14157. American Trust Company (Newark, NJ)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: January 8, 1879
Location: Newark, New Jersey (40.736, -74.172)

Metadata

Model: gpt-5-mini
Short Digest: 089a5311

Response Measures

None

Description

The American Trust Company of New Jersey (Newark) formally suspended payment in early January 1879 and the Chancellor appointed a receiver. Coverage describes insolvency from illiquid/unsaleable mortgages and bad loans rather than a depositor run or rumor. There is no article describing a prior run; receivership followed the suspension. Later items describe efforts to raise funds and a partial dividend, but the bank remained in receivership. Dates based on newspaper publication: suspension announced Jan 7–8, 1879; receiver appointed/entered duties by mid-January 1879.

Events (3)

1. January 8, 1879 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Inability to realize cash on mortgages, real estate, bonds and other securities; loans to unsuccessful enterprises left illiquid assets and charged losses.
Newspaper Excerpt: The American Trust Company of New Jersey ... suspended business today. ... the amount due depositors is $75,000, while the cash on hand is only $2,410.43.
Source: newspapers

2. January 9, 1879 Receivership

Newspaper Excerpt: Application to the Chancellor for the appointment of a receiver ... Chancellor Runyon grants the application for a receiver - the assets and liabilities. George Wilkinson ... was appointed receiver (entered upon his duties mid-January).
Source: newspapers

3. December 14, 1879 Other

Newspaper Excerpt: Chancellor Runyon has ordered Mr. George W. Wilkinson, receiver of the American Trust Company of Newark, to pay depositors a dividend of fifteen per cent on the 20th inst.
Source: newspapers

Newspaper Articles (14)

1. January 8, 1879 The New York Herald New York, NY

Article from The New York Herald, January 8, 1879

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CLOSING ITS DOORS. THE AMERICAN TRUST COMPANY OF NEW JERSEY ANNOUNCES ITS SUSPENSION-APPLICATION TO THE CHANCELLOR FOR A RECEIVER. The American Trust Company of New Jersey, a leading financial institution of Newark, whose offices are at No. 740 Broad street, and whose officers include Cortlandt Parker, ex-Governor Joel Parker, Clerk in Chancery "Staff" Little, William A. Whitehead, the New Jersey Custodian; ex-Speaker Niles, Inslee A. Hopper and a score of other well known and wealthy Jerseymen, with a sprinkling of New Yorkers, will to-day, it is announced, close its doors owing to inability to meet the further demands of depositors. From what could be gathered by a HERALD reporter in Newark last night, the causes of this inability are the same as those that have crippled other Newark institutions-the impossibility of realizing cash on mortgages, real estate, bonds and other securities. There is no suspicion of any fraud. The amount due to depositors is $75,000, and the cash in hand only about $4,000. The authorized capital of the bank is $500,000, and the capital paid in $250,000. According to its charter, one that grants special privileges, the bank allows four per cent per annum interest on deposits, subject to draft 'at sight, and special rates on deposits for specified terms; interest allowed from date of deposit to date of withdrawal, and credited in account monthly; issues certificates of deposit, with or without interest, for use as remittances or as investments; is authorized to receive trusts of every description from courts, corporations and individuals; to take charge of and manage real and personal estates, collect coupons and interest, remitting or cre iting the same in account as may be desired; to receive for safe keeping valuables of all kinds; to guarantee the payment of all kinds of evidences of debt, or to purchase the same. MEETING OF DIRECTORS. A meeting of the directors was held last July-the regular half yearly meeting. It was then found that the amount due to depositors was about $75,000, the same as is due to-day. It was desired that a reserve fund should be raised to meet all possible demands. A demand was therefore made. on the stockholders to make a special. deposit of twenty per cent. This would have realized a fund of $50,000. The response was discouragingly weak-a trifle of about $6,000. In hopes that the laggards would still come forward business was carried on until yesterday, when another meeting of directors was held. There were present Daniel M. Lyon, Cortlandt Parker, Adolph Schalk, Witliam Robotham, W. A. Whitehead, John McGregor, Edward S. Wild, James Wild, Jr., of New York: Frederick Hood. Thomas W. Langstroth, Alexander Turnbull, Job S. Crane, Paul Budeman and Judge Peabody. The Board held a three hours' meeting, from two till five o'clock. It was declared that it would be dis. honest to the depositors to carry on any further business as they now stand. Finally Alexander Turnbull (who is one of the largest depositors, as well as a director and stockholder), Charles N. Lockwood and Job S. Crane were appointed a committee to apply to the Chancellor for the appointment of a receiver. The application will be made to-day on behalf of the committee by Mr. Cortlandt Parker. WHAT A DIRECTOR SAYS. A leading member of the Board was interviewed last night by a HERALD reporter. He corroborated the foregoing statement: declared that not a dollar of the bank's money had been wrongfully used; that there was not a taint of suspicion about its management, but that it was simply crippled by the blight which hard times had brought upon its investments. "There are ample means," he said, "to make good every dollar to depositors, but it would take time to realize upon real estate and other sound securities."

