16392. North American Trust & Banking Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1841
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
a711cec3

Response Measures

None

Description

Contemporary articles describe the institution as placed in the hands of a receiver / court of chancery (injunction Sep 1, 1841; receiver appointed by Nov 26, 1841). Coverage documents insolvency, mismanagement/speculation, and trust-asset disputes; no article describes a depositor run prior to suspension. The bank was wound up under a receiver and did not resume normal operations.

Events (2)
1. September 1, 1841 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Injunction and chancery proceedings due to insolvency, heavy liabilities, mismanagement and speculative dealings (bad assets, trust deeds, and alleged improper transactions).
Newspaper Excerpt
An injunction was served on the 1st upon the officers of the North American Trust and Banking Co. requiring them to shew cause why receivers should not be appointed to wind up the affairs of the institution.
Source
newspapers
2. November 26, 1841 Receivership
Newspaper Excerpt
When the present receiver was appointed, on the 26th of November last, the outstanding circulation was $10,500 ... The Receiver of the North American Trust & Banking Company will declare a dividend on the 1st April. David Leavitt, Receiver of The North American Trust and Banking Company, for making a final dividend of its assets (legislative notice).
Source
newspapers

Newspaper Articles (15)
1. October 17, 1839 Morning Herald New York, NY
Article from Morning Herald, October 17, 1839

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MONKY M A R K E T. Wednesday, Oct. 16-6, P. M. Wall street has resumed its accustomed appearance. Confidence in our banks remains firm. At the stock exchange, a fair amount of business has been done, and prices have generally improved. U. S. Bank rose If per cent; North American Trust and Banking Co. 2 per cent; Farmers' Trust, 1; Kentucky, 14; Harlem, 1; Delaware and Hudson, 1; Mohawk. 4 The Franklin Bank of Baitimore has declared a dividend of three per cent for the last half year. The Bank of New York has declared a dividend of four per cent for the last six months, payable on the 1st November. The Merchant's Insurance Company in Boston have made a dividend of ten per cent for six months-seven per cent of this sum is understood to have been derived from interest of the capital, and three per cent from the profit of insurance. The Bank of Chelsea has finally stopped payment. and another of the new banks-the Weel Growers, with a circulation of $16,000. has also suspended. It pays the depositor, how. ever, in full. It is stated in a New Haven paper, that the banks of that city have a surplus of specie; and a trea. ury draft in favor of the Manhattan Bank of this city. was drawn in specie-dra and bills being refused. This is the operation of the government, in concentrating specie in New York. A few days SINCE, the Collector Mr. Hoyt, loaned to the North Amer. Trust & Banking Co. $175,000, for which they gave ample security in State Stocks, while the President was in the city, and probably with his advice. The institution then paid out of this money, to one of the smaller banks $45,000 and $5000 to another, making $125,000, which she keeps on deposite. These and other movements are indicative of the deturmination of both the general and State Government to sustain our banks and one of the first results has been to enable the N. A. Trust & Banking Co. to resume the redemption of the bills of the following banks at the rates annexed. BILLS REDEEMED AT THE N Am. TRUST AND BANKING COMPANY. Farmers' Bank. Hudson, par " Orange Bank, New Jersey, " Farmers & Drovers, Somers, " Commercial Bank. Troy, Farmers and Mechanics, Genessee pr c't dis't Delaware Bank, Delhi, " James' Bank, " Bank of Syracuse. " " of Central New York, Utica, " Merchants & Farmers, Ithica, Genesee County Bank, An arrangement has been made with the agency of the Bank of Western New York, at No. 3 Wall street, by which the bills of the following banks, under the new law, will be redeemed at three per cent discount: Delaware Bank, at Delhi. Canal Bank, at Lockport. Syracuse, at Syracuse. Bank of Central New York, Utica. Mohawk Valley Bank. Genessee Co'. Bank. Merchants' and Farmers' Bank, at Ithica. Farmers' Bank. Geneva. Farmers' and Mechanics' Bank, Rochester. Commercial Bank, do. Bank of Western New York, do. Farmers' Bank of Orleans, at Gaines. Bank of Dansville. at Dansville. St. Lawrence, at Ogdensburgh The post notes " the U.S. Bank were sold today at 3 per cent per month. The great desideratum of supplying the demand for some means of remittance shroal, which shall obviate the necessity or shipping specie, is now obtained. There will no doubt, be more bille than will and buyers, and the rate will be so. far reduced, as to provone, is all probability, much spocio from going. The departumer the Liverpool has rightly been con.

2. February 3, 1840 Morning Herald New York, NY
Article from Morning Herald, February 3, 1840

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MONEY MARKET. SUNDAY, FEB. 2-6P. M The news by the Patrick Henry, connected with the progress of events on this side, being inauspicious to the maintenance of fictitious prices, caused a decline in prices at the stock board yesterday. United States Bank fell 2 per cent: American Exchange Bank, 1; Delaware and Hudson, 1; North American Trust and Banking Co. 1b; Providence Railroad, 1; Harlem, 1). There were sales of old corporation bonds, at 11 discount. Post notes of the United States Bank, due yesterday, payable in Philadelphia, were offering at 7 per cent. It will be recollected that during the severe pressure, immediately succeeding the Philadelphia suspension, that the Bank of Commerce made a sadden demand for cash balances on the North American Trust and Banking Co. and United States Bank in New York, at a te hour in the day, in order, if possible, to stop those banks during the panic. The United States Bank promptly paid the mand, and the government, through Mr. Hoyt, loaned the Trust Company $175,000 in specie, to fortify it from the unjust attack of the polities-financiers that misdirect the Bank of Cc mmerce. That amount of money has now been returned by he North American Trust and Banking Co.; and the City Bank, the Bank of America, and the State Bank, are used 38 the depomitories for the public money. The officers in charge of it are notoriously the principal stock operators; no other class of persons can command the ready cash. The bills of the Farmers' Bank of Sencea County have been received heretofore on deposite by a concern in Wall street, calling itself the "Clinton Bank;" during the past few days, they have refused even to take them on deposite. The post notes of the Farmers' Bank, made payable at this same Clia ten Bank, were refused payment. The concern has long been in disrepate, notwit' standing that the "Wall Street Courier" has been puffing its Cashier. Mr. Fenton. The concern called the City Trust Company," has out post notes of all denominations, from 81 to $5. There is a large batch of the latter denomination out, dated Dec. 14, 1839, at twelve months. They are well calculated to deceive the sup rácial observer. as the words twelve months after date, are written in small letters, and the general appearance of the bills is the same as the true

