16394. North American Trust & Banking Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 29, 1848
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e8069a65

Response Measures

None

Description

Articles from 1848–1850 show the North American Trust & Banking Company was in the hands of a court-appointed receiver, its transfer books opened by court order, assets advertised for auction (26 April 1848) and extensive real-estate sales carried out by the receiver in 1850. No article describes a depositor run. The institution was effectively suspended/placed in receivership and being liquidated, consistent with permanent closure with a receiver.

Events (4)

1. February 29, 1848 Receivership
Newspaper Excerpt
The transfer books of the North American Trust and Banking Company have been opened ... the receiver ... a proposition from the bondholders has been received by the receiver
Source
newspapers
2. April 26, 1848 Other
Newspaper Excerpt
the receiver of the North American Trust and Banking Company has advertised its assets for sale at auction on the 26th inst.
Source
newspapers
3. April 10, 1850 Other
Newspaper Excerpt
PEREMPTORY SALE OF REAL ESTATE ... On account of John J. Palmer, Esq. special receiver of the North American Trust and Banking Co.
Source
newspapers
4. April 22, 1850 Other
Newspaper Excerpt
TO CLOSE THE LARGE SALE OF REAL ESTATE, commenced on the 10th inst. on account of John J. Palmer, Esq. Special Receiver of the North American Trust and Banking Company
Source
newspapers

Newspaper Articles (10)

Article from The New York Herald, March 1, 1848

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COMMERCIAL AFFAIRS. MONEY MARKET. Tuesday, Feb. 29-6 P.M. The stock market opened heavy this morning, and prices receded a fraction. There was not much done at either board, and operators appear little disposed to do much until the arrival of the steamer from Europe, now due, and more definite into ligence from Washington relative to the treaty. At the first board to-day' Treasury notes fell off 1/a per cent, U. S 6s, 1867, 1/m Farmers'Loan 36, Morris Canal 1/2, Canton 3/1, Long Island 1/4, Reading Railroad Reading Bonds and Harlem closed at prices current yesterday. At the second board there were very few sales, without any material alteration in prices. It is stated that the banks have bid as high as one per cent premium for the five millions Treasury notes advertised by the government, as they are more favorable to that mode of making a loan than by an issue of stock. There is no doubt but that Treasury notes will be issued for the full amount, as higher bids will be made for them than for a six.per cent stock. The new loan bill has not yet been acted upon in the Senate, and it is possible the treaty may be disposed of before a vote is taken upon the bill as a ratification or rejection of the treaty may have some influence upon the insertion of the clause authorising an issue of Treasury notes. If the treaty is ratified, a six per cent stock can be easily negotiated at par or above; but if it is rejected, the privilege of issuing Treasury notes, if necessary, may be required to raise the money. The Bank of Cayugs Lake has resumed payment, and its bills are but one per cent discount. The transfer books of the North American Trust and Banking Company have been opened at the American Exchange Bank, and fifty cents are charged for every transfer made. This will be a source of considerable revenue to the company, as it is estimated that more than five thousand dollars will be paid by the stockholders and speculatore into the hands of the receiver, for transfers made every year. This will pay the recoiver's salary, and give him a chance to earn it, which the business of the company has never before enabled him to do. If the stockholders and bondholders of this concern could be brought together, a compromise could be easily and speedily arranged, and its affairs satisfactorily settled. We learn that a proposition from the bondholders has been received by the receiver, but for some reason is withheld from the stockholders. The quantity of certain articles imported into this district, ineach of the past three years, was as annexed. The domestic, as well as the foreign, imports of the articles named, are included in the table:-