2. January 9, 1879 The Sun New York, NY

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ANOTHER BANK SUSPENDED. THE AMERICAN TRUST COMPANY IN NEWARK CLOSES ITS DOORS. Due Depositors, $75,000; Cash on Hand, m3.410.43-Loans to Unsuccessful Enterprises -An Injunction-The Officers and Trustees. NEWARK, Jan. 8.-The American Trust Company of this city suspended payment today. Yesterday the directors resolved that due consideration of the interests of all parties concerned renders a suspension of the business of the company advisable until otherwise directed. The amount due depositors is $75,000. while the cash on hand is only $2.410.43. The Legislature granted articles of incorporation to the" Bloomfield Trust Company" in April, 1869. and in 1870 the name was changed to the "American Trust Company of New Jersey." On Nov. 1, 1871. the company began business, and for four or five years declared dividends of 10 per cent. per annum. Since January. 1876. no dividends have been paid. The authorized capital is $500,000; the capital paid in is $250,000. In July last a call was madeon the stockholders to make a special deposit of 20 per cent. to realize $50,000, but only a trifle over $6,000 was paid. The charter permitted the bank to make loans to contractors and manufacturers and" to receive the notes, bonds. obligations, and accounts of States and individual companies and corporations, and the same to purchase, collect, adjust, and settle, and also to sell or dispose of them." Several enterprises to which money was thus loaned have been unsuccessful, and have led to the accumulation of securities from which it is impossible to realize available means at present. This morning. Courtlandt Parker. counsel for creditors and stockholders, made application to Chancellor Runyon for An injunction restraining the company from doing any business until the further order of the Court. The decree was granted. The Chancellor will anpoint a receiver in a few days. Several of the bank officers were questioned to-day. They denied that any of the bank's money had been wrongfully used, and said that there is not a taint of suspicion about its management. and that it was crippled simply by the blight which hard times brought upon its investments. The list of officers and trustees is as follows: President. Daniel M. Lyon: VicePresident. Nathaniel Miles: Treasurer, Wm. A. Whitehead: Secretary. Jus. V. Bentley: Trustees. W. Langstroth, Paul Buchanan, Nathaniel Miles. Columbus Beach, Joel Parker. Matthias W. Dodd. Job S. Crane, John McGregor, P. Van Zandt Lane, F. W. Foote, Jr., E. H. Davey, Elias Cook, F. Hood. Inslee A. Hopper, E. S. Wilde, W. A. Whitehead, Charles N. Lockwood. Courtlandt Parker, James A. Hedden. H. B. Joy, C. E. Elmer. Henry S. Little, J. H. Chambers, Alex. Trumbull, Jas. V. Bentley, Adolph Schalk, James M. Durand. Jacob P. Marshall, Joseph Agate, Charles A. Peabody. William Robotham, Jas. Wilde, Jr., and James Rich. The following is the balance sheet submitted to the Chancellor:

3. January 9, 1879 New-York Tribune New York, NY

Article from New-York Tribune, January 9, 1879

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FOREIGN.-It is reported that Yakoob Kban is The about to follow Shere Ali into Russia. colliers' strike in England has caused an advance Lord Beaconsfield's attack in the price of coal. of the gout is reported to be slight. DOMESTIC.--Representative Hartridge, of Georgia, The Democracy of Ohio celebrated is dead. the day yesterday at Columbus: a letter was read from Senator Thurman, Governor Bishop spoke, and General Ewing made a soft-money speech ; there were several other speakers. The Edmunds Electoral bill has been voted down in a House Committee. Sugar importers from the large North Atlantic cities made arguments in Washington yesterIt is proday about the sugar tariff. posed to retire Justice Hunt, of the M. Alvord was Supreme Court, ou full pay. nominated by the Republicans for Speaker of the Assembly by a vote of 52 to 43 for Mr. Sloan. H. M. Cox, Charles Strader and J. M. Sliker were convicted of a conspiracy to defraud the people of Warren County. N. J. - The American Social Science Association met at Boston and elected officers. CONGRESS.-In the Senate, yesterday, Mr. Booth offered a bill to fix the price of public lands within railroad limits at $1 25 per acre; Mr. Edmunds offered resolutions to the effect that neither House shall send a bill to the other for concurrence on the last three days of the session, and none shall be sent to the President on the last day, without a three-fourths vote in each House; Mr. Thurman proposed that George Bancroft be admitted to the privileges of the floor; the question was referred : Mr. Grover rose to a personal explanation and denied certain charges: the Senate adjourned out of respect to the memory of Mr. Hartridge, of Georgia, who died yesterday. The House transacted no business on account of the death of Mr. Hartridge. CITY AND SUBURBAN.-The Tammany Society celebrated the Battle of New-Orleans by a ball and a dinner, which were largely attended. == The Board of Trade The discussed railroad transportation. Hon. Stewart L. Woodford lectured in Brooklyn on The American Trust William Cullen Bryant. Company of New-Jersey, at Newark, suspended. Gold value of the legal-tender silver dollar (41212 grains). 83.91 cents. Stocks opened dull and lower, but later were active, and closed buoyant. THE WEATHER.-TRIBUNE local observations indicate cloudy and rainy weather, possibly followed by clearing weather. Thermometer yesterday, 30°, 38 36°.

4. January 9, 1879 New-York Tribune New York, NY

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BANK SUSPENSION IN NEWARK. THE AMERICAN TRUST COMPANY, OF NEW-JE RSEY CLOSES ITS DOORS, The American Trust Company of New-Jersey, doing business at Newark, suspended business yesterday, the first public announcement of which was the following notice, posted on the doors ot the institution at No. 740 Broad-st.: At a meeting of the Board of Trustees of the Amerioan Trust Company of New-Jersey, held on Tuesday, January 7, 1879, the following preamble and resolutions were adopted : In view of the difficulties met with in realizing funds from the assets of the company at the present time, it 18 Resolved. That it 18 the opinion of the Board of Trustees that due consideration of the interests of all persons concerned renders a suspension of the business of the company advisable from this day, until otherwise directed, and that the officers be authorized to close the doors to-morrow morning. The depositors made application to Chancellor Runyon yesterday for the appointment of a receiver, and Cortlandt Parker, counsel for Messrs. Charles N. Lockwood, Alexander Turnbull and Frederick Hood, creditors and stocaholders of the company, applied to the Chancellor for an injunction restraining the company from doing any business until the further order of the Court. In April, 1869, the Legislature granted articles of incorporation to" The Bloomfield Trust Company," which, by a supplemental act, approved February 23, 1870, was changed in name to "The American Trust Company of New-Jersey," The company began business on November 1, 1871, and or several years was very successful. its annual divide nds being generally 10 per cent. Since January, 1876, It has made no dividend. Certain securities acquired have embarrassed the institution, it being impossible to realize available means from them at the present time. It is stated that a large percentage on certain investments has been charged to protit and loss during the past year, but leaving the nominal values on the books at the present time more than $200,000; and as the in debtedness of the company, irrespective of stock, 18 only about $80,000, it is believed that by time and judicious management more than enough will be realized to meet all obligations. The officers of the institution are as follows: Daniel M. Lyon, president; C. N. Lockwood. vice-president : W. A. Whitehead, treasurer Following is the Board of Trustees : Daniel M. Lyon, Thomas Langstroth, Paul Buchanan. Joel Parker, Matthias Dodd, Job S. Crane, John McGregor, P. Van Zandt Lane, Enmund H. Davey, Ellas Cook, Frederick Hood, Instee A. Hopper, Edward 8. Wilde, W. A. Whitehead, C. N. Lockwood, Cortlandt Parker, James A. Hedden, Henry S. Little, John H. Chambers. Alexander Turnouli, James V. Bentley, Adolph Schalk, James M. Durand, Jacob P. Marshall, Joseph Agate, Charles A. Peabody, William Robotham, James Wilde, jr., James Peck and J. Reeve Sayre.

