank of New-Brunawick will pay on and after the 1st day of February next. at their office in NewBrunswick a farther dividend of twenty cents on the dollar. upon the certificates issued by them, on presentation of said certificates by the holders thereof. By order of the PETER SPADER. Chancellor. JOHN VAN DYKE. j22tF1 New-Brunswick, Jan. 1, 1848.

4. February 1, 1848 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 1, 1848

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ANKS'S IMPROVED Locomotive Air-Heater, H for warming public and private buildings, combining more advantagesthan any article of the kind now in use. As the Locomotive Boiler is more economical than other boilers, so is this Improved Air-Heater, when compared with other heaters now in use. 1st. It will radiate more heat with a given quantity of fuel than any other. 24. It is perfectly accessible at all times, and may be cleared of salies and soot either when in operation or not. The pub. lic are requested to call at the agency and examine one it operation. (j29 kw*) GEORGE PIERCE, 292 Broadwey. HLOROFORM. -To Physicians, Druggists, ice.Chloroform chemically hure, manufactured and for sale by R. B. BREAKELL, 279 Sixth Avenue ; alow, can be had wholesale at JOSIAH PAYTON'S Drug Store, 104 j29 Iwn Chambere-st. VALENTINES AT WHOLESALE ONLY-The subscriber offers for sale, at wholesale only, s complete assortment of imported valentines, at lower prices than they have ever hitherto been sold. JOHN McKEWAN, 47 Fulton-et. 129 30* NOTICE.-The Receivers of the Farmers' and Me chanica' Bank of New-Brunawick will pay on and after the 1st day of February next at their office is New. Brunswick a farther dividend of twenty cents on the dol. lar, upon the certificates issued by them, on presentation of said certificates by the holders thereof. By order of the PETER SPADER, Chancellor. JOHN VAN DYKE. 122 151 New-Brunewick, Jan. 1. 1848.

5. February 1, 1848 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 1, 1848

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COMMERCIAL AND MONEY MATTERS. For Sales of Stocks, see Fourth Page. MONDAY, P. M. The excitement of the peace rumors has mate- rially subsided to-day, and the Fancies fell off about 1 per cent. Sound stocks were firm, and Government 6s im- proved te 99 for 1867, at which sales were made at the Se- cond Board. Treasury Notes were also better, and the large denominations sold at 994. The very large payments at the Custom-House sasist much in sustaining these Notes. The steamer being near at hand there has been nothing done in Exchanges. Sterling is nominally 9@10 per cent. for good bills; Francs are 5 201 There is not much animation in Freights, and the market is heavy. The quantity of produce offering is small. Engagements of 4,500 bble Meal were made at 18d for Liverpool, and 41,500 bushels Corn for Glasgow, supposed at 6jd. Cotton to Liverpool is dull at 3 16d. The second Dry Goods sale of the season was had to day by Austens & Spicer. The company was fair, bat there was little or no spirit shown, and the prices ob- tained were scarcely as good as at the sale last week. The Banks are discounting with rather more lib- erality, the incubus of a specie drain having been lifted... The feeling in the street is generally much better than it was. Capitalists are now keeping themselves close, to be prepared to operate on the new loan coming into market. The excellent Circular of Messrs. Camman & Whitehouse, which we published some time since, having been very extensively copied, we now publish their Cir- cular, prepared for the Cambria, which satled on Saturday: NEW-YORK, January 29th, 1848. Per CAMBRIA-We have no important change to notice since the date of our last respects of 15th inst. per Cale- donia Rather a better inquiry has existed for prominent securities, and the more speculative have vacillated as the reports from Mexico were pacifis or the contrary. The most encouraging feature within the last week, has been the dealine in foreign Exchanges, and the probable cessa- tion of the expert of coin to England and France. As we mention in our last circular we entertain no doubt, tha for a series of years, this country has not owed so little to Europe as at the present time; our crops have not been shipped to the extent usual at this season, while the im- portations have been more generally paid for; the value of money, both in England and France, having offered the parchasers strong temptation to furnish cash. The supply of Exchanges has been full, and the demand limited. For safe bills on London 109@1094 has been accepted, though the rates have ranged from 109@1101 We can report no improvement in the money market. Rates of discount still rule high, and favorite signatures can be obtained ut 15@18 per ct. p. annum. The banks prefer to keep snur, and will continue to act with much caution, until the call for specie has materially diminished, and the future course of the Governmert in raising the "needful" for the ex- penses of the wat is more fully developed. Although the recent discovery of an emission, (denominated a "clerical error,") in the report of the Treasury, of an item of re- ceivables, amounting to about 7,000,00, which in the hurry of making up the report and estimates was not placed in the general statement, although properly accounted for in the tables which accompany it, may render the amount re- quired by the Government somewhat less than was origi- nally estimated, still we reiterate the opinion expressed in our last respects, that it cannot be obtained while the specie clause in the Sub-Treasury bill remains in force It will be noticed by the quotations herewith, that the six per cent, loans range from 96 to 99, and the five per cent... redeemable in 1855, sell at 871@874, the latter paying to the pur haser, for the term of the investment, (5) years) fully 8p. et. p. annum. U.S. Stocks being free from tax, have of course, the advantage over other personal property. What can be the inducement to subscribe for a new loan, even at 7 per cent, while specie is required for its payment! The banke being the chief holders of that article, and therefore in s very strong position, will most naturally obey the law of self-preservation, and by refusing or curtailing discounte, will prevent the ability to subscribe, and the consequent abstraction of the coin from their vaults. The war with Mexico is unpopular with the intelligent and respects part of the people, who most earnestly desire its termina- tion, and any appeal to patriotism will therefore have little effect in unlocking the strong boxes. At no previous period has more stability, more prudence, nor greater means existed in this country than now. Commercial credit and integrity has been severely tried by the prolonged pressure on the money market, the heavy losses, in many instances, during the last year, on produce and stocks, and by the failures abroad; yet engagements have been met with the greatest punctuality, and public and private credit is in an enviable position; still it can- not be denied that a nervoneness and want of confidence is engendered by the continuance of the War. which, it is feared, msy produce a more disturbed condition, both of monetary affairs and trade in general. The importations for the Spring trade are arriving freely, but the business has scarcely commenced. The unusually open Winter has somewhat lessened the country trade. Cotton is coming more freely to the seaboard. The export demand for Flour and Grain has fallen off, the time now being too short to depend on its arrival in England before the sliding scale will go into effect. The Cambria will take about $100,000 in coin. The total export to England and France, since the 17th inst, has been about $800,000, but the receipts from the South and West have rather exceeded $550.000. The Manhattan Company have declared a divi- dend of 3 per cent. payable on the 10th of February The Receivers of the Farmers' and Mechanics' Bank at New Brunswick, N. J. have declared a farther dividend of 20 per cent. upon the certificates of bills of that Bank, payable on and after Tuesday next. The following communication in relation to the Government Loan has been sent in to the Speaker of the House: TREASURY DEPARTMENT, Jan. 29, 1848. SIR: Since the date of my last communication, fixing the amount of loan at twelve millions of dollars, a letter, (a copy of which is hereto annexed,) dated the 21st inst. dhas been received from the Secretary of War, giving the information that he had submitted to the Committee of Ways and Means estimates to the amount of $3,803,000, since the commencement of the session, in addition to those heretofore submitted. I have, therefore, the honor to request that the lean should be granted for the sum of $16,000,000, which, it is believed, will be all that it it will be necessary to ask for during the present session of Congress. I have the honor to be, very respectably, your obedient servant, MCCLINTOCK YOUNG, Acting Secretery of the Treasury. Hon. R. C. WINTHROP, Speaker of the House of Representatives. The exports at Boston for the last week were $17,641. The Branch of the Stonington Railroad, at Prov- idence, by which the present ferry will be avoided, is ex- pected to be completed in April next. It will add much to the convenience of the Road, and save much time. About $9,000,000 of Treasury Notes have fund- ed, which leaves about $20,000,000 subject to reissue as fast as paid in, by the Secretary, if necessary. This power of reissue is tantamount to a new loan of the same amount. The Rhode Island Legislature have rejected the petition for the route of the air line Railroad through that State. It was thought it would interfere with the business of Providence, and with the Railroad now in operation in the State. At New Orleans Money matters have experiencd no change, the rate for first-class paper out of doors being from 10 to 12 per cent. and other signatures 11@2 per cent, per month. The Banks continue to discount pretty freely for their customers. The estimated value of real estate in the Second Municipality of New-Orleans is $38,405,600. The estimated cash value of slaves is $1,835,050. Value of horses, $100,800. Value of carriages and vehicles of all kinds, $57,075. The amount of stock in steamboats, ships, brigs, &c. owned by residents in the Second Municipality, is $272,500. The amount of capital invested in trade is $14,006,375. The total amount of tax is $120,201 13. At Cincinnati sight Exchange was selling at 11 per cent. prem. Time bills were dull.. The annual report of the Winchester and Poto- mac Railroad Company, just published, presents the affairs of the Company in a very favorable aspect. The business of the Road has been steadily on the increase for several years past. The receipts during the last fourteen and a half months, for transportation over the Road, show an in- crease, compared with the corresponding period in 1843 and 46, of 24 per cent. The relative increase in the re- ceipts from passenger fare during the same time was still greater, being 29 per cout. The report states that 7 miles of the Road have been constructed with new iron and a large quantity of timber, &c. has been purchased for repairs. There were transported over the Road from Winchester to Harper's Ferry, during the year, 210.107bbla of Flour, and from the Potomse River to Winchester 8,616 tons merchandise, 2,803 tons of plaster, and 925 tons of coal. SALES REAL ESTATE. By A. J. Bleecker-House and tot 177 Broadway, 25x100 $55,100; lease of house and lot 90 Chambers-st. 82.530, lot 11 Morton st. 25x111, 82,800, house and lot 16 Burton-st 25x30, 85.000. By Hatirday & Muller.House and lot 79 Murray-st. 20x