3. September 10, 1841 Mobile Daily Commercial Register and Patriot Mobile, AL
Article from Mobile Daily Commercial Register and Patriot, September 10, 1841

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COMMERCE, TRADE, &c. Our papers to-day are of the 1st inst. from New York, and the 30th ult. from Boston. At that time the Britannia had not arrived, although momentarily expected. The packet ship Utica from New York for Havre, took with her $241,000 principally in Mexican dollars. An injunction was served on the 1st upon the officers of the North American Trust and Banking Co. requiring them to shew cause why receivers should not be appointed to wind up the affairs of the institution. The transactions of the New York Cotton market for the three days ending the 1st inst. were 1050 h Upland and Florida at 74 to 104c; 200 Mobile 8 H 11; 400 N Orleans 8 a III-together 1650 b. The arrivals were, from Texas 21 b; S. Carolina 413, total 437 b. Total import from 1st to 31st Aug. 7,091 b. Export from 1st to 25th August, 9,725 b. U.S. bankstock was selling at 11 a 131. Exchange on Mobile 8 8 84; Int. Ala. 9 a 91. New Orloans 4 a 41. Bills on London 81 a 9; France 5f 20 a 5f 22 In Boston, for the week ending the 28th ult. the sales of cotton were 400 b New Orleans and Upland at 101 a 12c, 6 mos. credit, Exchange on Mobile 8 a 9; New Orleans 41 a 5. In Louisville, on the 26th ult. Bagging is quoted at 26A; Rope 111c, 6 mos. Bacon, hog round 5 cts; shoulders 4c; sides 47c; hams 64 a 7c. Flour, new, $525. Pennsylvania State Stock at the latest dates, was selling at 80 on the dollar. The downward tendency of the credit of the Keystone state, has been, we believe, even more rapid than that of Mississippi, and furnishes an enduring lesson of the dreadful consequences of the prevailing system of banking and financeering. The interest of this stock, which fell due some two months ago, is being paid by an issue of six per cent scrip, redeemable in five years. The debt of the state amounts now to about 36,000,000, the interest of which alone, probably absorbs all, or the greater part, of the entire proceeds from the internal improvements upon which this immense sum has been lavished. The Philadelphia correspondent of the Journal of Commerce, intimates strongly that the day is not very far off when. like Mississippi, repudiation will be openly advocated and successfully maintained by its citizens. If such a dreadful result of the Pennsyl vania system as this had been hinted at two or three years ago, it would have been treated as madness. But the path from excessive borrowing to confirmed villainy is always a very short one. / Bicknell's Reporter of the 31st ult. publishes a table of

4. September 20, 1841 Mobile Daily Commercial Register and Patriot Mobile, AL
Article from Mobile Daily Commercial Register and Patriot, September 20, 1841

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(Commercial Correspondence of the Register.) New-York, Sept. 11, 1841. The second véto of the President has been received. Its effect in Wall street was not very material as it had been in a great measure anticipated. The political portion of the community indulge freely in invective against the chief magistrate for his firmexercise of his constitutional prerogative. The mercantile portion of the community, however, express very general satisfaction at tne result. Business men are convinced that their interests will be better served without the intervention of a monopolizing in. stitution. The President in his message promises to give his views upon the subject of a fiscal agent at the regular session of Congress. Those views are pretty generally understood to be a system not materially at variance with the late sub-treasury plan with some modifications. That law contained the skeleton of an "exchange Bank," and the $8,000,000 of treasury notes outstanding by being made payable on demand at all the government offices would afford a uniform to any if a is be necessary at would then be in enter but of ted, notes purposes-would paper currency currency always equal little demand that into could the for all. channel exchange be Those creaan no as the moneys come with the mercantile to operation popular, business. Such public arrangement exchanges will and will then disbursements. and doubt only into be the actual extent of receipts There will be no fictitious credit to draw against artificially to effect the exchanges as is the case where banking credits are brought play. Nor will exlisting channels of business be violently disturbed by its operation. The Stock market yesterday was effected in some degree by war rumors from Washington, growing out of the M'Leod affair. These however have their origin in party trickery, is order, by existing apprehensions to intimidate the President, and induce the continuance of the present cabinet in power. Stock fell to very low tates to day. The monster touched 6 per cent. The best of the assets of this concern are assigned. The assignment is partial only under the late severe law which remitted the obligation of securities from the assignees is partial assignment. The bills of the concern are selling at very low rates to-day, say 30 dis. for cash. The North American Trust and Banking Company IS in the hands of the court of Chancery. It is not supposed that anything will be left to the stockholders, although some large amounts of liabilities, perhaps $1,500,000 it is said will be set aside under plea of usury. The investigation of the Harlem Rail Road is progressing, but it will not result in any thing satisfactory; no doubt exists but that large issues of stock have been made by the directors at a heavy discount, and to this the fall in the stock is attributable. Mr. Jaudou, who left here some time since to resume the agency of the .S. Bank in London, wants to meet the $500,000 of debentures that fall due next month and for which stock are pledged. Those stocks are heavily depreciated, and it is doubtful whether, the war fever existing in I ondon, the the holders will be willing to extend the time until the stocks can improve in value. If they choose rather to sell them at present rates, it will greatly affect the value of the stocks, which are mostly Illinois, Mississippi and Michigan, more especially as a new issue of $500,000 of the former state is about to be sent forward for negotiation.State stocks continue much depressed. Foreign exchanges have of late improved and the demand seems to be good by each packet, rather exceeding the supply. The rates are now as followssterling bills 9 94; francs a Holland 40 a 404; Hamburg 36 a 364; Bremen 78-at these rates some shipments of specie have taken place amounting to near $500,000 during the week, equally divided between London and Havre. The rates for Mexican dollars, which are mostly taken for the latter port, is 14 a 11 prem. This inclination to ship specie united with the state of our relations with England, has induced a more restricted movement on the part of our banks. They have restricted their loans and are more rigid as to the character and length of the paper they take. Notwithstanding this, however, the business doing is good. The quantity of produce received from the country IS large, and is sold at good prices. The dealers buy to a fair extent and for cash, consequently the amount of transactions is less dependant upon bank movements.The state of inland exchanges now has less influence upon our merchants than heretofore. They have learned to protect themselves from loss growing out of a sudden rise in bills. A very gradual improvement is taking place in the rates, which may be quoted to-day as follows: Boston para & Mobile