5. January 9, 1879 The New York Herald New York, NY

Article from The New York Herald, January 9, 1879

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NEWARK'S BROKEN BANK. CHANCELLOR RUNYON GRANTS THE APPLICATION FOR A RECEIVER-THE ASSETS AND LIABILITIES. The announcement in the HERALD yesterday morning that another Newark bank, and one having among its trustees so many eminent and wealthy Jerseymen, had gone under, caused quite a sensation in business and financial circles. Early in the day a notice was posted on the door of the American Trust Company of New Jersey, No. 740 Broad street, Newark, setting forth the determination of the Board of Directors to close the doors. The official notice gave the formal resolution as follows:At a meeting of the Board of Trustees of the American Trust Company, of New Jersey, held on Tuesday, January 7. 1870. the following preamble and resolutions were adopted:In view of the difficulties met with in realizing funds from the assets of the company #6 the present time, it is Resolved, That it is the opinion of the Board of Trustees, that due consideration of the interests of all parties concerned render a suspension of the business of the company

6. January 15, 1879 The New York Herald New York, NY

Article from The New York Herald, January 15, 1879

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NEW JERSEY TRUST COMPANY. Mr. George Wilkinson, the recently appointed receiver of the American Trust Company of New Jersey, the last of the Newark banks to suspend, yesterday entered upon his duties, giving bonds in the sum of $50,000. A proposition is under consideration among the stockholders to raise a fund sufficient to secure depositors, and at the same time the charter of the bank, which is one of the most valuable ever granted by the State Legislature. It is declared by the bank officers that there are plenty of assets to secure depositors, but they would have to be realized upon at a great sacrifice. The proposition is for stockholders to wait and be secured, and, meanwhile, to advance the amount of the deposits:

7. January 26, 1879 The New York Herald New York, NY

Article from The New York Herald, January 26, 1879

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SUBURBAN NOTES. David Baker. aged eighteen years, while coasting on a "bobsled" in Croton avenue, Sing Sing. was NO badly injured by being run against by another sled that he died almost instantly. The proprietors of several disorderly houses in Newark, N. J., were yesterday arraigned before the Essex County Grand Jury and required to give bail for trial. The Newark officials propose to close up all houses of this description. The Coroner's jury in the case of Joseph Jackson, who was shot and killed by William Harris at White Plains on Monday night last, rendered a verdict on Friday evening. charging the death of Jackson to Harris. The latter has thus far evaded arrest, but it IS understood that he will surrender himself for indictment and trial. The steamship Vindicator, ashore east of Fire Island, has worked thirty feet further in toward the beach, and headed more to the eastward. Two lighter loads of goods were taken out during the week. After a few days more she will be abandoaed, there being 80 much water in her hold as to render what remains of the cargo about worthless. A meeting of stockholders of the recently suspended American Trust Company, of Newark, N. J., was held yesterday with a V.ew to raising a tund to pay depositors and rehabilitate the bank. Ex-Governor Parker presided. About $15,000 were pledged, and Mr. William A. Whitehead was appointed a committee of one to present the matter to other stockholders. The sum needed to pay depositors is about $75,000.

8. May 6, 1879 The Sun New York, NY

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DEPOSITORS WHO COMPLAIN THE SUSPENDED AMERICAN COMPANY OF NEWARK. The Depositors Resolving to Follow the ample of Those in Jersey City, Who Too Their Grlevances Before the Grand The action of the depositors of the defun Life Insurance and Trust Company of City in laying their grievances before the Jury, seems to have furnished n suggestio which is likely to be followed. Several of depositors in the American Trust Company Newark. which suspended business on the of January last. announce their determinati to go before the Grand Jury. The American Trust Company is an of the Bloomfield Trust Company, whose ter was granted by the Legislature in 1869. about which time that of the Internation was granted also. Like the International, did several kinds of business not usually with the scope of savings institutions. It was thorized to aid, by loans. contractors and ufacturers: to receive the notes. bonds, tions, and accounts of States and individua companies and corporations, and the same purchase. collect. adjust. and settle, and also sell or dispose of them." And. like the national. it was this very surplus of rope which the American Trust Company was final hung up. Among its assets are about $100.0 of stock in the New York and Oswego Midlar Railroad and the Watchung Railroad. a mortgage of $25,000 on a Belleville quarry. about $85,000 in second mortgages on the tories of Menninger and Cornelius Walsh, publican candidate for Governor against Parker in 1871. Edward S. Wilde of Bloomfield seems to been instrumental in securing the charter the company, which was not fully organized business until Nov. 1, 1871. a supplemental having in the mean time been passed changin its name to the American Trust Company. nominal capital was $200,000. John McGrego a wealthy clothier. who has been very conspi uous in Democratic polities. and who candidate for the nomination for Governor the last election. was the first President. thaniel Niles of Morris County, Speaker of Assembly in 1871. was made Vice-President. Mr. McGregor resigned to pay a visit to land in 1873. and Daniel M Lyon. then A brewer. was elected President in his About two years ago Mr. Niles resigned Vice-Presidency. and was succeeded by C. Lockwood. a manufacturer of coach lamps said to be worth half a million. Mr. W. Whitehead. President of the trustees of State Normal School, and a man of high in Newark. was treasurer from the beginni to the close. The Board of Trustees at the time of the SB SUM persion Daniel Lyon. Thomas Langstroth Paul Buchan Joel Parker Matthias Dodd Job S. Crane. John Gregor. P Van Zandt Lane. Edmund H. Davey. Cook. Frederick Hood. Inslee A. Hopper. Edward Wilde. W A Whitehead. C. N Lockwood Cortlar Parker James A Hedden. Henry 8. LA tle John Chambers, Alexander Turnbull, Jas. V Bentley. Schalk, James M. Durand Jacob P Marshall, Agate Chas A. Peabody, Wm. Robotham, James Jr., James Peck, and J. Reeve Sayre. Upon the application of Cortlandt representing the trustees. Chancellor granted an injunction restraining the compa from doing further business. and George kinson, President of the Manufacturers ance Company. was appointed receiver. depositors complained when they found the names of President D. M. Lyon and President C. N. Lockwood, whom they char with being responsible in part for the mismanagement of the company, appeared bondsmen for Receiver Wilkinson. The ceiver's report was filed with the Chancell about two weeks ago. The depositors furnished with A list. showing that the tors are about 400 in number and that the posits aggregate about $75,000; and the cellor says that the assets seem to be worthless. Receiver Wilkinson said that somethi could probably be realized out of the secu ties in time. if left to the management of officers of the company. but very little could got out of them at a forced sale by the In his opinion the disasters of the arose from foolish investments, made, howev when business was good. real estate active. money plentiful: that x-sevenths of the actions which brought about its failure made more than five years ago. This tion of the receiver is in accordance with professed belief of a number of the deposito that most of those transactions were under President McGregor; and they aver the company had been practically bankrupt without credit enough to borrow $5,000 for

