Farmers Bank (Freehold, NJ)

Episode Information

Episode UID
7905530790635
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
790553079 hash
Start Date
November 18, 1852
Location
Freehold, New Jersey (40.260, -74.274)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9052954727eda0e4

Response Measures

None

Description

Contemporary reports describe the bank as giving notice to close and being in liquidation; no run is reported.

Events (3)
1. November 18, 1852 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank gave notice of intention to close affairs and later reported in process of liquidation under state banking law.
Newspaper Excerpt
The Delaware and Hudson Bank, at Toms River, and the Farmers' Bank st Freehold both established under the general banking law of New Jersey, have given notice of an intention to close their affairs.
Source
newspapers
2. January 20, 1854 Suspension
Cause
Voluntary Liquidation
Cause Details
Reported in 1854 as 'in process of liquidation' under the general banking law.
Newspaper Excerpt
The Ocean Bank at Bergen Iron Works, the Delaware and Hudson at Tom's river, the Merchants' Bank at May's landing, the Atlantic at Cape May Court House, the Farmers' at Freehold, and the Tradesmen's at Flemington, are in process of liquidation.
Source
newspapers
3. January 13, 1855 Suspension
Cause
Voluntary Liquidation
Cause Details
By 1855 the bank is listed among banks closing; state report notes closures were voluntary or by injunction rather than failures.
Newspaper Excerpt
The banks that are closing are: ... Farmers' at Freehold ... None of the banks have failed, but have stopped voluntarily or under injunction
Source
newspapers

Newspaper Articles (4)
1. November 18, 1852 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 18, 1852

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Article Text

The annexed the protest of the Nicaraguan Minister alluded to above LEGATION OF THE REPUBLIC OF NICARAGUA } NEW-YORK Nov. 5. 1852. To the Directors of the Nicaragua Canal and Accessary Transit Companies: The undersigned, Minister Plenipotentiary and Envoy Extraordinary of the Republic of Nicaragua, has received from the Counsel of the above Transit Company two letters, in reply to those communicated to the Directors above named, concerning the nomination of arbitrators to arrange the pending difficulties between the Republic of Nicaragua and that Company, (relative to the liquidation of the percentage due to the Republic,) in accordance with section 33 of the primitive contract. The said letters may be regarded as the ravings of a maniac, and effusions of aman of no consequence, andtherefore merit no reply and for this reason the undersigned confines himself to protesting, and does solemnly and energeti. cally protest rit-Against the bad faith, the conduct and acts of the companies in all that relates to a compliance with the obligations which they have contracted with the Government of Nicaragua, which Government they have not treated considerately, but with ingratitude. Second-Agains the delays and difficulties maliciously interposed by he Transit Company and its commissioners, Messrs. Snow and White, to the liquidation and payment of the sums due to Nicaragua by the Transit route: and Thirdly-Against the form and language of their communications; against their gratuitous insults lavished on the Government of Nicaragua: against their invectives, false suppositions and pertidious calumnies against the Representative of Nicaragua, with the object of preventing him from exercising an occular supervision and diligent vigilance over the affairs of said company in conformity with his duties, and from discharging his obligations to his country and government. The Government of Nicaragua will determine, in its prudence, if the time has now arrived to take severe measures to put a limit and end to the want of respect, evasions, abuses and scandalous excesses of which these companies and their agents have been, and are, so repeatedly and frequently guilty. The undersigned also deems it proper and requisite to his duty and dignity, to inform the directors of the said Transit Company, that hereafter he can receive no communications signed by its counsel," Mr. J.L. White, who more than once has compromised the good intelligence, harmony and interests of the State and Company He can also add, in the name of his Government, that it will adopt the same course toward this person, who is mere adviser and subaltern of the Company, without authority or power to enter into direct and official communication with the Government of Nicaragua or its rep. resentation in the United States. The Company has it legitimate officers upon whom is devolved the exercise JOSE DE MARCOLETA, of such functions. Minister, &c., &c., of Nicaragua. Two trains passed over the Lake Shore Road to day from Cleveland to Eric. The railroad connection between New-York and Cincinnati is thus completed. The whole route of the Sodus Railroad is under contract. The whole cost of the road is estimated at less than half a million. Its route is from Sodus to Vienna, thirty seven miles. and thence twelve miles to the Jefferson Road The Bank of Commerce has been established at New-London, under the general banking law of Connecticut A. Barnes, President: Charles Butler. Cashier. The Delaware and Hudson Bank, at Toms River, and the Farmers' Bank st Freehold both established under the general banking law of New Jersey, have given notice of an intention to close their affairs. The Buffalo Courier states that there was more money received for tolls at the Collector's office, in that city, on Saturday, than there had been in any one day for the last four years. The amount received was $10,168.43 The Lake Superior Journal of the 27th of October publishes the following review of mining operations this season. Mining Companies on Lake Superior have found this an unfavorable season for getting their copper market At the Ontonsgon the Minnesota Company have over two hundred tuns of copper at their landing and at the mouth of the river ready and awsiting for shipment. The Ontonagon River has been several months too low for running down full loads of copper, and it is now so late that but a mall portion of it could be entforward this place. if it were down at the Lake Other Companies have been unable to ship their copper, on the same account, at that place. At Eagle River, the Chil or Boston and Pittsburgh Company have several hundred tuns on hand ready for shipment, which will not be likely to come down this fall There will be some copper left, ready for shipment, at the other mines of this place and vicinity, altogether reducing the whole amount of copper that has gone forward, to about the same figure as was shipped last season. But the proceeds of the mines are there and will only be delayed, not lost There has been a fair increase this year over the previous one in the amount of the metal raised and the copper mining business has steadily increased under many discouragements the principal of which are the expense and delay attendant on the re-shipment of both copper down and supplies up to the mineral country The great drawback on the progress of the country, in the want of a Canal, is seen more than ever at this time The usands of barrels of supplies, several steam engines and large quantities of different kinds of mining machinery are lodged here and will be obliged tare main here for six months to come.

