14243. Mechanics Bank (Paterson, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 31, 1834
Location
Paterson, New Jersey (40.917, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
df7adf7f

Response Measures

None

Description

Multiple contemporaneous newspaper notices (May 31, 1834 reports) state the Mechanics' Bank at Paterson, NJ closed its doors and suspended specie payments. Articles do not describe a depositor run, nor do they report a reopening. The bank appears to have suspended on or about 1834-05-31; permanence of closure is not explicitly stated in these snippets, but no reopening is mentioned. I classify cause as bank-specific adverse information (internal weakness/immaturity) based on the article's comment that the bank was recently incorporated and 'from the want of age, or something else, has tottered very much.'

Events (1)

1. May 31, 1834 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Newly incorporated bank; article says 'from the want of age, or something else, has tottered very much in its movements for some months past,' implying internal weakness or mismanagement led to suspension.
Newspaper Excerpt
The Mechanics' Bank, at Patterson, N. Jersey, stopped payment, and closed its doors on Friday last. ... The Mechanics' Bank at Paterson, N. J., closed its doors yesterday, at 12 o'clock, ... a notice, signed by the Cashier, announcing that the Bank had suspended specie payments.
Source
newspapers

Newspaper Articles (3)

Article from Herald of the Times, June 5, 1834

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Article Text

# Items. Connecticut. -The school fund of Connecticut now amounts to $1,929,738 60. U. S. Revenue.--The U. S. Revenue for the first quarter of the year 1834, is $1,895,000 less than in the first quarter of 1824. The New-York Courier says-A private letter to a friend of ours, estimates the number of persons killed at Lyons at 1200; 500 in one church, 300 in another, and the remainder believed to amount to 400. In New-York, two young men arrested for causing disturbance in the Methodist Episcopal Church, in Allen-street, were fined $5 each. Among the Orators at the recent Anti-Slavery Convention in Boston, we notice the name of the Rev. Mr. Choules, late of this town. The Kentucky Giant is showing himself in Providence. He now weighs about six hundred pounds. Thirty Thousand Extra Copies of the Bank In-vestigating Committee's Report, and that of the Minority, has been ordered to be printed, by the House of Representatives. The Legislature of Connecticut have passed a string of Resolutions disapproving of the removal of the Deposites, &c. by a large majority. The extreme pressure on the money market, which has been intermitted for some weeks, is again in full force in Boston. Locusts. The Locusts have made their appearance at the south, in great numbers. A woman was frozen to death in Schoharie, co. N. Y., on Thursday, 15th May inst. She was going from one dwelling to another, during the snow storm, became chilled, stopped on the road, and perished! The passengers in the stage, passing through the same country, were frequently invited to turn out, and help the driver get through the snow drifts. A Letter from Baltimore says "Gen. Jackson avowed to a friend on Saturday, that NOTHING should induce him to consent to ANY BANK; and that he should run for a third-term, rather than risk the establishment of ANY during his life.-Phil. Inq. There are in the whole world, 126 Institutions in which deaf mutes are instructed. The oldest was established in Paris in 1760. There are six in the U. S.; the first was established in Hartford, in 1816. Ex-President Madison, has recently been very dangerously ill, but at the last accounts he was gradually recovering. The assessment valuation of the whole amount of property in the city of Washington, real and personal, at the close of the last year, was within a fraction of eight millions of dollars. The Mechanics' Bank, at Patterson, N. Jersey, stopped payment, and closed its doors on Friday last. We are informed, says the Mercantile Advertiser, that there are not more than seventeen thousand dollars of its bills, in circulation. Mr. Stone, the accomplished author of Metamora, was found drowned at Philadelphia, on Tuesday of last week. He was in a state of mental alienation from intense study. We noticed by the Baltimore papers, the death of master commandant Wm. L. Gordon, of the U. S. Navy. His funeral took place on Tuesday, of last week, with naval and military honors. It is proposed to nominate Gulian C. Verplanck, for Governor, at the approaching election in New York. Mr. speaker Stevenson, resigned his seat in Congress on Monday last. It is said there are a number of candidates for the speaker's chair. At Elmira, N. Y. the Whig town officers have been elected by a majority of 26-last year, the Jackson ticket was elected by a majority of 300. Good. It is said that Mr. Cooper is now engaged upon a work which will probably be entitled "A comparative View of France and the U. States. The Senate did not act upon the Resolution from the House of Representatives, fixing a day for the Adjournment of Congress, on Friday last.


