14147. State Bank (New Brunswick, NJ)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1857
Location
New Brunswick, New Jersey (40.486, -74.452)

Metadata

Model
gpt-5-mini
Short Digest
235f66aa

Response Measures

None

Description

Contemporary reports (Oct 1857) said the State Bank at New Brunswick suspended but resumed almost immediately. Other dispatches called the suspension report untrue and said the bank had redeemed its bills and was sound. No run or depositor panic is described — this appears to be a brief/erroneous suspension report or momentary suspension followed by immediate resumption.

Events (2)

1. October 1, 1857 Reopening
Newspaper Excerpt
The State Bank at New Brunswick ... resumed almost immediately, and none others are now likely to go down. / report ... that the State Bank at New Brunswick, N. J., had suspended, is untrue. This is one of the oldest banks in the State, has already redeemed its bills ... and is as sound as any bank in the country.
Source
newspapers
2. October 1, 1857 Suspension
Cause
Rumor Or Misinformation
Cause Details
Contemporaneous reports claimed the bank suspended, but follow-up dispatches call the report untrue; appears to be an erroneous or short-lived suspension report rather than substantive insolvency.
Newspaper Excerpt
The State Bank at New Brunswick and the Bergen County Bank, the only two which suspended, resumed almost immediately
Source
newspapers

Newspaper Articles (4)

Article from New-York Daily Tribune, October 3, 1857

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Article Text

The London Times of Sept. 18 says: Money in the Stock Exchange to-day was not in excessive demand. and the rate was ₽ cent, but in the discount ma and at the Bank the inquiry was very active. A transaction took place in Bank stock after the half-yearly meeting at 218 with dividend. India stock was quoted at 210 to 212; India Bopds, 23 to 16 discount; and Exchequer bills, 7 to 3 dis. COULT. In the foreign stock market the transactions have been limited The closing prices of the French Three p Cente on the Paris Bourse this evening failed to arrive, but some transactions took place shortly after the opening at 66f. 50c. for the end of the month, showing continued flatness. At the same time Credit Mobilier shares were quoted 710f-a further decline of 40f. The position of the Bank of France does not improve, and they have lost bullion during the past week. At Vienna the market remains without recovery, but at Hamburg there is less pressure, the rate of discount having receded to 5 p cent. The half-yearly Court of the Proprietors of the Bank of England was held to day, the Governor, Mr. Sheffield Neave, in the chair. The dividend recommended was 5A P cent. free of income tax. The profits for the half year have been £775,650, making the total rest" on the S1st of August £3,840,625, which after payment of the proposed distribution, will stand at £3,040,210 As the dividedd is larger than for the previous half year. a ballot for its confirmation will be necessary. The London Daily News says: The demand for money in the discount market and at the Bank was to-day brisk, but not excessive. Full rates are ex. acted. The value of money in many parts of the Continent is rising. Following the movement of the Bank of Amsterdam, the Bank of Munich has raised its rate of discount to 5) P cent, and an advance is apprehended at Vienna and Frankfort. The London Shipping and Mercantile Gazette of the evening of the same day remarks: The inquiry for money increases. This is partly accounted for by the amount of bills under discount, for the purpose of shipping gold to the Continent in payment of silver, which operation is absorbing nearly all the recent supplies, and already about half or more has been so bought up." The London Daily News, in noticing the business the previous day, says: A considerable amount of business was again done to day in Illipois Central Railroad shares at a further advance. Transactions took place from 4 to 5th premium, and the closing quota tion was to 5 premium. The Company's bonds. 1875, which three days ago were quoted at 30 to 82 cum div., closed to-day at 30 to 82 ex div., showing an improvement of sp cent." A large number of the leading capitalists of St. Louis have guaranteed the deposits in the house of Jas. H. Lucas & Co, and of Rennick & Peterson. The Galena Gazette learns that arrangements are about being made by which the Rock River Bank of that city will resume its business immediately. The Bank of Fredericksburg has suspended specie payments, except in small sums to meet the actual wants of customers. In Richmond the notes of all independent Banks are thrown out. The Presidents of the several Banks in Alexandria recommend to their respective Boards an immediate suspension of specie payments. The Merchants' and Mechanics' Northwestern Bank of Wheeling, and Manufacturers and Farmers' Bank of Wheeling, in accordance with a wish of the citizens, suspended, but not before a run from the brokers and bankers from abroad. The Winebester suspended in consequence of the brokers of Baltimore demanding coin for a large amount of notes, instead of receiving checks as heretofore on Baltimore Banks. The Bank of Beverley, at Martineburg, has suspended. Says The Richmond Whig, Oct. 1: The Banks are steadfastly adhering to the position assumed by them several days since. There was no run ou the Banks here yesterday, and the feeling in the community is evidently more buoyant. The Enquirer also says: The fact is, no one here entertains the least idea that the Banks of Richmond will have occasion to suspend specie pay. ments They are strong, have the entire confidence of the com. munity. and they are doing everything to smooth the troubled waters." Gold in Baltimore has fallen to 2 ₽ cent premium. Exchange on the North, 4 ₽ cent premium. The Jersey City Sentinel says: There is not a single New Jersey bank at present in a state of suspension. The State Bank at New Brunswick and the Bergen County Bank, the only two which suspended, resamed almost immediately, and none others are now likely to go down." Relative to the failure of E. J. Tinkham & Co., The Chicago Press remarks: The cause of the suspension is the fact that . large amount of