9. May 7, 1879 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 7, 1879

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The Turf. The executive committee of the National Association of trotting horse breeders met last night for entries for races to be trotted Sept. 16th, 17th and 18th, at Prospect Park. The large number of entries indicate a lively season has opened, NEW JERSEY. Court Matters. NEWARK, May 6. Depositors of the suspended American Trust Co. appointed a committee of 15 to go before the grand jury and request the indictment of the trustees. A committee was also appointed to consider the matter of a civil suit against the board of trustees.

10. May 7, 1879 New-York Tribune New York, NY

Article from New-York Tribune, May 7, 1879

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THE BROOKLYN BRIDGE ENGINEERS. The following members were present at the meeting of the East River Bridge Trustees Monday: President Murphy, and Messrs. Kinsella, Hall, Maclay, Carroll, Leary, Marshall, Hitchcock, Slocum, Kingsley, Stranahan, Agnew, Davis, Steinmetz, Haswell, Mayor Howell and Controller Kelly. The receipts up to April 30 were reported to be $10,158,137.84; the expenditures. $10,157,705.06; the outstanding liabilities, $256,589 07. During April $523 was received, and $41,297 56 expended. Controller Steinmetz, chairman of the committee appointed to investigate certain rumors unfavorable to the engineers of the bridge, reported that the persons making the charges had not appeared The before the committee to substantiate thein. committee, however, wished to examine some other witnesses, and was not prepared to present a final report. A discussion then arose in reference to statement that John A. Roebling's a had retained a quantity of conSons demned wire which was furnished under of contract with the Chrome Steel Company, a Of the wire furnished 30 per cent was rejected, Brooklyn. and the Chrome Company claimed that cent was returned, the remainder being only retained per by the Roeblings, with whom the company had contracted to draw the wire. The question as to whether or not this was a proper subject Genarose of investigation on the part of the trustees. eral Slocum said that technically they had nothing do with it, but the engiueer of the bridge had no business to condemn steel and then let his brothers him it. Such a transaction reflected on and keep on the entire family. Mr. Kingsley deprecated a statement as that of General Slocum. than such There 18 no more honorable he said, John A. Roabling's Sons. The chances are that this charge is groundless, base and untrue. We are doing injustice to business men of high standing by great taking any action in this matter." General had Slocum replied that if the charge was true they some- the thing to do with it. If I was the engineer of bridge," said lie, "I would not allow my brothers leave furnish material for it." It decided to of the to matter to the discretion of the committee which General Steinmetz is chairman. A SUSPENDED TRUST COMPANY'S TROUBLES A meeting of the depositors of the bankrupt American Trust Company of Newark was held on Monday evening, to decide upon the course to be pursued by them. Statements that there had been false representations on the part of the officers of the company were made, and a committee of fifteen was appointed to go before the Grand Jury and demand the indictment of the Board of Trustees. Committees were also appointed to consider the advisability of bringing a civil suit against the trustees individually, and to wait on Receiver Wilkinthe removal of W. A. Whitehead both trustees, are son and Cortlandt and request Parker, The who members acting clerk and counsel respectively. of the latter committee visited Mr. Wilkinson yesterday, but he declined to accede to their request. e trustees have published a statement in answer to the action of the meeting of depositors, which forth that many of the trustees, immediately sets failure of the bank. took measures to for the protection of among these provide upon loss. Prominent the trustees depositors are John from Joel Parker, Cortlandt Parker, W.A. Whitehead, McGregor, Alexander Turnbull, D. M. Lvon, C.N. Lockwood, P. Van Zandt Lane and Henry S. Little. At meeting of the stockholders Cortlandt Parker a that the stockholders should assess their proposed stock 35 per cent, and, through a trustee, buy the debts. All the gentlemen named, with Horace Goble, James Wilson, jr., and Horatio B. Joy, such an agreement; but no more sigsigned natures have as yet been obtained. Cortlandt Parker then suggested that a fund should be raised