5. February 10, 1842 The New York Herald New York, NY
Article from The New York Herald, February 10, 1842

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294,618 Speaie, $4,982.45 This is melancholy picture for an institution that short time since was one of the best in Philadelphia In the relation to the State deposites the report has the following The efforts made by this Bank to prepare for the pay. ment the interest and to sustain itself under the most pressure hich came upon it, will be seen'from the following ements The amount of interest to be paid on the first of Februry was $864,410 64; and the premium on currency for specie. The Treasurer of the State had caused to be placed to credit of the in this Bank. the first 1841, and the 31st January 1842, sum about different received This at times, in different partly in checks on various its Banks and this on and Harris in neigh place burg and Easton. the principal part of which was paid and checks on the Girard Bank. large these received. amount were notes six hunbeing dred thousand upwards, that thought expedient out to depositors and others freely possible, order diminish the amount. The deposites of the been of all treated special character, and other general deposites have been. By this the circulation and deposites of this Bank were greatly reduced. The Bank being then undoubted in fully expected that its own notes, then as they been, ceived in the until and the the Bank twenty January, tne doubt the payment of the It their belief, that if that pressure, previous preparation could difto resist, had not taken place, no ficulty would existed in making that payment. it show the character and extent of this pressure is stated. on the three consecutive days, the 27th, of January, the Bank paid of its Deposites, $406,9S6 And of its notes 60,692 $466,778 Over and above its receipts, The following is an extract from the message of Go vernor Porter of Pennsylvania, in relation to the State interest Late on the evening of the 1st February a successf arrangement by which have reason to be. lieve the payment the interest due now been com menced be completed as soon as the funds can for the purpose. This arrangement consists in application of the available funds of the Bank of Pennsyl Ivania, $116,000 Foreign Bills of Exchange, of the value of Specie, 234 000 150,000 receivable and soon available, And the proceeds requisition made upon the other banks, which will be to pay the balance fthe interest due, the whole of which will assuredly met in the course or three weeks. The State himself assistants. will the Treasurer make by pay ments of interest at the bank, or at the Treasury Letters from Cincinnati describe that city in state of the highest excitement in relation to banking affairs on the instant- heavy run was kept up on the Urbana Bank. The known rottencess of all the banks, added to the approaching day fixed for resumption, March 4th, renders the populace anxious to get rid of as much bank paper possible. a The Bank of Montreal has given assurance by formal vote, that it is responsible for the issues of the Bank of the People. me In the State Assembly Mr. Townsend presented morial of the New York Banks, charging the Bank Com. missioners with mal conduct, in permitting the Safety Fund to be wasted, and demanding Legislative investigation. This is a most admirable movement. The Commissioners are appointed to protect the public from the misconduct ef the banks, and to keep a watch over the banks, to close them up when they are going wrong, before their capitals are sunk, in order to prevent loss to the safety-fund, and thereby inflicting loss upon the well managed banks: Instead of performing this duty, however, they have not only allowed bank after bank to explode, after sinking their whole capitals, but also the whole Safety Fund, and leaving an unprovided for balance of $400,000,!for which the sound banks are to be taxed for years to come. At the same.moment Mr. Chandler Starr took it upon himself to publish a card censuring this paper for cautioning the public against those banks, which he should, in the discharge of his duty have previously wound up. This is an important matter and well worthy the scrutiny of the Legislature. It will be remembered. that on the first of January, the interest of the State of Arkansas on its debt was not paid The interest is ayable by the Real Estate Bank, and the State Bank .in whose behalf the bonds were issued. The Real Estate Bank, sent forward to meet its share of the interest, some of its assets maturing in this city in May and June. These were to have been discounted by the Phonix bank where the interest is payable,bnt owing to the pressure in the market,that institution was unable do so, and the interest remained unpaid. The State Bank having some difficulty in raising money did notremit until the time had gone by. Within a few days, how ever specie has arrived to meet part of the interest. of the bonds issued to the Real Estate Bank of Arkansa $500,000 were, will be remembered, pothecated by the commissioners, Messrs. Harris and Briscoe, to the North American Trust and Banking Company of this city and by them sold to Mesars. Holford, Brancker & Co Subsequently, in consequence of the failure of the North American Trust & Banking Company on its part of the contract, Messrs. Harris & Briscoe declared t contract void, and the question of repudiation has been raised in Arkansas. One party contends, that although the Real Estate Bank pledged the bonds in violation of the law, that Messrs. Holford, Brancker & Co. are theinnocent purchasers, and the State is bound to pay the bonds according to their face. The following is an extract from the Little Rock Times & Advocate on the subject Repullation, representative in Congress, Judge Cross, the honest and just any party where, except cases of fraud and manifest violation of law and moral right. We agree with him, and contend that there violation either moral right" in the purchase of the bonds by the North American Trust Company of of flaw and moral right' is the part Estate Bank in the bonds con of meral violation towards right' security on the and bound bank does might the se note refuse individual pay that curity note, had been fourth of face, the refuse bonds because the banksold them for their thon less The following,is a letter.from GovernorY ell of Arkan. sas gentleman in this city in relation to the para graph here quoted: Rock Jan. 19. 1942 This from the organ of one of the political parties in the state, (whig). They may up bond and anti-bond Jatter answer the your to my of party 10th November last. and shall have respectreply soon. The world seems topsey turvey YEL A. Yours, The question of paying or not paying, with the western States, is not one of will, but of ability; which ability may be tested very nearly by a comparison of the resources of each state with the State of New York, which state finds it almost impossible to raise money to meet its liabilities. We recently gave the report of the committee of ways and means of the State of Indiana, in which they avow their inability to meet the demands upon the state. From the resent returns of the census statistics of the United States, we come at the actual resources of each state. In estimating the value of the products we must take into consideration that the grains and other produce of the west, are of much less money value to the producers who have to pay the taxes. than to those of the Atlantic states. For instance, the price of wheat in New York is 1 25; at the west it varies from