Article from Richmond Enquirer, June 6, 1834

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the day specified by charter for the Annual Meeting of the Stockholders of the Chdsapeake and Ohio Canal Company, they assembled at the City Hall at 12 o'clock. M. A large majority of the Stock of the Company was represented. General John P. Van Ness (Mayor,) resappointed Chairman, and John P. Ingle, Secretary of the Meeting. According to a standing order of the Stockholders, the Chairman appointed the following gentlemen the "General Committee" to investigate the accounts and affairs of the Company: Elias Kane. B. S Forrest, Charles J Foulkner, C. W. Coldsborough, Edmund I. Lee, Samuel M'Kenny, Richard S. Cox, George Bender, Hugh C Smith, William S. Nicholls, William A. Bradley, Thomas Carbery. The President of the Company then presented the Sixth Annual Report of the President and Directors to the Storkholders, which after being read, was referred to the General Committee." George C. Washington and Thomas W. Pairo were appointed a Committee to examine the proxies which may be presented at the meeting. The meeting then adjourned until 11 o'clock A. M. on Monday, the 16 h instant.-Not. Int. Perhaps it is due to Mr. Archer, the respected Chairman of the Committee of Foreign Relations in the House of Representatives, to state, that the report of his remarks on Diplomatic Missions, published in this Journal some daysago, were not submitted to his revision; which may serve to account for some errors in names and amounts of trade, which one familiar with the subject, would readily correct in reading.--Ib NEW LoCOMOTIVE-W have the gratification to state, upon the authority of letters received here. that Mr. Edward A. G. Young, (son of Cept. Edward L. Young, of this place.) has succeeded in constructing an entire new Locomotive, for the New Castle and French Town Road, which has exceeded the most sangn ne expectations of his friends, and drawn from some not before friendly to him, an acknowledgement that she is a master piece of Ma. chinery. On the first trial of this engine, and when it is known all machinery is a little stiff, until the parts become nicely ad. justed by attrition, without any head-way being given to her, she ascended the inclined plane at French Town, (the grade of wich is 42 feet to the mi'e) with a load of Tons, at the rate of 12 miles per hour. It is really a source of great pleasure to 09 to notice such evidences of native talent, persevering industry,leading to results so useful to Society.--Norfulk Beacon. SMALL Pox.-We have again the gratification of 80 nouncing that n e new case of Small Pox has occurred in this place. Of the patients at the Hospital, (seven in num. ber,)not one has died, some are nearly convalescent, and all are improving and in a lair way of recovery. We may venture to assure our country friends, who have been ciently vaccinated. that no dangerse now be apprehended in visiting this place - Lynehburg Virginian. The ernise of the U.S. frigate Potomac. whose arrival was announced a few days ago, was probably as active and extended as any that was ever performed in the fame pe riod of time. 11 commenced on the 26th August, 1831. and terminated on the 23d May, 1834. A letter from Captain Downes to the Navy Department, says " During the cruise of the Potemac. she has touched at Rio de Janeiro twice; Cape of Good Hope, Quallah Bal. too, and Sooson, Coa-tof Sumatra: Bantam Bay and Bata. via, Island of Java; Maeso and Linoon, China; Sandwich and Society Islands; Valparai-o three times; Calino the same; Coquimbo, Galapagos Islands, and Puna, Bay of Goayaquil : boarded while on her station in the Pacific. seventy-one American vessels, amounting to upwards of eighteen thousand tons of shipping, and manned by more than eleven hundred men; has failed oversixly one thousand miles, and been at sea five hundred and fourteendays and during this time, and in sailing this distance, through every climate. in her voyage around the world, all hands have never been called out but once, at night, and that, three days out from New York; nor has she had a spar carried away, or lost a 11141 by casualty, or had one seriously injured. NEW YORK, May 31.- The Mechanics' Bank at Pa. terson, N. J., closed 10 doors yesterday, at 12 o' lock, and for the information of those who came krocking for ail. mistance. pos'ed on the door a notice, signed by the Cashannouncing that the Bank had suspended specie payments This Bank was is corporated but a year or two ago, and from the want of age, or something else, has lottered very much in its movements for some months past. -Journ. Com. The Colonization Society of New York have resolved to raise the of two thousand dollars, and place the same at the disposal of the parents towards farnishing he supplies now " gendly required in the Colony of Liberta, and which are to be shipped, if the means of purchasing them can be obtained. by the Jupiler, which is to sail again for Africa in about a week. CHARLESTON. May 30. From Malanzas.- The brig Marion, Capt. Croff, ar. rived at this port yesterday. in a very short run from Marion Mafanzas. having left that port on Sunday last. The has only been absent from this port fourteen days, SEVEN of which she lay in the port of Matanzas. By this arrival, we received a file of papers to Saturday last, inclusive, and the following letter from our attentive correspondent: MATANZAS, May 24.-The demand for all description of island produce yet continues; our sto k of Sugars is considerable, and prices may decline a trifle, a very small portion has gone to the United States this season, and if the demand there should revive, prices may possibly be maintained. As usual at this season of the year, Brown Sugars are much sought for."


Article from Richmond Enquirer, June 6, 1834

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NEW YORK, May 31. - The Mechanics' Bank at Pa. terson, N. J., closed its doors yesterday, at 12 o'clock, and for the information of those who came krocking for nit. mistaner, pos'ed on the door a notice, signed by the Cashier. announcing that the Bank had suspended specie payments This Bank was is corporated but a year or two ago, and from the want of age, or something else, has lottered very much in its movements for some months past. - Journ. Com.