14336. Somerset County Bank (Somerville, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 16, 1894
Location
Somerville, New Jersey (40.574, -74.610)

Metadata

Model
gpt-5-mini
Short Digest
f1cbd4b8

Response Measures

None

Description

The articles consistently state the bank is defunct and in the hands of a receiver (Dec 16, 1894) and later a permanent receiver is appointed (Dec 23, 1895). There is no mention of a depositor run or a temporary suspension followed by reopening. The episode is therefore classified as a suspension/closure (bank closed and in receivership). Bank type inferred as 'state' from the county bank naming convention; no explicit 'National' or 'Trust' in name.

Events (4)
1. December 16, 1894 Receivership
Newspaper Excerpt
Somerville, N. J., Dec. 16. The stockholders of the Somerset County Bank, which is now in the hands of a receiver, held a meeting yesterday ...
Source
newspapers
2. July 19, 1895 Other
Newspaper Excerpt
Receiver Sues the Directors of the Somerest Bank. ... instituted proceedings ... to make good to the creditors of the bank the amount of uncollectable notes due the bank ... the notes are those of J. N. Pidcock ... which on his failure caused the failure of the bank.
Source
newspapers
3. July 25, 1895 Other
Newspaper Excerpt
BANK DIRECTORS PROSECUTED. ... summons on Calvin Corle, Alvah A. Clark, James N. Pidcock, John B. Voorhees ... directors of the defunct Somerset County Bank, to defend themselves against the action of a large number of stockholders ... alleged gross mismanagement of the bank's affairs.
Source
newspapers
4. December 23, 1895 Receivership
Newspaper Excerpt
RECEIVER FOR A BANK. Mr. George H. Vanderveer of Somerville was this morning appointed permanent receiver of the Somerset County Bank and his bonds were fixed at $30,000. All the creditors of the insolvent institution have been paid off excepting the stockholders ...
Source
newspapers

Newspaper Articles (10)
1. December 17, 1894 New-York Tribune New York, NY
Article from New-York Tribune, December 17, 1894

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Article Text

WILL SUE THE BANK'S DIRECTORS. Somerville, N. J., Dec. 16. The stockholders of the Somerset County Bank, which is now in the hands of a receiver, held a meeting yesterday and voted to bring suit against the directors of the bank who served in 1892 and 1893. The suit will be an endeavor to recover $33,000. R. V. Lindabury, counsel for the stockholders, advised this step, holding that the directors were responsible to that extent for the losses sustained through alleged loose management. The directors against whom the suits are to be aimed include ex-Congressman Pidcock, ex-Congressman Alvah Clark, ex-Senator W. J. Keys and other prominent men of this section.

2. March 12, 1895 The Jersey City News Jersey City, NJ
Article from The Jersey City News, March 12, 1895

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Article Text

EX-CONGRESSMAN PIDCOOK'S FIX Chancellor McGill's Order for Contempt Proceedings. Special to the Jerscy City News. TRENTON. March 12, 1895.-Chancellor McGill yesterday granted an order that James N. Pidcock. formerly a prominent Democratic politician of Hunterdon county, show cause before him why he should not be attached for contempt of court in having violated an injunction of the Court of Chancery, restraining him from transferring or in any manner whatsoever disposing of his property, chattels and securities. The proceedings in question were instituted by William Y. Johnson, receiver of the Somerset County Bank. at Somerville, who alleges that Pidcock obtained a judgment in the Supreme Court against the executors of John G. Vermilye amounting to $1,015 and costs, and that Pidcock assigned the same over to his two sons, John F. and James Jr., for the consideration of one dollar. About a year ago Receiver Johnson commenced proceedings to compel Pidcock, who is heavily indebted to the bank, to make discovery of his property, and an injunction was issued at that time restraining him from disposing, transferring or assigning any property or securities in his possession, which order it is claimed he has violated. The rule is returnable at the State House on Tuesday next. A bill was also filed by Receiver Johnson upon which an injunction issued, restraining the executors of Vermilye from paying, or the Pidcocks from accepting. the sum due on the said judgment.