6. March 21, 1842 New-York Tribune New York, NY
Article from New-York Tribune, March 21, 1842

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The Receiver of the North American Trust & Banking Company will declare a dividend on the 1st April. About $30,000 in specie arrived yesterday from Honduras. Considerable amounts of specie are daily taken in this City for the Philadelphia Banks; one institution took

7. May 25, 1842 The New York Herald New York, NY
Article from The New York Herald, May 25, 1842

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MONEY MARKET. Tuesday, May 24-6 P. M. The sales at the stock board have not been large, and prices have generally improved, although slightly. Indiana 5's; Mohawk 11; Harlem 14. The principal move-ment seemed to be in this stock, of which a large number of shares have been sold. Delaware and Hudson declined . Sales of bills on Philadelphia a par; New Orleans 6 per cent. A mortgage valued at $20,000, belonging to the Washington Bank, was offered at auction to-day by the Comptroller, and bid in by one J. Taylor, at $9,000. Some difficulty appeared to exist, however, at the settlement. If the transaction is bona fide, the bills may be worth 75 cents on the dollar. One of the greatest evils that has been experienced under the free banking law, has been the fact, that in making settlements the interests of the owners of the banks have in all instances been consulted, rather than those of the bill holders. When a bank fails, its assets should be used by the receiver only with a single eye to the prompt and speedy settlement of the bills; whereas a most vexatious and ruinous delay always occurs. A case in point is the affairs of the North American Trust and Banking Company. When the present receiver was appointed, on the 26th of November last, the outstanding circulation was $10,500, and there were supposed to be securities enough with the Comptroller to meet it; but up to this moment no settle-ment has taken place. A lapse of six months is surely time enough to settle a claim of $10,000, with the exercise of a little common sense. It is the knowledge of these delays in procuring settlement that, on the failure of a bank, causes the bills to fall so low in the market, throwing a heavy loss upon the poor bill holder. The evil arises in a great measure from appointing the officer of one bank to the receivership of another. The small amount of the United States loan that has been taken is said to be on speculation; the plentiousness of money in England, and in the sphere of the banks here inducing the belief that stocks will be soon sought after for investment, and that under such circumstances the United States loan will obtain the preference. This feeling has enabled the department to realise about half the amount, for which government liabilities are dishonored. At Detroit a large amount of State scrip has been burnt as follows:- AMOUNT OF TREASURY NOTES RE-ISSUED ON ACCOUNT OF GENERAL FUND, UNDER ACT OF APRIL 13, 1841. July to Nov. 30, 1841, inclusive, $12.238 Dec. 1, '41, to Jan. 21, '42, do 7,268 Jan. 22, to April 30, '42, do 20,963 Amount re-issued prior to May 1, '42, $40,469 Amount received of S. Conant to credit of sinking fund, $368 Amount received of T.W. Wells, April 9, to May 16... 5000 Total amount script burnt, May 17, 1812, 5,368 This is about one sixth part of the whole issues. $15,837 The following are the leading features of the Bank of St. Mary's, Georgia, an institution which is a kind of drawing port for half a dozen brokers who issue their shinplasters in Florida and elsewhere:- BANK OF ST. MARY'S, GEO., OCT. 1840 AND APRIL 1812. Oct. 1840. April 1842. Increase. Decrease. Loans 126,000 86,549 - 39,451 Exchange - 109,230 109,239 - Specie 14,525 49.838 35,313 - Circulation 29,915 100.990 71,075 - Deposits 20,072 21,231 1,159 - Of this $36,549 of loans, $59,707 is under protest. The result, which we have confidently looked forward to, has at last taken place-we refer to the resumption

8. May 26, 1842 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, May 26, 1842

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VOL. XX.-No. 86. the general opinion at the board of brokers, that Mr. Hoyt was greatly embarrassed in consequence of his stock opera- tions, and that many brokers having demands against him compromised with him on that account. The witness is of opinion that these embarrassments were occasioned by bad stock operations before Mr. Hoyt became Collector. From these facts and circumstances it may be fairly in- ferred that the stock operations of Mr. Hoyt, after he be- came Collector, were carried on through selected bro- kers, with money drawn from the receipts at the custom House in New York. Several other brokers testified that they had been employed by Hoyt to purchase stocks for him after he was Collector-that he was in embarrassed circumstances at the time of his appointment-that these embarrass- ments grew out of stock operations prior to his appoint- ment, and not in those which occurred afterwards,- as after his appointment he paid large sums on his old indebtedness. There can be but little difficulty, from this evidence, in arriving at the conclusion that the public money in the custody of the Collector of the Customs at New York was, from time to time, appropriated to his own use in stock speculations. The transactions of Mr. Hoyt with the North American Trust and Banking Company call for particular notice: At the time of the second suspension of the banks in Philadelphia, the Col- lector deposited in specie nearly $1,000,000, within a very short period, in the vaults of a failing bank, the stock of which was animated or depressed, according to the frequency and amount of these deposites. Mr. Hoyt himself, being a large speculator in this stock, through the agency of certain brokers in Wall street, held the destinies of the bank in his own hands, and could purchase stock at the depression, and sell out at the moment of making his own deposites, at a large advance. For no other purpose than to promote his own interest, at a time when the institution was in bad credit, and in which no prudent merchant would deposite a dollar, actually loaned to it nearly $100,- 000 in gold and silver, while the Treasury was empty and the Government compelled to issue its own notes to meet the current demands on the Treasury. In some instances the advance in the price of the stock through these operations, exceeded 20 per cent. This profit ac- crued exclusively to the Collector and his friends, who were advised of the intended deposite before it was made. Mr. Hoyt made a sweeping business of the pub- lic money at the Custom House in New York. He paid old debts, dealt largely in stocks, loaned money to sus- tain a sinking bank, to say nothing of elections, and re- wards to favorites and partizans; and all these high- handed acts were committed in the face of the American people, and if not fully approved by the Executive, pas- sed without rebuke, until they resulted in the defaleation of Mr. Hoyt to a very large amount, a knowledge of which, by Congress, arrested his career and drove him from office. In addition to the encroachments made directly by Hoyt on the money received for imposts at the Custom House, he derived an immense revenue, on his own pri- vate account, from the following sources: His salary, as Collector, $4,400; duties paid under protest, amounting, at one time, to $150,000; compro- mises with foreign importers, on suits and prosecutions instituted, or threatened, $89,343; storage at the public stores, $30,000; fees retained, $36,000; sale of burnt goods in Front street, $20,000; duties retained from 1838 to 1841, $1,853; duties in the hands of Mr. Hoyt for goods under seizure, the cases being not yet tried, $4,426; duties retained in a case pending in the Circuit Court, $2,984; duties paid, on which the Auditor says he can give no information, $3,533; duties paid to Hoyt and credited to the Government in the cash book, return- ed as cash duties in his weekly return to the Treasury Department, and subsequently withdrawn without be- ing credited in the quarterly return $8,250; duties receiv- ed in 1839 and passed to the credit of the Government in 1841, $3,890; duties not credited to the Government in the quarterly return to the Treasury department, $38,755; amount of entries on which the duties had been received, abstracted from the office of the cash- ier during January, 1841, not debited to the Collec- tor, $63,039; excesses of cash balances received at the Custom House and paid to the Collector, of which no entry was made on the cash book, $2,824,-making the aggregate sum of $459,477. These sums were retained by Hoyt, and not entered on his quarterly returns to the Treasury Department. On all money so held by him he paid no interest to the Government, while money in the New York market was commanding a very heavy rate of interest, at 5 per cent. a month. In all contro- versies arising out of the seizure of goods, it became the interest of the Collector to procrastinate the decision as long as possible, because, in the meantime, he held the duties, and the accruing interest enured to his benefit so long as the goods remained under seizure. The same benefit resulted to the Collector on duties received under protest. All these advantages Mr. Hoyt enjoyed, besides the immense sums which he claimed as his exclusive right, and his unqualified appropriation of money receiv- ed at the Custom House to purposes of his own, in vio- lation of law, and of official duty and integrity.

