North American Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: April 30, 1847
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 84025389

Response Measures

None

Description

Article (New York Herald, 1847-04-30) states the company's property is 'in the hands of the receiver' (Mr. David Leavitt) and discusses creditors and receivership arrangements. No run or depositor panic is mentioned; the firm is in receivership implying closure/suspension and likely permanent (closure).

Events (1)

1. April 30, 1847 Receivership

Newspaper Excerpt: The property in the hands of the receiver, now amounting to one and a half million of dollars... No claim has, thus far, been admitted by Mr. David Leavitt, that has not been fully proved to be a legal one.
Source: newspapers

Newspaper Articles (1)

1. April 30, 1847 The New York Herald New York, NY

Article from The New York Herald, April 30, 1847

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Article Text

The demand for foreign exchange has not been so active during the past two days as was anticipated the rates have not been so firm, and the probability is that a decline will be submitted to before the close of the market for the packet. There is a largo supply of first rate sterling bills in the market, but as there is no demand of consequence from importers, and specie operators having partially abandoned that business for the present, we do not see what can sustain existing quotations. The Cambria brought back some bills protested for non-acceptance, drawn upon shipments of breadstuffs from this port. It appears that the bills were drawn upon a house in Hamburg, and sent out by the steamer from Beston, and shipments made from this port, the bills of lading for which were forwarded to reach Hamburg In time to protect the bills, but on account of some difficulty in the transportation of the mails between this city and Boston, the bag containing the bills of lading referred to, failed to reach the steamer in time, and consequently the bills of exchange were protested for non-acceptance, and returned by the Cambria. The only difficulty experienced is the delay, and the effect of the fact upon public confidence. Domestic Exchange continues very inactive, and our quoted rates cannot be considered other than nominal. A movement is on foot to induce the English creditors of the North American Trust Company, to become purchasers of stock to an amount sufficient to induce them to discontinue further litigation-the property in the hands of the receiver, now amounting to one and a half million of dollars, to be rateably divided. The property at present yields an income of about $40,000 per annum-a proportion of it being unproductive; but, in proper ownership, could be made to yield an annual interest of $100,000. Letters will be forwarded by the steamer of the 1st proximo, to London, inviting a consideration on the part of the creditors resident there. No claim has, thus far, been admitted by Mr. David Leavitt, that has not been fully proved to be a legal one. The whole amount of claims, it is believed, that can be legally established, will not amount to over two hundred thousand dollars. If the crediters would harmonise with the stockholders. more than fifty cents of their respective interest could be divided. An amicable arrangement could, doubtlessly, be effected, but for the manifest interest of lawyers here. to keep alive hopes of results favorable to creditors, which they know can never be realised. If We annex our usual table of quotations for the prin eipal State and other stocks used for investment :PRICES OF STOCKS IN THE NEW YORK MARKET.