16370. New York State Loan & Trust Company (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: January 29, 1876
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: d7df29ec

Response Measures

None

Description

The New York State Loan and Trust Company was placed in the hands of a receiver on Jan 29, 1876 at the request of a majority of its directors seeking voluntary dissolution. Depositors were reported paid in full; the company was wound up by the Central Trust Company as receiver. No bank run is described in the articles — this is a suspension/receivership leading to closure.

Events (2)

1. January 29, 1876 Receivership

Newspaper Excerpt: Judge Donohue ... has appointed the Central Trust Company as receiver to wind up its affairs; Alexander Cameron referee; depositors have been paid in full; stockholders will receive about 25 per cent of their investment . . . assets set down at $816,765.12 . . . .
Source: newspapers

2. January 29, 1876 Suspension

Cause: Voluntary Liquidation
Cause Details: Majority of directors petitioned for dissolution because assets (largely depreciated securities after the 1873 panic) were not readily convertible and capital was largely impaired; petition sought injunction on ordinary business and appointment of receiver.
Newspaper Excerpt: The New York State Loan and Trust Company has been placed in the hands of a Receiver.
Source: newspapers

Newspaper Articles (9)

1. January 6, 1876 The New York Herald New York, NY

Article from The New York Herald, January 6, 1876

Click image to open full size in new tab

Article Text

BUSINESS FAILURES. Assignments were yesterday made by Messrs. Lindo mann & Sons, piano manufacturers, of No. 14 Eas Fourteenth street, to Adam Brantigam, and by John H. Mecabe, commission merchant, of No. 112 Warren street, to Charles P. Mecabe. The New York State Loan and Trust Company, a No. 50 Wall street, 18 said to be about to close up its business. Mr. John Baird, the receiver of the Commercial Warehouse Company, which failed last summer, has completed an investigation of its affairs. His statement shows the liabilities to be $1,877,046 and the total value of the assets $4,022,633. The latter consist principally of United States bonds, amounting in value to about $79,000, of real estate in New Jersey and Westchester county, be sides their large warehouses at the Atiantic docks is Brooklyn. The greater part of their liabilities are in Cuba, where they have debts amounting to $747,355 08. William B. Cooper & Co., hemp and jate dealers, of No. 99 Pearl street, were reported to have failed yesterday. The amount of liabilities and assets is not yet known

2. January 30, 1876 The Sun New York, NY

Click image to open full size in new tab

Article Text

FAILURE. YESTERDAY'S THE NEW YORK LOAN STATE TRUST COMPANY by Its The Put Directors Bankrupt Institution to of in the Hands Depositors be to Paid Henvy Htockholder* and The Trust New York State Loan to has the an and end. come virtually Company will on get stock! cents a Two dollar weeks ago was held, and the of they concern in were was there A ind no dislonger. of was with one and. cussion in all the were comman, had For been pany. depositors at the the and due withdr them. of the comtime claim against It in to had full. was pany decided for aff the irs the take placing a in the pettto an to tion grant asking Judge order be sh not the why show cause in was The court vesterday. dissolved. D. by was Samuel petition Babcock. M. Tober. Henry Bayard Frederic Cutting, C. Woolsey. Schuchar Christopher W. H. M. VerWilliam Baldwin, Tillinghast, of and the David milye. directJones, majority The ors. the and Court order, appointthe which Central a as the indisingle vidual similar sponsibility. It be of will one uncommon the of up trust affairs another. company to an was cause order other provision to testake supplementation pointing to the timony relative condition, dissolution and New company The and Company. to which comes terminar disastrous in on went organize of the until prosperously 1873. when seriously crippled at debeen high prices. purchased the was that lue. hoped of the from effects corporation but this better. reverse. grew matter in The value clined which clined had kreatly instead of of the Securities getting dewas stock Large capital amounts ested recuwere :bonda railroad and other of wild cat" rities order. Many to and were whom companies the and made perspecame advance has The assets hereby as of are are such largely institution not the and cash. value easily of which owing of to the present business of and these From property it was the that cor Loration to to those unable who dealt therefore inthe say with that they be of the erests company disnolved. It is brances the upon claims of are assets admitt the characAppended the describer of ter funds of an and held securities Institution for them safe estates. keeping the teen are Calumet American seventee $10.000. S S. H. owe Dobbin. $21,000; Sandford T. B. Mur$20,000 Palmer, $20,196 and DAY PennNuoda H Nutt RAVADIA & Co. Water $TU.361; $10,000 Company Com New Texas Railro Orienna: M. and Bay pany, Milwaukee. stock, Company's $12.000. of Company the up and Singthe. went to to that be sent sons here. agreeing distristance. the abide by to At that they thing was Mr. ness. Preside questions $24.250; companthe on stock Portage letter Railroad to were to the It Florida: President interested do in and the conse- of close busi- any- per- the ID and 1870. the has One time. the being holders directors called the that he that concert wished no that and man owed dollar. A loss only holders losers. the per estiment, of he the was and stock some to the but thouwere loss: stand holders and had done paid they all was which, thought. claims than some much spended Detter of ings were place business at 50 were bankwall was rooms off the up. Atted starting a of The invest with flourish quite dis fe was of trumberities money and of the ders. of of 1873 about countenanced changes by the in were the made Board D.rectors of orts tockand did not But holders. If had Fold and been the fortune. the after wound at and the resident be President let the few conbusiness were othemathoda The reduced tinumber The cut and the that hought the least panic nity employed direct was or with the year to at longer had nothing for show ents. whom the company would original Investment

