16399. North American Trust Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
November 4, 1845
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e9e5b45c

Response Measures

None

Description

Articles from November–December 1845 discuss a receiver (David Leavitt) for the North American Trust Company and stockholders' resolutions alleging directors' speculative dealings that 'swallowed up all the capital.' No article mentions a depositor run or temporary reopening; a receiver was in place and litigation to unwind trusts was underway, consistent with a suspension followed by effective closure/receivership.

Events (3)

1. November 4, 1845 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors' alleged illegal transactions and speculative advances (trusts) that depleted capital and rendered the institution insolvent; led to appointment of a receiver and foreclosure actions.
Newspaper Excerpt
At the meeting ... the receiver North American Trust Co. ... foreclosure ... the mortgages ... receiver thus being given.
Source
newspapers
2. November 7, 1845 Receivership
Newspaper Excerpt
a bill by David Leavitt, receiver North American Trust Company to reach about $600,000 ... claiming that the Trusts are void on account of excess of authority assumed by the Directors in borrowing money and speculating.
Source
newspapers
3. December 19, 1845 Other
Newspaper Excerpt
At the meeting of the stockholders of the North American Trust Company ... resolutions ... providing for the appointment of a committee to collect funds to enable Mr. Leavitt, the general receiver, to contest the validity of these various trusts, which swallowed up all the capital of the bank, while at the greatest point of circulation the average of notes was not exceeding $60,000.
Source
newspapers

Newspaper Articles (3)