purchase the deposits of those persons who were It probably to most embarrassed by non-payment. found that $13,000 would buy all deposits of $400 was and less. An agreement was drawn up by which persons subscribed sums to be paid to exGovernor Joel Parker as trustee, which he was to in buying such deposits. It was made binding when use $13,000 was raised. Thus far $10,500 has been subscribed. ENGLISH CRICKETERS PRACTICE. Five of the English cricket team-Messre Hornby, Lucas, Royle, Webb and Schultz-visited the grounds of the St. George's Club, Hoboken, yesterday, and practised for a short time. Both Hornby and Lucas showed fine batting powers, hitting freely and effectively. It was noticed that they were strongest in long "on" hits, frequently driving the ball outside of the enclosure. Lucas is evidently best fielder of the team, and covers as much the ground as one of the best professional base ball but does not handle and return the ball as players, say that the team 18 weak in bowling in the match quickly. prove Experts English Emmett to-day, likely and and will miss the two professional bowlers, Ulvett, who did good service for them in their Aus- We trahan matches. Mr. Hornby said yesterday, will have to trust to luck and Messrs. Schultz and the Lucas for our bowling to-morrow." If any of American batsmen give them much trouble they will probably have to call on Lane, the professional the Staten Island Club, for a change. The American of eleven will be well supplied with bowlers, the Newall brothers being as good as any in America, while they have Brewster, of Germantown, and Soutter, Moeran and Sprague, of the St. George's Club, to relieve them. The teams will be made up given in yesterday's TRIBUNE, with the exception as Lord Harris, who will be absent. The grounds are of in excellent condition. The game is to begin at o'clock. ESSONS IN PRACTICALHOUSEWORK,

11. May 12, 1879 The Sun New York, NY

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THE AMERICAN TRUST COMPANY. Stockholders Subscribing to a Fund to Pay Off the Smaller Depositors. The difficulty in paying off all the depositors of the suspended American Trust Company of Newark arises from the fact that of the thirty-two trustees only about a dozen responded to the call to provide means for the protection of the depositors. The first scheme, which was proposed by Cortlandt Parker. was that the stockholders should assess their stock thirty-five per cent. for this purpose, buy the debts. and wait two years for repayment. The holders of only 419 out of 2,500 shares signed the agreement. It appearing that, excluding stockholders, there were hardly 20 out of 340 depositors whose deposits exceeded $400 each. and that $14,000 would pay off all those holding under that amount, who were presumably most needy, Cortlandt Parker next suggested that a fund be raised to pay off these smaller depositors. Joel Parker added to this the suggestion that the stockholders who contributed to this fund should waive their claims for reimbursement from the assets until all the depositors were paid, but the amendment was not incorporated in the agreement, which was then drawn, naming Joel Parker as trustee of the fund for the benefit of the depositors. The principal subscriptions were: Cortlandt Parker. owning $8,000 of stock and $600 deposit, $1,500; Joel Parker. $1,000 stock. $1,500: John McGregor, $5,000 stock and $1,000 deposit, $1,500; H. N. Little. $1,000 stock. $1.000; W. A. Whitehead, $6,000 stock and $1,200 deposit, $1,500: C. N. Lockwood. $5,000 stock and $1,000 deposit, $1,500; P. Van Zandt Lane, $5,000 stock and $1,000 deposit, $1,000: C. A. Peabody. $5,000 stock, $1,000. Joel Parker insisted upon adding to his subscription the condition that he was not to draw any dividend upon his share until all depositors, except stockholders, were paid. To this proviso others of those named, who had no share in the management of the company, but were persuaded to let their names be, and, as trustees, gave their assent. The Board of Trustees at the time of the suspension was as follows. several having resigned only a short time before: Daniel M. Lyon, Thomas Langstroth. Paul Buchanan, Joel Parker, Matthias Dodd, Job S. Crane, John Mc. Gregor, P. Van Zandt Lane. Edmund H. Davey. Elias Cook. Frederick Hood. Inslee A. Hopper, Edward S. Wilde, W. A. Whitehead, C. N. Lockwood, Cortlandt Parker. James A Hedden, Henry S. Little, Jehn H. Chambers, Alexander Turnbull, Jas. V. Bentley, Adolph Schalk, Jumes M. Durand. Jacob P. Marshall, Joseph Agate, Chas A. Peabody, Wm. Robotham, James Wilde, Jr., James Peck, and J. Reeve Sayre.