3. January 30, 1876 The New York Herald New York, NY

Article from The New York Herald, January 30, 1876

Click image to open full size in new tab

Article Text

AN INSOLVENT TRUST COMPANY. Judge Donohue, of the Supreme Court, has granted an order appointing a receiver of the New York State Loan and Trust Company on the application of several of the directors. This application also asks for a disso. lution of the corporation. It is signed by Samuel D. Babcock, Henry M. Taber, W. Bayard Cutting, Frederick Schuchardt, E. J. Woolsey, Christopher C. Baidwin, H. W. Tillinghast, William N. Vermilyea and David Jones, being a majority of directors of the corporation. The Central Trust Company is appointed recelver and Mr. Alexander Cameron referee. On the 9th of May Mr. Cameron will commence his session, before whom all parties who do not desire a dissolution are invited to appear. The assets of the company are set down at $816, 765 12. They say in their papers, filed in the County Clerk's office yesterday, that large sums of money have been advanced upon railroad bonds and other securities, the values of which, in consequence of the financial panic of 1873, have considerably depreciated. It is also stated that the assets are composed largely of those securities.

4. January 31, 1876 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, January 31, 1876

Click image to open full size in new tab

Article Text

Business Failures. BOSTON, January 29.-Patrick Donahue, book seller, and publisher of the Boston Pilot, has suspended. Liabilities, $300,000; assets, $215,000. Several minor failures have recently taken place. FITCHBURG, MASS., January. 29.-John H. Lockey, of Leominster, failed. Liabilities, $93,000; assets, $50,000. NEW YORK, January 29.-The New York State Loan and Trust Company has been placed in the hands of a Receiver. Depositors and creditors have been paid in full. Stockholders will receive twenty. five per cent. The capital was one million dollars. NEW YORK, January 29.-Piorzheimer, Dreyfus & Teller, wholesale jewelers, have suspended. Liabilities placed at $114,000; assets, $150,000. Extension and prompt resumption are hoped foreated

5. January 31, 1876 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, January 31, 1876

Click image to open full size in new tab

Article Text

Poor Trust is Dead. NEW YORK, Jan. 30. The New York State loan and trust company was yesterday placed in the hands of a receiver in furtherance of a request from a majority of its stockholders. It commenced business with a million dollars capital and the stockholders now have only 25 cents on the dollar to show for their original investment. The failure of the company was owing to the putting of funds in wild cat securities. All depositors and creditors have been paid off in full The securities were for the most part those of southern states.