Article from The New York Herald, March 4, 1848

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COMMERCIAL AFFAIRS. MONEY MARKET. Friday, March 3_6 P.M. The stock market opened heavy to-day, and prices fell off a fraction; but seilers are very cautious, preferring cash operations to those on time, buyer's option. Prices for Treasury notes and such securities, are evidently forced down for some purpose, and it is stated that the I ergest sellers are parties who obtained a large alice of the last loan, and are bidders for the five millions 10 cently advertised. At the first board to day, Treasury notes deelined 1/4 per cent; Ohio 6'8 1/4; Indiana 5'e, 11/2; Morris Canal, 1/4; Norwich and Worcester, 34; Reading, 1. Erie Railroad scrip went up 3/6 per cent; Farmers' Loan, 1/4. All others closed at yearesday's prices. At the second board, Long Island advanced 1/4 per cent; Treasury Harlem 3/6, with very moderate sales. The amount of funds in the depositories of the United States, to the credit of the Secretary of the Treasury, on the 21st of February, subj et to draft, was $2097,. 188 10 Of this sun, $186,411 18. were in the SubTreasury of thiscity. Weare inf rmed that the receiver of the North American Trust and Banking Company has no salary- that he opposed the granting of the order opening the books of transfer-that the order was made by the Courtthat, by the order, the receiver is direated to charge fifty cents for each transfer, in order to pay for the salary of & compatent clerk and other incidental expouses-that the order provides that no more shall be collected than what shall be sufficient to pay the expenses of clerk hire, and other expenses out of pocketthat no part of the expense of these transfers can be charged upon the fund in the hands of the receiver, and held for the benefit of creditors. The annexed report exhibits the receipts and expen-


Article from The Daily Union, April 4, 1848

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EDITOR'S CORRESPONDENCE. From our New York Correspondent. NEW YORK, April 2, 1848. Neither Mr. Clay nor General Taylor is thought much of by the whigs of Massachusetts, it seems. Their profer. ences are for a northern man and a civilian-Judge Mo. Lean, Mr. Webster, Senator Corwin, &c. Such is manifestly the current of newspaper sentiment there. The great Daniel will probably receive a tenacious support from the New England delegates in the Whig National Convention. Vermont has gone against legislating men into tem. perance, by a small majority out of a vote of nearly 35,000. Last year the majority was heavy the other way. The new code of pleadings and practice has been adopted in a lump, almost without change, by a nearly unanimous vote, in the legislature. This is wholesale work with a vengeance. The innovation is the most sweeping and radical imaginable. May it be for good I The whig candidate for mayor is Wm. V. Brady, the present incumbent. He is probably their very strongest man; but he is bound to be beaten. Beside William F. Havemeyer, he can't shine. He will go out of office by at least twice the majority with which he went in. The Havre packet of the 1st instant took in, on Friday, her first and only parcel of freight-a half barrel of crackers. The sudden and complete upset there has entirely cut off all commercial transactions for the present. By-and-by things will go on as before. The receiver of the North American Trust and Banking Company has advertised its assets for sale at auction on the 26th inst. To such base uses has this great moneyed institution come! It began business some years ago with a capital of $3,500,000, and under the direction of several of our most celebrated financiers. High hopes were cherished for its tuture prosperity. After a protracted struggle, it is to give up its existence under the vulgar hammer of an allctioneer. The city was in a ferment last evening about the French revolution. Some half dozen meetings were held in various quarters-all well attended and exceedingly enthusias. tic. The meeting to-morrow in the Park will be a great one. It will be a polyglot affair-one stage for English speeches, another for French oratory, a third for German, &c., &c. The funeral of the late Mr. Astor, yesterday, was as private and plain as possible; but this did not prevent a very large concourse of citizens from joining. The remains were deposited in the family vault at St. Thomas's (Protestant Episcopal) church for a time, until a mausoleum is prepared at Greenwood Cemetery. The millennium, or something else, is eurely at hand. The successful candidate for the office of assistant engineer of the fire department, on a poll of over 1,000 votes, was Mr. De Lancey Barclay, the accomplished and gentlemanly head of the firm of Barclay and Livingston. He was elected-moustache and all. Five years ago it would have been among the impossible things-that the "b'oys" could be brought to give their votes to a moustache. Even now, Mr. De Lancey Barclay must be the prince of good fellow's, to be able to overcome the objection. Yesterday was hideous in the morning-in the afternoon glorious. To-day ditto-nearly. About these times we ZED. are enjoying the spent fury of the equinoctial.


Article from The Daily Crescent, April 17, 1848

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ONE OF THE BUBBLES.-The receiver of the North American Trust and Banking Company of New York, has advertised its assets for sale at auc. tion, on the 26th inst. To such base uses has this great moneyed institution come It began business some years ago with a capital of $3,500,000, and under the direction of several of the most celebrated financiers. High hopes were cherished for its future prosperity. After a protracted struggle, it is to give up its existence under the vulgar hammer of an auctioneer.