6. February 1, 1848 The New York Herald New York, NY
Article from The New York Herald, February 1, 1848

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COMMERCIAL AFFAIRS. MONEY MARKET. Monday, Jan. 31-8 P. M. The stock market opened a litile heavy :this morning, and quotations fell off a fraction. At the first board Long Island declined 3/8 per cent; Farmers' Loan 1/4; Harlem 1): Norwich and Worcester 1/4; Resding Railroad 11/2; Pennsylvania 5's, went up 1/4; Vicksburg 14; United States 5's, 1/2; Morris Canal 1/2. At the second board Harlem closed at prices current in the morning, and Morris Canal advanced 3/8 per cent, with moderate sales. The steamship Acadia, from Liverpool for Beston. has been at sea nearly seventeen days, and will be due about Wednesday. She will bring fifteen days later intelligence from all parts of Europe. It is anticipated she will bring favorable accounts relative to commercial matters; and until they come to hand. there will be a lull in this market. The Manhattan Banking Company have this day declared a dividend of three per cent, payable on the 10th of February. The receivers of the Farmers' and Mechanics' Bank at New Brunswick, N. J., have declared a further dividend of twenty per cent upon the certificates of bills of that bank, payable on and after Tuesday next. The annexed statement exhibits the value of foreign and domestic merchandize exported from this port in the month of January, distinguishing the value of the shipments to each country:COMMERCE OF THE PORT OF NEW YORK-EXPORTS FOR JANUARY. 1848 Valu: of Value of