6. January 31, 1876 New-York Tribune New York, NY

Article from New-York Tribune, January 31, 1876

Click image to open full size in new tab

Article Text

THE NEWS THIS MORNING. FOREIGN.-The French departments elected Senstors yesterday; 93 Republicans and 122 anti-Republicans of various parties were chosen; Victor Hugo and ex-President Thiers were among the ReThe insurgents burned nine publicans elected. The Alfonsists carvillages in Herzegovina. ried several Carlist positions commanding the M. Lemaitre was buried in Paris. Urola River. DOMESTIC.-In Congress Saturday the House only M. Sableicher. Mr. Ward, and others spoke on the currency, the two mainta Noah Davis in favor of resumption measures. and Charles Daniels of the Supreme Court advised the nomination of Mr. Southworth to the bench by The evidence is all in in the Gov. Tilden. Landis case. Immigration to the Black Hills continues. Speaker Kerr has declared in a published letter that his name is not to be used in the Democratic National Convention. CITY AND SUBURBAN.-In the Pacific Mail inquiry, Trenor W. Park testified concerning his transactions with A. B. Stockwell and his connection with Pacific The murder of W. W. Simmons, a Mail. mechanic, at Greenpoint, by a fellow-workman, who cut off the head and divided the body of the murdered man in trying to conThe bail of eal the crime, was discovered. Charles L. Lawrence, the alleged smuggler and The New-York forger. was fixed at $40,000. Central Trust Company was appointed receiver of the New-York State Loan and Trust Company, Gold, which went into voluntary dissolution. 113, 113, 113. Gold value of the legal-tender dollar at the close, 8812 cents. THE WEATHER.-The Government report predicts In this clear and slightly warmer weather. city yesterday the day was cold, with a keen north wind blowing, a great change from Saturday ; thermometer, 220, 25°, 23°.

7. January 31, 1876 New-York Tribune New York, NY

Click image to open full size in new tab

Article Text

LOCAL MISCELLANY. NEW-YORK LOAN AND TRUST COMPANY. VOLUNTARY DISSOLUTION-APPOINTMENT OF A RECEIVER AND REFEREE. On the application of a majority of the directors of the New-York State Loan and Trust Company, Judge Donohue has appointed the Central Trust Company of New-York receiver to wind up its affairs. The petition states that by its incorporation the stock of the New-York State Loan and Trust Company is $1,000,000; that the securities on which it advanced money were depreciated by the panic of 1873, and that the assets are largely composed of such securities, are not readily convertible into cash and their value cannot be easily ascertained, owing to the present depressed state of business affairs and the general 10 ling of uncertainty throughout the commercial community; that the stock, proper y, and effects are so far reduced as not to afford a reasonable security to those dealing with it, and the petitioners think it beneficial to the interests of the stockholders that the corporation be dissolved, and state that at a stockholders' meeting steps for such dissolution were ordered. The petitioners therefore pray that the further transaction of ordinary business of the corporation may be enjoined, and that a receiver be appointed. The petition is sworn to by Samuel D. Babcock, Henry M. Taber, W. Bayard Cutting, Fredcrick Behuebardt, Edward J. Woolsey, Christopher C. Baldwin, W. H. Tillingbast, Win. M. Vermilye, and David Jones, as directors of the company. Judge D nohue has appointed Alexander Cameron referee to hear all objections to the dissolution on May 9. 1876, and report thereon. The petitioners state that the assets of the Company amount to $816,765 12, $189,300 being stock of the Company, and $200,000 being due from the New-Orleans, Mobile and Texas Railroad. They state that there are no creditors of the Corporation whose claims are allowed, and that the Corporation has no acknowledged or admitted debts or liabilities. Among the other assets of the Company, according to their schedule, are notes of the Calumet Company, amounting in all to $10,000; $21,000 due from H. Sanford & Co.; $20,000 from 8. S. Dobbin; $20,196 from Marv P. M. Palmer; $10,000 from H. C. Nutt & Co.: $70,361 86 from the Memphis Water Company; $57,193 33from the Milwankee, Green Bay, and Marquette Railroad; $24,250 from loans on the Company's stock; $6,000 from each of the Adirondack and New-Jersey and New-York Railroad Companies; $5,000 from the Flushing and North Shore Railroad Company, and $12,500 from the Chicago and Portage Railroad Company. Among the holders of the Company's stock are J.F. Alexandre, 1,100 shares: H. A. Sinythe, trustee, 1,893 shares; S. Brewster, J. & 8. Bunheimer, August Belmont, R. Bayard, City Savings Bank of Providence, L. Delmonico, Lewis Einstein, C. M. Foster, jr., W. J. Gordon, C. W. Haven, G. G. Haven, J. L. Kip, executor, 8. Loeb, A. A. Low & Brothers, Perkins, Livingston & Post, J. R. Suydam, and W. S. Toole, 100 shares each; Erastus Corning, 200 shares: W. F. Drake, 150 shares, W.T. Garner, 500 shares; W. T. Hamilton, 150 shares; David Jones, 200 shares: W. Lottimer and D. Leavitt, 150 shares each; J. V. L. Pruyn, 300 shares: T. W. Reynolds, 150 shares, and J. Strauss Brothers & Co., 200 shares. It is reported that the stockholders will obtain about 25 per cent of their investment.