Article from The New York Herald, February 28, 1849

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$86,797. After paying interest to the amount of $10,620, and reserving $39 884 for running expenses, twe dividends were declared of 4 per cent each, which absorbed $35 504. The number of passengers carried during the year was 299.865. Number of tons of merchandise, 101.314. Number of barrels of flour carried from Springfield, 41,178. The Company have ten engines, which, during the year, have run 147.092 miles. There is a bill before the Legislature of Pennsylvania, for "the relief of the creditors and stockholders of the United States Bank." The object of this bill is to hasten, if possible, the settlement of the affairs of this institution, and to give those most interested the benefit of the remaining assets of the concern. Several years have elapsed since this bank went into liquidation, and it apparently is no nearer winding up than when it first went into the hands of trustees. The cause of this is attributed to the fact, that those who have the management and control of the affairs of the institution, are, and all along have been, in the receipt of large salaries, and it is of course for their interest to keep the business open as long as possible. They no doubt consider the births they occupy as being too snug and comfortable to give up, so long as there are any assets left to pay them their salaries; and if the Legislature does not adopt some measure to arrest this appropriation of the property of the concern, the creditors and stockholders will realize but a small per cent of their claims. The bill before the Legislature proposes to limit a time within which all claims shall be presented, so that there may be a definite period fixed for the final settlement of all the affairs. There are a number of such concerns in different parts of the country, in a similar position. The North American Trust and Banking Company, of this city, is one; and a resolution has recently been introduced into the Legislature of this State, instructing the Bank Committee to inquire into the expediency of authorizing receivers of insolvent corporations to compromise claims in litigation, with the approbation of a certain majority in interest of the stockholders. The object of this is, to bring the affairs of this company to a close.


Article from New-York Daily Tribune, April 1, 1850

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# AUCTION SALES. ANTHONY J. BLEECKER. Auctioneer. PEREMPTORY SALE OF REAL ESTATE BY ANTHONY J. BLEECKER, at the Merchants' Exchange on the 10th day of April, at 12 o'clock, the sale to be continued from day to day until closed. On account of John J. Palmer, Esq. special receiver of the North American Trust and Banking Co. No. 17 State-st-A 3 story brick house and brick stable; lot 23 feet front, 29 feet rear, 121 feet on one side, 125 on the other-rent $1,350. No. 12 Pearl-st-3 story brick house; lot 19 feet by 83-rent $400. No. 7 Duane-st-4 story brick house; lot 20 feet by about 64. See map-rent $500. No 7 St. Marks-place-3 story brick house 24 feet by 110 6-13 one side, 122 6 the other-rent $700. No. 120 Fulton-st-3 story brick store 25 3 feet by 22 1-12 one side, 83 3-12 the other-rent $2,000. Nos. 219, 251, 253, 256, 275, 277, Tenth-st between First-avenue and Avenue A-lots 25 by 94:8-rent $500. Nos. 186, 188, 100 First-avenue-3 story brick houses on First-avenue-lots 23:8x92-$500. No. 67 Cliff-st-3 story brick store-lot 25 by 100 feet-rent-$700. 19 lots in the Seventeenth Ward-see maps-Stuyvesant. 41 lots between First-av. and Seventeenth and Eighteenth sts and Avenue A-see map---Dyson. 8 lots on Sixth-st, and 2 on Eighth-st. between Avenues B and C. See map. 12 lots on One-hundred-and-twenty-third-st. between Tenth and Eleventh avenues. WILLIAMSBURGH. 24 lots on N. Third-st. N. Fourth-st. and Fifth-st with several wooden houses. 26 lots and parts on South Third and First sts. with two frame houses. BROOKLYN. 18 lots on Court, Warren and Baltic sts. 3 lots on Columbia and Cranberry, running through to Furman. POUGHKEEPSIE. One spacious mansion known as the Talmage-place fronting on Delafield, Mansion and Albany sts. and Dutchess-avenue; the house is about 45 feet square, piazza front and rear, two stories with basement and attic and brick stable. JAMAICA. One farm in the town of Jamaica of 122 acres; also, 13 acres on Spring Creek, and 35 acres of fresh and salt meadows, in all 160 acres, with dwelling house and out-buildings. [1.018] m20 23 25 27t8


Article from New-York Daily Tribune, April 5, 1850

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ANTHONY J. BLEECKER Auctioneer. DEREMPTORY SALE OF REAL ESTATE BY l ANTHONY J. BLEECKER, at the Merchants' Ex. change on the 10th day of April, at 12 o'clock, the sale to be conditued from day to day until closed On account of John J. Palmer. Esq. special receiver of the North American Trust and Banking Co. No. 17 State-st - A Satory brick house and brick stable; lot 28 feet front, 29 feet rear, 121 feet on one side, 125 on the other-rent $1,350. No. 12 Peach story brick house lot 19 feet by is rent $400 No. 7 Duane story brick house; lot 20 teel by out 64. See map-rent 8500. No 78. Marke-placo-s story brick house 24 feet by 110 6-13 one side, 1226 the other-ren $700. No 120 Fulton-st-S story brick store 25 $ feet by 821-12 one side, 83 3-12 the other-rent $2,000 Nos 249. 251. 238 256, 275. 277, Tenth-st between First avenue and Avenue A-lots 25 by 94:8-rent $500. Nos. 186, 188, 100 First-aventie-3 story brick houses on First-avenue-Iot# 23:8x92-8500 No. 67 Chff-st.--S story brick store-lot 25 by 100 feetrest- $700 19 lots in the Seventeenth Ward-see mapa-Stryvemant 41 lots between First-av. and Seventeenth and Eighteenth als and Avenue A--eee map-Dyson S lots on Sixthet and 2 on Eighth-st. between Avenues B and C. See msp. 12 lota on Juebundred-and-twenty-third-st between Tenth and Eleventh avenues WILLIAMSBURGH. 24 lots on N Third-at N. Fourth-st. and Fifth-st with severai wooden houses 26 lots and parte on South Third and First sts. with two BROOKLYN frame houses. 18 lots on Court, Warren and Baide sts S lots on Columbia and Cranberry, running through to Furman POUGHKEEPSIE One specious mansion KNOWN saths Talmage-place fronting on Delafield, Mansion and Albany Bis. and Dutcheas Avenue: the house is about 45 feet square, plazza, front and rear, two stories with pasement and allie and briek stable JAMAICA. One form in the town of Jamaica of 122 acres : also, 13 acrea on Spring Creek, and 35 acres of fresh and walt meadows, in all 160 acres, with dweiling house and outm20 23 25 27th buildings (1,018)


Article from New-York Daily Tribune, April 6, 1850

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ANTHONY J. BLEECKER Auctioneer PEREMPTORY SALE OF REAL ESTATE BY ANTHONY J. BLEECKER, at the Merchants' Ex. change on the 10th day of April, at 12 o'clock, the sale to be continued from day to day until closed On account of John J. Palmer, Esq special receiver of the North American Trust and Banking Co. No. 17 State-st - AS story brick house and brick stable; lot 28 feet front, 29 feet rear, 121 feet on one side, 125 on the other-rent $1,350. No. 12 Pearl-st.--3 story brick house; lot 19 feet by 83rent $100 No. 7 Duane-st.-4 story brick house; lot 20 feet by about 64. See No 7 St Marks-place-3 story brick house 24 feet by 110 6-18 one side, 1226 the other-rent $700. No. 120 Fulton-st.-3 story brick store 25 S feet by 821-12 one side. 83 3-12 the other-rent $2,000. Nos 219, 251. 253, 256, 275, 277, Tenth-st between Firstavenue and Avenue A--lots 25 by 94:8--rent@500 Nos. 186, 183, 100 First-avenne-3 story brick houses on First-avenue-lots 23:8x92 $500 No. 67 Chiff-at.-3 story brick store-lot 25 by 100 feelrent-$700 19 lots in the Seventeenth Ward-800 mape-Stuyvesant 41 lots between First-av. and Seventeeuth and Eighteenth eta and Avenue A-seemap-Dyson 8 lots on Sixth-st. and on Eighth-at between Avenues B and C. See map. 12 lota on One-hundred-and-twenty-third-al between Tenth and Eleventh avenues WILLIAMSBURGH 24 lots on N. Third-st. N Fourth-st. and Fifth et with SOY. eral wooden houses. 26 lots and parte on South Third and First sta with two BROOKLYN. frame houses. 18 lots on Court, Warren and Paltic sta S lots on Columbia and Cranberry, running through to Forman. POUGHKEEPSIE One spectous mansion known nathe Talmage-place fronting on Delafield, Mansion and Albany etc. and Dutehessavenue the house is about 45 feet square, plazza front and rear, two stories with basement and attic and brish stable JAMAICA. One farm in the town of Jamales of 122 acres also, 13 seres on Spring Creek and 35 acree of fresh and salt meadows, in all 160 acres, with Ewelling house and outm20 23 25 27te buildings (1,018)


Article from New-York Daily Tribune, April 11, 1850

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ANTHONY J. BLEECKER Auctioneer PEREMPTORY SALE OF REAL ESTATE BY ANTHONY J BLEECKER, at the Merchants' Ex. change on the 10th day of April, at 12 o'clock, the sale to be continued from day to day until closed On account of John J. Palmer, Esq. special receiver of the North American Trust and Banking Co. No. 17 State-st - A S story brick house and brick stable: lot 28 feet front, 29 feet rear, 121 feet on one side, 125 on the other-rent 81,350. No. 12 Peari-at-3 story brick house; lot 19 feet by 83-rent $400. No. 7 Duane-et.-4 story brick house; lot 20 feet by about 64. See map-rent $500. No 7 St Marke-place-S story brick house 24 feet by 110 6-18 one side, 1226 the other-rent $700. No 120 Fulton-st-3 story brick store 25 3 feet by 82 1-12 one side. 83 3-12 the other-rent $2,000. Nos 219, 251, 253, 256, 275. 277, Tenth-st between Firstavenue and Avenue A-lots 25 by 94:8-rent $500. Nos. 186, 188, 100 First-avenue-3 story brick houses on First-avenue-lots 23:8x92-8500 No. 67 Cliff-et.-S story brick store-lot 25 by 100 feetrent $700. 19 lota in the Seventeenth Ward-see maps-Stuyvesant 41 lots between First-av. and Seventeenth and Eighteenth ate and Avenue A-see map-Dyson. 8 lots on Sixth-et. and 2 on Eighth-st. between Avenues B and C. See map. 12 lots on One-hundred-and-twenty-third-at. between Tenth and Eleventh avenues. WILLIAMSBURGH. 24 lots on N. Third-st N. Fourth-st. and Fifth at with sev. eral wooden houses. 26 lots and parts on South Third and First sts. with two BROOKLYN frame houses. 18 lots on Court, Warren and Baltic eta. S lots on Columbia and Cranberry, running through to Furman. POUGHKEEPSIE. One spacious mansion known as the Talmage-place fronting on Delafield, Mansion and Albany sta. and Dutchessavenue the bonse is about 45 feet square, plazza front and rear, two stories with basement and attic and brick stable JAMAICA. One farm in the town of Jamaica of 122 acres also, 18 acres on Spring Creek, and 35 acres of fresh and salt meadows, in all 160 acres, with dwelling house and outm20 23 25 27ts [1,018] buildings


Article from New-York Daily Tribune, April 18, 1850

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ANTHONY J. BLEECKER, Auctioneer. TO CLOSE THE LARGE SALE OF REAL ESTATE, commenced on the 10th inst. on account of John J. Palmer, Esq. Special Receiver of the North American Trust and Banking Company - ANTHONY J. BLEECKER will sell at auction on MONDAY, the 22d inst. at 12 o'clock, at the Merchants' Exchange, the following pieces or parcels of property, viz: One house and lot, No. 186 First-av. lot 233 by 94 feet, rented one year at $500. No. 126 Seventh-st. vacant lot, between the First and Second avs. Nos. 506 and 507 Thirteenth-st. and 491 and 492 Fourteenth st, between Avenues A and B. WILLIAMSBURGH - Lots Nos. 2, 3, 4, 7, 21 and 22, on North-Third and Fourth sts and Fifth-st See map. Twenty-six lots on South Third and First sts. See map. BROOKLYN - Eighteen lots on Court, Warren and Baltic streets. Six lots on Columbia, Cranberry and Furman sts. Also, the spacious Mansion and grounds at Poughkeepsie, known as the Talmadge property. Terms the same as announced at the sale on the 10th inst. Lithographic maps can be obtained at the auction-room, 7 Broad-st (No. 1,077) a15 te