16393. North American Trust & Banking Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
November 1, 1845
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
c5cd20fa

Response Measures

None

Description

No newspaper describes a depositor run. The company was placed in chancery and a receiver appointed (court action). Vice Chancellor later (Sep 1846) voided various trusts and ordered assets to the general receiver — indicating permanent closure/receivership rather than reopening. Dates corrected from OCR where necessary.

Events (3)

1. November 1, 1845 Suspension
Cause
Government Action
Cause Details
Chancery action: court order appointing a receiver and requiring creditors to present claims (company placed in receivership).
Newspaper Excerpt
In the case of the North American Trust & Banking Co, it has been ordered by the Chancellor that all the creditors exhibit their claims to the receiver, John Cleveland, Esq.
Source
newspapers
2. December 17, 1845 Other
Newspaper Excerpt
stockholders of the North American ... meeting at the City Hotel ... manner of conducting the reference of claims against the company ... David Leavitt, Esq., receiver ... E. GRIFFIN, Agent and Counsel for the Western Stockholders.
Source
newspapers
3. September 22, 1846 Receivership
Newspaper Excerpt
The Vice Chancellor pronounced the decree ... The deed of trust to secure said 800 notes ... be set aside as illegal and void; said trustees to assign and deliver over ... to the general receiver, and account before said master for all securities, moneys, &c., which have come to their hands.
Source
newspapers

Newspaper Articles (8)

Article from New-York Daily Tribune, November 1, 1845

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Domestic Exchanges we quote as follows: Boston....par @ 1 dis Mobile (bk notes) 61 @71 dis Philadelphia ... par @ 1 dis Do. sp. checks par @ 1 dis Baltimore....par @ 1 dis New-Orleans...par @ 1 dis Richmond(bk n't) 1@1 dis North Carolina.. 1 @1 dis Do sp. checks. 1@1 dis Cincinnati ..1 @11 dis Charleston .. 1@1 dis Louisville ..1 @11 dis Savannah .. 1@1 dis Nashville...2 @21 dis Augusta .. 1@1 dis St. Louis ..1 @11 dis Columbus ..1@11 dis Specie we quote as follows: Per cent. Value. Amer. Gold, old.106 @1061 Carolus Dolls. $1,06 @ 1,07 Do do new 100 @ 1001 Five Francs.. 94@ 941 Half Dollars...par @1001 Doubloons....16.25@16,50 Portuguese Gold 100 @1001 Do Patriot.15,60@15,75 Spanish Dollars. 104 @ 105 Sovereigns... 4.85@ 4,87 Do Quarters. 99 @ 100 Do light 4.82@ 4,85 Mexican Dollars.100@101 Heavy Guineas 5,00@ .... Do Quarters. 99 @100 Napoleons... 3,83@ .... In the case of the North American Trust & Bank- ing Co, it has been ordered by the Chancellor that all the creditors exhibit their claims to the receiver, John Cleveland, Esq. or his solicitor, within six months and ten days from Monday last, or in default thereof, they will be precluded from all benefit of payment out of the proceeds of the assets of the association, under the decree in the suit (in which said orders are made) or otherwise -and that all the creditors and stockholders may cause their appearance to be entered in said suit by their own solicitors, and thereafter will be entitled to notice of all proceedings in that suit. The Bank of Cape Fear. (N. C.) has declared a semi-annual dividend of three per cent. The Bank of the State of Georgia has declared a dividend of Three Dollars per share from the profits of the last six month. The receipts, of the Reading Railroad for a week in Oct. for the last three years, have been as follows: Business. Tonnage.


