Island City Bank (New York, NY)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
January 13, 1859
Location
New York, New York (40.714, -74.006)
Bank Type
state

Metadata

Notes

Receivership and receivers referenced; insolvency described in press coverage.

Events (3)

1. January 13, 1859 Receivership
Newspaper Excerpt
THE ISLAND CITY BANK. John F. Butterworth, Receiver of The Island City Bank agt. John F. Broderick, etal.
Source
newspapers
2. January 14, 1859 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank placed into receivership due to insolvent/fictitious assets and evasive business practices revealed after receivers took charge.
Newspaper Excerpt
The complaint, after averring the plaintiff's appointment as Receiver, alleges that the Island City Bank was owner of the note in question;
Source
newspapers
3. November 1, 1859 Other
Newspaper Excerpt
it was only after the concerns passed into the hands of receivers, managing third parties, that the fictitious nature of their assets ... became detected.
Source
newspapers

Newspaper Articles (2)

Article from New-York Daily Tribune, January 15, 1859

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Article Text

UNITED STATES CIRCUIT COURT-JAN

13.-Before Judge INGERSOLL. THE STOLEN GOODS CASE-DISAGREEMENT OF THE JURY. Henry E. Dibblee agt. James F. Furnise et al. The Jury in this case came into court at noon today and stated that they could not agree upon & verdict. The Judge then discharged them as there was no probability of an agreement if they should be sent out again. It was rumored that nine of the jurors were in favor of a verdict for the plaintiff, and three opposed. By an unfortunate transposition of the names of the counsel in yesterday's report of this case, Mr. O'Conor (defendant's counsel) was made to sum up the case for the plaintiffs, and Mr. Evarts (plaintiff's counsel) to sum up for defendants. A COUNTERFEITER SENTENCED. Martin Shears, who was convicted of counterfeiting American coin in Orange County, was sentenced by the Court this morning to four years' imprisonment at hard labor in the State Prison, and to pay a fine of $5. SUPREME COURT-CHAMBERS-JA 14.-Before Judge SUTHERLAND. CONTEST FOR THE CUSTODY OF A CHILD. Thomas Reed, a bright boy, some 13 years of age, was brought before the Court this morning, on a writ of habeas corpus, issued on the petition of Eliza Lindsey, his aunt. It appears that the boy's mother is dead, and that Felix McCabe, his step-father, who has now another wife, had put the boy to picking rags. Eliza was not slow in telling the Judge that she was willing to take care of Thomas, educate him, and train him up in & proper manner. The Judge examined the boy privately, and on returning to the Court roo n informed McCabe that the boy could go with whom he chose; and if he desired to go with his aunt, McCabe must not attempt to stop nim. If he did be would be punished severely. The Judge could not see that McCabe had any legal right to the custody of the boy, and he must allow him to go whither he pleased. Thomas then went to his aunt, who shortly afteward led him triumphantly out of Court. OBTAINING MONEY UNDER FALSE PRETENSES. Hamlin Blake, an extensive real estate broker in William street, in this city, was arrested at his residence in Brooklyn yesterday, in a civil suit commenced against for the recovery of a large sum of money alleged to have been obtained by him under alse pretenses. The order of arrest was issued by Judge Sutherland, and Blake was held to bail in the sum of $4,000. DECISIONS. Robert H. Ives agt. John N. Wallard.-Order granted. supreme COURT-SPECIAL TERM.-JAN. 14.-Before Judge ROOSEVELT. THE ISLAND CITY BANK. John F. Butterworth, Receiver of The Island City Bank agt. John F. Broderick, etal. This action is to procure a delivery to plaintiff of & promissory note for $412. The complaint, after averring the plaintiff's appointment as Receiver, alleges that the Island City Bank was owner of the note in question; that the defendant, Broderick, who was one of the indorsers of the note, obtained from the other defendants (the maker and the other indorser) a new note in renewal of the old one, on an agreement, however, that the old note should be canceled, and until that was done the new note to be discounted by the Island City Bauk, and 03tained from the Bank the old note, which he now holds; and that the Bank commenced suit upon the new note, but were defeated by defendants' showing that the old note had not been surrendered to them. Plaintiff therefore demanded judgment that the old note be delivered to him, and Broderick be restrained from sueing on it The answer of Broderisk alleged that Broderick himself was the lawful holder of the note. It also denies that Broderick ever made any agreement for the surrender of the note, as aver red in the complaint. Today the Judge gave judgment that the note be delivered to the Receiver, C. A. Peabody, esq., for plaintiff; Mr. Bradley, for defendant. * SUPERIOR COURT-SPECIAL TERM-JAN. 14.-Before Judge BOSWORTH. PLEADING-STATEMENT OF FACT AND CAUSE OF ACTION. Hepburn agt. Babcock. A complaint must ontain a plain and concise statement of the facts constituting a cause of action. If it contains but one cause of action. there can be but one statement of it. When no necessity is shown for stating in form several causes of action, all bat one will be stricken out. This complaint comtains two, and the first will be stricken out, unless the plaintiff elects that, or to amend 80 se to make one statement. He may do either on payment of costs of this motion. Before Judge MONCREIF. Darius Geer agt. Louis Pignolet.-Motion to set off judgments against the judgment in this action denied, with 10 costs. COURT OF GENERAL SESSIONS-FRIDAV, Jan. 14.Before the CITY JUDGE. At the opening of Court, John Queenzer, aged 17 years, pleaded guilty to an attempt at burglary in the third degree, in breakin g into the store of David B. Brown, No. 10 Peckslip, on 26th ult., and was remanded for sentence. Joseph Long, aged 19 years, and John H. Blanchard, aged 18 years, indicted for burglary at the dwelling-house of Barrat L Solomon, No. 99 McDougal street, on the 9th ult., were each convicted of attempt at burgiary in the first degree, and sentenced to the State Prison for four years and nine months Jacob Herman was tried and convicted of assault and battery with intent to kill Jacob Eichel, on the 31st July, 1857. Seatence reserved. Antoine Lang pleaded guilty to an attempt at grand lareeny, in having on the 29th of August last, stolen $63 from Ass Whalen, No. 52 Worth street. Sentenced to State Prison for two years. Mary Kerrigan, aged 16 years, pleaded guilty to petit larceny, in stealing & dream and breastpin from Jane Fiynn of No 65 Thompson street. Sentence reserved. Catharine Davis pleaded guilty to an attempt at grand lareeny in stealing #52 from Mary Heason of No. 113 Washington street, Sentence reserved. Andrew Fowler was tried and acquitted on & charge of grand larceny. James Brady, indicted for an assault and battery with intent to kill John Burke, was convicted of assault and battery only. and remanded for sentence. James Duffy pleaded guilty to petit larceny, and was sentenced to the Penitentiary for six months. Jean Bosquet was arraigned for the murder of the Italian boy, Martino, on the 22d alt., in Canal street, whom be stabbed, was arraigned and, through an interpreter, pleaded Not Guilty." He will be tried during the ensuing week. On Monday the case of Stephens, the alleged wife poisoner, will be tried. Adjourned for the day. BROOKLYN CITY COURT.-JAN. 15.-Before Judge CULVER. Catharine Tilton agt. George S. Middleton. This was an action for damages arising out of the destruction of rose bushes on plaintiff's premises, in Plainfield, N.J. The plaintiff bought the house and some acres of ground. One of the inducements to purchase were the rose bushes which covered the piazza. After she had obtained the deed, the defendant cut the bushes off and carried away the roots, for which damages were claimed. The jury awarded damages to plaintid, amounting to $140. ACTION FOR SLANDER. Fanny B. Lawrence agt. James W. Kiernan. This is an action for damages. The plaintiff is a respectable young lady, residing with her parents in Williamsburgh. Her mother, it appears, was acqualated with Kieznaa's wite, who, being taken sick in March, 1847, requested her daughter to call upon her and do some sewing. The plaintiff went and performed her duties in a few hours. some days after Kiernau came to ber residence and charged her with taking his wife's jewelry which she denied. The story became circulated, and caused the young lady much annoyance. She thereupon brought an action for damages, and verdict for in her favor was rendered. This is the second trial, and the care was given to the jury last evening. They were directed to bring in & sealed verdict this morning. COURT CALENDAR-THIS DAY. KINGS COUNTY CIRCUIT COURT- 90, 99, 100, 101, 102, 103, 104, 106, 106, 102, 108, 109, 110, 111, 112, 114, UA