7. September 16, 1848 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 16, 1848

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COMIVERCIAL AND MONEY MATTERS For sales of Stocks, &c. see Fourth Page. FRIDAY, September 15-P.M Stocks continue heavy, with very moderate sales. There is no speculative feeling, without which there can be no activity in the stock market. Bills are quiet, and will remain so until Monday. Sterling as before-9@9 for best names. Francs are 5 25@5221. The market for Freights is downward, and en: gagements have been made at a decline on some articles. We notice 4,000 bbls Flour at 28 3d, 10,000 bush Grain at 7d in bulk, 800 to 1,000 bales Cotten at 5-32d @ 316d, and heavy freight at 25s@30s. To Ireland the rate is 11d@12d. There is no change in the Money market. Loans continue difficult to make on call below 7 per cent, and best names go at 10 12 per cent. Specie is coming in, although less freely than some time since; still the receipts are considerably in advance of the exports. Most of the arrivals are from the interior, but every immigrant ship brings considerable amounts. The only exports of consequence are to France, which are induced by the entire want of confidence in French affairs. Specie, in this state of things, goes both ways without regard to the balance of trade. We know one instance lately where $15,000. shipped to France, came back in the same packages to the same arty that shipped it. P. Spader and John Van Dyke, surviving Recoivers of the Farmers' and Mechanics Bank of New. Brunswick, N. have given notice that they will pay to holders of certificates, and other recognized claims against said Receivers, the principal due, with interest thereon, at the rate of 6 per cent per annnm, from the date of said certificates to the present date, upon presentment and surrender of said certificate at their office in the city of New-Brunswick. The receipts from passengers on the Western Railroad for the week ending Sept. 9 were over 817, 000, being the largest sum from that source in any week since the opening of the road. The receipts on the Madison and Indianapolis Railroad were: $15,634 22 August, 1848 1847 7,503 Increase (nearly 110 per cent.) $8,130 93 The Boston and Maine Railroad is in a highly prosperous condition, and the receipts in August of the present year exceeded those of last year, although there has been a reduction on the fares and freights since the 1st of July last. The annual meeting of the stockholders of the New Haven, Hartford and Springfield Railroad was held in Hartford on Tuesday. From the report of the Di. rectors it appears that the income of the road for the year ending Aug. 31, 1848, is as follows: $219,685 78 Passengers 125,077 09 Freight 85,450 08 Rents, wharfage, steamboats, mails, expresses. $430,212 95 Total Amount expended for operating and repairs of $145,688 59 road for same period 41,702 09 Interest on bonds and loans 187,390 68 Balance after deducting expenses and interest. $242,822.27 The receipts for passengers and freight for the year $216,811.74 ending Aug. 31, 1846, were 267,814 32 1847 344,762 87 1348 The increase of receipts from freight and passengers the past year exhibits a gain of $76,948 55. The number of passengers transported on the road the year end$287,773 ing Aug. 31, 1348, was In 1847 226,595 861,178 Increase The current expenses of the year have been kept within reasonable limits. The sum of $15,000 has been allowed for depreciation of engines and cars. The track has been maintained in a very perfect condition, and the principal bridges covered with metal and made as secure as practicable from fire. The number of miles run by the passenger and freight trains during the past year is 167,644; and during the year ending

