Article Text
CITY INTELLIGENCE FRIDAY, July 28. VICE CHANCELLOR'S COURT.-Before Vice Chancellor M'Coun. David Leavitt, receiver, &c. US. Richard M. Bletch. ford, John C. Graham and Lewis Curtis, trustees. Sc. The Vice Chancellor has been engaged, during the week, in hearing argument on a petition from complainant, requiring that defendants be compelled to surrender to Mr. John J. Palmer, President of the Merchants' Bank, (who has been appointed by the Court a special receiver in certain cases,) and and other as the North American the hands, bonds trustees, mortgages by securities Trust placed Company. in their It appeared from the argument that the company was incorporated in 183S under the general banking law, with a capi tal of $2,000,000. During the latter part of 38 and '39 the officers bought upon credit, for which they gave certificates of deposite ou time, stocks to the amount of $5,000,000, of which $2,300,000 were of Indiana, $1,000,000 Arkansas, and $500,000 Ohio. They subsequently agreed with Messrs. Palmer, Mackillop, Dent & Co., of London, to cash Bills of Exchange and certificates of deposit drawn upon them, and sent forward nearly all the stock they had bought on credit to meet such. In the beginning of 1840, Messrs. P. M. D. & Co. claimed a balance of about $647,000 to be due to them by the bank. The Company then issued bonds to the amount of a million and a half of dollars, payable in 1815 and 1847, secured by bonds and mortgages which had been paid in for stock, to the amount of $2,000,000. These bonds and mortgages were placed in the hands of defendants, as trustees, in security, for the payment of the bonds issaed by the company, the whole of which bonds were forwarded to P. M. D. & Co. The price of the stocks greatly fell, and immense loss occurred on the other operations-the bank, between January and October, alone having lost $766,515 54c. The first million of bonds were sold in Europe at 90 per cent., and a charge of usury is set up-aportion of the half million was handed by the London House to Mr. Jaudon to secure a loan of $241,250 made to the bank here by the United States and Girard Banks. A large number of the bonds are now held by Messrs. Palmer, Mackillop, Dent & Co., which they declare to have been pledged to them. The bonds and mortgages in the hands of the trustees, of course, are considered lia. able. The present action is brought by the receiver on be. half the other creditors, it being contended that the officers were unauthorized by law to dea! in stocks, or to enter into the principal arrangements complained of, and that usury had been exercised, whereby the trust is void. The positions are denied. The argument will be resumed this forenoon. POLICE OFFICE.-STEALING A BOAT AND SAILS AND SEVEN PIGS OF LEAD.-Officer Bliss arrested three men named George Matthews, Charles Linton and Charles Mar. ston, charged with stealing a Boat and Sails in which was 7 pigs of Lead. He found them at Pier No. 2 N. R., with the property in their possession.-Fully committed. ROBBING A VESSEL-A Malay named John Anderson, steward of the Ship Richmond, which at present lies at pier No. 2, North River, was also arrested by Bliss for stealing from that vessel 6 linen shirts, some drawers, &c, worth $15, the property of Mr. John Murphy, the Consul at Cork. The Captain made the complaint and Anderson acknowledged the theft.-Fully committed. STEALING DAGUERREOTYPE PORTRAITS.-Prince John Davis arrested a man named Joseph Collins for stealing five of the above articles worth $20 from the premises of Mr. John Phune, No. 251 Broadway. He was caught in the act-Faily committed.