3. July 19, 1895 The Jersey City News Jersey City, NJ
Article from The Jersey City News, July 19, 1895

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Article Text

TROUBLE OVER PIDCOOK'S NOTES. Receiver Sues the Directors of the Somerest Bank. Special to the Jersey City News. TRENTON, July 19, 1895.-William Y. Johnson, receiver of the Somerset County Bank, at Somerville, has instituted proceedings in the Court of Chancery against the directors of that bank, Calvin Corle, Alvah A. Clark, James N. Pidcock, John V. Voorhe@s, Abram S. Williamson, John D. Bartine, Alexander G. Anderson, George S. Van Arsdale, Stephen K. Large, James H. Wilson, James P. Major; Calvin Corle, as executor of the estate of David Sanderson; John C. Kenyon, Augustus Muller, John v. Davis, William A. McMurtry, Wm. J. Keyes, La Rue Vredenburgh, Jr., administrator of the estate of La Rue Vredenburgh, and Hugh K. Gaston, administrator of the estate of John Frelinghuysen, to make good to the creditors of the bank the amount of uncollectable notes due the bank, and for which they are alleged to be responsible because of their mismanagement of the bank in accepting the notes. The notes are those of J. N. Pidcock and of the companies of which he was the head, and which on his failure caused the failure of the bank. They amount to over $60,000. The standing of the various companies and parties who are makers and endorsers of the notes is given at length in the bill of complaint in proof of the alleged mismanagement. The certificates of incorporation of the Quitman Lumber Company, Rockaway Valley Manufacturing and Construction Company, and the White House Manufacturing Company, makers of several of the notes, were never filed with the Secretary of State. The bank, It is charged, became insolvent by reason of "reckless, improvident and illegal management."

4. July 25, 1895 The Jersey City News Jersey City, NJ
Article from The Jersey City News, July 25, 1895

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Article Text

BANK DIRECTORS PROSECUTED. Special to the Jersey City News. SOMERVILLE, July 25, 1895.-Sheriff George A. Dilts yesterday served summons on Calvin Corle, Alvah A. Clark, James N. Pidcock, John B. Voorhees, Abraham S. Cox, John D. Bartine, A. G. Anderson, G. S. Van Arsdale, Stephen K. Large. Job C. Kinyon, John v. Davis and others, as directors of the defunct Somerset County Bank, to defend themselves against the action of a large number of stockholders who are about to begin a prosecution of the directors for alleged gross mismanagement of the bank's affairs. The stockholders, through their receiver, William Y. Johnson, credit the bank's failure to the illegal and fraudulent conduct of its directors. The directions include a number of the most prominent men in Somerset county. Most of the directors are men of unblemished reputations, and it is claimed by their friends that they have become involved in the present difficulty through their confidence in a few of their fellow directors who controlled the management of the bank. The trial of the accused men priomises to be the greatest sensation that Somerset county has known for years.

5. July 26, 1895 New-York Tribune New York, NY
Article from New-York Tribune, July 26, 1895

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Article Text

PLAINFIELD. Sheriff George A. Dilts yesterday served subpoenas on twenty of the most prominent men in the county. All the men served were members of the Board of Directors of the defunct Somerset County Bank, of Somerville, and the suit in chancery is the result. The suit is brought by Receiver Johnson for the benefit of the stockholders to recover moneys which the bill charges were lost by the illegal and fraudulent conduct of the directors. The bill also charges that the directors discounted notes of irresponsible people in sums footing up to $50,000. Among the defendants who were summoned are Calvin Carle, a rich farmer, of Neshanic; J. Nelson Fidcock, John B. Voorhees, Abraham S. Cox, John D. Bartine, Judge of the Common Pleas of Somerset County; ex-Congressman Alvah A. Clark, Alexander C. Anderson, a lumber dealer of Somerville; George S. Van Arsdale, Stephen K. Large, James H. Wilson, James P. Major, Job C. Kenyon, owner of a foundry in Raritan; August Miller, John V. Davis, William A. McMurtry, ex-Senator William J. Keys, Larue Vredenbergh, jr., and Hugh K. Gaston, as administrators. Owing to the prominence of the parties involved and the bitter feeling now existing between the directors and the stockholders, the taking of testimony promises to be a lively affair.