8. September 16, 1848 The New York Herald New York, NY
Article from The New York Herald, September 16, 1848

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AFFAIRS. COMMERCIAL MONEY MARKET. 15-6 Sept. Friday, to come slight Quotations stocks have decline again yesterday, course after has the downward still. There of the steamer, but the have become much limit- re. ed, and arrival arrested, and the sales today, the sales were close prices been duced. At the the first same board, as ose current at the Bank, yesterday. & e Farmers and Mechanics' notice that they The receivers Brunswick, N. J., have given other recognized with of New to holders of certificates the principal due, will pay said receivers, of six per cent. per claims against at the rate to the preferent aninterest num, from thereon, the presentment date of said and certificates surrender Brunswick. of said certifiand date, upon in the city of New Hartford cate at their office, the New Haven, year ending The receipts Railroad of Company, 95, for against the $353,264 for the previous year; August Springfield 31, 1848, were $430,212 showing an increase of $76,948 Rail55, the year just closed. Madison and Indianapolis this year, The receipts of the month of August correspondwere road $15,634 Company, 22, for against the showing $7,503.29 an increase for the of $8,130 ing period in 1847; hundred and eight per cent. been equal to about one two there have city; Within the past week the or dry goods houses of some this nume- of rous among the jobbers, of the failures, principally in the city. Most been in oldest failures concerns among which have including not opera- how- the a are new houses, years, and have, upon We of ever, tion more than capital. two done or three a very large the jobbing business. houses no dcubt but that scores have for sometime at present, and The system of have this been, moderate city are condition. of merchanis, doing past not is in an practised insolvent among that class five of and it is business, as to ruin three out of every take place in every the such that such changes through years among by the few of the city impossible to section astonishing it them. is almost occupied In passing familiar dry recog- goods to us jobbing houses, of single concern, to be connize the name a A revolution appears and few, very few years previous. on among these houses, fortunes. The with even clean sweep, retire 1837 made nearly a into existence tinually few, of going moderate brought and revul- short hun- the sion made since have flutter on the surface of in dreds changes of houses, sink, which and are never creditors, more heard for a brief the them in view, till another lot. The and have already stated, in altogether, period, time, commercial and keep then world give place a few to they finally the disappear system con- first is, we obtained, of cause credits of this adopted, competition as the small in profits trade, amount and the anxiety of busisequence of the eclipse each other in the to the amount in ness exhibited transacted. to More attention than to is paid the quality looking of the payment, and of sales made each day, and it is only when classifypaper received contents of their pocket the books, dull season of the bills receivable, of their position, or that their they assets. have any This reekless, great cause deperate of way, failures doing business, the is dry the goods jobbing houses year, ing over value their the of among first during idea so many of this the of praccity. The second is, the extravagant member of mode every of firm living are doing com- an tised by nearly every Some of these concerns four partners, active business. many instances, five thouof three, and, in rate of from three to yearly exall posed of whom live at annum, the which, with the makes an ansand dollars of their per business establishment, to thirty thousand nual aggregate large of sum must be what derived capital from they lars. pences This drawn from twenty from and, from the profit. com what dol of the concern, or from their creditors; is in a majority the last as it may appear, the cases expenditure adopted. As is kept up and for the years, profits of has all been lost, fraction; until, down to the creditors menced we original rate of have seen, capital with, the smallest strange named method do after finally, not have this get dwindled explosion takes place, dollar. and This criminal extrava- will the an first cent on commercial the classes of and this keeps city, up gance the among list of the bankrupts which every we year, have noticed for years in swell that continual among change the mercantile community gene- Eumany of the suspensions which shown took that place members In within the past year, houses had, for a at living and that rally. rope, some insolvent it thirty long would thou- time, of several of the the rate of twenty-five their and assets case been Fand dollars per annum, sixpence on the pound. appeared In that the each Co., of rate of fifteen lived at the their creditors is sterling per on the pound for of pay of pounds partner Cockerell their had creditors annum, Calcutta, and it result their thousand failures claims. ceived but about sixpence a fair example of radical the change takes doing and of credits, in in the in the of living, there will be business, place This generally, in the system merchants, unless style some generally, and the and system no stability personal of no so in expenses of mercantile houses, has become permanency matters. in The disease to find a healthy commercial that it will be very the remedy difficult but, when fairly It is time general point to apply will soon be removed. curseupon in starting operation, something the danger was done to remove this the for the full community amount of railway calls in Great £2,287 Britain amount which month The ofSeptember this foreign companies. corresponding This only £66,000 are below for the calls for the the monthly ave The £600,000. is month £1,600,000 in 1847, and £185,764 foreign below calls in the month of September, rage in annexed 1847. 1847, statement amounted exhibits to from the the principal interior, arti- for The received at New Orleans, 1st, 1848, showing also the ag- the to the eles year price ending of September each article with previous at that port, years, and according of tha average gregate returns value, made compared out by the prices current AND VALUE QUANTITY Articles. city OF NEW ORLEANS- THE INTERIOR. Value. 39,518 COMMERCE OF IMPORTS FROM Amount. Average. $118,554 32 00 28,909 benels and casks 16,210 Bseen, App assorted, bhds. boxes $24,200 45 00 18,539 834,250 Baccn, assorted and Herces. 15,245 381,140 13 00 Bacon Bacon, hame, bulk, pounds 1,009,860 Bagging, goils 10 00 74,325 743,250 20.485 51,213 45,213 226,065 Beans, firkins 20 Butter, kegs and 1,156 23.120 barrels. 693 27,920 Butter. Recewax, barrels 35,598 284.784 Beef, barrels 14 14,662 tietces 205,268 keef, 56,100 Beef dried, pounds