Article from The Daily Dispatch, October 5, 1857

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Article Text

NEW JERSEY. The Jersey City Sentinel says:"There is not a single New Jersey Bank at present in a state of suspension. The State Bank at New Brunswick and the Bergen County Bank. the only two which suspended, resumed almost immediately, and none others are now likely to go down."


Article from Holmes County Republican, October 8, 1857

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Article Text

New Jersey Banks. The Jersey City Sentinel of the Istsays: There is not a single New Jersey Bank at present in a state of suspension. The State Bank at New Brunswick and the Bergen County Bank, the only two which suspended, resumed almost immediately, and none others are likely to go down.


Article from The Daily Gate City, October 13, 1857

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Article Text

Bank Items. The N. Y. Tribune of the 6th says: The Bank of Lima and the Thompson (Ct) Bank are again received. The Banks thrown out to-day are the Bank of Central New York, Utica; the Oneida Central Bank, Rome; and the Worthington Bank-all this State. The report originating with the New Jersey Sentinel, that the State Bank at New Brunswick, N. J., had suspended, is untrue. This is one of the oldest banks in the State, has already redeemed its bills in this city, and, we are assured, is as sound as any bank in the country. The Exchange Bank of Lockport has not suspended, and the Traveler says that the notes of the Bass River Bank are redeemed at the Suffolk Bank. The Jersey City Sentinel of Oct. 20, says: "There is not a single New Jersey bank at present in a state of suspension. The State Bank at New Brunswick, and the Bergen County Bank, the only two which suspended, resumed almost immediately, and none others are now likely to go down." The following is a list of the Virginia independent banks which have suspended: Monticello Bank, Charlottesville; Bank of Commerce, Fredericksburg; Valiey Bank, Charlestown: all in Winchester, Staunton and Alexandria, and Manufacturers' & Mechanics' Bank in Wheeling; Bank of Berkely, Martinsburg; the Bank at Howardsville, and Bank at Rockingham, Harrisonburg. The Peninsular Bank of Detroit was enjoined on the 29th. The charter requires that its securities, which are United States and State stocks, shall be kept in market valuation at a certain rate with the issue of the bills. Michigan State stocks having fallen to 75 cents, the State Treasurer required the surrender of $40,000 of the circulating notes, which the bank refused. The Attorney General, as authorized by the Revised Statutes, filed a bill in chancery, and obtained an injunction against the bank. VIRGINIA POLITICS. The Richmond Enquirer states that Gov. Wise is not a candidate for the United States Senate in opposition to Senator Hunter. It sustains this assertion by submitting sundry reasons why Gov. Wise should not enter upon such a canvass. He is a condidate for the Presidency in 1860, and a contest with Senator Hunter, whether successful or not, could not fail to weaken his prospects by arraying against him strength which he will need in his support. Mr. Hunter's re-election, it is urged, with Gov. Wise's co-operation, will "by no means injure the Presidential prospects of the latter."