6. July 26, 1895 The Evening Herald Shenandoah, PA
Article from The Evening Herald, July 26, 1895

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Article Text

Bank Directors Sued. PLAINFIELD, N. J., July 26.-Sheriff George A. Dilts served twenty of the most prominent men of the county with subpœnaes. All the men served were members of the board of directors of the defunct Somerset County bank, of Som'erville, and the suit in chancery is the result. The suit is brought by Receiver Johnson for the benefit of the stockholders to recover moneys which the bill charges were lost by the illegal and fraudulent conduct of the directors. The bill charges also that the directors discounted notes of irresponsible parties in sums footing up to $50,000.

7. July 26, 1895 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, July 26, 1895

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Article Text

Bank Directors Sued. PLAINFIELD, N. J., July 26.-Sheriff George A. Dilts served twenty of the most prominent men of the county with subpoenaes. All the men served were members of the board of directors of the dofunct Somerset County bank, of Somerville, and the suit in chancery is the result. The suit is brought by Receiver Johnson for the benefit of the stockholders to recover moneys which the bill charges were lost by the illégal and fraudulent conduct of the directors. The bill charges also that the directors discounted notes of irresponsible parties in sums footing up to $50,000.

8. August 16, 1895 The Jersey City News Jersey City, NJ
Article from The Jersey City News, August 16, 1895

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Article Text

IN CHANCERY OF NEW JERSEY. borg Between William Y. Johnson, Receiver of the President, doc, of the Somerset County Bank at Somerville, Complainant, and James N. Pidcock, et als., defendants. ISSM on 159 bluoria On bill, &c. On petition of the First National Bank of Jersey City. Notice of sale. By virtue of the orders made in the above entitled cause by the Chancellor, on December 10th. 1894, and July 120th, 1895, I. Linsly Rowe [one of the Masters of the Court of Chancery of New Jern sey. shall expose to sale at public vendue on Tuesday, the twentieth day of August, 1895, at 2 o'clock P. M., at the real estate salesroom. No. 55 Montgomery street, Jersey City, N. J., all the securities mentioned in the above stated petition, and not heretofore sold, held by the First National Bank of Jersey City as collateral to the debt of James N. Pidcock. Dated August 12th, 1895. LINSLY ROWE. Master in Chancery of N. J, Catalogues of the above securities can be procured at the office of the Master, No. 259 Washington street, Jersey City, or at the salesroom.

9. August 19, 1895 The Jersey City News Jersey City, NJ
Article from The Jersey City News, August 19, 1895

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Article Text

IN CHANCERY OF NEW JERSEY. Between William Y. Johnson, Receiver of the President, &c., of the Somerset County Bank at Somerville, Complainant, and James N. Pidcock, et als., defendants. On bill, &c. On petition of the First National Bank of Jersey City. Notice of sale. By virtue of the orders made in the above entitled cause by the Chancellor, on December 10th, 1894, and July 20th. 1895. I. Linsly Rowe. one of the Masters of the Court of Chancery of New Jersey, shall expose to sale at public vendue on Tuesday. the twentieth day of August. 1895, at 2 o'clock P. M., at the real estate salesroom. No. 55 Montgomery street, Jersey City. N. J., all the securities mentioned in the above stated petition, and not heretofore sold, held by the First National Bank of Jersey City as collateral to the debt of James N, Pideock. Dated August 12th. 1895. LINSLY ROWE, Master in Chancery of N. J. Catalogues of the above securities can be procured at the office of the Master, No. 259 Washington street, Jersey City, or at the salesroom.

10. December 23, 1895 The Jersey City News Jersey City, NJ
Article from The Jersey City News, December 23, 1895

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Article Text

RECEIVER FOR A BANK. Mr. George H. Vanderveer of Somerville was this morning appointed permanent receiver of the Somerset County Bank and his bonds were fixed at $30,000. All the creditors of the insolvent institution have been paid off excepting the stockholders, and in a few days the final dividend to them will be paid aggregating about 421/2 per cent. The receiver expects to wind up the affairs in a few days. His fee allowed this morning was $500.