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

Episode Information

Episode UID
5868844590478
Episode Type
Run Only
Bank Type
state
Bank ID
586884459 hash
Start Date
October 16, 1839
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
5c93208071ce3b1a

Response Measures

None

Events (2)

1. October 16, 1839 Run
Cause
Local Banks
Cause Details
Pressure and withdrawals tied to broader bank suspensions and interbank demands during the October banking disturbance; government loaned specie to fortify the company.
Measures
Received $175,000 loaned in specie from the Collector (government) and resumed redemption of other banks' bills
Newspaper Excerpt
the Collector Mr. Hoyt, loaned to the North Amer. Trust & Banking Co. $175,000 ... to enable the N. A. Trust & Banking Co. to resume the redemption of the bills
Source
newspapers
2. February 2, 1840 Run
Cause
Local Banks
Cause Details
A sudden demand for cash balances by the Bank of Commerce amid wider panic following the Philadelphia suspension
Measures
Fortified by a $175,000 specie loan from the Collector/government and by paying demanded balances
Newspaper Excerpt
the Bank of Commerce made a sadden demand for cash balances on the North American Trust and Banking Co. ... The United States Bank promptly paid the mand, and the government, through Mr. Hoyt, loaned the Trust Company $175,000 in specie, to fortify it
Source
newspapers

Newspaper Articles (2)

Article from Morning Herald, October 17, 1839

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Article Text

MONKY M A R K E T. Wednesday, Oct. 16-6, P. M. Wall street has resumed its accustomed appearance. Confidence in our banks remains firm. At the stock exchange, a fair amount of business has been done, and prices have generally improved. U. S. Bank rose If per cent; North American Trust and Banking Co. 2 per cent; Farmers' Trust, 1; Kentucky, 14; Harlem, 1; Delaware and Hudson, 1; Mohawk. 4 The Franklin Bank of Baitimore has declared a dividend of three per cent for the last half year. The Bank of New York has declared a dividend of four per cent for the last six months, payable on the 1st November. The Merchant's Insurance Company in Boston have made a dividend of ten per cent for six months-seven per cent of this sum is understood to have been derived from interest of the capital, and three per cent from the profit of insurance. The Bank of Chelsea has finally stopped payment. and another of the new banks-the Weel Growers, with a circulation of $16,000. has also suspended. It pays the depositor, how. ever, in full. It is stated in a New Haven paper, that the banks of that city have a surplus of specie; and a trea. ury draft in favor of the Manhattan Bank of this city. was drawn in specie-dra and bills being refused. This is the operation of the government, in concentrating specie in New York. A few days SINCE, the Collector Mr. Hoyt, loaned to the North Amer. Trust & Banking Co. $175,000, for which they gave ample security in State Stocks, while the President was in the city, and probably with his advice. The institution then paid out of this money, to one of the smaller banks $45,000 and $5000 to another, making $125,000, which she keeps on deposite. These and other movements are indicative of the deturmination of both the general and State Government to sustain our banks and one of the first results has been to enable the N. A. Trust & Banking Co. to resume the redemption of the bills of the following banks at the rates annexed. BILLS REDEEMED AT THE N Am. TRUST AND BANKING COMPANY. Farmers' Bank. Hudson, par " Orange Bank, New Jersey, " Farmers & Drovers, Somers, " Commercial Bank. Troy, Farmers and Mechanics, Genessee pr c't dis't Delaware Bank, Delhi, " James' Bank, " Bank of Syracuse. " " of Central New York, Utica, " Merchants & Farmers, Ithica, Genesee County Bank, An arrangement has been made with the agency of the Bank of Western New York, at No. 3 Wall street, by which the bills of the following banks, under the new law, will be redeemed at three per cent discount: Delaware Bank, at Delhi. Canal Bank, at Lockport. Syracuse, at Syracuse. Bank of Central New York, Utica. Mohawk Valley Bank. Genessee Co'. Bank. Merchants' and Farmers' Bank, at Ithica. Farmers' Bank. Geneva. Farmers' and Mechanics' Bank, Rochester. Commercial Bank, do. Bank of Western New York, do. Farmers' Bank of Orleans, at Gaines. Bank of Dansville. at Dansville. St. Lawrence, at Ogdensburgh The post notes " the U.S. Bank were sold today at 3 per cent per month. The great desideratum of supplying the demand for some means of remittance shroal, which shall obviate the necessity or shipping specie, is now obtained. There will no doubt, be more bille than will and buyers, and the rate will be so. far reduced, as to provone, is all probability, much spocio from going. The departumer the Liverpool has rightly been con.


Article from Morning Herald, February 3, 1840

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Article Text

MONEY MARKET. SUNDAY, FEB. 2-6P. M The news by the Patrick Henry, connected with the progress of events on this side, being inauspicious to the maintenance of fictitious prices, caused a decline in prices at the stock board yesterday. United States Bank fell 2 per cent: American Exchange Bank, 1; Delaware and Hudson, 1; North American Trust and Banking Co. 1b; Providence Railroad, 1; Harlem, 1). There were sales of old corporation bonds, at 11 discount. Post notes of the United States Bank, due yesterday, payable in Philadelphia, were offering at 7 per cent. It will be recollected that during the severe pressure, immediately succeeding the Philadelphia suspension, that the Bank of Commerce made a sadden demand for cash balances on the North American Trust and Banking Co. and United States Bank in New York, at a te hour in the day, in order, if possible, to stop those banks during the panic. The United States Bank promptly paid the mand, and the government, through Mr. Hoyt, loaned the Trust Company $175,000 in specie, to fortify it from the unjust attack of the polities-financiers that misdirect the Bank of Cc mmerce. That amount of money has now been returned by he North American Trust and Banking Co.; and the City Bank, the Bank of America, and the State Bank, are used 38 the depomitories for the public money. The officers in charge of it are notoriously the principal stock operators; no other class of persons can command the ready cash. The bills of the Farmers' Bank of Sencea County have been received heretofore on deposite by a concern in Wall street, calling itself the "Clinton Bank;" during the past few days, they have refused even to take them on deposite. The post notes of the Farmers' Bank, made payable at this same Clia ten Bank, were refused payment. The concern has long been in disrepate, notwit' standing that the "Wall Street Courier" has been puffing its Cashier. Mr. Fenton. The concern called the City Trust Company," has out post notes of all denominations, from 81 to $5. There is a large batch of the latter denomination out, dated Dec. 14, 1839, at twelve months. They are well calculated to deceive the sup rΓ‘cial observer. as the words twelve months after date, are written in small letters, and the general appearance of the bills is the same as the true