14265. Commercial Bank (Perth Amboy, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 8, 1854
Location
Perth Amboy, New Jersey (40.507, -74.265)

Metadata

Model
gpt-5-mini
Short Digest
d6839a7c

Response Measures

None

Description

Newspaper excerpts refer to the bank being in the hands of receivers and paying receivers' dividends (June 1854) and being wound up (1855). No contemporaneous run is described. Receivers were appointed by the Chancellor, indicating a court/government action leading to suspension and permanent closure.

Events (3)
1. June 8, 1854 Receivership
Newspaper Excerpt
The receiver's dividend of the Commercial Bank, Perth Amboy, is thirty per cent.
Source
newspapers
2. June 1, 1855 Other
Newspaper Excerpt
the Chancellor and his receivers in winding up the Commercial Bank, Perth Amboy, and People's Bank, Patterson.
Source
newspapers
3. * Suspension
Cause
Government Action
Cause Details
Bank placed in receivership by the Chancellor (court-appointed receivers) and wound up; payments being made by receivers rather than normal operations.
Newspaper Excerpt
the Chancellor and his receivers in winding up the Commercial Bank, Perth Amboy
Source
newspapers

Newspaper Articles (3)
1. June 8, 1854 The New York Herald New York, NY
Article from The New York Herald, June 8, 1854

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Article Text

any one that the company is earning a grint deal of money. Coal sent down-May 29, 1,134 tons; 30th, 1,147 do.; 31st, 1,310 do.; June 1, 1,134 do.; 2d, 1,085 do.; 3d, 1,306 do. Total, 7,116 tons-the largest amount over sent forward in a single week, and is an average of 1,186 tons per day. This company is certainly Yast making good its promises as to the production of their mines. The President gives satisfaction to the stockholders, and by his energy and activity is appreciating the value of the property and the value of the stock. The directors chosen on the 5th constitute a strong board of management. The second instalment, of $300,000, of the loan negotiated by the Delaware and Hudson Canal Company last fall, as paid on the Istinst. At the second board the market was very well sustained, with but moderate sales. The arrival of the steamship Arctic, from Liverpool, was announced at an early hour, but, as she brings but one day's later intelligence, it had no visible effect on the markets. The advance in consols to 901/4 a 90% must give greater buoyancy to operations at our Stock Exchange. A. H. Nicolay's semi-weekly auction sale of stocks and bonds will take place, as usual, to-morrow, (Thursday,) at half-past twelve o'clock, at the Merchants' Exchange. The Citizens' Fire Insurance Company has declared a dividend of ten per cent; the Commercial Fire Insurance Company, four per cent. The Shawmut Bank, Boston, has declared an extra dividend of eight per cent, from the surplus profits, payable June 28. The capital stock has been increased $250,000, payable at the same time, and every holder of two old shares is entitled to one new share at par. The receiver's dividend of the Commercial Bank, Perth Amboy, is thirty per cent. The receipts at the office of the Assistant Treasurer at the port of New York, this day-June 7-were $66,212 67; the payments amounted to $54,083 63-leaving a balance on hand of $8,790,721 73. The warrants entered on the books at the Treasury Department, Washington, on Monday, the 5th inst., were:For the redemption of stocks $16,315 48 For the payment of other treasury debts 6,282 12 300 00 For funding under the act of Jan. 28, 1854 365 70 For the War Department For the Navy Department 29,402 00 For the Interior Department 17,569 71 For entering upon the books by appropriation warrants under the act of May 31, 1854For the War Department 74,586 61 For the Navy Department 103,902 77 For the Interior Départment 286,450 00 The Manchester and Lawrence ailroad Company have declared a dividend of $3.50 for six months. The Merrimack Manufacturing Company of Lowell have also declared a dividend of 6 per cent. The earnings of the Oswego and Syracuse Railroad Company, from passengers, for the five months ending $23,508 42 the 1st inst., were Same time in '53 17,814 92 Increase 32 per cent $5,693 51 The total freight earnings for the same time in 1854, were $9,158 97 Same months in '53. 4,690 90 Increase 95 per cent $4,468 07 We doubt :# there iss reed in the ut that will

2. June 8, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 8, 1854

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Article Text

The election of Directors of the Parker Vein Coal Company for the ensuing year, which was to have taken place to-day at Cumberland, has been postponed till Friday. Atlantic Mills Manufacturing Co., (Lawrence,) four per cent., payable June 8. The Receivers dividend of the Commercial Bank, Perth Amboy, is thirty, not forty per cent. The Boston Money market is more active, especially for demand loans, which command from 10@12 per cent. without much trouble on the part of lenders. For paper the rates are easier, and there are but few applications in the street on the best names. The minimum discount quotations are from 9@10 per cent. The Shawmut Bank, Boston, have declared an extra dividend of 8 per cent., from the surplus profits, payable June 28. The capital stock has been increased $250,000, payable at the same time, and every holder of two old shares is entitled to one new share at par. In the Supreme Court, at Boston, on Tuesday, a hearing was commenced before Judge Shaw, in the case of the Boston and Providence Railroad Company, petitioners for an injunction to restrain the New York Central Railroad Company, from Boston to New-York, which company they allege, in locating their road between Boston and Dedham, have departed from the route assigned to them, to the injury of the petitioners. The Boston Traveller states that the work of preparing the road bed of the Central road through South Boston, is proceeding with all possible dispatch. The bridging of Roxbury Bay is commenced, and a portion of the necessary piles are already driven. The Canal Board is now in session at Albany. Among the business to come before it is the letting of the contracts of enlargement on the Erie Canal, and the regulation of the tolls on the Oneida Lake and river route, 80 as to equalize them with the direct route to Oswego. The Commissioners have extended the time for accepting proposals for the Canal loan of $1,000,000 to noon, the 22d inst. Exchange has fallen at New-Orleans. The Price Current of 31st May says: "The demand for bills on England, although fair, has been by no means as active as when last noticed. The offerings, though ample for the inquiry, are not large, yet the market closed yesterday very quietly. Prices have ruled without material alteration except from drafts with bills of lading attached, which are a shade easier. Bills on France have been offering much more freely, and with a moderate demand, prices have given way. The sales yesterday show a decline on previous prices of fully 1@1} P cent. Both time and sight drafts on the North are plenty and very dull of sale, and prices have again given way. The offerings are heavy, and the inquiry for out of door bills very moderate. "We quote Sterling 84@82 for bills with shipping documents attached, and 9@91 and 9% P cent. prem. for good to A 1 signatures. Francs 5.121 @5.171 P dollar. Small sums 5.73@5.10 P dollar. New-York and Boston 60 days, 12@24 P cent. dis. Sight funds 1@| P cent. prem."

3. June 1, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 1, 1855

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Article Text

Simeon Draper's regular semi-weekly auction sale of Stocks and Bonds will take place to-morrow, at 12} o'clock, at the Merchants' Exchange. The Hon. R. M. Smith, State Treasurer of NewJersey, has declared a dividend of 90 cents on the Wheat Growers' Bank Notes of Newton, and 65 cents on the Merchants' Bank of Bridgeton; he gives cer tificates for the balance, which we are assured will be paid at an early day with interest. The efficient course of the State Treasurer contrasts favorably with the course pursued by the Chancellor and his receivers in winding up the Commercial Bank, Perth Amboy, and People's Bank, Patterson. The Amboy Bank receivers have made two dividends after a lapse of four years, retaining many valuable assets in their hands. The receivers of the People's Bank, Patterson, have made but one dividend of 15 cents, which was paid three years ago; since then they have received upward of $30,000, which they have thus far withheld from the creditors of the Bank, out of which we presume the three receivers will draw their salaries or the whole time for their valuable services. The receivers of these broken Banks are appointed by the Chancellor, who should for his own honor compel them to pay over all the funds in their hands, to whoever it is justly due. The export of Dry Goods to the United States from Liverpool for the six months ending 30th April, have been: