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

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
January 1, 1842*
Location
New York, New York (40.714, -74.006)
Registered Place
New York City
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
360975772
Model
gpt-5-mini
Short Digest

Notes

Company went into liquidation with a receiver and asset auctions; events span 1842–1857 court/receiver actions.

Events (5)
1. January 1, 1842* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to meet contractual obligations and apparent insolvency amid payment pressures
Newspaper Excerpt
the failure of the North American Trust & Banking Company on its part of the contract
Source
newspapers
2. April 26, 1848 Other
Newspaper Excerpt
the receiver of the North American Trust and Banking Company of New York, 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. January 2, 1854 Other
Newspaper Excerpt
the object of this action is to invalidate a large portion of the securities given by the late North American Trust and Banking Company before its dissolution
Source
newspapers
5. November 1, 1857* Receivership
Newspaper Excerpt
a check ... drawn ... to the order of J. A. Palmer, receiver of the North American Trust and Banking Company
Source
newspapers

Newspaper Articles (12)
1. February 10, 1842 The New York Herald New York, NY
Article from The New York Herald, February 10, 1842

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294,618 Speaie, $4,982.45 This is melancholy picture for an institution that short time since was one of the best in Philadelphia In the relation to the State deposites the report has the following The efforts made by this Bank to prepare for the pay. ment the interest and to sustain itself under the most pressure hich came upon it, will be seen'from the following ements The amount of interest to be paid on the first of Februry was $864,410 64; and the premium on currency for specie. The Treasurer of the State had caused to be placed to credit of the in this Bank. the first 1841, and the 31st January 1842, sum about different received This at times, in different partly in checks on various its Banks and this on and Harris in neigh place burg and Easton. the principal part of which was paid and checks on the Girard Bank. large these received. amount were notes six hunbeing dred thousand upwards, that thought expedient out to depositors and others freely possible, order diminish the amount. The deposites of the been of all treated special character, and other general deposites have been. By this the circulation and deposites of this Bank were greatly reduced. The Bank being then undoubted in fully expected that its own notes, then as they been, ceived in the until and the the Bank twenty January, tne doubt the payment of the It their belief, that if that pressure, previous preparation could difto resist, had not taken place, no ficulty would existed in making that payment. it show the character and extent of this pressure is stated. on the three consecutive days, the 27th, of January, the Bank paid of its Deposites, $406,9S6 And of its notes 60,692 $466,778 Over and above its receipts, The following is an extract from the message of Go vernor Porter of Pennsylvania, in relation to the State interest Late on the evening of the 1st February a successf arrangement by which have reason to be. lieve the payment the interest due now been com menced be completed as soon as the funds can for the purpose. This arrangement consists in application of the available funds of the Bank of Pennsyl Ivania, $116,000 Foreign Bills of Exchange, of the value of Specie, 234 000 150,000 receivable and soon available, And the proceeds requisition made upon the other banks, which will be to pay the balance fthe interest due, the whole of which will assuredly met in the course or three weeks. The State himself assistants. will the Treasurer make by pay ments of interest at the bank, or at the Treasury Letters from Cincinnati describe that city in state of the highest excitement in relation to banking affairs on the instant- heavy run was kept up on the Urbana Bank. The known rottencess of all the banks, added to the approaching day fixed for resumption, March 4th, renders the populace anxious to get rid of as much bank paper possible. a The Bank of Montreal has given assurance by formal vote, that it is responsible for the issues of the Bank of the People. me In the State Assembly Mr. Townsend presented morial of the New York Banks, charging the Bank Com. missioners with mal conduct, in permitting the Safety Fund to be wasted, and demanding Legislative investigation. This is a most admirable movement. The Commissioners are appointed to protect the public from the misconduct ef the banks, and to keep a watch over the banks, to close them up when they are going wrong, before their capitals are sunk, in order to prevent loss to the safety-fund, and thereby inflicting loss upon the well managed banks: Instead of performing this duty, however, they have not only allowed bank after bank to explode, after sinking their whole capitals, but also the whole Safety Fund, and leaving an unprovided for balance of $400,000,!for which the sound banks are to be taxed for years to come. At the same.moment Mr. Chandler Starr took it upon himself to publish a card censuring this paper for cautioning the public against those banks, which he should, in the discharge of his duty have previously wound up. This is an important matter and well worthy the scrutiny of the Legislature. It will be remembered. that on the first of January, the interest of the State of Arkansas on its debt was not paid The interest is ayable by the Real Estate Bank, and the State Bank .in whose behalf the bonds were issued. The Real Estate Bank, sent forward to meet its share of the interest, some of its assets maturing in this city in May and June. These were to have been discounted by the Phonix bank where the interest is payable,bnt owing to the pressure in the market,that institution was unable do so, and the interest remained unpaid. The State Bank having some difficulty in raising money did notremit until the time had gone by. Within a few days, how ever specie has arrived to meet part of the interest. of the bonds issued to the Real Estate Bank of Arkansa $500,000 were, will be remembered, pothecated by the commissioners, Messrs. Harris and Briscoe, to the North American Trust and Banking Company of this city and by them sold to Mesars. Holford, Brancker & Co Subsequently, in consequence of the failure of the North American Trust & Banking Company on its part of the contract, Messrs. Harris & Briscoe declared t contract void, and the question of repudiation has been raised in Arkansas. One party contends, that although the Real Estate Bank pledged the bonds in violation of the law, that Messrs. Holford, Brancker & Co. are theinnocent purchasers, and the State is bound to pay the bonds according to their face. The following is an extract from the Little Rock Times & Advocate on the subject Repullation, representative in Congress, Judge Cross, the honest and just any party where, except cases of fraud and manifest violation of law and moral right. We agree with him, and contend that there violation either moral right" in the purchase of the bonds by the North American Trust Company of of flaw and moral right' is the part Estate Bank in the bonds con of meral violation towards right' security on the and bound bank does might the se note refuse individual pay that curity note, had been fourth of face, the refuse bonds because the banksold them for their thon less The following,is a letter.from GovernorY ell of Arkan. sas gentleman in this city in relation to the para graph here quoted: Rock Jan. 19. 1942 This from the organ of one of the political parties in the state, (whig). They may up bond and anti-bond Jatter answer the your to my of party 10th November last. and shall have respectreply soon. The world seems topsey turvey YEL A. Yours, The question of paying or not paying, with the western States, is not one of will, but of ability; which ability may be tested very nearly by a comparison of the resources of each state with the State of New York, which state finds it almost impossible to raise money to meet its liabilities. We recently gave the report of the committee of ways and means of the State of Indiana, in which they avow their inability to meet the demands upon the state. From the resent returns of the census statistics of the United States, we come at the actual resources of each state. In estimating the value of the products we must take into consideration that the grains and other produce of the west, are of much less money value to the producers who have to pay the taxes. than to those of the Atlantic states. For instance, the price of wheat in New York is 1 25; at the west it varies from

2. March 14, 1844 The New York Herald New York, NY
Article from The New York Herald, March 14, 1844

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$4,652,665 41 At the time it was made, the Yates trust had not been created, and of course could not be noticed. The trust created before and existing upon the first Monday of January, 1841, were the million trust and first and second half million trusts and the Blatchford and Murray trust. The trust deeds in all these trusts contained clauses that the securities were to be held for the benefit of the Company, until default should be made in the payment of the obligations secured under the trusts, and until such default the Company were entitled to the interest upon the bonds and mortgages assigned. Previous to the first Monday in January, 1841, no default had occurred in the payment of the obligations, and the Receiver himself informs the public "that the officers always insisted that these bonds and mortgages were kept in the banking house and were held by the trustees for the Company until default was made in the payments of the interest or principal of the bonds made under the trust deeds against them." Previous to this time none of the bonds under the two half million trusts had been sold, but were all held in pledge by various parties as collateral securities for debts due by the Association; the bonds under the million trust had been forwarded to London in the latter part of April, and early part of May 1840, to Messrs. Palmer, McKillop, Dent & Co., who commenced the disposition of them; but, as no account of sales of the disposal of such bonds was rendered by them until the 30th day of December, 1840, (dated London,) and that account did not come to hand until February, 1841, consequently their avails could not be in the January return. This account sales and account current of Palmer, McKillop, Dent & Co. was handed over to the Receiver when he took possession of the papers of the Company, and is presumed now to be in his possession. The report in question states the debts of the Company, as will be seen by the above extract, $4,652,665,41; and that this amount includes all the debts represented, or in any way secured by the bonds of $2,000,000 made under the three trusts. In addition, the return also states, that the debts of the company, $2,711,687 30 were for "liabilities payable in sterling in London," thus pointing to the particular liabilities which led to, or were connected with the bonds in question. And although the bonds themselves were not (for the reasons above given) expressly mentioned as outstanding obligations of the company, yet it is seen that all the debts for which they were held were fully and truly stated, and that the return would have been erroneous and false if, in addition to the debts enumerated, it had also represented the bonds as outstanding liabilities. It was proper to include the mortgages embraced in the trust among the assets of the bank. They were simply pledged, not sold, or absolutely parted with and were in the joint possession of the second cashier, Mr. Tylee, and the trustees, in the banking house of the company, and were the very assets which were relied on to meet a part of the debts stated in the report. The statute does not require, nor has it ever been the practice of associations or banking institutions, in their returns to the Comptroller, to mention any pledges or hypothecations of property made in the transaction of their business, nor are they required even to discriminate between the securities placed by them in the hands of the Comptroller as security for circulating bills and their securities in general. The object of making these returns was simply to comply with the provi-

3. April 17, 1848 The Daily Crescent New Orleans, LA
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.

4. February 28, 1849 The New York Herald New York, NY
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.

5. April 1, 1850 New-York Daily Tribune New York, NY
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

6. April 18, 1850 New-York Daily Tribune New York, NY
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

7. January 2, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 2, 1854

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# NORTH AMERICAN TRUST FUND. SUPREME COURT-GENERAL TERM. Presentβ€”ELMONDS, P. J. EDWARDS, MITCHELL, ROOSEVELT and MORRIS, Justices. # AESTRACT OF OPINION OF JUDGE ROOSEVELT. Leavitt, Receiver, vs. J. Horsley Palmer and others. The object of this action is to invalidate a large portion of the securities given by the late North American Trust and Banking Company before its diesolation, amounting in the aggregate to nearly or quite two millions of dollars. Some of the impeached securities were in the form of bonds issued upon and secured by trust mortgages of portions of the assets of the company, and some in the form of the certificates of deposit, with the bonds as collateral. As the case extends over more than twenty-five thousand folios of printed matter, making six or seven large octavo volumes, it would be impossible in a daily paper to give even a synopsis of the whole. The holders of the bones and certificates are mainly Messrs. Palmers, McKillop, Lent & Co.; Hame & Holford, of England; the Bank of the United States and the Girard Bank of Philadelphia. Among the points declared in the opinion delivered by Judge Roosevelt, (which was of very great length.) were the following: 1st. That the banking associations formed under the general law, commonly call d the free banks, although possessed of certain powers common to special chartered corporations, not being monopolies, are not corporations within the spirit and meaning of the constitution and no subject, therefore, to many of the restrictions imposed by special statutes on corporation as such. 2. That the trust assignments made to secure the bonds, like railroad securities in similar cases, are valid mortgages. 3. That the company was not insolvent at the time of making them, nor were they made in contemplation of insolvency, or with the view of giving an illegal preference, but to raise money on assets not immediately convertible, in order to carry on the banking business. 4. That neither the bonds nor the certificates were circulating notes within the meaning of the law prohibiting the issue and circulation of bills and notes not payable on demand and without interest. 5. That the sale of the bonds they being payable in sterling money in London although under par, was not a violation of our statute against usury. 6. That the loan of $250,000, made to the company by the Philadelphia banks at the time of the suspension of specie payments in that city, being repayable in the same currency in which it was made, although a loss was sustained in converting the Philadelphia notes into New-York funds or specie, was not usurious. 7. That since the act of 1850, it is not competent to any banking association or any corporation to interpose the defense of usury, either directly or through a receiver, or to insist on, or be allowed such defense, even where previously interposed, if not previously allowed. 8. That banking associations, having an indefinite power of depos-itizing State stocks with the Controller as a basis of circulation, would seem to have an indefinite power of purchasing such stocks, and of making promissory engagements in good faith to pay for them. 9. That, at all events, advances made by third persons in good faith, at the request of such an association, to take up its engagements, are legal and valid, and create a binding obligation on the part of the association to refund, and a lawful basis to sustain a pledge of securities to redeem the liability. The receiver's bill should therefore be dismissed.

8. 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.

9. 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.

10. 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.

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

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A LARGE БпСск--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.

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.