16396. North American Trust & Banking Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 14, 1856
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
a4c6ec9a

Response Measures

None

Description

The articles describe long-running litigation, the appointment of receivers (David Leavitt, J. A. Palmer / special receiver), and large disbursements of funds from the company's assets to trust bondholders. There is no description of an isolated depositor run or a reopening; the institution is treated as bankrupt/closed with a receiver distributing assets. I therefore classify this as a suspension/closure with receivership. Dates are taken from the newspaper publication dates where events are discussed (receiver mentioned in 1856 article; distributions reported in late 1857).

Events (4)
1. July 14, 1856 Receivership
Newspaper Excerpt
David Leavitt, receiver - is either plaintiff or defendant...the North American Trust and Banking Company-David Leavitt, receiver- is either plaintiff or defendant.
Source
newspapers
2. October 16, 1857 Other
Newspaper Excerpt
Decision of the New York Supreme Court in Reference to the Bank Suspension...In the case of the North American Trust and Banking Company this principle was held by the Supreme Court and the Court of Appeals.
Source
newspapers
3. November 26, 1857 Other
Newspaper Excerpt
disbursement of the $1,320,485.30 paid to the receiver of the North American Trust and Banking Company...Disbursed on account of the million trust $800,717.76...
Source
newspapers
4. November 27, 1857 Other
Newspaper Excerpt
a check for $1,320,486.30 drawn by the New York Life and Trust Company ... to the order of J. A. Palmer, receiver of the North American Trust and Banking Company; represents the means of that bankrupt institution.
Source
newspapers

Newspaper Articles (12)
1. July 14, 1856 The New York Herald New York, NY
Article from The New York Herald, July 14, 1856

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The Indianapolis and Company declared a cash dividend of four per cent out of the earnings of their road for the six months ending the 1st inst., payable on and after the 26th inst., at the office of the Ohio Life Insurance and Trust Company in New York, on all stock registered in the transfer books of the company, in that city, on 25th June, and on all other stock at the office of the company at Indianapolis. The earnings of this company for the past six months were $232,073 10, which is an excess of $55,627 50 over the corresponding period last year. The anthracite coal tonnage, as was expected, in consequence of no work on the 4th, is comparatively light, the whole tonnage of the three principal lines being but 98,188 tons, making the tonnage for the year 2,065,234 tons. Of the week's tonnage we notice that the Lehigh Navigation Company brought down 35,583 tons; and for the season, 414,140 tons. The Schuylkill canal reports 33,562 tops for the week, and for the season, 463,044 tons, against 474,340 tons to the same time last year. The Reading Railroad Company's report shows a very material falling off. The tonnage of the week is only 29,048 tons, making the tonnage of the year but 1,088,050 tons, against 1,195,516 tons. The coal trade is unusually dull, and large amounts are accumulating at tide water. So large is the supply at Richmond that it has been suggested, as the part of prudence, to stop sending forward coal by the road for a fortnight, until the demand reduces the supply, and prices thus be maintained. We hardly believe this will be done. The receipts by the Morris Canal Company, for the week and year, to Saturday last, compared with the corres. ponding time last year, is as follows:$100.704 98 Total to June 30, 1855 11,397 77 Week ending July 7, 1855 $112,102 75 $99,163 70 Total to June 28, 1856 9,795 77 Week ending July 5, 1856 108,964 47 $3,138 28 Decrease, 1866 We have received the opinion of Judge Selden, of the Court of Appeals, in the case of Tracy vs. Talmage, one of the numerous suits in which the North American Trust and Banking Company-David Leavitt, receiver-is either plaintiff or defendant. The speculators in the shares Lave. through the receiver, been untiring in their exertions to defeat the creditors, but they have a stumbling block'in their way in the decision of the Court of Ap. peals. It is now very clear that whatever assets there may be will go to the creditors and not to the speculators: and this is a decision no honest man will regret. It is not likely that litigation is ended-that would be depriving counsel of the rich harvest they have been reap. ing for some fifteen years. A statement of the amount paid for law expenses in attempting to defeat creditors, would be a curiosity, and show how liberal plous men in Wall street can be with other people's money, and all for conscience sake. We have never encouraged speculation in the shares, nor the attempt to deprive creditors of what unsel may leave of the assets. The value of general merchandise exported from this port during the week ending and including Friday, July $1,976,580 11, 1866, was 1,787,546 Specie Total $8,714,126 The importations in the same time were as fol$2,456,204 lows:-General merchandise 2,047,803 Foreign dry goods 4,504,007 $789,881 Excess of imports over exports The following is a comparative statement of the value of exports from the commencement of the year to July 10:1868. Increase. Decrease. 1855.

2. July 16, 1857 Kenosha Tribune & Telegraph Kenosha, WI
Article from Kenosha Tribune & Telegraph, July 16, 1857

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THE MAKE-UP OF NEW YORK. The directory of New York city, just issued, shows a population of 1722 Smiths, 186 of them named John, 878 Browns, 666 Johnsons, 592 Joneses, 328 Davises, 246 Robinsons, &c. The Macs and Mcs number 5740, the Murphys 574, and the O'Briens 128. There are sixty banks, one hundred and ninety-seven insurance companies, two hundred and sixty-nine newspapers and periodicals, thirty ben-evolent societies, twenty-seven asylums, fourteen hospitals, and fifteen public libraries in the city. The churches number 284, including ten synagogues; the Presbyterian denomination leads with fifty-two houses of worship; the Episcopalians have fifty-one; Methodists of all kinds forty-two; Baptists twenty-nine; Catholics twenty-five; Reformed Dutch twenty-one; Congregational and Lutheran seven each; Universalists four; Unitarians two: Friends three. Sixty-seven railroad companies centre or have their offices in the city; there are also seventy six transportation lines; one hundred and ninety expresses, American foreign and city; twelve telegraph lines, and twenty-three omnibus lines. A MONSTER SUIT CLOSED UP. The N. Y. Court of Appeals has just decided the great suit testing the validity of certain trust deeds given by the North American Trust and Banking Company previous to its failure, to Richard M. Blatchford and others, Trustees, to secure a large indebtedness principally due to Palmers, McKillop, Dent & Company, of London, and the Bank of the United States and Girard Bank, in Philadelphia. David Leavitt, the Receiver, instituted suit in the Supreme Court to have these declared invalid, but that Court decided against him, whereupon the case went up to the Court of Appeals, which has at length affirmed the decision of the Court below, and the amount of money, reaching to nearly $2,258,000, must now be distributed to the claimants. One half of this goes to J. Horsely Palmer, and the other half to widows, orphans, retired officers, and a large number of others who in years gone by had invested their little all in a place of safety. The decision will be received with great pleasure in England, and will do much to strengthen American credit. The case has been in the Courts for 17 years, its briefs amount in bulk to a respectable little library. The counsel employed at various times have been the following. Chancellor Kent, Peter A Jay, David B. Ogden, George Wood, Edward Sanford, John Cleveland, George N. Titus, E. H. Blatchford, Charles C. King, Samuel Beardsley, W. Curtis Noyes, Green C. Bronson, Nicholas Hill, Benjamin F. Butler, Charles O'Connnor, William Kent and Daniel Lord. The three gentleman first named and Mr. Noyes were the first counsel consulted by the Trustees. Six of the above named gentlemen are deceased. Such men do not work for small fees, and accordingly it is said that the costs reach nearly or quite $130,000, and it is doubted whether there will be found enough left to pay them. --Milwaukee Sentinel.

3. October 3, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 3, 1857

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COURT OF APPEALS. It seems that the great Trust cases are not cettled yet. By the late decree. in which the Trusts were declared to be valid. the costs and expenses of the litigation were charged upon the funds in the hands of Mr. Scaritt, Receiver of the North American Trust and Banking Company the appellante. At this Term of the Court, Mr. Scaritt applied for an order "that the taxable costs and counsel fees of the respondente the Trustces Blatchford, Curtis and Grabam, the taxable costs of the other respondents, and the costs, countel fees and other expenses of the Receiver in the Court below and in this Court, be paid out of the funds in the hands of the Special Receiver (Mr. John S. Palmer), embraced in the two trusts mentioned is the pleadings and judgment; and that the claims of the bond. holders be next satisfied out of the same funds. If these funds shall not be sufficient to satisfy all the foregoing charges upon them. and moneys shall remain in the hands of the Receiver, after traking biti all just allowances in the final adjustment and satisfaction of his accounts and compensation as Receiver, then the balance which shall 60 remain in his hands. shall so paid to the Speciel Receiver, for the benefit of the bondhoidere, to the extent of the taxable costs of all the respondents, If the balance shall be sufficient to cover such costs" By this order it will be seen that it is attempted to saddle upon the successful parties (the bondholders) all the expense of establishing their rights, ther with the expense of their of verearies' resistance. The effirmation of the Receiver upon which the motion was made, sets forth that in all the suits to set aside the truets, be has acted under the advice of the best counsel and under the direction of the Bank Commissioners, and under the express authority of Vice Chancellor McCoun in relation to the million and first half million trusts. That most of the litigation has arisen not from him, but on the part of the Trustees, he having commerced only fifteen suits and having been made defendant in more than 200 That the references of claims disallowed by him as d the expenses thereof, were justified by the issue of said references, his disallowances having been mostly affirmed. He further states that the amount of funds in his hands as Ro ceiver is very email, to wit: $51.191 47; and that in his opinion the costs and expenses of himself as Receiver in the premises far exceed such amo unt of funds in his hands. Therefore, in view of his strict economy and the reasonable ness of the expenses which he has incurred he seeks to have not only Trustee's expenses, but his own charged upon the morey recovered by the judgment. In resistance of this motion the Trustees present two afilia vits which tend to above that the receiver bas not used quite much discretion in the conduct of these suite. or been w reasonable as he might have been. The affidavit of Wm. Curtis Noyes, eaq., for many years counsel for Trustees, alleges that at the time most of the above. mentioned two hundred suits were commenced, a notice was served on the receiver that he was made a party merely as a matter of form, to enable a perfect title to be given on the sale of the mortgaged premises, the suita being for the foreciosure of mortgages given by the stockholders of the Company. That it was not intended by the decree, and a clause would be in certed therein to that effect; to conclude, the receiver, as to the question of the validity of the trusts, and that if be choose to appear notwithstanding this notice, that said notice would be made use of to prevent him (the receiver) from obtaining come and to charge all costs upon bim. Mr. Hugh Macfariane, who for some years past has boom the ag nt and correspondent of Measrs. Palmer, Mackillop, Deat'& Co., defendants in these suits, gives some statements as to the expenditures CD the part of the Receiver. They are as followe: Clearaland & Titus

4. October 16, 1857 The New York Herald New York, NY
Article from The New York Herald, October 16, 1857

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The Ordisance of the Judges of the Supreme Court. Everybody, we presume, except a few vindictive merchants, was well pleased to hear that the Judges had decided that a suspension of specie payments by a bank involved no such thing as insolvency, and that so long as the banks behaved themselves 50 as to deserve a continuance of the esteem by the Supreme Court bench, they might pay their creditors in country money, city bills, shinplasters or specie, as they chose. Everybody, we say was pleased at this cutting of the gordian knot; for what good would it have done us, in the long run, to have broken up all these non-specie paying banks, to have had receivers appointed, and the concerns forced into liquidation under the present pressure Evidently none; and it was a thoughtful and a considerate thing of their honors to meet over the breakfast table and settle that matter in the quiet imperial way they did. Of course when we come to look into the decision legally there are points which must stick in the throats of old fashioned lawyers. Let us pass over the convenience of the applications for injunctions, which enabled the question to be brought before the court just in the very nick of time: feigned issues have long been a com. mon resort, when it was desired to take the sense of a court or any law point. Let us come at once to the gist of the decision, which is that no injunction need be granted, and no receiver appointed to a bank which is solvent, though it may have suspended specie payments and therefore (the Judges assuming that our city banks are solvent) that no injunction can be granted or receiver appointed to them. This strikes us as wonderful law and wonderful practice. How do the Judges know that our banks are solvent? What evidence have they of the fact, when no evidence was taken in the case? How can they presume to decide how much of the banks' bills receivable will prove worth anything at maturity? As to the dictum of law which is sought to be derived from the judgment in the case of the North American Trust and Banking Company, namely, that a bank may be solvent without paying specie, we hold that to be very bad law, or at least, very inapplicable to the present case. The principle on which all banks are established and endowed with especial privileges and immunities is that they shall be great reservoirs of specie for the public use and on the express condition that they shall, when required EO to do, give such specie in exchange for their-paper or other claims on them, they are allowed to do-what is denied to the public-to circulate as money their promises to pay. When a bank ceases to be able to pay specie, it ceases at common law to be a bank and can only be saved from instant destruction by speedy rescue at the hands of the Legislature. This we take to be the law. Their honors of the Supreme Court view it otherwise; by some ingenious process of refinement they draw a distinction between specie insolvency and paper insolvency, and decide that so far as this city is concerned the suspension of specie payments by the banks will not make the least legal difference to their business. We can only congratulate the banks on their good fortune in finding Judges not only ready to interpret the law 80 manifestly to their advantage, but willing to come forward in the nick of time, and publish their decision, in the shape of a decree, ordinance or imperial mandate, and as a warning to ill-conditioned fellows not to presume to molest the banke. Such decisions are happily rare-quite as rare as the emergency which called them forth. Should we be so unfortunate as to be assailed by famine this winter, and should the mob gut the store of a flour merchant, the merchants and bankers would perhaps be taken aback by a merited sentence of a majority of the Judges, in next day's papers, declaring that such acts did not properly fall within the purview of the criminal code, and that a distinction must be drawn between robbery for gastronomical and robbery for lucrative purposes. We question whether the Judges would go further out of their way to do more violence to the law in that case than they have in this. It is however perhaps all for the best.

5. October 23, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 23, 1857

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# The Affair of Wednesday. As we remarked yesterday the nominal election on Wednesday last was nothing better than a mockery-riotous and bloody-of the elective franchise. The scenes of that day, though not so frightfully distorted with maasacres and wounds as were those of the election days of last year, exhibit the political condition of our city at the very lowest ebb of demoralization. 1. report, however vanished, can relieve the fact that vast masses of the people are overawed, and that the city itself is politically subjugated by an irresponsible and un-mitigated intolerance of the principle of universal suffrage. Civil rights, as guarantied by the sacred instruments of our political organization, are utterly void. The best and most moral men in the community are stripped of them in common with the most vile, because they can no longer exercise them in ordinary personal security. The polls are notoriously places of danger to life and limb, and there the rowdy and the bully exult in the possession and exercise of supreme power. We say these things perfectly willing that they should be hooted at or denied. We choose to put them on record as truths of the times, and venture the impartial fidelity of "The Sun" upon what we assert, satisfied that all men, however unwillingly, must yield assent to them. The history of our city during the week is rife with infamy. Our reports of events during the night preceding the day of election exhibited rowdyism rampant in several sections of the city. Accusations are leveled by one party against another, and "Americans" and "Democrats" are spoken of indiscriminately as parties to outrages, assaults, riots, shooting and bloody strife. It is not our purpose to examine the nature of these reports. It suffices, that by one party aggression is invariably attributed to another, while the facts, in all probability, would defy the severest judicial scrutiny. The moral degradation of parties to these acts of violence forbids any reliance upon testimony which is not positive in itself. On the day of election we find report distinguishing the Fifth and Eighth wards as peculiarly riotous locations; but we hear from numerous other sources of the effectual exclusion from the polls of all but one class of voters, either by violence or menace. Yet such wards are reported quiet, and the "election" progressing without disturbance. The returns show the fact that but a hand-full of votes were cast by the adverse party during the day. The ballot boxes give no response but to the dominant party. These are facts. Turn them about as we may let those in authority dispose of them as they will, they are facts that cannot be gainsaid. We cannot specify acts and purposes, but we can realize influences exerted and read insults. And they assure us, beyond controversy, that the political franchise of the people is, for a season, at an end.---Balt. Sun of Friday. # Decision of the New York Supreme Court in Reference to the Bank Suspension. The following important document, giving the conclusions at which the Justices of the Supreme Court for the first and second judicial districts have arrived, on the policy to be pursued by the Courts with regard to the banks in the present financial crisis, has been called forth by the applications already made, and the intimations of others to be made, for the appointment of Receivers to the banks which have suspended specie payment. Yesterday orders were granted to show cause why Receivers should not be appointed to the Marine and Citizens' Banks, but this morning, on the motion of Mr. Stoughton, who had applied for the orders, they were vacated. It is understood that in the course of their consultation, the judges were of opinion that it admitted of great doubt whether the clause in section 5 of article 8 of the Constitution, prohibiting the passage of any law, sanctioning in any manner, directly or indirectly, the suspension of specie payments by any person, association or corporation, issuing bank notes of any description-applies to any liability of such an association or corporation other than bank bills or notes, which are by statute to circulate as money, and for the payment of which the faith of the State is pledged. "At a meeting of Justices of the Supreme Court, held for the purpose of determining a uniform course of action among themselves-present, Justices Strong, Emott, Birdseye, Mitchell, Roosevelt, Davies, Clarke and Peabody--the following opinions were unanimously concurred in: "In all cases in which the act of 1849 is applicable, it is deemed to supersede the provisions of the Revised Statutes. [2 R. S. 463, § 47, 39.] Accordingly no creditor of the bank who may have relied under that act can have it under the Revised Statutes. That act gives the creditor a right to apply to a justice of the Supreme Court only, after the expiration of ten days from the refusal of a bank to pay its debts or liabilities. "Even then a temporary and immediate injunction can be granted only if in the opinion of the Judges it be expedient in order to prevent fraud or injustice. "After both parties shall be heard before the Judge he is to determine whether the bank is clearly solvent or not. "A bank is clearly solvent which is clearly able to pay its debts, although it may have suspended specie payments for a time. In the case of the North Amercan Trust and Banking Company this principle was held by the Supreme Court and the Court of Appeals. "When a bank is clearly solvent and its officers are acting in good faith, no receiver should be appointed. "Where the act of 1849 does not apply, if the part of the Revised Statutes above referred to does apply, it is discretionary in the Supreme Court to grant an injunction or not. That discretion is controlled by legal rules, and the injunction should never be granted if the bank is clearly solvent. "An ex-parte order for an injunction should not be granted even after a suspension of specie payments, unless it satisfactorily appears to the Judge that it is necessary to prevent fraud and injustice. "The mere fact of suspension of specie payments (when it is general) is not of itself sufficient proof of fraud or injustice to authorize such injunction. "As a general rule it is not expedient to grant an injunction against a bank without previous notice. "It was also resolved that Justice Mitchell be requested to furnish a copy of those opinions to each of the Justices of the Supreme Court in other districts, with a request that they respectively communicate to him their views on the same points." The action of the judges will tend to prevent the further application for injunctions before the Justices of the Supreme Court, and will involve the dissolution of the injunctions heretofore issued and the appointment of receivers thereunder, in all cases where the receivers has not actually begun to liquidate.---Evening Post.

6. November 26, 1857 The New York Herald New York, NY
Article from The New York Herald, November 26, 1857

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ment in financial and commercial affairs of a healthy character. There may be slight evidences of prosperity-there may be mo derate speculations and moderate inflations-but there can be no healthy action, no real basis, no credit, no confidence, so long as such an unnatural, artificial condition of finances exists. These institutions can never lose sight of the fact that an early resump must take place. Every movement, every act, must be with that object in view. An expansion is therefore out of the question. The re-establishmeut of a new credit system is utterly impossible until we have a specie basis to begin upon. We must not look for a sudden and important Pet up for an inflation in prices and for activity in business. It would be worse than folly on the part of those who attempted it. The financial and commercial systems of the world are rotten. Enterprise, speculation and extravagance have outstripped the real capital and resources of the people, and nothing short of contraction, liquidation, industry, economy and time can restore things to their proper position. When we are all out of debt, when our banking institutions get back again into the legal, legitimate lines of business, when we get at the bottom, so that a new credit system can be constructed upon a sound and subsantial basis, then we may look for a gradual, healthy and steady improvement, and not before. An attempt to expand credits or extend business during a suspension of specie payments must result in disaster and defeat. The Board of Brokers adjourned this morning over to Friday, so as to give speculators and brokers a chance to take out the boys and girls to see the soldiers, and to eat their Thanksgiving dinner in peace and quiet. They require a little recreation, and we trust some of them will return thanks for the success that has attended their operations during the past year, and form good resolutions for the future. There is much room for improvement in the best of them. As a general thing, they are an ungrateful set of sinners. They live on the fat of the land, and toil not, neither do they spin, and yet they are clothed in broadcloth and fine linen, lunch at Delmonico's and look like gentlemen. If they would be thankful for and appreciate the many blessings they enjoy, it would be well enough; but they do not. As bulls and bears they are continually grumbling and growling about the times, about the banks, about the money market, and do not seem to think that anything goes right just when they want it. It has often been said that speculation is demoralizing, and we begin to think it is. A good, substantial dinner, surrounded by their families for at least one day in the year, may have a humanizing influence upon their natures and soften the shell of avarice that covers their corporate bodies, and indelibly impress upon their minds the fact that there are elements of happiness not entirely dependent upon the almighty dollar. The Assistant Treasurer reports to-day as follows:$85,334 44 Total recipts 131,056 61 Payments Balance 4,770,447 06 The following are the particulars of the disbursement of the $1,320,485 30 paid to the receiver of the North American Trust and Banking Company, as mentioned yesterday:Disbursed on account of the million trust $800,717 76 Of which there was paid Mr. Charles Aug. Davis as agent of Messrs. Palmer, McKillop, Dent & Co., on account of 499 bonds sold. $341,815 00 On account of 377 bonds as collateral 258,345 00 To the agent of Mr. James Halford's estate 16,440 00 Returned to the Trust for certain 184,217 76 purposes 809,717 76 Disbursed on account of half million trust $519,767 54 Of which there was paid to Mr. Davis as agent of Messrs. P. McK., Dent & Co., on bonds as collateral $190,800 00 To Mr. R. M. Blatchford as agent of 00 the Girard Bank, Philadelphia 143,100 Also as agent of Messrs. Morrison, of London 143,100 00 Returned to the Trust for certain 42,767 54 purposes $519,767 54 The steamship Arabia, from this port for Liverpool to-day, carried out $1,569,246 34 in specie. A dividend of fifty per cent will be paid by Mr. Platt Adams, No. 2 Wall street, assignee, upon the certificates of deposit issued by Mr. John Thompson.

7. November 27, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 27, 1857

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A LARGE CHECK.- The largest check ever seen in Wall street, New York, was show 11 to the editor of the Commercial on Tuesday. It was for $1,320,486 30 cts. drawn by the New York Life and Trust Company, and certified by the Bank of America payable in current funds, to the order of J. A Palmer. receiver of the North American Trust and Banking Company. It represents the means of that bankrupt institution, which have been paid into the Trust Company principally in small sums during the last seventeen years. and have been accumuiating at compound interest during that time, until the final disposition of the law proceedings has enabled the receiver to draw out the amount, to pay the sums over to the rightful owners.

8. November 28, 1857 The Cecil Whig Elkton, MD
Article from The Cecil Whig, November 28, 1857

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A LARGE Спеск--The largest check ever seen in wall street, New York, was shown to the editor of the Commercial on Tuesday, It was for $1,320,485 30, drawn by the New Life and Trust Company, and certified by the Bank of America, payable in funds to the order of J. A. Palmer, receiver of the North American Trust and Banking Company. It represents the means of that bankrupt institution, which have been paid into the Trust Company principally in small sums during the last seventeen years, and have been accumulating at compound intersets during that time until the final disposition of the law proceedings has enabled the receiver to draw out the amount to pay the sums over to the rightful owners. The larger portion of this money is held on foreign account.

9. November 28, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, November 28, 1857

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[Correspondence of the Public Ledger ] NEW YOBK ITEMS. Nov. 24, 1857.- Another ship load of cholera came into quarantine to-day, from Hamburgh. I refer to the Oldenburgh bark Swea, which left that port on the 4th of October, with 215 passengers. On the third day out the pestilence made its appearance, and before Sandy Hook was reached, no fewer than forty-one deaths took place. It is said that there are now as many as twenty cases still under treatment, all of which will be transferred from the ship to the hospital. Cholera was still prevailing to some extent at Hamburgh, where the Swea left. The Metropolitan Bank threw out this morning the notes of the Addison Bank, Steuben county, and the Elmira Bank, of Elmira, both of this State. The Commercial says, we saw the largest check this morning that we have ever met with in our Wall street experience. It was for $1,320,485 30, drawn by the New York Life and Trust Company, ane certified by the Bank of America, payable in current funds, to the order of J. A. Palmer, receiver of the North American Trust and Banking Compauy. Of the general aspect of the money market the Post says, "Demand loans can be easily obtained on fancy securities at 6 and 7 per cent, and on State Stocks any quantities can be had at 4 and 5 per cent. The banks discount freely all paper offered that will bear the strict scrutiny which what has been reputed first class paper must now undergo.

10. November 28, 1857 The Day Book Norfolk, VA
Article from The Day Book, November 28, 1857

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A LARGE CHECK.-The largest check ever seen in Wall street, New York, was shown to the editor of the Commercial on Tuesday It was for $1.320.485 30,drawn by the New York Life and Trust Company, and certified by the Bank of America, payable in current funds to the order of J. A. Palmer,receiver of the North American Trust and Banking Company. It represents the means of that bankrupt institution, which have been paid into the Trust Crmhany principally in small sums during the last seventeen years, and have been accumulating at compound interest during that time until the final disposition of the law proceedings has enabled the receiver to draw out the amount to pay the sums over to the rightful owners. The larger portion of this money is held on foreign account,and was probably sent out by the steamer yesterday either in bills or specie.

11. December 1, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, December 1, 1857

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AN IMPORTANT CASE DECIDED.After nearly twenty years of litigation, a final decision by the Court of Appeals attended with immense cost and immense fees to lawyers a large portion of the Trust fund of the North American trust and banking Company, was paid over to the legal claimants yesterday. The deposit of J. J. Palmer, special receiver of the Company, in the New York Life and Trust Company, amounting to about $600,000 or $700,000 was yesterday withdrawn and paid over to the holders of the company's trust bonds on account of their claim, awarded by the late decision of the Court of Appeals. The balance of the assets in the hands of the special receiver amounting to about the same sum, and consisting of bonds and mortgages on real estate, will be paid over rateably to the holders as soon as collected. Only a portion of the funds thus thrown into the market have been re-iuvested here, the largest portion having been engaged to go out by the Arabia to-day. The recipients, Messrs. Palmer, McKillop, Dent & Co., of London, will doubtless be giad to receive even a portion of their old and long and contested claim.-N. Y. Herald.

12. December 4, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, December 4, 1857

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# A LARGE CHECK The largest check ever seen in Wall street, New York, was shown to the editor of the Commercial, on Tuesday It was for $1,350,450 80, drawn by the New York Life and Trust Company, and certified by the Bank of America, payable to the order of J. A. Palmer, receiver of the North American Trust and Banking Company. It represents the means of the bankrupt institution, which have been paid into the Trust Company, principally, in small sums, during the last seventeen years, and have been accumulating at compound interest during that time until the final disposition of the law proceedings has enabled the receiver to draw out the amount to pay the sums over to the rightful owners. The larger portion of this money is held on foreign account, and was probably sent out by the steamer last week, either in bills or specie.