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

Episode Information

Episode UID
5868844590551
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
586884459 hash
Start Date
November 1, 1845
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f81418efeb4add2f

Response Measures

None

Description

Bank placed in receivership and assets being liquidated over multiple years; no run reported.

Events (7)
1. November 1, 1845 Receivership
Newspaper Excerpt
it has been ordered by the Chancellor that all the creditors exhibit their claims to the receiver, John Cleveland, Esq.
Source
newspapers
2. December 17, 1845 Other
Newspaper Excerpt
meeting ... Committee ... to be placed in the hands of David Leavitt Esq. Receiver
Source
newspapers
3. September 26, 1846 Other
Newspaper Excerpt
The Vice Chancellor ... decided ... all property now in the hands of special receivers is to be placed in those of the general receiver ... Mr. Leavitt
Source
newspapers
4. February 29, 1848 Other
Newspaper Excerpt
The transfer books of the North American Trust and Banking Company have been opened at the American Exchange Bank
Source
newspapers
5. 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
6. 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
7. April 22, 1850 Other
Newspaper Excerpt
TO CLOSE THE LARGE SALE OF REAL ESTATE, commenced on the 10th inst. on account of John J. Palmer, Esq. Special Receiver
Source
newspapers

Newspaper Articles (10)
1. November 1, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 1, 1845

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Article Text

Domestic Exchanges we quote as follows: Boston....par @ 1 dis Mobile (bk notes) 61 @71 dis Philadelphia ... par @ 1 dis Do. sp. checks par @ 1 dis Baltimore....par @ 1 dis New-Orleans...par @ 1 dis Richmond(bk n't) 1@1 dis North Carolina.. 1 @1 dis Do sp. checks. 1@1 dis Cincinnati ..1 @11 dis Charleston .. 1@1 dis Louisville ..1 @11 dis Savannah .. 1@1 dis Nashville...2 @21 dis Augusta .. 1@1 dis St. Louis ..1 @11 dis Columbus ..1@11 dis Specie we quote as follows: Per cent. Value. Amer. Gold, old.106 @1061 Carolus Dolls. $1,06 @ 1,07 Do do new 100 @ 1001 Five Francs.. 94@ 941 Half Dollars...par @1001 Doubloons....16.25@16,50 Portuguese Gold 100 @1001 Do Patriot.15,60@15,75 Spanish Dollars. 104 @ 105 Sovereigns... 4.85@ 4,87 Do Quarters. 99 @ 100 Do light 4.82@ 4,85 Mexican Dollars.100@101 Heavy Guineas 5,00@ .... Do Quarters. 99 @100 Napoleons... 3,83@ .... In the case of the North American Trust & Bank- ing Co, it has been ordered by the Chancellor that all the creditors exhibit their claims to the receiver, John Cleveland, Esq. or his solicitor, within six months and ten days from Monday last, or in default thereof, they will be precluded from all benefit of payment out of the proceeds of the assets of the association, under the decree in the suit (in which said orders are made) or otherwise -and that all the creditors and stockholders may cause their appearance to be entered in said suit by their own solicitors, and thereafter will be entitled to notice of all proceedings in that suit. The Bank of Cape Fear. (N. C.) has declared a semi-annual dividend of three per cent. The Bank of the State of Georgia has declared a dividend of Three Dollars per share from the profits of the last six month. The receipts, of the Reading Railroad for a week in Oct. for the last three years, have been as follows: Business. Tonnage.

2. December 18, 1845 The New York Herald New York, NY
Article from The New York Herald, December 18, 1845

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Article Text

A MEETING OF THE OF THE NORTH AMERICAN TRUST & BANKING COMPANY, held at the City Hotel, on the evening of the 17th December, inst , Mr. Rankin was appointed President, and Mr. Weeks, Secretary, the following resolutions were, on motion of Mr. Grittin, unanimously passed : 1. Resolved, That the directors and officers of the North American Trust & Banking Co. were the mere agents or trustees for the stockholders, clothed with authority by law to bind them in all contracts fairly and legitimately connected with banking business. and no other. That all contracts or engagements entered into for the purpose of carrying on speculations in stocks or any other business not connected with legitimate banking business, bind the officers and directors of said company who contracted them only as individuals. 2. Resolved, That while we are in favor of the speedy payment of all legal and fair claims against said company growing out of its legitimate banking business, we will resist, by all legal measures, the payment of all debts contracted by the directors and officers of said institution when acting beyond their authority, and especially all debts contracted by them in sp culations in stocks entered into without our knowlsdge and consent. 2-Resolved, Thata Committee of three persons be appointed, whose duty it shall be to raise among the stockholders the necessary funds to be placed in the hands of David Leavitt Esq. Receiver, to be by him used in defraying the expenses of resisting the allowance and payment of all illegal claims which have been or may hereafter be presented against the North American Trust and Banking Company. 1-Resolved, That it shall be the duty ofsaid Committee to confer with Mr. Leavitt, and co-operate with him in all proper measures of defence against any illegal claims which have been or may hereafter be presented ag inst said Company, and that said Committee have power to call any future meeting of the stockholders, as they may deem expedient. It was then on motion Resolved-That the following gentlemen compose such Committee:- E. GRIFFIN. THOS. A. AYRES, & JOHN RANKIN. The meeting then adjourned. JOHN RANKIN, Chairman. d18 3th JOHN A. WEEKS, Secretary.

3. December 19, 1845 The New York Herald New York, NY
Article from The New York Herald, December 19, 1845

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Article Text

A MEETING OF THE STOCKHOLDERS OF A THE NORTH AMERICAN TRUST & BANKING COMPANY, held at the City Hotel, on the evening of the 17th December, just , Mr. Rankin was appointed President, and Mr. Weeks, Secretary, the following resolutions were, on motion of Mr Grittin, unanimously passed : 1. Resolved, That the directors and officers of the North American Trust & Banking Co. were the mere agents or trustees for the stockhold clothed with authority by law to bind them in all contracts fairly and legitimately connected with banking business. and no other. That all contracts or engagements entered into for the purpose of carrying on speculations in stocks or any other business not connected with legitimate banking business, bind the officers and directors of said company who contracted them only as individuals. 2. Resolved, That while we are in favor of the speedy payment of all legal and fair claims against said company growing out of its legitimate banking business, we will resist, by all legal measures, the payment of all debts contracteo by the directors and officers of said institution when acting beyond their authority, and especially all debts contracted by them in speculations in stocks entered into without our knowlsdge and consent. 2-Resolved, Thata Committee of three persons be appointed, whose duty it shall be to raise among the stockholders the necessary funds to be placed in the hands of David Leavitt Esq. Receiver, to be by him used in defraying the expenses of resistinz the allowance and payment of all illegal claims which have been or may hereafter be presented against the North American Trust and Banking Company. 4-Resolved, That it shall be the duty of said Committee to confer with Mr. Leavitt, and co- operate with him in all proper measures of defence against any illegal claims which have been or may hereafter be presented ag inst said Company, and that said Committee have power to call any future meeting of the stockholders, as they may deem expedient. It was then on motion Resolvad-That the following gentleE. GRIFFIN men compose such Committee:THOS. A. AYRES, & JOHN RANKIN. The meeting then adjourned. JOHN RANKIN, Chairman. d13 3tfh JOHN A. WEEKS, Secretary. PROPOSED OPENING OF WILLIAM ST. T a large and respectable meeting, held at the Shakspeare Hotel, on Wednesday Evening, Dec. 17th, to express views in opposition to the widening and extension of William street into Chatham street. the meeting was organized, by appointing THOS, T. WOODRUFF. Esq, President, and PETER M. BRYSON, Secretary. On motion it was Resolved-That we regret the revival of the project for opening and extending of William street into Chatham street, the measure having been previously rejected by the Supreme Court in 1838 at the express application of the Common Council of this city, principally on the ground that the expense was not only oppressive on a large portion of persons interested,but that the measure would net warrant so great an expense. Resolved-That the proposed widening and making Wil. liam treet 45 feet in width from Fulton to Chatham st. cannot answer the purpose of an avenue, and consequently confirms the opinion that the measure is intended to benefit property below Fuiton street, to the great injury of property on Chatham, Frankfort and William streets, from Pearl to Frankfort sts. Resolved-Iu the opin.on of this meeting, that the assessments on property in the cross streets will be very oppressive, and that oppression be increased by the change of grade, it being contemplated to raise William street at Frankfort street about six feet, thereby injuring property in William and rankfort streets to a greatextent. Resolved-That a large portion of citizens now opposed to this measure, also opposed all previous action and devoted much time and submitted to great expense to effect its final abandonment, and would respectfully solicit the Street Committee to whom the matter is referred, to give it weighty and proper consideration, and relieve the citizens interested from a repetition of the labor and expense that will necessarily be caused by opposing the measure to the last tribunal, and also relieve the tax paying citizens from any expense incurred in the event of the final abandonment of the measure. Resolve:-That the procee dings be published in the Journal of Commerce. Herald, and Sun newspapers Resolved-That a copy of these proceedings be presented to the Street Committee of the Board of Aldermen. Resolved-That this meeting do now adjourn. signed, THOS 1. WOODRUFF, Chairman. PETER M. BRYSON, Secretary. Note-All persons interested as above. will find remonstrances at the Shakspeare Hotel, corner Duane and William streets; and also at Mr. Timpson s, corner of Fulton and Willi m streets. d18 2t*me

4. September 26, 1846 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, September 26, 1846

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Article Text

# HIGHLY IMPORTANT DECISION. The Vice Chancellor this forenoon delivered an opinion in the case of David Leavitt, receiver of the North American Trust and Banking Company, vs. Messrs. Yates, Talmadge, and Noyes, trustees, in which he decided that the various trusts, under what are known as the million and first and second half million loans, &c., are null and void, the officers having made such without authority of law. Whether persons holding such, and having parted with other property not now in the receiver's hands, can come in as general creditors is a matter not now to be passed upon. The salary fixed for the trustees is also void, except as to their actual expenses. All property now in the hands of special receivers is to be placed in those of the general receiver. The effect of this decision will be to place all the bonds and mortgages now held under the various trusts in the hands of Mr. Leavitt for the benefit of the creditors at large, and, if any surplus should exist, for that of the stockholders. Two bonds and mortgages for $25,000 each which had been paid to Mr. Wm. Nyse, now deceased, but returned to the company, through urgent solicitation, and the notes or bonds of the company taken in their place are to be restored to his estate, being now in the hands of the receiver. A small portion of the claim of McKulop, Dent & Co., of London, is to be considered equitable. -N. Y. Express.

5. March 1, 1848 The New York Herald New York, NY
Article from The New York Herald, March 1, 1848

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COMMERCIAL AFFAIRS. MONEY MARKET. Tuesday, Feb. 29-6 P.M. The stock market opened heavy this morning, and prices receded a fraction. There was not much done at either board, and operators appear little disposed to do much until the arrival of the steamer from Europe, now due, and more definite into ligence from Washington relative to the treaty. At the first board to-day' Treasury notes fell off 1/a per cent, U. S 6s, 1867, 1/m Farmers'Loan 36, Morris Canal 1/2, Canton 3/1, Long Island 1/4, Reading Railroad Reading Bonds and Harlem closed at prices current yesterday. At the second board there were very few sales, without any material alteration in prices. It is stated that the banks have bid as high as one per cent premium for the five millions Treasury notes advertised by the government, as they are more favorable to that mode of making a loan than by an issue of stock. There is no doubt but that Treasury notes will be issued for the full amount, as higher bids will be made for them than for a six.per cent stock. The new loan bill has not yet been acted upon in the Senate, and it is possible the treaty may be disposed of before a vote is taken upon the bill as a ratification or rejection of the treaty may have some influence upon the insertion of the clause authorising an issue of Treasury notes. If the treaty is ratified, a six per cent stock can be easily negotiated at par or above; but if it is rejected, the privilege of issuing Treasury notes, if necessary, may be required to raise the money. The Bank of Cayugs Lake has resumed payment, and its bills are but one per cent discount. The transfer books of the North American Trust and Banking Company have been opened at the American Exchange Bank, and fifty cents are charged for every transfer made. This will be a source of considerable revenue to the company, as it is estimated that more than five thousand dollars will be paid by the stockholders and speculatore into the hands of the receiver, for transfers made every year. This will pay the recoiver's salary, and give him a chance to earn it, which the business of the company has never before enabled him to do. If the stockholders and bondholders of this concern could be brought together, a compromise could be easily and speedily arranged, and its affairs satisfactorily settled. We learn that a proposition from the bondholders has been received by the receiver, but for some reason is withheld from the stockholders. The quantity of certain articles imported into this district, ineach of the past three years, was as annexed. The domestic, as well as the foreign, imports of the articles named, are included in the table:-

6. 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.

7. 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.

8. 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

9. April 6, 1850 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 6, 1850

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ANTHONY J. BLEECKER Auctioneer PEREMPTORY SALE OF REAL ESTATE BY ANTHONY J. BLEECKER, at the Merchants' Ex. change 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 - AS story brick house and brick stable; lot 28 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 83rent $100 No. 7 Duane-st.-4 story brick house; lot 20 feet by about 64. See No 7 St Marks-place-3 story brick house 24 feet by 110 6-18 one side, 1226 the other-rent $700. No. 120 Fulton-st.-3 story brick store 25 S feet by 821-12 one side. 83 3-12 the other-rent $2,000. Nos 219, 251. 253, 256, 275, 277, Tenth-st between Firstavenue and Avenue A--lots 25 by 94:8--rent@500 Nos. 186, 183, 100 First-avenne-3 story brick houses on First-avenue-lots 23:8x92 $500 No. 67 Chiff-at.-3 story brick store-lot 25 by 100 feelrent-$700 19 lots in the Seventeenth Ward-800 mape-Stuyvesant 41 lots between First-av. and Seventeeuth and Eighteenth eta and Avenue A-seemap-Dyson 8 lots on Sixth-st. and on Eighth-at between Avenues B and C. See map. 12 lota on One-hundred-and-twenty-third-al between Tenth and Eleventh avenues WILLIAMSBURGH 24 lots on N. Third-st. N Fourth-st. and Fifth et with SOY. eral wooden houses. 26 lots and parte on South Third and First sta with two BROOKLYN. frame houses. 18 lots on Court, Warren and Paltic sta S lots on Columbia and Cranberry, running through to Forman. POUGHKEEPSIE One spectous mansion known nathe Talmage-place fronting on Delafield, Mansion and Albany etc. and Dutehessavenue the house is about 45 feet square, plazza front and rear, two stories with basement and attic and brish stable JAMAICA. One farm in the town of Jamales of 122 acres also, 13 seres on Spring Creek and 35 acree of fresh and salt meadows, in all 160 acres, with Ewelling house and outm20 23 25 27te buildings (1,018)

10. 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