12. May 14, 1879 New-York Tribune New York, NY

Article from New-York Tribune, May 14, 1879

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DEPOSITORS EAGER FOR REVENGE. ACTION AGAINST OFFICERS OF THE SUSPENDED TRUST COMPANIES IN JERSEY CITY AND NEWARK. Francis D. Carr, secretary of the suspended International Trust Company of Jersey City, and Charles M. Field, one of the trustees, who were jointly indicted with President Hayt, appeared in the Hudson County Court House, at Jersey City, yesterday, to give bonds to await trial. The indictments allege that the three men published a statement that the company had a paid-up capital of $200,000 for the security of its depositors, knowing that the statement was false. The bail of Mr. Carr and Mr. Field, who both pleaded not guilty, was placed at $5,000 each. Edward Wilson, the cashier of the Second National Bank, became the bondsman of Mr. Carr, Mr. Field's bonds being signed by the Hou. Orestes Cleveland, president of the F. Dixon Crucible Company of Jersey City. At an adjourned meeting of the depositors of the suspended American Trust Company of Newark, Monday evening, Thomas S. Henry reported that the committee appointed at the last meeting for that purpose had waited upon the Grand Jury, who listened attentively to their grievances. He believed that some of the trustees were criminally guilty and liable to the depositors and to indictment, especially as they had falsely advertised a paid-up cash capital of $250,000. Mr. Bryan, from the committee on bringing civil suits against the trustees, reported that he had consulted leading lawyers, who stated that the depositors had good grounds of action against the trustees individually. Several speakers said it would be wrong to proseente the innocent with the guilty. They urged the bringing of civil rather than criminal suits. After further discussion a committee was appointed to receive grievances of individual depositors and report at the next meeting. It is stated that the trustees fear that they may be indicted.