Article from New-York Daily Tribune, November 4, 1845

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Article Text

La Courts Deferred IN CHANCERY.-Edmund Nicoll Smith's for DECISIONS Lambert Wyckoff and others.-> of Peter Wyckoff Exchange and J.L. Bank; tors va. plainants, Wyckoff, &c and Riker J. for M. for executors Martin John for Vyckoff Merchants R.H. Waller for first charge. S Burkhaiter Decided that the widow annuity for Lambert was the W. latter were and the second and P charge Wyckoff"s on the liabilities lands to devised be paid to without the paid preference. as that the other bond charges deb tto were Mrs. Schenck Merchants is to be Exchange That the Lambert and that the P. Wyckoff Decree bility Bank for have no debt or claim of the against lands devised, and an acfor sale or mortgage the charges. &c. count and payment of so of Campbeil va. Executors W. Banks, Executor -R. H Ogden for complainant the trust as to Miss Butler Charles for defendants devolved Decided that upon C. Wilkes the payments execuCampbell's that mortgages defendants are not dismissed liable for without costs. tors. but to Horatio Wilkes. Ludlow Bill and others -A Thomp thereon and H.Y. Rogers VB. Livingston for defendants under son P. for complainants; that the interests Liv of Mrs. dismissed L. (if any) without costs, the Decided are inalienable. Bill remedies trust and without deed. prejudice to other John H Coster and John G Coster's Executors vs J. Prescott Hall, for complainants for Butler & Everts, and Wood and D. B. Ogden, of Selden, D. Lord, G. by the will and codicil in John 11 fendants. D. Decided that took an absolute estate G. Goster, John H. Coster of J. G. C. Decree accordingly for 106 of the Causes property which were argued at D. Ithaca. S Dickinson M Allerton vs. John for Johnson.- defendant. Decree for by com- specomplainant A performance E. Foote for the whole tract claimed comcitic plainant, with costs Avery. H. Van Der Lyn dismissed for E. Miller H VS. R. Mygatt for defendant. Bill with plainant; costs. Harlow & Rumsey Z. A. Decree Leland that for G. Scofiel vs. Campbell, Jr for Rumsey to Harlow, costs, and pay costs complainant complainant recover R. the to amount, Rumsey payable A. Leland with Stewart and others Joseph Jr. Stewar for defendant De for T. complainants R. Campbell, covenant was delivered and was binding C. Peck for cided that Bill the dismissed testator with and costs. A.L. Green vs. Burnham for Brown Brown Decree No for comagainst complainant debt Ben and Johnson costs out of half the land. Rexford costs plainaint's for or Brown Philip Peck and others.- defendants. F. Decidwas more an take for W. complainant Tiffary vs. A. L. than Pritchard $100 for in arear account when the of bill the amountdue was ed that filed. there Decree and proofs for a reference as to the situation to of the premises. All other questions reserved. M' Coun CHANCELLOR OR COURT Before vs. Joseph Chancellor Mowatt The deNorth American Trust of the Co. celebrated netress) property was among to the fendant the unfortunate (husband per-ons who Co., mortgaged receiving in return, possessed, Stock which North American proved to Trust be believe) of but little fine value estate He in Sullivan- known street, (by inheritance, comprising we a number the whole of lots of and which, buildings, is feared, The as the been Mowatt swept off estate, by the mortgages receiver thus being given. desirous of has present is a foreclosure possible, suit, the the debts of the fraud. concern. want of The paying. action as is far contested as the on the decision ground in of relation to it will by consideration, &c., to other and bonds and The mortgages case still given on probably individuals apply to Messrs. the company Noyes and Marvin. or defenda complainant, Messrs. Selden and Eddy. H. Erben, Decisions COURT OF COMMON PLEAS l'he defendant is anativ the VR. Eliz. Ordronaur and others. H large fortune. which her by marof Paris She possessed was settled upon herself on They came York, New. laws of France in that country the well street. Leonard riage to John and Ordronaux Mr Ordronaux established After residing number Mrs. Ordronaux, known to Sugar-house of years in he went on business supposing to South America. here disposed where of he a died. large personal to property one or two which of their entered he claimed had as belonging procedings to herself) in Chancery Philadelphia, when Cap ten relatives, Blankman, who has family as an inmate in of her house, her tain dered his services it is said. After remaining in and assist her. and was accepted. length of time. he left, Mrs. there house to for considerable boarded at No. 24 Barclay-str one day street. (in June, subsequently Ordronaux when called Captain upon B. related him into to spasms her his and embarraes- seemed ments 1843.) and family as stated affairs, by got witness Note wept in his bitterly, favor and for to induced have her fit. at length, in 12 months, to sign which he or asked buy of small her $3,000, enable payal him to get into sea. business Some understanding Erben, to with which to go to Capt. B. and Mr vessel afterward took place between into the hands of the latter. it who on action consideration, and the note passed upon it, Mrs. Ordronaux which contesting was dethe brought ground of want offering of in part offset, a married judgment lady for assa B. for the and nied. $1094 and obtained also by her da lighter. and battery. young in assaulting which house. passed favor against her and Capt. compelling her to Mrs. leave O it was said. for of conside- Mrs. O. ration. judgement The was Jury found B. verdict and his in son.) Motion stated is by made or testimony and the endorsers plaintiff for (Capt. new trial. the The charge Court of the if as. trial. that Court exceptions can only be to allowed be when corrected. taken on There the are permis- some then taken. in the they case might which the Court argue has accordingly granted before Whi points for defendant's council Plaintiff. to Messrs. Jas. R. B. B ting W C. Noyes. Co final sion and decision. H S Mackay For For defendant, Messrs. The Burt Joseph and Riley. vs. The shoe Jackson maker Marine and dealer, Ins. was Nassau, burnt plaintiff, May boot 1844 and at No. 34 John loss of 8950 near on $1,500 He was. the and out (claimed in of the in Ins. Oct. Co. settled by the Company Company to his sured, had previously which given Company an order refuses on to pay and action Daly been should counsel. is brought which _Judgment the for Jane plaintiff Smith. on vs demurrer James have Hagan In Before this case, Judge reported on S1 Saturday 50c. for it the interest estate, of at Mr. the sale. The into said Beekman, that the plaintiff petitioner gave in bankruptcy validity in of the the judgment bank general given by assignee's the petitioner the estate previous was to valid going to his mother and the ruptcy and on which by the Court to be favor questioned of Mr. B. 1842, was permitted that point. resulting in law of issue was on The District Judge, by a of the Cir U.S COURT to hold Court independent causes &c Grand being cuit Judge. permitted for the trial of be criminal summoned each month, the first and to a Petit commence WARD Jury are Monday COURT to or Before Tuesday. Judge Shey a horti action culturist, brought in latter. -The Virtue TWELFTH vs John D. Klendgen to recover The plaintiff. small demand bar to for flowers, plead &c. furnished his privilege Mr. as Consul Agent for of Brunswick a Foreign only the Luneburg. action, and that, as an be accredited sued in the U. S. Courtssums, efendant Government, On this ground he judgment can was in given the S District Court, a however small, for any can amount be sued carrying full costs. commenced verdict The Nov term Wednesday yesSUPERIOR COURT calendar will not be called till were pub terday. The Circuit The and Common Pleas calendars lished on Saturday Buchanan, who has acquired and consider his theory Dr. for his system of Neurology functions of able the celebrity connection of the mental and lectures physical at St. Louis. of delivering a course of is said the body BOSTON, 18 according to the late census, W 115,000 inhabitants head, to IT contain Mass. The was Gristmill destroyed of by John fire ou Romedy Friday of night Marble last. Taxes, 1845 Office of given Receiver that of the Taxes Tax Books New City Hall, Park Notice now is hereby open at this office, them. and All that perfor the present to receive year are the taxes charg to red the upon ist January are en- the am ready their taxes previous to interest at rate of 7 per titled to a deduction cent per annum, CR iculated GOTH paying on the amount equal from the day of


Article from New-York Daily Tribune, November 7, 1845

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# City Items. The Introductory of the course of the Me- chanics' Institute Lectures, was delivered last evening by Professor Reid, before a large and very intelligent audience, in the Lecture Room of the Institute, City Hall. He treated his subject, What is Chemistry, its History and Application, in a manner that guarantees great interest from the future Lectures, and we antici- pate many agreeable and useful evenings with him. The meagre sketch of his remarks which our limits would prescribe us should we attempt any report would do him but such faint justice that we content ourself with re- marking that he was listened to with profound attention. # LEOPOLD DE MEYER To-night we shall have an opportunity of hearing this giant-wonder to greater advantage than before. The Tabernacle is well calcu- lated for the exhibition of such an extraordinary display, although we doubt if it will hold all who will flock to hear him. Such a union of Cyclopian force with gossa- mer tenderness of grotesque nervousness with the most delicate precision-never has before been witnes- sed. So astounding is the inexhaustible strength with which he hurls his soul into the instrument that she re- mains for a moment crushed and shrieking in her agony. But she soon regains her beautiful proportions, again to be tortured and expire in the storm of musical thunder which dashes around. We cannot judge of de Meyer by the ordinary standards of playing. He executes all that we have ever heard, as one would time an instru- ment; and when he at last gives way to his own inspira- tions we have no means of judging or instituting com- parisons-we can only wonder and gradually learn to admire, as wave by wave our astonishment subsides. The Sixteenth Ward Temperance Society will hold a meeting this evening in the Methodist Church in Eighteenth-street, near the Eighth-avenue. Addresses will be made by Rev. C. H. Read and Dr. D. M. Reese, and there will be appropriate music by the choir of the Church. The Cheney Family sang last evening at Brooklyn to a large and fashionable audience, and were received with great enthusiasm. They gave their pieces great energy and beauty, and received several encores. They will give another entertainment at Niblo's Saloon this evening. There will doubtless be a great crowd to hear them. Redfield's No. XIII. of the Penny Magazine is just finely issued. He has also published No. 5 of Wil- lis's 'Dashes at Life,' containing the 'Ephemera' of that beautiful writer. The alarm of fire last night was false. Browning, the proprietor of the race course at Hoboken, who was thrown from his horse Wednesday afternoon in the hurdle race, died at 10 o'clock yesterday morning from injuries then received. Strafer, who was thrown from Americus on the second heat, lies in a very critical condition and we learn the opinion of Dr. Mott is that he will not survive. What a lamentable warning against this dangerous practice. # THE IVORY STATUE OF CHRIST Our readers will see by an advertisement in to-day's paper that the Ivory Crucifix has been removed to a lower and more suitable room in the same building, (247 Broadway) and that the exhibition will soon close. REV. DR. JUDSON, Missionary from Burmah, will be present--so says the Christian Reflector-at the special meeting of the Baptist Convention in this City the last of this present month. He is now on a visit to the Western part of this State. There are many here beside the Baptists who will be glad to take him by the hand. We have received from the Cashier of the Post Office a tabular statement of the hours of closing all the Mails made up at the office. It will be very con- venient for reference. We need also a similar statement of the hours at which the several Mails are due at this point. The celebrated French Paste Blacking of Jean Duprees, about which all the well-dressed men in New-York are just now inquiring, is for sale by J. P. Da- vis, 148 Nassau-street. The sailor Viola, who was stabbed on Sun- day by a boy in Dover-street, died yesterday morning, at the Hospital. Three boys are in custody, of the gang among whom Viola received his wound. Our readers will see by the Proclamation in another column that Thanksgiving is to be celebrated on Thursday the 4th December. It strikes us that the Governor is a little roguish in publishing his Proclama- tion for Thanksgiving to close upon the heels of the election. There is a letter (says the Mirror) in the Post Office of this City with a Chinese superscription.- Who can read it? Who speaks 'broken China?' The Great Western sailed yesterday after- noon with 46 passengers. Mr. Van Dam, a grocer, residing at 121 Wash- ington-street, left his home yesterday afternoon about 4 o'clock, and has not since been heard of. He had with him between two and three hundred dollars in money. His family and friends are in great distress concerning him, as they fear he has met with foul play. The following is the number of public con- veyances in this City: Hacks 208, Cabs 250, Omnibuses 239-total 697. Ellen Miller was tried yesterday in the Ses- sions, for matricide, in having killed her mother. On the night of the death, when the husband was from home, the daughter was seen to beat her mother on the head with a piece of an old panel door or window. The old woman was heard to cry out and say to her daughter, Is this what I reared you for, to pull your mother's gray hairs out of her head? The jury found a verdict of guilty of manslaughter in the 4th degree. In the United States District Court Uncle Sam's officers tried to get $400 penalty from a mate of a vessel for having landed goods without a permit, but it appearing that he had some time since paid a fine of $2000 and been imprisoned thirty days, the Court mer- cifully held that in the fine paid was merged the point now sued for. A decision was made yesterday in the Ma- rine Court that Omnibus proprietors are common carri- ers and liable for the loss of property entrusted to their care though they receive no extra compensation for its transportation. In the Superior Court yesterday, A. B. Morill recovered $1000 damages of Charles Wood, for a malicious and unwarantable arrest under the Stilwell Act. An immense array of legal talent is engaged just now before Vice Chancellor McCoun in the filing of a bill by David Leavitt, receiver North American Trust Company to reach about $600,000, being what is called the Yates trust, for advances by Palmers, McKellop, Dent & Co. of London, claiming that the Trusts are void on account of excess of authority assumed by the Direc- tors in borrowing money and speculating. # ITALIAN JOURNALISM It is a common notion in this country that there are few or no periodicals pub- lished in the secondary cities of the more despotic portions of the Old World, especially in Italy. Of course, this is very erroneous. We have before us a list of thirty-two periodicals-Daily, Semi-Weekly, and Monthly-issued regularly in Palermo, the chief city of Sicily, and variously devoted to Politics, Lit- erature, Religion, Jurisprudence, Natural Science, Fashion. &c. When we consider that Palermo is


Article from New-York Daily Tribune, December 19, 1845

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Total 2,505,151 lbs. At the meeting of the stockholders of the North American Trust Company. at the City Hotel, a series of resolutions was adopted condemnatory of the alleged illegal transactions of the directors in departing from the legitimate business of banking, for which the institution was incorporated. to speculate in stocks, cotton. &c. &c.; providing for the appointment of R committee to collect funds to enable Mr. Leavitt, the general receiver, to contest the validity of these various trusts, which swallowed up all the capital of the bank, while at the greatest point of circulation the average of notes was not exceeding $60,000.