Wheat Growers Bank (Newton, NJ)

Episode Information

Episode UID
1852540190660
Episode Type
Suspension β†’ Closure
Bank Type
state
Bank ID
185254019 hash
Start Date
December 3, 1854
Location
Newton, New Jersey (41.058, -74.753)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8612cdd56d765f46

Response Measures

None

Description

The bank was proceeded against for non-compliance with the law and its notes were discredited by brokers, leading to its closure.

Events (2)

1. December 3, 1854 Other
Newspaper Excerpt
The notes of the Wheat Growers' Bank, one of the free banks of New Jersey, located at Newton, Sussex county, are thrown out by the brokers.
Source
newspapers
2. January 13, 1855 Suspension
Cause
Government Action
Cause Details
Proceeded against by Bank Commissioners for non-compliance with the law.
Newspaper Excerpt
The Wheat Growers' Bank, Newten, has been pro eeded against for non-sompliance with the law, but the case is undecided.
Source
newspapers

Newspaper Articles (2)

Article from The New York Herald, December 3, 1854

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Article Text

Totals $8,638,281 $12,133,672 The falling off in the value of exports during the month amounts to $3,495,391, greater than the decrease in imports for the same time. This shows that our foreign trade has been contracted without actually benefitting us much in the result. The steamship Star of the West arrived at this port this afternoon from Nicaragua, with eight days later intelligence from California. She has on freight $757,000 in gold and gold dust. Of this amount Adams & Co. have in charge $208,694. The commercial accounts by this steamer are not so favorable as those received by previous arrΓ­vals. Reports from the mines continue good. At the second board, the market was all down. Illinois Central fell off 1/4 per cent; New York Central Railroad 36; Cumberland Coal Co. %; New York Central Railroad 3; Harlem Railroad 1/2; Erie Railroad 1/2; Reading Railroad 1/2. The balance in the Sub Treasury at the close of business to-day amounted to $6,660,717 61. The rumors relative to the suspension of an extensive house in Albany engaged in the iron trade, and largely connected with railroads, the stocks of which have depreciat. ed enormously lately, gained much credit to-day, and created quite an excitement. In times like these nothing appears surprising, and the most unexpected announcements are received with the greatest indifference. After what has occurred during the past six months nothing short of an earihquake can startle this community much. Several of the beaviest companies engaged in the iron business in Pennsylvania have recently failed. "We regret to learn," says the Columbia (Pa.) Spy, "of the suspension and failure of many of the heavy companies engaged in the iron business in this State. Some of those regarded as the most stable have gone, and the indications are that we are now but in the beginning of one of the greatest financial crises ever known in this country." The Newark Daily Advertiser says that it is expected that the notes of the Merchants' Bank of Bridgeton will be worth about ninety cents on the dollar. The notes of the Wheat Growers' Bank, one of the free banks of New Jersey, located at Newton, Sussex county, are thrown out by the brokers. The Atalanta (Ga.) Intelligencer states that the Cherokee Insurance Pank of Dalton, in that State, had failed to redeem its notes. It had recently commenced operations, and had probably only a limited circulation of its notes. A telegraphic despatch from Washington states that Messrs. Selden, Withers & Co. have made an assignme: 8 for the benefit of their creditors, their effects going into the bands of John A. English and William Bayne, as trustees. The exhibits of assets are largely over the 1 1 bilities. The terms of the deed of trust are that the note holders shall be. first paid. The annexed statement of the Treasurer of the United States will show the amount on deposit and subject to draft in the several depositaries of the United States, on the 27th of November:SURPLUS REVENUE OF THE UNITED STATES.


Article from The New York Herald, January 13, 1855

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Article Text

The Texas Treasury exmont 10 exceedingly interesting to her poor creditors, who have been waiting the payment of their claims for the last ten years. The balance of the general fund in the treasury consiste of $166,062 in specie, and $4,575,000 of United States government stock. This is exclusive of $5,000,000 United States government stocks at Washington, which neither Texas nor her creditors can get withont an act of Congress, which ought king since to have been passed. The Bank Commissioners of New Jersey report that twenty-four banks have been established under the genΓ©ral law; ten are in operation, eleven have given notice of winding up, two have been stopped by injunctions, and one is being proceeded against. The banks still in operation are the Hudson Co. Bank, Jersey City; Newark City Bank; Central Bank, Hightstown; Passsic Co. Bank, Paterson; America Bank, Trenton; Bordentown Banking Co.; Cape May Co. Bank; Princeton Bank; Bank of New Jersey, New Brunswick; Hunterdon Co. Bank, Flemington. The last has been organised during the preceding year. The Farmers' Bank, N. J., at New Brunswick, and Princeton Bink, have come under the general law since the expiration of their charters. The banks that are closing are: Ocean Bank, Bergen Iron Works, Deleware and Hadson at Tom's River, Merchants' st May's Landing, Atlantic at Cape May Court Honse, Bank of America and Traders' do., City Bank, Cape Island, Farmers' at Freehold, Tradesmens' at Flemington, Public Stock at Belvidere, Bar k of North America, Flemington The banks closed by injunction are: American, Excharge, Ca e May Court House, and Merchants' Bank, Bridgeton. The Wheat Growers' Bank, Newten, has been pro eeded against for non-sompliance with the law, but the case is undecided. The circu lation issued under the general law has been con siderably less than $3,000,000, the limi: fixed. No loss has been sustained by noteholders in the windiDg up of the banks. None of the banks have failed, but have stopped voluntarily or under injune tion-in the latter case for non-compliance with the law. On the 9th inst. the first through train from Cairo over the Dlinois Central Railroad arrived with great eclat at Chicago, ani hereafter will run regularly, laying open the interior of the State to markets north and south. In this connection the report of the Commissioner of the General Land Office passess" this year extraordisary interest, not only that its transactions have been larger than in any year since 1938, but that it developes the causes of the great berease in business. It is well known that the goverament, after making large grants. to Western States for the construction of canals and other pur. poses, also made important grants in aid of railreads; of these the most important was to the Iili-