13. August 26, 1879 New-York Tribune New York, NY

Article from New-York Tribune, August 26, 1879

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referred to the consult for arbitration. The consul decided against the seamen and they deserted from the ship. They will be held until the sailing of the vessel and will then be placed on board. Officer McDonald, of the Twentieth Precinct, late on Sunday night, arrested John Duffy, proprietor of the liquor saloon at No. 418 West Fortieth-st., on a charge of stabbing William Gaffney, who lives in the same house. with an icepick or some other sharp instrument, and also with having brutally assaulted and beaten another man named Patrick Sherlock, one of his customers. it appearing from the evidence of Officer McDonald that Duffy was violating the Excise law by selling liquor on Sundays. the magistrate entertained a third complaint against the accused man. For the assanit on Sherlock. Justice Murray held Duffy in $500 bail: $1,000 for his assault upon Gaffney; and $100 for violation of the Excise law. BROOKLYN. Yesterday morning the dead body of Robert T. Ostrom was found in the back area of No. 227 De Kalb-ave. It is supposed that he fell in from the stoop, of which the railing was broken, while asleep and broke his neck. The Republican primaries, for the election of delegates to attend the Assembly District Conventions for the selection of delegates to the State Convention, will be held this evening in each of the twenty-tive wards of Brooklyn and in the five towns of Kings County. Mrs. Anthony Franklin, touched with compassion upon hearing the pitiful story of a girl asking aid at her residence, No. 64 South Portland-ave, hired her as a servant a month ago. On Saturday the girl took leave without the formality of mentioning it, and with her went $30 in silver and clothing. George Butler was arrested at Broadway and Tenth-st. on Sunday for stealing a scarf-pin from a man with whom he was talking. In his pockets was found a confidential circular of a dealer in counterfeit bills of the denomination of $1, $2. $5, $10, offering to furnish $1,000 in any one of these for $100; claiming that they defied detection even by expert bankers. The circular contained a caltion against " unscrupulous dealers in the queer," and urged the necessity of dealing in person to insure safety. There was no signature to the circular. Hugo Scherfrich, living at No. 154 Yates-ave. Brooklyn, was drowned while bathing at Plumb Beach, Sleepshead Bay, Sunday afternoon. He and his wife, whom he married recently, where paying a visit to George Schmidt, at the Bay, and the party visited the beach and went in bathing where the water was shallow. But Scherfrich ventured into the tide, which was running swiftly, and was swept beyond his depth before his friends could assist him, and sank below the surface as it drawn under. Efforts were made by expert swimmers to find the body by diving at the point where it disappeared, but without success. It was not found yesterday. JERSEY CITY. The Jersey City police yesterday succeeded in finding Ferdinand Brinkman, the husband of Annie Brinkman. He says that he is willing to pav his wife $6 a week until the divorce suit he has brought against her is decided, and the woman was returned at his expense to the Hudson County Hospital, whence she fled three weeks ago. NEWARK. The depositors of the collapsed American Trust Company will hold a meeting this evening. The Chancellor has ordered all claims against the company to be exhibited to the receiver on or before October 1. The Standing Committee of the Diocese of Northern New-Jersey held a meeting yesterday afternoon in Grace Church, Newark, and decided to hold a service in memory of Bishop W. H. Odenheimer on Thursday morning, September 4, in the same church. Active preparations are being made among the Germans for the Liberal" demonstration on September 8, and the indications are that it will be a very imposing one. The Committee of Arrangements met in the Academy of Music Sunday night and considered a long progamine which was fixed upon. civil suit having been begun in the First Dis. trict Court against Sheppard Pierce, of Boston, he was arrested Saturday upon order of the Court iiistead of being summoned, the plaintiff alleging that Pierce intended to leave the State. Yesterday he was discharged by Supreme Court Judge Depue, because of the insufficiency of the affidavit and irregularity of the arrest. EW-JERSEY. NORTH BERGEN.-Louis Becker, a land-owner of North Bergen, recently converted his property into a cemetery, but a stop has been put to the sale of lots by a notice from the township that unless Mr. Becker pays his taxes the property will be sold. BERGEN POINT.-The proprietors of the Hazard Powder Works at Bergen Point have contracted for the erection of a bulkhead around a space of sixty acres of land under water, off the shore in front of their works, in the Kill von Kull. This spot in the Kills, which is opposite Castleton, S. I., is, in its present state unnavigable, and is known as the Mill Rock Reef. When the cribbing is completed it will afford a dumping-place for refuse. LONG ISLAND. JAMAICA.-The men engaged driving piles in Jamaica Bay for the New-York, Woodhaven and Rockaway Railroad on Saturday struck a spring of fresh water in the bay some 300 feet from the shore. A tube was sunk and the spring water will be used to supply the engines of the new road The body of Louis Engenbroot, of No. 205 Washington-st., Hoboken, who was drowned while bathing at Rockaway Beach on Sunday afternoon, was washed ashore yesterday opposite Meyer's Pavilion. Coroner McCarthy held an inquest and the remains were placed on board of a train and brought to Hunter's Point, from whence they were taken to Hoboken. AFFRAY BETWEENFARMERS

14. December 14, 1879 The New York Herald New York, NY

Article from The New York Herald, December 14, 1879

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SUBURBAN NOTES. Chancellor Runyon has ordered Mr. George W. Wilkinson, receiver of the American Trust Company of Newark, to pay depositors a dividend of Atteen per cent on the 20th inst. John Derbenshire, a citizen of Belleville to ownship, N. J., cut his throat while demented a few days ago. He was removed to the Lunatic Asylum, where he now lies in a dying condition. Some burglars broke into St. Paul's Episcopal Church at East Chester a few nights ago and carried off all the carpet. This is the second time that the carpet of this church has been a:olen within the past year. Richard B. Rollason, who was convicted about six weeks ago in the Richmond County Court of Oyer and Terminer, of the killing of George Sisk, at Tompkinsville, S. I., on the 4th of July last, and sentenced to the Kings County Penitentiary for five months, has been pardoned by the Governor. Rollason upon securing his freedom did not visit Staten Island, but, meeting his wite and child in this city, took passage at once for England, his native country.