2. January 20, 1854 The New York Herald New York, NY
Article from The New York Herald, January 20, 1854

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Article Text

The receipts the office or the Assistant Treasurer of this port to-day, were $244,085 86; paid, $155,480 17; be. Jance, $3,317,473 41. The committee appointed by the Board of Brokers have reported that the first issue of bonds by the New York Dentral Railroad Company given for the premium on the stock of companies forming the constitution, shall hereafter be known as the New York Central Railroad bonds The issue given for subscription to the stock of the Lake Shore and Great Western Railroad companies shall hereafter be known as New York Central Railroad subscription bonds. The bonds are all of the same date, and mature in 1880. The Albany Atlas of last evening says :The Board of Directors of the New York Central Railroad Company will meet here on Friday next to declare their dividend from the carnit gs of the road from the 1st of May to the 1st of February, last. The earnings of the road will amount to & net sum sufficient to declare six per cent, and leave a handsome sum after paying interast OD the debt, and laying aside the sinking fund of 1) per cent. What the dividend will be is of course unknown, though it will certainly not be less than four per cent, which will probably be the measure of the semi annual divi dends. It will be paid in cash on the 1st of February proximo. The report of the New Jersey bank commissioners to the Legislature furnishes the following information reistive to the banks under the general laws of the State:The City Bank at Cape Island has closed its busineas, and the Bank of Cape May Company has been started ia its place. Its stock in generally owned in the county, and it is doing a bona fide business. A new bank called the Mechanics' and Traders' Bank has been established in Jersey City since the last report, which is also bona fide, and apparently sound and healthy The Hudson County Back, Newark City Bank, Borden town Banking Company, and Central Bank, at Hightown conduct & legitimate business. and deserve the confidence of the community. The Hudson Company, the Borden town Banking Company, and the Central, have applied for an obtained an increased amount of stock. &The Ocean Bank at Bergen Iron Works, the Delaware and Hudson at Tom's river, the Merchants' Bank at May's landing, the Atlantic at Cape May Court House. the Far. mers' at Freehold, and the Tradesmen's at Flemington, are in process of liquidation. Legal proceedings have been commenced since the last report against the American Exchange Bank, Cape May Court House, the Bank of America do, and the Traders do. The American Exchange Bank has been closed by law. The proceedings against the other banks have been suspended, they having complied with the law. The case of the Merchants' Bank at Bridgeton is still before the Chancellor The Commissioners cannot say as to the character of the Public Stock Bank, Belvidere, the Passaic County Bank at Paterson, the Wheat Growers' at Newton, the Bank of North America at Flemington, and the America Bank Treaton; but no legal complaint has been made concerning them. The Commissioners recommend the enastment of a supplement to the general law, with the following fea tures 1. No bank to have notes from the Treasurer till a certificate is given that their capital stock is paid in, in spesie. 2. No bank to organize till $30,000 is placed with the State Treasurer. 8. No bank to receive notes till the Bank Commission are certify to their possessing a Lona fide banking house. 4 Three directors to be residents of the place where the bank is located. 5. Annual statements hereafter to be made to the Bank Commissioners. 6. Stockholders to file certificates that they are bona fide owners of the stock registered in their names 7. The Commissioners' approval of the location of B bank to be necessary to its going into operation. The eighth annual report of the Macon and Western ,Railroad Company gives the following statement of receipts and disbursements for the year 1853 :MACON AND WESTERN (GEO.) RAILROAD.