Article from The New York Herald, December 17, 1845

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GRAND FINANCIAL Movement.--We notice in some of the papers a call for a meeting to take place is this evening at the City Hotel. The following the call:the stockholders of the North American stock NOTICE.-To A meeting of the of this institution will be holders 'at the City Hotel, at half evening information will be given to Trust and meeting next, Banking Company held on past 7 Wednesday the its o'clock assets, stockAt this condition of the company, The propriety of appointing committee liabilities,&c. the receiver, as to holders to confer as with to David the Leavitt. Esq., claims manner of conducting the reference of against Mr. the the company, will be submitted to the meeting. a will be requested to attend the meeting, and punctual Leavitt attendance of the stockholders is desired. E. GRIFFIN, Agent and Counsel for the Western Stockholders. NEW YORK, Dec. 13th, 1845. This is an interesting financial movement. Every one the organization of the recollects which NorthAmerican organized Trust and Banking Company, was a since with a capital of with the of it to fifty few years power increasing millions, five millions, and a to endure for eternity, and a day but which never had a over longer, perpetua! charter, capital of ruin two and millions, and burst one fine day, spreading all over the new in the The ruins can be now seen devastation old. world spread around, and like those of in South America-ofThebes in This meeting will be Egypt. Palenque highly instructive of and It is expected that many our most stock specuentertaining. eminent financiers, jobbers, and will be lators, who were fleeced by the company, and make some very occasion. We hope on present, the interesting the attendance speeches will be large; but don't break the chandehers, or blow off the roof of the City Hotel. EARLY INTELLIGENCE.-It seems that we not only commit the atrocious infamy" of giving early on the arrival of the steamships at Boston, at New York, ahead our conintelligence and packets have of done all temporaries in both places, as we on two or occasions lately, but we to this the atrocious and of three enormity from horrid have Washington. intamy added giving the earliest intelligence last we published a statement On Sunday coming from confidential correspondent at Washington, the important news disclosing our negotiations that the Mr. Oregon Pakenham had renewed the on with Mr. Buehanan. was at, and ridiculed by our derided, question laughed This About scouted, indolent three in Wall street. two or after the same apdays, contemporaries however, intelligence it, and had peared in our columns, they got are it. But, one singular piece course of our nowfull marks the respectable cotemporary, of absurdity Havthe Courier and Enquirer, in this business. ing contained a long and yesterday elaborate find article, the account we published, we its the same news postscript ridiculing containing sheet published contains which we gave, so that the same a self conviction of its falsehood and folly. THE FAG END OF FANATICISM IN BOSTON.-In the case & Co. for on tried in Boston, the jury reSunday, of Redding recently selling newspapers first have could turned a verdict for the city. They at not agree. It was some time before they could find the newspaper agents. The case is to be carried to a court. In this, against higher and other matters the that have been lately developed to us, we see gradual out of fanaticism in a jury would have to years ago dying decided Boston. at the once Peni- Ten send all sellers of news on the Sabbath to tentiary. of the human mind, in the shape of or in other shape, cannot news, The progress any be force controlled of any in way, by any set of men, or by law or regulation. If the ton they will have it in some way. any want municipal news, people of Bos- To stop the sale of newspapers, therefore, in that city, on Sunday, will be no easy matter. Is it likely that it reached Boston, on Sunday, of the declaration war England against the that the of that city would wait next news of a people by United till the States, for the ? We guess not. wait for a day for such news, will day not particulars they spread, will If they and not wait for any sort. News must and will the fanatica of Boston might as well attempt to compel the Niagara to run up stream, as to prevent the sale of newspapers in that city on any day or in any time. But IS it not a little curious, that a city like so strict in its local affairs as should permit affecting Boston, newspapers, apparently the believe, delivery do of letters on Sunday ? Twice a day, we crowds of merchants congregate at the Post Office to obtain and read over their business and news letters. All this singular sort of fanaticism in Boston, however, is dying out, and we are glad that it is so. We its struggles in the of a few Boston editors, one of a efforts see expiring unsuccessful whom is to haye the magnetic cut to satisfy some petty spite. female, city down, telegraph poles But in happy that this Vandalism, so strongly urged, has not, we are to been committed. It was this fandrove the Quakers from aticism state, that Massachusetts spirit of into Rhode Island. It is gratifying to know that very little of it is left. NEW STATE CONSTITUTIONS-PROGRESSIVE DEMOCRACY.-A great progress has taken place during the last two or three years in r modelling the constitutions of several of the States, and those the leading ones in the Union. A new constitution has just been adopted, by a majority of ten to one, in Louisiana, embracing most features, the leading one a to incorporate banks or to prohibition important of contract which revolu- State is In the State of Missouri the same the same IS way' tion, debts. embracing principles, under by mandoemaiority The State of New York, also, has passed, a tre-