8. July 12, 1876 The New York Herald New York, NY

Article from The New York Herald, July 12, 1876

Click image to open full size in new tab

Article Text

YORK NEW LOAN STATE AND TRUST COMPANY. The affairs of the New York State Loan and Trust Company, now in the hands of the Central Trust Company of New York as receiver, are still without any chance of immediate final settlement. The depositors have been all paid and the stockholders are now await. ing the result of a number of suits pending in the courts and for other payments beiore beginning to think ot n dividend. According to present appearances the affairs of the company will not be finally closed this year.

9. April 28, 1877 The New York Herald New York, NY

Article from The New York Herald, April 28, 1877

Click image to open full size in new tab

Article Text

BOTTOMLESS MONEY BOXES. LOST PLEIADS OF OUR SAVINGS BANK SYSTEMNEW MATTERS FOR THE ELLIS INVESTIGATING COMMITTEE-HOW TO PREVENT FRAUDS. It is claimed by many influential merchants and others who have been interviewed on the subject that the present investigation of the official course pursued by Superintendent Ellis will clearly show that his neglect of duty has caused much of the suffering resulting from recent failures of savings banks. It is also contended that, in addition to the banking institu. tions named in Governor Robinson's late message to the investigating committee, there are other corporations whose cases have not been cited. but which furnish new prima facie evidence against the Bank Superintendent. Among these may be cited the Loaners' Bank of New York. About November, 1875, the Bank Superintendent was asked for a report upon the condition of this establishment, but it appeared that, the bank never having been examined, Mr. Eltis could furnish no information about its status. At the same time a lawyer wrote to the Superintendent asking to have the Loaners' Bank examined, but no examination took place, and the institution failed in May, 1876. A gentleman acquainted with its affairs says:"Its operations were worse than those of a low class pawnshop." The community lost $500,000 by the failure, much 01 which, it is claimed, might have been saved had the Banking Department held the corporation to strict account when required to do so. ANOTHER STARTLING CASE. In relation to the New York State Loan and Trust Company responsible parties state that about March, 1875, Mr. Ell's was officially informed by Mr. George W. Reid, examiner, and Mr. William T. Aidrich and others, that the capital stock had suffered an impairment equal to at least twenty per cent. It was the Bank Superintendent's duty to have caused this deneit to be made good, or to have closed the doors of the company under instructions from the Attorney General. No steps were taken by Mr. Exis and the concern was allowed to remain in the hands of the same parties until January 29, 1876, when the impairment of the capital amounted 10 about ninety per cent, and the trustees voluntarily relinquished the remaining ten conts on the dollar to a receiver. The loss 10 the public was about nine hundred thousand dollars. The wretched condition of this company was known to all persons familiar with us general operations at the time. By the statute of 1874 the superintendence of trust companies chartered by the State was placed under the charge of Mr. Ellis, and the condition of this concern was or should have been well known to him. A FRIGHTFUL LIST OF LOSSES. In conversation with Mr. John Mack, of No. 365 Fifth avenue, that gentleman gave the following estimates of the losses suffered by depositors 10 the suspended savings banks, and says that he believes the greater part of the immense sums which are given below migot have been saved if Bank Superintendent Eths bad properly discharged his important duties:$150,000 Abingdon Square Bank 1,730,000 Bona Street Savings Bank 500,000 German Savings Bank, Morrisanta 2,000,000 Mechanics and Traders' Savings Bank 450,000 Mutual Benefit Savings Bank 750,000 New Amsterdam Savings Bank 200,000 People's Savings Bank 400,000 Security Savings Bank 1,440,000 Third Avenue Savings Bank. 120,000 Traders' Savings Bank 1,000,000 Bank of Lainsburg 1,000,000 New York State Loan and Trust Company Loaner's Rauk 500,000 500,000 Security Bank Manufacturers and Builders' Bank. 460,000 Total $11,200,000 HOW TO PREVENT FRAUDS