9. May 30, 1842 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, May 30, 1842

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# FOR thereupon paid the money to the broker. The total amount of stocks bought and sold by the wit-ness on account of Mr. Hoyt, he states, as near as he is able to ascertain, was about eighty or ninety thousand dollars. The witness further states, that it was the general opinion at the board of brokers, that Mr. Hoyt was greatly embarrassed on account of his stock operations, and that many brokers having demands against him had compromised with him on that account. The witness is of opinion that these embarrassments were occasioned by stock operations before Mr. Hoyt became collector. From these facts and circumstances it may be fairly inferred that the stock operations of Mr. Hoyt, after he became Collector, were carried on through selected brokers, with money drawn from the receipts of the Custom house in New York. Several other brokers testified that they had been employed by Hoyt to purchase stocks for him after he was Collector—that he was in embarrassed circumstances at the time of his appointment—that these embarrassments grew out of stock operations prior to his appointment, and not in those which occurred afterwards, as after his appointment he paid large sums on his old indebtedness. There can be but little difficulty, from this evidence, in arriving at the conclusion that the public money in the custody of the Collector of the Customs at New York was, from time to time, appropriated to his own use in stock speculations. The transactions of Mr. Hoyt with the North American Trust and Banking Company, call for particular notice. At the time of the second suspension of the banks in Philadelphia, the Collector deposited in specie nearly $1,000,000, within a very short period, in the vaults of a failing bank, the stock of which was animated or depressed, according to the frequency and amout of those deposities. Mr. Hoyt himself being a large speculator in this stock, through the agency of certain brokers in Wall street, held the destinies of the bank in his own hands, could purchase stock at depression, and sell out, at the moment of making his own deposites, at a large advance; for no other purpose than to promote his own interest, at a time when the institution was in bad credit, and in which no prudent merchant would deposite a dollar, actually lonned to it nearly $100,000 in gold and silver, while the Treasury was empty and the Government compelled to issue its own notes to meet the current demands on the Treasury. In some instances the advance in the price of the stock through these operations, exceeded 20 per cent. This profit accrued exclusively to the Collector and his friends, who were advised of the intended deposite before it was made. Mr. Hoyt made a sweeping business of the public money at the Custom House in N. York. He paid old debts, dealt largely in stocks, loaned money to sustain a sinking bank, to say nothing of elections, and rewards to favourites and partizans; and all these high-handed acts were committed in the face of the American people, and if not fully approved by the Executive, passed without rebuke, until they resulted in the defalcation of Mr. Hoyt to a very large amount, a knowledge of which, by Congress, arrested his career and drove him from office. In addition to the encroachments made directly by Hoyt on the money received for imposts at the Custom House, he derived an immense revenue on his own private account, from the following sources: His salary, as Collector $4,400; daties paid under protest, amounting, at one time, to $150,000; compromises with foreign importers, on suits and prosecutions instituted, or threatened, $89,343; storage at the public stores, $30,000; fees retained, $36,000; sale of burnt goods in Front street, $20,000; duties retained from 1838 to 1841, $4,853; duties in the hands of Mr. Hoyt for goods under seizure, the cases being not yet tried, $4,426; duties retained in a case pending in the Circuit Court, $2,984; duties paid, on which the Auditor says he can give no information, $3,533; duties paid to Hoyt and credited to the Government in the cash book, returned as cash duties in his weekly return to the Treasury Departinent, and subsequently withdrawn without being credited in the quarterly return, $8,250; duties received in 1839 and passed to the credit of the Government in 1841, $3,890; duties not credited to the Government in the quarterly return to the Treasury Department, $38,755; amount of entries on which the duties had been received, abstracted from the office of the cashier during January, 1841, not debited to the Collector, $63,039; excesses of cash balances received at the Custom House and paid to the Collector, of which no entry was made on the cash book, $2,524,-making the aggregate sum of 459,477. These sums were retained by Hoyt, and not entered on his quarterly returns to the Treasury Department. On all money so held by him he paid no interest to the Government, while money in the New York market was commanding a very heavy rate of interest, as high, in some instances, as 5 per cent. a month. In all controversies arising out of the sozure of goods, it became the interest of the Collector to procrastinate the decision as long as possible, because, in the meantime, he held the duties, and the accruing interest enured to his benefit so long as the goods remained under seizure. The same benefit resulted to the Collector on duties received under protest. All these advantages Mr. Hoyt enjoyed, besides the immense sums which he claimed as his exclusive right, and his unqualified appropriation of money received at the Custom House to purposes of his own, in violation of law, and of official duty and integrity.

10. February 2, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 2, 1843

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New=¥ock Legislature. MONDAY, Jan. 30, 1842 In SENATE, the following among other bills were read a third time and passed: To repeal the act in relation to the inspection of sole leather. To extend the time to David Leavitt, Receiver of The North American Trust and Banking Company, for making a final dividend of its assets. In relation to the Trustees of the Seamen's Fund and Retreat in the City of New-York. To incorporate the New-York Floating Dry Dock Company. Ayes 22. To amend the act to provide for the construction of a Railroad from Attica to Buffalo. Ayes 22. Is the HOUSE, a. bill was passedTo amend the charter of the Bowery Fire Insusurance Company of the City of New-York. Ayes 92, Noes 16. A petition of 7,000 mechanics of this City for an alteration of the Lien Law was received and referred to the City Delegation. Mr. DALY gave notice of a bill relative to jurors in the City of New-York. Mr. M. BROWN gave notice of a bill to re-organisze the Courts of C. P. in this State. Mr. JONES reported from the Judiciary Committee a bill to repeal the act of 1840 allowing persons claimed as fugitives from Slavery the Right of Trial by Jury. Mr. McMURRAY spoke on the Governor's Message in reply to Mr. W. Hall. TUESDAY, Jan. 31,1843. In the SENATE, a sharp debate on a resolution of inquiry into some of the Regency Canal Contracts above Albany-made while Gov. Bouck was Acting Commissioner there-consumed the whole day. The resolution of inquiry was cut to pieces, but not finally acted on. In the HOUSE, after a great number of Petitions and Resolutions had been presented, Mr. SANDFORD gave notice of a bill to provide for the more speedy collection of Debts in this City. Mr HUBBBARD moved a Joint Resolution in faver of the Rates of Postage. Then-

11. March 21, 1843 The New York Herald New York, NY
Article from The New York Herald, March 21, 1843

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MONEY MARKET. Monday, March 20-6 Р. М. The bulk of the transactions to-day were in Ohio 6's, which fell 1¼ percent, and Kentucky, which fell ½; Mechanics' Banking Association rose 2 per cent. At the new boord the same features were apparent. New Orleans bills are lower, say 1 a 1½ premium. The Commissioners of the Canal Fund have given notice that sealed proposals will be received until Monday, the 3d of April, for a loan of $320,000, at six per cent per annum, payable quarterly, and the principle reimbursable after 1861. The proposals may be for not less than $10,000. The money will be required to be paid on or before the 6th day of April next, in such bank in New York or Albany as shall be designated by the Commissioners of the Canal Fund. This money is for the payment of the contractors and others on the public works. The following is a list of part of the assets of the North American Trust and Banking Company, which are to be sold by the receiver. The names are those which appear en nearly all the assets of broken banks :- NORTH AMERICAN TRUST AND BANKING COMPANY ASSETS. Samuel D. Dakin, bonds, June, 1840, Amount. $115,075 George D. Strong, bonds, Nov. 1829, 40,000 Peter Stuyvesant, check, Feb. 1829, 10,000 James Watson Webb, note, Nov. 1829, order of T. Snowden, 3,000 James Watson Webb, { bond, April, 1829, } 10,000 T. L. Servoss, note, August, 1841, 3,500 Alfred Horner, note, Feb 1839, 603 John Sandford, notes, Oct. 1839, 4,500 E. M. Morgan & Co., note endorsed Dykers & Alstyne, 8,250 Root & Leonard, potes, May, 1839, 2,601 Southern Life and Trust, notes, 62,100 H. & L. Thompson, notes, 1,033 45 shares New Washington Association, 4,500 5 Arkansas bonds, 321, 322, 323, 324, 325, six per cents, 80 shares Lockport and Niagara R. R. 5,000 Nath. Berry, bond, Oct. 1840, 4,000 Alexander & Sales, note, 9,000 James R. Wilson, draft, July, 1839, 319 William R. Cook, draft, April, 1841, 310 Veader & Little, draft, 1,130 W. Cunningham, note, July, 1839, 800 H. E. Eastman & Co., note, May, 1840, 1,941 Sidney Ketchum, note, Feb. 1840, 817 Warren Curtis, note, July, 1839, 958 William Stebbins, note, Nov. 1839, 266 Robert P. Desilver, note, Sept. 1839, 315 James H Ray, note, Sept. 1839, 176 Charles T. Bunting, note, 889 James Belknap, note, June, 1840, 720 White & Richards, note, 480 Brown & McCutonins, note, Dec. 1838, 900 One coupon for £5 12s.6d., being half years interest on bond No. 162, (Indiana Improvement Loan) due January 1, 1840, signed "J. Coe, Comm'r." The Virginia House of Delegates has again emitted some rays of the ancient glory of the "Old Dominion," so long obscured by the foul vapors that arose from the festering rottenness of her banking system. They have passed, by a vote of 74 to 46, the bill to pay their debts by taxation. Through want of vigilance, the State expenses outran its means; until at the opening of the present session, the credit of the State was tarnished, and claims for $1,089,463 was presented at the State Treasury, which could not be met. In vain her pettifogging lawyers and corrupt financiers, with their parasite organs, cried "all's well." They preached that the State credit was sound, and that therefore she should pay her debts by borrowing. The true friends of Virginia, in blunt language, told her her true position, and the unshaken honor of her citizens has promptly applied the proper remedy. Mr. Randolph, on the 14th instant, clearly stated the condition of the tate, as follows:.

12. December 7, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, December 7, 1843

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Commercial and Money Matters, For sales at the Stock Exchange, see First Page WEDNESDAY P.M. The sales were again very large, and prices went up Gov. erument Sixes improved t, Ohio 1; Indiana 3; Norwich and Worcester 21; Farmers' Loan 1;; Long Island 1j; Canten d; Ohio Trust 2; New-Jersey 1. Paterson fell off 1}. The Bill market is rather quiet-Sterling 8 a 81, with sales of Southern at 71, Francs 5 35 a 5 321; materdam 394 a 393, Hamburg 35 a 351; Bremen 77} a 773. The following new counterfeits are from Thompson's Bank Note Reporter: Fives on the East Haddam Bank, Coun., described as follows: letter C: vignette a ship under full sail. The genuine has no ship on it. This counterfeit has no engravers name on 11. Fires on the Farmers and Mechanics Bank, of Ogdensburgh: coarse lithograph, lint well calculated to deceive, if not closely scrutinized. The signing is done in a boyish style. Threes altered from ones of the Manufacturers' Bank, of Ulster, are in circulation. The Consed of the Second Municipality, New-Orleans, through Messis. Coming & Co. of this City, propose to make an arrangement for the withdrawal of the coupons which are over due. and which fall due on the 1st of Jan. next. About $60,000 of these bonds we understand are held in this section of the country. Vice Chancellor Sandford has delivered his epinion in the suit of David Leavin, Receiver of the North American Trust and Banking Company VS. Daniel E. Tyle, John L. Giaham, Joseph D. Beers, George D Strong, Thomas E. Davis, Thomas L. Servoss and William Stebbins and others. The Chaucellor in his opinion says: "The transfers and conveyances made by the President of the insolvent association in question, to the defendant Tylee, were directly withis the provisions of the eighth and ninth sections of the title of the Revised Statutes relating to 'monied corporations,' (1 Rev. St. 591.) In the language of the ninth section, they are not valid in law, and Mr. Tylee is bound to account for the property assigned to the Receiver, as the trustee for the the creditors and stockholders. Independent of the statute, these proceedings could not be permitted to stand. They were a fraud upon this Court, and its process and proceed. ings." The amount of assets and effects of this association held under trust deeds exceeds four millions of dollars, and the receiver has filed bills in Chancery for the purpose of setting aside these several conveyances as illegal and void. The subscriptions to the stock of the Troy and Greenbush Railroad, says the Troy Whig, goes bravely on, so far as a few public spirited citizens are concerned. Five or six of whom have subscribed $5,000 apiece. Thomas M. English, Esq. has been elected Cashier of the Bank of Mobile, in place of G. H. Byard, deceased. The Washington (Md.) County Bauk has declared a dividend of three per cent. At Augusta, Checks on New-York, Charleston and Sa. vannah, are abundant at par. The rates for Central Bank Rills are 4 to 6 per cent. discount. No operations in State Bonds. At Mobile, there has been a fair amount of business doing in Exchange at & to 1 per cent lower. The Bank of Mobile is yet drawing at sight on New-York, at 13 dis. The quo. tations are:-Sterling, 41 15 prm.; New-York, 60 days, 3 a 31 dis: New York, sight, 1 1/2 a 2 dis.; Francs, 5f.52}; State B ink, 7 a 712 dis. SALE OF REAL ESTATE-Dec. 6. By Anthony J. Bleecker f Co. The3 story brick house and lot No 4 Stone-st. 22 lt. 7 inches front, 24 ft. 11 rear, by about 62 11. deep. $4,900

13. March 9, 1844 Iowa Territorial Gazette and Advertiser Burlington, IA
Article from Iowa Territorial Gazette and Advertiser, March 9, 1844

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# MORE BANK EXPLOSIONS-A LESSON TO THE FRIENDS OF THE DUBUQUE BANK:-The North American Trust & Banking Company The North American Trust & Banking Company, as is known, failed sometime since, and its affairs was put by the Chancellor into the hands of a Receiver, for investigation and settlement. From a report of the Receiver it appears that the capitol never exceeded $3,285,900 and that its affairs were conducted on a similar plan to that of the wild-cat institutions of Michigan. It appears that an agent sent to London on business connected with the bank, charged $60,000 for his services; that the attorneys received $44,00) for their services in drawing papers &c.; that all kinds of trash was received as security for money loaned, and that all the bank had to deliver up to the Receiver, was a few chairs and desks and one imperfect specie dollar. The following are the characters of some of the conspicuous personages who figured in the concerns of the bank, as given by an exchange paper: R. M. Blatchford is the son of a respectable clergyman of Lansinburg, New York; is a practising lawyer in the city of New York; was a tool of Biddle in all his United States Bank operations; went to Europe as United States Bank agent; came back as agent and attorney for the Bank of England, and also United States Bank attorney in the city of New York; was Governor Seward's adviser; was a participator in all the celebrated pipelaying election frauds of 1838, in the city of New York. This is the man who admitted in his examination, before the recorder's court, in the city of New York, in 1840, that he was one who furnished James B. Glentworth money to carry out the whig plans of that year; and in Philadelphia, before the same court, it was proved that he gave his check for $25 to one of the pipelaying gang from Philadelphia, when he called upon him (Blatchford) after his release from prison, where he had been after his arrest for illegal voting at the election, in New York, in 1838. The name of the pipelayer was Hart Marx; and the witness who proved the fact, was Gustavus Pearson. He is a coon. Thomas E. Davis, a speculator in all kinds of property, commenced operations in New York, in 1828; building houses, and paying mechanics part cash, part dry goods and groceries, at high prices-the goods purchased by him at auction-and the balance in bond and mortgage. Before the bubble burst, he was considered worth millions, and built a marble palace for a country seat, said to have cost some $80,000. He would be a poor man if his debts were paid. John L. Graham has ever been a speculator in law, politics, money, stocks, houses, land, fog lots, &c. The community in which he lived never had any confidence in him. His marriage with a daughter of a wealthy merchant, whose property was secured to her, gave him a consequence and entrance into society that enabled him, together with his unparalleled effrontery, to make his way and become a manager among corrupt politicians; and, in the rage for bank charters in the State of New York, he and his tools managed to get a large share of stock in almost every new bank, by which means some one of the numerous family was made either director, notary, attorney, or counsel; and it is a fact remarked by those acquainted with the circumstances, that almost every moneyed institution in which he and his crew have had any control has become insolvent, and defrauded the widow and the orphan of thousands of dollars. His appointment as postmaster at New York was a matter of amazement to every man in New York who was acquainted with his character; and it is a fact perfectly notorious that good and competent men have been removed from the post office to give place to a parcel of boys-the Graham boys and their friends. He has been in politics conservative, Harrison-man, and full-blooded coon; and he will be any man's man that he can make money out of. He was a North American Banking Company man to the tune of $44,000, for professional services.

14. March 14, 1844 The New York Herald New York, NY
Article from The New York Herald, March 14, 1844

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$4,652,665 41 At the time it was made, the Yates trust had not been created, and of course could not be noticed. The trust created before and existing upon the first Monday of January, 1841, were the million trust and first and second half million trusts and the Blatchford and Murray trust. The trust deeds in all these trusts contained clauses that the securities were to be held for the benefit of the Company, until default should be made in the payment of the obligations secured under the trusts, and until such default the Company were entitled to the interest upon the bonds and mortgages assigned. Previous to the first Monday in January, 1841, no default had occurred in the payment of the obligations, and the Receiver himself informs the public "that the officers always insisted that these bonds and mortgages were kept in the banking house and were held by the trustees for the Company until default was made in the payments of the interest or principal of the bonds made under the trust deeds against them." Previous to this time none of the bonds under the two half million trusts had been sold, but were all held in pledge by various parties as collateral securities for debts due by the Association; the bonds under the million trust had been forwarded to London in the latter part of April, and early part of May 1840, to Messrs. Palmer, McKillop, Dent & Co., who commenced the disposition of them; but, as no account of sales of the disposal of such bonds was rendered by them until the 30th day of December, 1840, (dated London,) and that account did not come to hand until February, 1841, consequently their avails could not be in the January return. This account sales and account current of Palmer, McKillop, Dent & Co. was handed over to the Receiver when he took possession of the papers of the Company, and is presumed now to be in his possession. The report in question states the debts of the Company, as will be seen by the above extract, $4,652,665,41; and that this amount includes all the debts represented, or in any way secured by the bonds of $2,000,000 made under the three trusts. In addition, the return also states, that the debts of the company, $2,711,687 30 were for "liabilities payable in sterling in London," thus pointing to the particular liabilities which led to, or were connected with the bonds in question. And although the bonds themselves were not (for the reasons above given) expressly mentioned as outstanding obligations of the company, yet it is seen that all the debts for which they were held were fully and truly stated, and that the return would have been erroneous and false if, in addition to the debts enumerated, it had also represented the bonds as outstanding liabilities. It was proper to include the mortgages embraced in the trust among the assets of the bank. They were simply pledged, not sold, or absolutely parted with and were in the joint possession of the second cashier, Mr. Tylee, and the trustees, in the banking house of the company, and were the very assets which were relied on to meet a part of the debts stated in the report. The statute does not require, nor has it ever been the practice of associations or banking institutions, in their returns to the Comptroller, to mention any pledges or hypothecations of property made in the transaction of their business, nor are they required even to discriminate between the securities placed by them in the hands of the Comptroller as security for circulating bills and their securities in general. The object of making these returns was simply to comply with the provi-

15. October 8, 1844 The New York Herald New York, NY
Article from The New York Herald, October 8, 1844

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MONEY MARKET. Monday, Oct. 7-6 P.M. There has been a very great improvement in the stock market. Every st ock in the list advanced. Canton went pli; Mohawk 31 Harlem 2; Stonington 1; Norwich nd Worcester #;1 Farmers' Loan 2: Illinois 1; Indiana 2 Ohio 6's, Pennsy Ivania 5's, Erie Railroad 3g; Readng Railroad It M. orris Canal 2; United States Bank I North American Tra 1; Illinois State Bank j. The books of transfe r of the East Boston Company are pen at the American'E xchange Bank. There is considerable feeling in Wall street among olders of stock in the North American Trust and Bankng Company, in relation to the disposal of the assets in he hands of the receiver. It is estimated that there must assets amounting to at least two millions, a large part which is available. The improvement in many of the ecurities held by the rec eiver, and the general advance the value of all species of property within the past wo years, is certainly suffic. ent to induce the stockholdrs to muke enquiries regarding the whereabouts of the property. The stock of this compan y is held principally by brokers and speculators, who purchased it at the oweat prices, and have a very larg e margin for an improvement. The original holders of f this stock will not benefit much by any advance in the p roperty of the company, from a rise from time to time, as they have disposed of their interest to specula tors who will receive all the advantages arising from 1 any movement that may be made to improve the assets o f the concern by the receiver. There has recently been very few operations in the street in this stock, and weha ve no doubt holders are anxious to get up on excite meat for the purposes of creating speculation. It matters little to the receiver of the assets of this company, W ho the stockholders are, whether they are speculators IT the original holders, he should keep those interested in formed of the actual posi. tion of the company's affairs fro m time to time, so that the value of the stock may be regi dated accordingly. The Banks of Plymouth COU nty Massachusetts, pay the following dividends:-Plymou th, three per cent; Old Co. lony three do; Wareham three do; Hingham three do.It is expected that the Duxbur y Bank will pay to its share. holders another dividend of tv TO per cent of its capital on the The Old Colony Insurance Company pay adividend of six per cent at tl ie same time. 1 "he value of the exports from New York for September, was nearly double that for August, and nearly equal to the value of exports for both July and August Notwit 'standing this, the balance against us on our own importations is steadily and rapidly increasing. We annex a table showing the imports and exports to October: 1st, and the balance against usin our foreign trade :STATEMENT OF THE IMPORTS AND EXPORTS OF THE TRICT OF NEW YORK, DURING THE FIRST NINE MON THS OF 1844. Imports. Dutiable foreign goods, January to July $32 1,023,702 Dutiable foreign goods for July, 6,543,331 Dutiable foreign goods for August 9,537,279 Dutiable foreign goods for September 7,846,050 55,950,362 Goods not dutiable. January to July 6,656, J60 Goods not dutiable for July, 707 952 Good. not dutiable for August 1,12 1,221 Goods not dutiable for September 8 25,843 9,311,276 Total importation for nine months $65,261,638 Exports. Domestic medze fm Jan. J to July,$14,676,7 21 1.584 Domestic merchandise, July, ,515 Domestic merchandise, August 1,62 1,297 Domestic merchandise, September 2, 56,606 20,549,142 Foreign madze. fm Jan. 1 to July 2,412,310 Foreign m erchandise, July, 385,698 Foreign me rehandise, August 165,996 Foreign mer chandise, September 356,529 s,. 3,350,533