Article from The New York Herald, December 18, 1845

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A MEETING OF THE OF THE NORTH AMERICAN TRUST & BANKING COMPANY, held at the City Hotel, on the evening of the 17th December, inst , Mr. Rankin was appointed President, and Mr. Weeks, Secretary, the following resolutions were, on motion of Mr. Grittin, unanimously passed : 1. Resolved, That the directors and officers of the North American Trust & Banking Co. were the mere agents or trustees for the stockholders, clothed with authority by law to bind them in all contracts fairly and legitimately connected with banking business. and no other. That all contracts or engagements entered into for the purpose of carrying on speculations in stocks or any other business not connected with legitimate banking business, bind the officers and directors of said company who contracted them only as individuals. 2. Resolved, That while we are in favor of the speedy payment of all legal and fair claims against said company growing out of its legitimate banking business, we will resist, by all legal measures, the payment of all debts contracted by the directors and officers of said institution when acting beyond their authority, and especially all debts contracted by them in sp culations in stocks entered into without our knowlsdge and consent. 2-Resolved, Thata Committee of three persons be appointed, whose duty it shall be to raise among the stockholders the necessary funds to be placed in the hands of David Leavitt Esq. Receiver, to be by him used in defraying the expenses of resisting the allowance and payment of all illegal claims which have been or may hereafter be presented against the North American Trust and Banking Company. 1-Resolved, That it shall be the duty ofsaid Committee to confer with Mr. Leavitt, and co-operate with him in all proper measures of defence against any illegal claims which have been or may hereafter be presented ag inst said Company, and that said Committee have power to call any future meeting of the stockholders, as they may deem expedient. It was then on motion Resolved-That the following gentlemen compose such Committee:- E. GRIFFIN. THOS. A. AYRES, & JOHN RANKIN. The meeting then adjourned. JOHN RANKIN, Chairman. d18 3th JOHN A. WEEKS, Secretary.


Article from The New York Herald, December 19, 1845

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A MEETING OF THE STOCKHOLDERS OF A THE NORTH AMERICAN TRUST & BANKING COMPANY, held at the City Hotel, on the evening of the 17th December, just , Mr. Rankin was appointed President, and Mr. Weeks, Secretary, the following resolutions were, on motion of Mr Grittin, unanimously passed : 1. Resolved, That the directors and officers of the North American Trust & Banking Co. were the mere agents or trustees for the stockhold clothed with authority by law to bind them in all contracts fairly and legitimately connected with banking business. and no other. That all contracts or engagements entered into for the purpose of carrying on speculations in stocks or any other business not connected with legitimate banking business, bind the officers and directors of said company who contracted them only as individuals. 2. Resolved, That while we are in favor of the speedy payment of all legal and fair claims against said company growing out of its legitimate banking business, we will resist, by all legal measures, the payment of all debts contracteo by the directors and officers of said institution when acting beyond their authority, and especially all debts contracted by them in speculations in stocks entered into without our knowlsdge and consent. 2-Resolved, Thata Committee of three persons be appointed, whose duty it shall be to raise among the stockholders the necessary funds to be placed in the hands of David Leavitt Esq. Receiver, to be by him used in defraying the expenses of resistinz the allowance and payment of all illegal claims which have been or may hereafter be presented against the North American Trust and Banking Company. 4-Resolved, That it shall be the duty of said Committee to confer with Mr. Leavitt, and co- operate with him in all proper measures of defence against any illegal claims which have been or may hereafter be presented ag inst said Company, and that said Committee have power to call any future meeting of the stockholders, as they may deem expedient. It was then on motion Resolvad-That the following gentleE. GRIFFIN men compose such Committee:THOS. A. AYRES, & JOHN RANKIN. The meeting then adjourned. JOHN RANKIN, Chairman. d13 3tfh JOHN A. WEEKS, Secretary. PROPOSED OPENING OF WILLIAM ST. T a large and respectable meeting, held at the Shakspeare Hotel, on Wednesday Evening, Dec. 17th, to express views in opposition to the widening and extension of William street into Chatham street. the meeting was organized, by appointing THOS, T. WOODRUFF. Esq, President, and PETER M. BRYSON, Secretary. On motion it was Resolved-That we regret the revival of the project for opening and extending of William street into Chatham street, the measure having been previously rejected by the Supreme Court in 1838 at the express application of the Common Council of this city, principally on the ground that the expense was not only oppressive on a large portion of persons interested,but that the measure would net warrant so great an expense. Resolved-That the proposed widening and making Wil. liam treet 45 feet in width from Fulton to Chatham st. cannot answer the purpose of an avenue, and consequently confirms the opinion that the measure is intended to benefit property below Fuiton street, to the great injury of property on Chatham, Frankfort and William streets, from Pearl to Frankfort sts. Resolved-Iu the opin.on of this meeting, that the assessments on property in the cross streets will be very oppressive, and that oppression be increased by the change of grade, it being contemplated to raise William street at Frankfort street about six feet, thereby injuring property in William and rankfort streets to a greatextent. Resolved-That a large portion of citizens now opposed to this measure, also opposed all previous action and devoted much time and submitted to great expense to effect its final abandonment, and would respectfully solicit the Street Committee to whom the matter is referred, to give it weighty and proper consideration, and relieve the citizens interested from a repetition of the labor and expense that will necessarily be caused by opposing the measure to the last tribunal, and also relieve the tax paying citizens from any expense incurred in the event of the final abandonment of the measure. Resolve:-That the procee dings be published in the Journal of Commerce. Herald, and Sun newspapers Resolved-That a copy of these proceedings be presented to the Street Committee of the Board of Aldermen. Resolved-That this meeting do now adjourn. signed, THOS 1. WOODRUFF, Chairman. PETER M. BRYSON, Secretary. Note-All persons interested as above. will find remonstrances at the Shakspeare Hotel, corner Duane and William streets; and also at Mr. Timpson s, corner of Fulton and Willi m streets. d18 2t*me


Article from The New York Herald, September 22, 1846

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This state does injustice to Mr. Gamble the proprietor of the house question and justice to the com mittee. refacts in the case should satisfy the gentle man making complaint, and secure retraction. They are as follow A few days previously to the of the Fair, the gen leman in question wrote to Mr. Gamble, to him requesting the best his room in for house him. with injunction that no person beside himsel should be allo wed enter to it. had Mr that Before G. ceived large number of cations for rooms. and plainly his in house room saw would be fully occupied. The question the best, was sufficient large ly to two hich for persons beds, each. could of guests at the ordinary price dollars sixteen dollars per day But, accomme ntleman. he offered to give the him exclusive dollars thereby rificing six dolla a day not only but disqualifying him. accommo dating seven other guests who wanted lodgings When these facts known and when it is remem bered that Auburn village, com paratively and that every room in barn. bed, hay every mow,garret.cella hasbeen in requisition have been who for lodging the beings here for the past every person who knows to Gamble and his and desire please rather casion date all his friends to praise than censure him mono to (men polize comforts. they should be will for such monopolies, especially when enjoyed the expens of others. State Cons stutional Convention SATURDAY, Sept. 19.-Mr. ALLEN presented memorial from citizens of York in relation to the persona stockh of Re rporated liability companies. ferred. Mr. resolution. Young that address tee be appointed to the people, the at be published Mr. the session. Table. Stetson offered that the first article reported by the finance amittee the amen dments thereto. the to at be noon that and reported to-day of the member be any speech conon any roposition, lain 15 moved fined to Monday and the of Stetson Mr. Lost, noon. agreed Mr. Kingsley moved that the hold session Mr Baker afternoon. this that Carrie moved evening at sessions, commencing be o'clock. held, half-past of devoted be consid to the that of the deration report they the commi ittee on the rights and privileges of the citize the of was amet last clause lost, part and The that dment for of was adopted. it providing invention then went into committee on the report on the finances, &c. The question being on the amendr of Mr Stow as before published The amendment was rejected Mr Worden moved the following as substi tute for the first four section of the report at legislature after thret this constitu The shall law effect in by the provide manner tion takes here in provided for the sinking fund pay the canal debt and the general fund debt of this State and the interest on such for such purposes for the of 1st after of years ten January period $1,500,000 from 1st and after the the of ry 1857, 2,000,000 until such debts and interes are fully that each rate in fiscal at short year,and fora shall, paid, the tolls after and of from State the period, er of colle otion. and the expenses dence paying to such be and set fund for apart sinking repairs pledged debts such such interest of in ment manner and the that the prefe erences and pledge es in favor of the credit shall be and State con Afthis tors said to the sums, aforesaid sinking supply applying shall be net the revenues paid ning funds,there said $200,000 the of canals into the and tolls ally The this State and net of treasury tolls o the canals shall be approp and applied or of the of enlargement the completion the Erie canal. and the completion of the other unfinish State of the canals ed Mr Loomis offered the followin as an amendment to the first section of the report, after str. iking out the first six lines thereof After paying the expenses of collection, superintenshall there and be or repairs, dence appropriated of out the the setapart State canals i and on the first of June, comme 1946, each the year, first 00,000 until June. 1855, and from that of in $1,700,000 each time sum as year, sinking interest, the &c. to fund pay Mr. Bouck sent up proposition which appropriates to the extinguishment of the canal debt, $325, 000 to the extingu ishment of the fund debt and $172,000 to defray the expense of the State government: the balance to be appropriated to internal improvements. Various other propositions were sent up, but not read, and rose committee then and reported the article the iments proposed.t to the Convention. The second referred to committe No. the of report same commit tee of the whole, was reported to the Convention The proceeded laid on the table then to consider section first of the report of the committee, Mr amend moved Stow to which out striking words in Italics and inserting those in brackets, so that read would it After paying the expenses of collection superinndence and ordina repairs, $1 500.000 of the revenues of the State canals shall in each fiscal year, and at that commend horter the for rate first on of period, day June one thousand eight hundred and forty-six, be set apart as a sinking fund, to pay the interest and redeem the principal of that part of the State debt called at and time the include debt, existed aforesaid three hundred thousand dollar then to be borrowed, [the State debt until the first day of July 1856, after which $2,000,000 of said revenues shall continue to be applied until the same shall be or set apart annually) wholly paid;and the principal and income of the said sinking fund shall be sacredly applied to that purpose This proposition, at the request of Mr. Bouck, was withdrawn, in order to enable him to get a vote on his proposition, as an amendment to that Mr. Looming Bouck then and of Mr. taken The dis proposition up cussed. In the course ot the debate, Mr Angel brought forward his amendment: but before taking any question, the Convention took recess AFTERNOON The discussion of Mr. Bouck's amendment to Mr. Loomis proposition discussed by Messrs.Marvin. hatfield Hoffman, Bouck, Cambreling Worden, Tilden, W Taylor, Murphy Waterbury, terson, Perkins and Loomis, when Mr Bruce offered resolution terminating debate on the article and all the pending propositions on Monday at 12 M Pending this question the Convention adjourned. Important Decision North American Trust and Banking Com apany McCoun Chancello that We understand of the case this norning will decide bet ore Trust Case, ates argued the is This Yates. im this are the case raised In since. about him year portant questions, to the power of the banks. under tiable issue to law, paper the banking general able time, and to assign the assets of the bank to still m and such the of payment paper; the cure whether parties question. such olding paper, portant can thereon, ny have Avanced money claim, having creditors, against the fund in the hands of the gene receiver either for the nominal amount of the paper, or for the paid money The officers the North American Trust and Bank ing Company, issued the following post notes in 1840 and 1350 bonds, for £250 sterling each, dated Feb. 1940, payable to Walter ead. cashier or his assigns with interest. Feb 1845. at the banking house of Palmers Mackillop, Dent Co., Londo Amount of these 1350 bonds (secured by million and first half mil $1,500,000 00 lion trusts) 450 bonds £250 each. dated Feb 1840. payable to Walter Mead, cashier, or his assigns, with interest, Feb. 1847 at the bank ing house of Palmers Mackillop Dent Co., London Amount of these 450 bonds (se 500,000 00 cured by the second half million trust) 80 notes (called certificates) dated in London, Aug. 1840 payable to bearer Sept.1, 1841. and amounting to (secured by State 266,666 66 stocks 8 post notes, dated Nov. 30. 1840, able to William R Cooke, the teller, order. at the interest with anking 1841, Dec. house of Palmers, Mackillop Dent London Amount these notes (secured 212,000 00 by the Blatchford and Murray Trust) 800 post notes, dated Dec 15 1840. payable to Elam H. Gibbs clerk, or order. an. 1842, at the banking house in New York with interest. Amount of these 800 post 600,000 notes (secured by the Yates Trust) $3,078,666 Total amount To secure the above post notes, the officers ofthebank assigned bonds and mortgages (given for capital stock the Company) to trustees, amounting to $4,000,000, follows $1,326,875 19 Million Trust 616,413 34 First half Million Trust 800,228 80 Second hal Million Trust 327,000 Blatchford & Murray Trust 1,090,599 20 Yates Trust. $4,161,116 53 These bonds and mortgages are now in the hands of John Palmer, Esq. the President of the Merchant Bank, and Abijah Mann Jr. Esq as special receivers (ap. pointed by the Chancellor) to hold the same and the pro-