9. August 4, 1849 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 4, 1849

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Farmers' and Mechanics' Bank, &c. Correspondence of The Tribune. New-BRUUSWICK Aug. 2, 1849 DEAR SIR -In your paper of this morning there appears a communication in relation to the Farmers' and Mechanics' Bank of this city, purporting to be from an Old Stockholder and citizen of New.Brunswick," and deeming a shortstatement of the cause of the former failure of the institution, and the reason which influenced the Legislature of this State to restore its corporate rights and privileges, the best answer to the many false state. ments contained in the communication referred to, I trust that you will give it an insertion. Many of your readers will probably recollect that Abraham Saydam, who was murdered in this city in 1840, was at the time of his death President of the Bank. Mr. Saydam was extensively engaged in land speculation and as it was some ten days after his death before his body was discov. ered, sundry rumors that be had absconded and gone to England gained currency, and as it was inferred that he was largely indebted to the Bank, a run was the consequence. After redeeming a large amount of the paper, upon the application of several persons here the Chancellor granted an injunction, and appointed Mesars. Peter Spader, John Van Dyke and David W. Vail, Receivers, and ordered that all persons holding the notes of the Bank should present them and receive certificates within six months from the date of the publication of the notice, and after the expiration of which period, upon the application of the Receiv. ere, the Chancelior extended the time for the presentation of notes three months longer. The certificates were paid in full, with interest the fees of the Receivers and the expenses paid in the Court of Chancery amounted to upward of $13,000, leaving about 85,000 in the hands of the Receivers which belonged to the Stockholders, although not a little of the property of the Bank was sacrificed in order to procure cash with as little delay as possible. It is true that there was CON. siderable delay, but it was caused by suits against the Receivers. which they finally compromised. In view of all these circumstances. and the belief in the minds of this community that another Bank was needed here, the application was made to the Legislature for a restoration of the corporate rights and privileges of the Bank, which was granted, after the imposition of further restrictions. At least three fourths of the business men of this city signed the application-most of them customers and some of them stockholders in the State Bank, and who, in my opinion, are quite as able to judge of the wants of this community as the author of the communication referred to. The Bank cannot commence business until the has been in that the bona State officers fide proclaims swear stockholders, that $50,000 and law the has, Governor in all paid respects, of the by been complied with. Those who know the Board of Directors and officers are, I think, satisfied that the Bank will not go into operation until the money has been paid in, and the Bank prepared to do business for the accommodation of our own citizens, and not residents in other States. Hon. John Van Dyke is President, and Messra. George H. Stout, Benjamin D Siette, Heary H. Schenck. D. Fitz Randolph, Robert Miller, John Remer, William T. Runk, Abraham V. Schenck, Dr.A.D. Newell and John Doty, Directors-all gentlemen of unblemished reputation, and some of them well known to the public. Yours, very respectfully, S. E. B.

10. March 29, 1850 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 29, 1850

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The tunnage was 72,980; 49,650; and 48,702; showing an aggregate of 171,332 tuns. The half-yearly interest on the six per cent, Bonds, issued by the City of Cleveland to the Cleveland, Columbus and Cincinnati Railroad Company, falling due the first day of April next, will be paid at the office of Wiman, Lanier & Co. 52 Wall-st. on and after that day. A work just published by the officers of the Philadelphia Mint gives the following table of the value of the private coins now in circulation: Bechtler's coins of North-Carolina- Five dollar pieces $4 94 One dollar piece 95@97c California Coins- Half Eagle "N. G. & A" San Francisco, (variable) $4 8524 954 Five dollar piece, Oregon Exchange Go... 4 82 Ten doliar piece, Miners' Bank, San Francisco. 9 6629 92 Ten dollar pieces, Moffatt & Co 9 7829 98 The annexed communication from New-Jersey gives us some information in regard to a new shinplaster movement which will bear watching: The speculative movement at the present time in Real Estate and Stocks may be attributable in some degree to the ease in the Money market, which is assisted by the issues of Shinplaster Banks. Some financiers are making an effort to galvanize the Farmers' and Mechanics' Bank of New-Brunswick, which was enjoined by the Chancellor of New-Jersey some years since, and notwithstanding its small assets were in the hands of receivers, and paid a small dividend, the Legislature of New-Jersey, in 1849, passed an act to revive the charter. This act was based upon the idea that the stock should be paid up before the Bank should again commence operations. But I understand the financiers who have this institution in charge have been making an effort for some time past to go ahead without filling up the stock. It therefore behoves the public to keep an eye upon this concern. R. The State Bank of Newark has declared a dividend of $i per cent. for the last six months.