Article from The New York Herald, November 1, 1859

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Article Text

law to be plain facts, so that beyond the item of circulation, the sheet undergoes a variety of "docterings" so as to place the institution in the best possible lightbefore the community. Inffact, judging from official statements published conformably to the law the solvency of the Island City, Bowery and other banks could in DO wise be questioned, and it was only after the concerns passed into the hands of receivers, managing third parties, that the fictitions nature of their assests and the evasive manner of their business transactions, became detected. A row of figures may oftentimes represent a determined quantity, while the quality naturally represented to make up the requisite quantity can remain a perplexing and insolved algebraical pro. blem. Loans and discounts are, as we have shown, susceptable of a variety of transmutations, devisable at pleasure; specie is a generic term, embracing bullion. fore gn coinage, plate and a pile of other metalic values, while deposits may consist of moneys borrowed at interest, or placed to imaginary accounts, consequently, viewed in these several lights, capable of being produced at pleasure by a few turns of a banking kaleidescope, a practical accountant is apt to place but little reliance upon bank figures, as demonstrating unknown qualities for undetermined measures of quantity. To those measures which a bank particularly condems in a dealer, the officers resort without hesitation when they find themselves with a pecuniary difficulty, and it is an admitted fact that there can be found no more skitful "kiters," than these self same bank officers, whenever emergency demands exercise of their talents. Particularly is thier ingenuity exerted to meet the requirements of the weekly statement-as apparent in the newspapersfor, where a bank is continuously beaten at the Clearing House, confidence in its credit will he shaken, unless by some master stroke of policy the tide can be changed without attracting public attention. Then resort is had to augment the specie average by rediscount, bullion borrowing, and purchase of coin at heavy rates, taxed upon profits, while in a similar wise, to preserve the deposits, real or imaginary, for a few strokes of the pen can create a depositor, and a bank may keep fictitious accounts, as well as individuals, up to the average. Accominodation loans are granted to remain undrawn, the principal of which-- paid out of the surplus reserve. is employed, nominally by individuals, but in reality by the bank for purposes of bullion brokerage, offentimes at the highest street rates, and redeposited to maintain a deceptive specie basis. And still a diligent examination of the books would expose none of these exceptional proceedings; for