Article from The New York Herald, September 22, 1846

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Philadelphia Agents for the Herald, G. B. Zieber & Co., 3 Ledger Buildings, 3d street, near Cheanut, where those wishing to subscribe, will please leave their names. Terms-75 cents per month, including the Sunday paper; 65 cents without it. Advertisements and communications intended for next day's paper, must be left at the agency by 4 o'clock in the afternoon. Navigation of the Ohio River. Places. Time. State of River. Cincinnati, Sept. 14..3 feet 2½ inches Wheeling Sept. 10. .... 4 feet 4 inches. Pittsburg, Sept 15... . 2 feet 4½ inches. Louisville. Sept. 9.. 5 feet 1 inch. # MONEY MARKET. Monday, Sept. 21-6 P. M. The stock market was rather heavy to-day, and prices fell off a fraction. Norwich & Worcester declined ¾, Harlem ½. Reading 1. Morris Canal, and Reading Railroad Bonds, closed at Saturday's prices. At the second board there were large transactions in Harlem, and Norwich & Worcester, without any material alteration in prices. The earnings of the Mohawk and Hudson Railroad for the week ending 14th September, were as follows:- MOHAWK & HUDSON RAILROAD. Passengers. $2,636 64 Freight 110 31 Total $2,746 95 Same time last year 2,438 03 Excess in 1846 308 92 This increase amounts to about twelve and a half per cent. The City Bank of New Orleans has made a dividend of three per cent for six months. We have given in another column the details of the trust of the North American Trust & Banking Company, upon which the decision of the Vice Chancellor will be made to-morrow. We learn that this decision will be in favor of the stockholders, and will be considered final. It awards, the trusts and appropriates all the assets in the hands of the receivers, for the benefit of the stockholders. We annex the several monthly statements of the banks of South Carolina, for the purpose of comparing the aggregate movement in each department, one period with another. They exhibit very little variation.


Article from The New York Herald, September 23, 1846

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# In Chancery. Before the Vice Chancellor. SEP. 22.-David Leavitt, Receiver. &c., vs. Henry Yates, William C. Noyes, Thos. G. Talmadge, Trustees, &c.- The Vice Chancellor pronounced the decree in this interesting cause this morning. The following is the substance of his honor's decision. The eight hundred trust notes issued under Yates' trustdeed are illegal and void, and are not binding upon the North American Trust and Banking Company, or on Leavitt, the receiver. The deed of trust to secure said 800 notes, amounting to $600,000, is illegal, and that the same with the assignment of the assetts of the bank accompanying it, be set aside as illegal and void; said trustees to assign and deliver over under the direction of a master to the general receiver, and account before said master for all securities, moneys, &c., which have come to their hands.- That Mr. Mann, the special receiver, holding a part of the assets during the pendency of this suit, do also assign all the property in his hands to the general receiver. That Palmer Mackillop, Dent & Co, Ezra Clarke, De Launay & Co., Henry Yates, and others, had ne claim against the bank or its receiver, upon or as holders of any of said 800 notes, and that complainant Leavitt should be paid his costs out of the fund in his hands. That the trustees are not entitled to any salary or compensation for their services as trustees, and that they must bear their own costs in this suit.


Article from Weekly National Intelligencer, September 26, 1846

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# HIGHLY IMPORTANT DECISION. The Vice Chancellor this forenoon delivered an opinion in the case of David Leavitt, receiver of the North American Trust and Banking Company, vs. Messrs. Yates, Talmadge, and Noyes, trustees, in which he decided that the various trusts, under what are known as the million and first and second half million loans, &c., are null and void, the officers having made such without authority of law. Whether persons holding such, and having parted with other property not now in the receiver's hands, can come in as general creditors is a matter not now to be passed upon. The salary fixed for the trustees is also void, except as to their actual expenses. All property now in the hands of special receivers is to be placed in those of the general receiver. The effect of this decision will be to place all the bonds and mortgages now held under the various trusts in the hands of Mr. Leavitt for the benefit of the creditors at large, and, if any surplus should exist, for that of the stockholders. Two bonds and mortgages for $25,000 each which had been paid to Mr. Wm. Nyse, now deceased, but returned to the company, through urgent solicitation, and the notes or bonds of the company taken in their place are to be restored to his estate, being now in the hands of the receiver. A small portion of the claim of McKulop, Dent & Co., of London, is to be considered equitable. -N. Y. Express.