3. January 21, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 21, 1854

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Article Text

The Bates Manufacturing Company has declared a semiannual dividend of 4 cent, payable Feb. 1. The Bay State Mills have also declared 4 ₽ cent. The report of the New Jersey Bank Commissioners to the Legislature furnishes the following information relative to the Banks under the General Banking Law of the State: The City Bank at Cape Island has closed its business, and the Bank of Cape May Co. has been started in its place. Its stock is generally owned in the County, and it is doing a bona fide business. A new Bank, called the Mechanics and Traders' Bank, has been established in Jersey City since the last report, which is also bona fide, and apparently sound and healthy. The Hudson County Bank, Newark City Bank, Bordentown Banking Co., and Central Bank, at Hightstown, conduct a legitimate business, and deserve the confidence of the community. The Hudson Co., the Bordentown BankCo., and the Central, have applied for and obtained an increased amount of stock. The Ocean Bank, at Bergen Iron Works, the Delaware and Hudson at Tom's River, the Merchants' Bank at May's Landing, the Atlantic at Cape May Court House, the Farmers' at Freehold, and the Tradesmen's at Fleming ton, are in process of liquidation Legal proceedings have beer commenced since the last report against the American Exchange Bank, Cape May Court House: the Bank of America do., and the Traders' do. The American Exchange Bank has been closed by law. The proceedings against the other Banks have been suspended. they having complied with the law. The case of the Merchants' Bank, at Bridgeton, 18 still before the Chancellor. The Commissioners cannot any as the character of the Public Stock Bank, Belvidere the Passaic County Bank, at Paterson: the Wheat Growers', at Newton; the Bank of North America, at Flemington, and the America Bank, at Trenton: but no legal complaint has been made concerning them. The Commissioners recommend the enactment of a supplement to the general law, with the following features: 1. No Bank to have notes from the Treasurer till a certificate is given that their capital stock is paid in, in specie. 2. No Bank to organize till $30,000 is placed with the State Treasurer. 3. No Bank to receive notes till the Bank Commission ers certify to their possessing a bona fide banking house. 4. Three Directors to be residents of the place where the Bank is located. 5. Annual statements hereafter to be made to the Bank Commissioners. 6. Stockholders to file certificates that they are bona fide owners of the stock registered in their names. 7. The Commissioners' approval of the location of a bank to be necessary to its going into operation. The annual meeting of the Troy and Boston Railroad was held at Troy on Tuesday. The whole cost of the road to the 1st of October was $1,080,405. The stock paid in amounted to $437,830, leaving $69,410 to be collected. The total debt was $694,757, of which $235,757 was floating. The

4. January 13, 1855 The New York Herald New York, NY
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 genéral 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-