Mechanics Bank (Paterson, NJ)

Episode Information

Episode UID
1149177190413
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
114917719 hash
Start Date
May 31, 1834
Location
Paterson, New Jersey (40.917, -74.172)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
48a2682b59729371

Response Measures

None

Description

OCR in source articles corrected for dates and minor typos.

Events (2)

1. May 31, 1834 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended specie payments, suggesting internal insolvency/financial failure rather than a rumor-driven run.
Newspaper Excerpt
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
2. June 12, 1835 Receivership
Newspaper Excerpt
The Mechanics' Bank of Paterson ... was on the 12th June, 1835, placed in the hands of Receivers, Asa Whitehead, Aaron S. Pennington, Silas Condict.
Source
newspapers

Newspaper Articles (4)

Article from Richmond Enquirer, June 6, 1834

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Article Text

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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Article Text

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.


Article from The Herald, April 24, 1837

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THE FIRST CALL-MICHANICS' BANK OF PATERSON.-The Mechanics' Bank of Paterson, a broken concern, was on the 12th June, 1835, placed in the hands of Receivers, Asa Whitehead, Aaron S. Pennington, Silas Condict. Since that date no report has been given-no payment of the notes made to the holders. What has became of the assets ? Have Asa, Aaron, or Silas, been shaving at three per ceat with the proceeds? How long is the public to be kept out of their property? Is there any honesty in Paterson ? This is the first call-the second will be louder and sharper. Take heed, sinners. SNOW!-It snowed quite merrily all yesterday afternoon. We do want something to cool in New York. AMUSING CORRESPONDENCE.-Somebody has sent us a curious correspondence between Count Fitzgerald, a distinguished foreign nobleman in this city, and F. Blancard, of the Globe Hotel, relative to certain points in gastronomy, money matters, the pressure, paying of bills, &c. &c. What shall we de with it The Maitre d' Hotel of the Globe is quite a diplomatist, having placed the Count in the vocative. BUTCHERS' MEAT.-The fat butchers of Fulton and Washington markets are kicking up a great noise about the Bull's Head, Daniel Drew, and the forestallers. This is merely a ruse de guerre to turn aside the public from requiring of them a fall in the price of meats. It will not take. The butchers must bring down prices, as well as the bakers, grocers, and flour dealers. The public will not be humbugged by a few windy resolutions about Daniel Drew and the Bull's Head, instead of cheap beef. The butchers can now afford to take off four to six cents. Nevertheless, the public will be satisfied with three eents till May-bat down prices must come. We shall probe this business to the bottom. WESTCHESTER BANK NOTES.-Notes of all denominations on the Westchester County Bank will be redeemed at par at the Merchants' Exchange Bank, of this city. ABOUT IT, AND ABOUT IT.-A new edition of the Letters about the Hudson," is coming out soon. A few choice letters about the ladies would please us better. Why won't the author "about the Hudson" try what be can do about the ladies IT BOWERY BEAUTIES.-If you want to see very beautiful young girls, smiling, rosy, sweet, neat, as good as pretty, go to the Bowery on a Sunday afternoon, when the sun shines and the churches are going in or coming out. That's all. A STATE PRISON OFFENCE.-The Globe calling the Herald an opposition paper. MR. H. RUSSELL, assisted by Mrs. Franklin, Mrs. Scott, and Mr. Edwin, gives a concert at the Brooklyn Lyceum tomorrow evening. Mr. Russell is a popular vocalist, and our friends over the water will be delighted with the entertainment. Mr. Lyons, keeper of Bellevue prison, called on us yesterday morning to correct a statement which appeared in our paper last week, relative to the prevalence of fever in that establishment. Mr. Lyons states there have been but two deaths, (blacks,) and one white (the unfortunate McDoneugh, imprisoned for the attempted murder of his wife) since last fall.The prison is at all times open for the inspection of visiters, and all desirous of doing SO are invited to call. There is at present but one (a negro) on the sick list. OFA gentleman may do an ungentlemanly action but he never fails to make reparation. On the contrary a man who is no gentleman after doing an injury, persists in it, and even adds further insult rather than confese himself in the wrong. D Will the resident physician, or the board of health, tell us how many people have died of the grippe? how many there are who are now sick and dying of the same disease of those who composed the crew and passengers of the ship Florida, recently arrived from Liverpool? Where's the beautiful Miss Grove? We have a delicious and romantic tale to tell of that charming actress. Where is she? THE PRESSURE.-The Bowery, Franklin, and Park theatres are well filled every night. Awful times! How TO LOSE HEADS, BRAINS AND INTELLECT.Take repeated doses of Brandreth's pills. Neither the Booksellers' Festival, nor the semicentennial celebration of Columbia College, are forgotten. By and by boys. The Burning of the Westchester. The following part COPY of a letter received ves-


Article from New-York Daily Tribune, February 18, 1847

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SECOND BOARD. $10 51 95 150 Harlem 1,000 Ohio 6s b15 51 do 62 100 100 Reading scrip 83 514/15 Erie 250 Harlem 37+ 519/175 Canton Co do 50 #15 37+ do $30 514175 do 50 b15 37t do do 51/125 350 8 12 N A Trust b30 51โ‚บ do 100 30 50 Farm Loan do 100 anw 51 30 do 450 51 b60 250 do 100 20 Ohio Trust 150 517 do 26 514/150 Long Island do 100 53} 50 Nor & Wor 51) 150 do The Western Railroad Directors have recently created fifteen hundred new shares, under the act of March, 1845, which are offered to the stockholders at par, on the 4th of March next, in the proportion of one new share to every twenty of the old. These shares are entitled to the July dividend. This addition makes the whole number of share# 35,500 at the present time. The Mechanics Bank of Paterson exploded some 13 or 14 years ago, and by order of the Chancellor passed into the hands of Receivers by whom its affairs were settled. This rotten and exploded concern has fallen into the hands of speculators. and the attempt is now being made to resuscitate and put it in operation Bicknell's Reporter says: The Philadelphia money market continues easy. The out-door rates range from 7 to 9 per cent. The Spring trade has already commenced, and the prospect is quite favorable. The recentrise in bread stuffs will advantage the farmers and country storekeepers in the first place, and then the merchants and wholesale dealers in the At lantic cities will experience the benefit. Comparative receipts of the Central (Geo.) Railfor the months of January 1845. 1846 and 1847: