8773049490658 877304949
hash
ba5d23dee2df11caNone
Click image to open full size in new tab
S. Draper's semi-weekly sale of stocks will take place at the Merchants' Exchange, to-morrow, Friday, a: half past 12 o'clock. At the second board the market was A little lower There was not so much doing. Erio Railroad fell off ½ per cent; Reading Railroad, X; Cumberland Coal, 1/4. The Kmiokerbocker Bank has temporalily suspended the redemption of its bills. Its condition is amply sound, 110 necessity for holders, unless it in to sup.
Click image to open full size in new tab
pabneation of the report, proves that the public find its affairs in more promising shape than was anticipated. The loan made by Messrs. Brown, it is understood, has been nearly all reimbursed. There will probably be, within fifteen or twenty days, proposals issued for a new mortgage loan, with a sinking fund, on such terms as will attract the attention of capitalists-the proceeds to be used in the payment of the floating debt and of the income bonds and interest. The statement of the affairs of the Dauphin and Susquehanna Coal Company shows that e expenditures have been $2,969,754, of which $563,905 have been raised from 43,807 shares stock, $1,529,930 from $2,960,000 of bonds, $333,091 from railroad receipts, sales of coal &c., and $541,992 from loans not funded. The debt is $3,501,992, for which only $2,071,992 has been realized. The Bondholders of the Dauphin and Susquehanna Coal Company, held a meeting last evening at the St. Nicholas Hotel. Mr. Marvin, President of the Brokers' Board was chosen Chairman, and Mr. Elias Smith, Secretary. The first question that came up was as to what manner the Bondholders could protect their intereste in the Bonds? A number of propositions were presented for the consideration of the meeting, on which there was considerable discussion, and an adjournment finally took place without coming to any definite conclusion. The steamer to-morrow has about $600,000 in goli engaged, to which will be added probably 200,000 Mexican dollars received to-day by the Cahawba in transitu from Vera Cruz to London. The Cahawba has altogether 258,000 dollars. There is no renewal of the bank excitement and the Clearing-House settlements are made with unusual promptitude. The late troubles will no doubt have a beneficial effect upon the smaller banks, teaching them caution and an avoidance of any dangerous expansion. At a meeting of the Board of Directors of the Knickerbocker Bank last evening the President and Cashier resigned. An effort is making to enable the Bank to resume business. The foreign orders by the Baltic are not large for our Securities. The letters generally are hopeful, although they speak of an active demand for Money. The temporary suspension of Mr. Edward Oliver of Liverpool, is spoken of, and the belief expressed that after paying all his liabilities he will still have a very large surplus. Mr. Oliver is one of the largest ship-owners in the world, having three million dollars invested in ships. We understand that this temporary suspension will not at all embarrass Mr. Oliver's agent in this City. We annex an extract from the circular of Messrs. Marie & Kaur, prepared for the steamer: Two of our small banks of the third class, located at a distance from the business part of the town, almost without influence, and for some time past of doubtful credit, have been compelled lately to go into liquidation; and the old banks, for the sake of guarding against too great loss of specie, as well as against the possibility of increasing suspensions on the part of the public, have greatly curtailed their ordinary loans. Beside the exportation of specie to Europe, there is a temporary demand from the West, arising from the new law of the State of Ohio, in regard to bank-notes. This law prohibits the circulation of any note under $10, issued by the banks of other States. In consequence of this law, the banks of Indiana have been obliged to cancel a part of their circulation, and to offer for sale about $500 000 Indiana Five P Cents, as well as other State funds, which they had deposited as the basis of their circulation in the hands of the Controller. Hence the great decline for some time back in Indiana, Virginia, and other securities. These different causes have increased the demand for money here, and stocks have generally been falling until the publication of the report of the Erie Railroad, produced a decided rise in most of our speculative stocks, Erie securities in particular. Other securities, except Illinois Central, are tranquil. Among the new Directors of the Erie Railroad elected on the 10th inst., are Mr. Charles Moran (of Moran Brothers) and Louis Von Hoffman (of L. Von Hoffman & Co.) The presence of these gentlemen cannot but inspire confidence in the holders of Erie securities in Europe. The business of the Cumberland Coal Company for the week was 3,858 tuns. At Philadelphia the money market is unchanged. ### AT BOSTON THE POST SAYS: The money market exhibited a decided improvement last week. Rates on strictly first-class paper fell from 12 to 10 ct., and on every sort of loan there was a marked reduction in price, with a less active and feverish demand. Our leading domestic houses are refusing money at above 9 ct.; and with a considerable increase of specie in our banks, and the large contraction heretofore noticed, it is probable that these same houses will soon be fairly supplied at 8 ct. The banks generally have increased their discounts for some days. The October receipts and payments are heavy, but, thus far the market has improved in the face of them. New-York funds continue abundant, and considerable coin is arriving here daily. $100,000 came on Saturday morning. Sterling exchange rules lower. The bankers have purchased very good bills for 9 1/4, and 9 1/2 is now the best they will pay. As far as Boston is concerned, it will be perceived that money matters look favorably for the future. But, in view of all the circumstances, it is not probable that money can average much lower, until the cotton bills pour in upon us. The Directors of the Vermont Central Railroad Company have elected J. Francis Tuckerman, Esq., as Treasurer and Transfer Officer of the corporation. A vote has been passed to open the transfer books in mediately, but the President and Treasurer were instructed to transfer no shares unless they shall be considered genuine by these two officers, under the advice of J. P. Putnam, Esq., the attorney of the corporation. The whole funded debt of the city of St. Louis is $3,553,096, on which there is an annual interest accruing of $214,483; $1,250,000 of this indebtedness is caused by subscriptions to railroads, and on this amount the companies pay the interest into the city treasury equal to a deduction from the aggregate interest account of $75,000. The debt proper is $2,123,096. The quantity of Flour, Wheat, Corn and Barley left at tide water during the 2d week in Oct., in the year 1853 and 1854, is as follows: Flour, bbis. Wheat, bush. Corn, bush. Barley, bush. 1853118,825 528,208 196,124 212,980 1854... 52,126 69,810 475,002 181,694 Dec... 61,697 Dec. 458,398 Ine. 287,273 Dec. 31,286 The aggregate quantity of the same articles left at tide water from the commencement of navigation to the 14th of October, inclusive, during the years 1853 and 1854, is as follows: Flour, bbls, Wheat, bush. Corn, bush. Barley, bush. 18531,953,571 5,209,862 2,339,531 1,112,629
Click image to open full size in new tab
FINANCIAL AND COMMERCIAL. MONEY MARKET. THURSDAY, Oct. 19-6 P. M. The stock market opened this morning dull and depressed. A very moderate amount of business was transacted, generally at lower prices. At the arst board Illinois Central bonds fell off 1/4 per cent; Erleincome bonds, 1; Cumberiand'Coal, ½; Reading Railrcad, ½; Nicaragua Transit, 3/8. Harlem advanced ½ per cent; New York Central bonds, ½. Railroad bonds were freely offered and freely taken. The advance in Illinois Central has been pretty well maintained, and the demand is more active than for any other on the list. The steadiness of prices for all the leading speculative securities is a very extraordinary feature in the market at this moment. When we look at the severity of the money pressure, and all the causes which are bearing, with more or less force, upon prices for every description of property, holders of stocks must feel encouraged, and convineed that any permanent let up in the existing stringency will give a great impetus to operations, and an important inflation to the market value of all c'asses of securities. Erie appears to be now as firm at 46 per cent and was at 43 a few days since. Oumberland, Niearagua, Harlem and Central do not vary from day to day, any more than the best class of funded bonds on the market. It must be poor business for the commission brokers just now, and in fact for speculations either fo: a rise or fall. Purchasers on time, buyer's option, say sixty or ninety days, need have no apprehensions of any depreciation in the market value, and the time cannot be very far distant when every leading fancy stock 01 the list will rule at much higher prices. It takes but about half the money to carry these stocks, that it did six months since, and every one of them is at this mo ment actually worth much more than it ever was before. This is a fact no one can centrovert. Several failures among dry goods importers and jobbers in this and neighboring cities have been announced, within the past day or two, some of them involving lia. bilities to a heavy amount. These things are not unexpeeted, and are necessary to bring matters down to a proper level. We look for many more of the same sort; and they will continue until only those who have com. fined their operations to proper limits an to legitimate principles will be left. Those who have traded upon borrowed capital, or rather u pon no capital at all, ought to break and will break, whether it is banks, rail. reads or individuals. At the second board a further decline was realized. Illinois Central Bonds fell off ½ per cent; Nicaragua Transit, %; Cumberland Coal, ½; Reading Railroad, 1; New York Central Railroad, 1/4; Erie Railroad, ½. We cannot satisfactorily account for the heavy decline in Reading. The determination on the part of the miners in the Schuylkill coal region, not to get out any more coal at present, could not alone have been of sufficient importance to depress prices so suddenly to such an ex. tent. At the close, Erie was firm at our quotations. Another defalcation was reported to-day. This time a down town bank is the victim. We understand that the Ocean Bank is a loser to the extent of about ninety thousand dollars by overdrawn accounts, through certi. fied checks. The discovery of these frauds must shake public confidence very seriously, and tend materially 0 postpone the return of beiter times. We take it for granted that the parties who have so largely overdrawn their accounts at the Ocean Bank not in & condition to refund. The money has either been lately lost in speeulations, or it has been drawn by parties desperately embarrassed, who were favored with facilities in this way for obtaining temporary relief. Yesterday we re. ported a defalcation in the Knickerbocker Bank of $142,000; to day we have one to report in the Ocean Bank of $90,000. A little later than this last year, we reported half a dozen defalcations of different kinds among the banks in andout of Wall street, amounting in the aggregate to several hundred thousand dollars, and we have no doubt but that at this moment there are half a dozen more at least, which may or may not be discovered. They will be kept quiet if possible. The stockholders in these institutions are entirely ignorant of what is going on in their Internal affairs So long as they get dividends no questions are asked. There have been enormous losses by the depreciation of fancy stocks and property of all kinds, and they must fall somewhere. Somebody must pay for all the extravagance which has surrounded as during the past four or five years. It has cast a great deal of money, and those who have it must pay, whether they have participated or not Sometimes those who do not dance have to pay the fiddler. Since the above was written we have reseived the fol lowing eard:OCEAN BANK OF THE CITY OF NEW YORK, , October 19, 1854. In order to correct an exaggerated rumor, I deem It proper to state that the late paying teller of this bink is deficient in his funds to an outside amount of seventyfive thousand dollars The bank has a surplus of fortyfive thousand dollars. Its espita' of one million will be but little impaired, and there will be no interrupti on of its business. Yours respectfully. J. S. GIBBONS, Cashiar. After the adjoursment of the board, the following sales of bonds and stocks were made at auction by A. H. Nicolay int. added 95 1/2 $5,000 Virginia coupon 6's, 1887 91 do 12,000 N. Jersey Central RR 1st mort, 86 do 5,000 Newcastle & Richmond RR do 75 25 shares Bank of Owego 24 do do 65 50 do do 50 90 10 do Central Bank of Brooklyn 20 do Island City Bank 79 40 do Chatham Bank 90 Enisterb
Click image to open full size in new tab
The receipts at the Sub-Treasury are $101,338; paid, $72,719; balance $6,579,962. The Exchanges at the Clearing-House to-day were $17,894,000. The Boston steamer to-day took $226,000, of which $200,000, in bars, went from this City. There is an active demand to-day for money, but the inquiry appears to be less urgent than last week from the mercantile classes. Paper goes at 10@12 P cent. for strictly first-class, with no over supply. Paper of the less desirable kinds is plenty. The standard rate of loans on favorite securities is 7 P cent., but the range is very wide, and many borrowers pay as high 83 3 P cent. per month. The Directors of the Knickerbocker Bank hope that they will be enabled to resume business some time next week, upon the election of a new President vice Joseph Y. Savage, resigned. The affairs of this institution, it is stated by the officers, are not in so bad & condition as was at first supposed, and the deficiency from bad debts, over drafts, &o., will amount to only about $50,000. We have before noticed the resignation of the President and Cashier. Nearly all the Directors have signified their intention of resigning as soon as & new President is elected. The assets of the Knickerbocker Savings Bank are as follows: $230,000 Bond and Mortgage 140,080 Loaned on Stocks. &c 72,000 Deposited in the Knickerbocker Bank $492,000 Total The liabilities of the Bank are to about the same amount. The officers of this Bank seem inclined to do all they can for depositors. Since they suspended, upward of $11,000 on loans, &c., have been received and paid out to those depositors who were most in need, as in case of sickness, death, moving out of the City, &c. The officers are unable to call in their loans rapidly, as the greater part of them are to per#ODB living and doing business in that part of the City, and these have their money deposited in the Knickerbocker Bank, The moment the Knickerbocker
Click image to open full size in new tab
CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Omarba, Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York citv. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.
Click image to open full size in new tab
candidates, factions, and political axe engaged in the struggle, renders the canvass a most exciting game a purposes to a disinterested spectator melee. criminal record of the current weel to tival that of the preceding one.Vednesday evening last John Shaver, : stabbed his wife with a shoe-knife places; a man named Archibald Irvin from the effects of wounds inflicted on the night, by a youth named Darron Eberle was committed for trial on : of murdering John Gilfoy, with a pis Ninth Avenue, on Friday night ; John was convicted of manslaughter in the degree; and a policeman was arraigne charge of manslaughter in causing the of a prisoner by violence. Rather a for catalogue for one day. But there i to add. On Tuesday, John Smith, a boy renteen, was placed at the bar on a charge and convicted of manslaughter it degree and yesterday Patrick Mc a laborer, was put on trial for th of his wife; and John D. King, a mer appearance, was a' raigned for homicide weapons used in all the cases I have men save three, were the dastards-th the immediate carse in each instane other of those little episodes in the his of Banking mildly termed defalcations, brought to light in this city a few day It yesterday furnished a new topic fo ossips in Wall street. The first teller o Decan Bank, one McGuckix, is the unfor victim of circumstances." The thing in the simplest way in the world. McGuckin merely certified checks in al way on his own hook, and finally th was minus $100,000 by the operation.apital, however, is a million of dollars, si the odds." After Schayler's giganti a swindle of a cool hundred thousan almost like an act of exemplary forbear and we only say, after drawing a long "a mere trifle, it might have bee It is understoad that the teller's so are good for $50,000. There is also loose in the Knickerbocker Bank. On directors is said to owe the institutio ! The bank is in a bad condition heavy loss will fall somewhere -- on th probably. Tbe Empire Bank ha tried by a pretty persevering run, bu the test, and is in as good order as ever have been some failures among the Ken and Indiana banks, and every body look shy at Western money. Walker divorce case, which afforde delightful food for prurient imagination its progress, has been settled by a de of the referee. Mrs. Walker obtains : with leave to marry again, and ha astody of the children, he being permitted them once a week. The public ver the decree is served him right." able legal opinions in favor of the aption of the Schuyler Scrip by the N.Y II. Railroad were published here yes and another appears in the Tribune 0 They emanate from C. P. Kirkland O'Connor, Greene C. Brouson, and Lord, of whom the three former have by the members of the stock ex The proposed evasion of New-Haver doss not find favor in financial circles beautiful humbug, the Crystal P.. lace to collapse. It is advertised to the 1st proximo. What disposition will of the building I de not know. Some
Click image to open full size in new tab
The circulating mortgages of both the Eighth-av. and Knickerbocker Banks are under protest, and the time allowed by law for the redemption has run out in the case of the former bank. In regard to the latter institution we hear that an attempt is being made to resuscitate it, and that a party who proposes to put $200,000 into the concern has been to Albany to consult the Bank Department. We doubt both the practicability and policy of infusing any vitality into this defunct concern. It should be wound up at once. If a Bank is needed in that locality, and we are rather disposed to think there is room for one, & new one should be established with an actual paid up capital of $400,000 or $500,000, to be managed by lenders, and not borrowers. To reestablish the old bank would be up-hill work, and the old managers would find it extremely difficult to regain the confidence of the public. We hear of a fair amount of orders by the steamer, and some sales for American account on the other side. One house in the street purchased to-day $100,000 of bonds, &c., for remittance by the next steamer. The London Money market is easier, according to the letters, and Baring's Circular expresses the same opinion. The arrival of Specie in England had reached £1,775,000, about eight millions and a half of dollars, in two weeks. The largest amount has been received from Australia, and the remainder has been made up of shipments from the United States and the West Indies. These arrivals are likely to find their way into the Bank, as the demand for gold for shipment to the Continent had almost entirely ceased. It appears (says the city writer of " The Daily News) to be a striking feature in the " present course of the precious metals, that heavy " amounts of gold bullion, chiefly from Australia, are " finding their way into the Bank, at the same time " that enormous quantities of specie, chiefly sove" reigns, are being drawn from that institution for " our foreign expeditions, for the Turkish loan, for " Portugal, and for other quarters." The following table will show the fluctuations in Consols during the week:
Click image to open full size in new tab
CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Aun Arbor, Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York city. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.
Click image to open full size in new tab
CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Ann Arbor. Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York city. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.
Click image to open full size in new tab
Financial. # KNICKERBOCKER LIFE INSURANCE COMPANY The following statement exhibits the situation of this Company on the 1st day of November, and is published for the benefit of the insured and the public generally, and to counteract a report which has been industriously circulated that the Company was injured by the suspension of the Knickerbocker Bank. That institution was in no way connected with this except as a place of deposit, and the amount so deposited is less than $2,500, all of which will be paid; indeed, four-fifths of the Directors of this Company are in no way connected with the Bank.
Click image to open full size in new tab
LIST OF BANKS WHICH HAVE REC ENTLY FAILED.-Thompson's Bank Note Reporter gives the following list of suspended Banks: Farmers' and Mechanics' Bank of Memphis, Tennessee failed Aug. 16. Bank of Washtenaw, Milford, Delaware, failed August 24th. Erie and Kalamazoo Railroad Bank, Adrian, Michigan, failed Oct. 6th. Adrian Insurance Company, Adrian, Michigan, failed October 6th. Ellsworth Bank, Ellsworth, Maine, thrown out by the Suffolk Bank, October 6th. Eighth Avenue Bank, New York city, failed Oct. 6. Knickerbocker Bank, New York city, suspended on the 11th of October. Suffolk Bank, New York city, suspended Oct. 12. Newport Safety Fund Bank, Newport Kentucky, failed October 16th. Kentucky Trust Company, Covington, Ky. failed October 15. Bank of the Union, New York city, closing.
Click image to open full size in new tab
LIST OF Banks WHICH HAVE RECENTLY FAILED,-Thompson's Bank Note Reported gives the following list of suspended Banks: Farmer's and Manchanics' Bank of Memphis, Tennessee failed Aug, 16. Bank of Washtenaw, Millord. Delaware, failed August 24th. Erie and Kalamazoo Railroal Bank, Adrian, Michiganfailed Oct. 5th. Adrial Insurance Company, Advian, Michigan, failed October 6th. Ellsworth. Bank, Ellsworth, Maine, thrown out by the Suffolk Bank. October 6th. Eighth Avenue Bank, New York city, failed Oct. 6.Knickerbocker Bank, New York city, suspended on the 11th of October. Suffolk Bank, New York city, suspended Oct, 12. Newport Safety Fund Bank, Newport Kentucky, failed October 16th, Kentucky Trust Compan Covington, Ky, failed October 15th Bank of the Union, New York city, closing, A dispatch bearing date Boston Dec I says It is stated that the stock bank at Bennington, Vt., which suspended last Monday may ultimately redeem its bills, the directors being held in bonds to the State to insure that result.The bills now sell 50cts on the dollar. We tender our thanksito the Cleveland Leader for an 'extra' containing a map of Sevastopol. It shows the Town, Forts. Harbors, &c. so that by a glance upon it, one can read the description of the battles at that place, understandingly. The Leader never fails tofurnish its readers with what is most interesting and profitable. It is one of the foremost dailies of the West.
Click image to open full size in new tab
Supreme Court-Special Term. Before Hon. Judge Roosevelt. IN THE MATTER OF THE KNICKERBOCKER BANK-INJUNCTION AND RECEIVER-IMPORTANT DECISION ON BANKING AND FINANCIAL AFFAIRS. ROOSEVELT, J.-It is now about three months, according to one of the petitions presented, since this institution stopped payment. Its creditors aver-and a large body of its stockholders join in the averment-that it is insolvent; and the directors—those who now manage its affairs-admit that "if the assets pass into the hands of a receiver, and are disposed of according to the sta. tute, there will be a deficiency, and the creditors will not receive all that is due them." True, the "nominal amount" of the assets is supposed to be about $600,000, while the indebtedness is but little over $200,000. But of what avail are such figurative statements in opposition to the substantial admission already referred to made in the same affidevit? How perfectly "nominal," too, must be a large portion of that $600,000, when we find it alleged in the leading petition of the stockholders themselves, and not denied by the officers, that "$250,000 and upwards" consists of indebtedness by the late Directors-and that, moreover, on a capital of only $400,000. Nor is this all-the present directors, anxious as they may be to retain the control of affairs, and able as they may be to manage them well, do not pretend that with all the nursing they propose to bestow"ressonable indulgence" to debtors is the expressionthey will be able to realize more than "some little surplus to the stockholders The law provides (act of 5th April, 1849,) that upon a hearing of the parties, on such short notice as the Judge shall appoint, he shall determine whether such corporation or association be clearly solvent or otherwise; and that he may require the officers thereof to exhibit any and all of its books, papers, accounts, assets and effects, and to be examined on oath touching the same before him, or a reference to be appointed by him. And to obviate the nice and difficult distinctions sometimes raised as to what constitutes insolvency; whether it be absolute and permanent inability to pay, or only immediate and temporary inconvenience. The Legislature have further enacted that if the Judge determine that such cor poration or as. sociation "is not clearly solvent, he shall make an order declaring the same insolvent, and shall immediately appoint receiver." On the facts then presented in the papers as they stand, can there be any doubt that this institution, if not clearly insolvent, is not clearly solvent? Judged by ordinary rules, there would seem to be none. As the present directors, however, and some of the stockholders, apprehend serious injury from a sudden judicial declaration to that effect, and the consequent immediate appointment of a receiver, I have concluded to make an order, as the act provides, that a list of the assets and of the stockholders, with the respective values and amounts, be produced, and that the principal officers of the present and of the late board attend before me, on Wednesday next, at 10 o'clock, at the chambers of the court, to be examined on oath concerning the state of the bank, and that the appointment of a receiver be, in the meanwhile, suspended, and the injunction continued. It is proper I should add that the statute in these cases contemplates rapid and summary measures. Billholders, depositors, and other bank creditors, are to be promptly paid. And for that purpose the assets, if necessary, no matter what their character, if so ordered by the Judge, are to be sold at auction, a dividend, if possible, declared within ninety days, and the deficiency, if any, apportioned among. and levied on, the individual stockhoiders; and the entire winding up, it is further declared, shall, "in no case," be delayed beyond one year. All idea of increasing the assets for the benefit of the stockholders, to the injury -and delay is not unfrequently the most ruinous of all injuries-to the injury, I say, of the biliholders and depositors, is repudiated by the whole policy of the act, and is at variance with the entire spirit of the judicial decisions of the highest court of the State in the analogous cases of assignment made by insolvent individuals.
Click image to open full size in new tab
Supreme Court-Special Term. Before Hon. Judge Roosevelt. CURIOUS BANEING AND FINANCIAL OPERATIONS. JAN. 17.-In the matter of the Knickerbocker Bank.Pursuant to the decision made by Judge Roosevelt in this case, and published in yesterday's HERAED, Messrs. Whiting and Clark appeared as counsel for the stockholders, and made application for a receiver to be appointed. They named Mr. Campbell, cashier of the Pacific Bank, as a suitable peraon for the office of receiver. Mr. Charles H. Hunt appeared as counsel for the Trust Company as receiver of the Knickerbocker Savings bank. Messrs. Wheeler, Water and Noyes appeared for the Bank, and respectively named for receiver, Messrs. Mount, Remsen, Henricks and Mezier. The only witness examined was William Darrow, the cashier appointed by the present directors of the new Board, who deposed that the bank stopped payment about the 11th October last; that they are indebted upwards of $200,000 to depositors; the bill holders are perfectly secured, and there will be a surplus of about $200,000 arising from the stocks and mort. gages pledged to the Comptroller, after redeeming the circulation; that they have cash on band in the vault, $11,336; that they have bills discounted, and yet to mature, amounting to $122,449; about $1,003 of that sum are bills either made or erdorsed by the directors, and which will mature at different times, the last being in about eighteen months; they have bills discounted and now passed due, amounting to $77,633, the estimated value of which is about 25 per cent; they have special loans to the amount of $54,842; those special loans are all, or nearly 311, to directors, secured by stocks in the St. Nicholas Fire Insurance Company and the Knickerbocker Life Insurance Company. Witness says the stock of St. Nichclas Fire Insurance Company is worth about 40 cents on the dollar, and the Knickerbocker Life Insurance Company about 25 sents on the dollar; the Knickerbocker Bank has drafts of overdrawn accounts amounting to $254,396 00; inthat sum is included the claim against Mr. Mott, (one of the directors) amounting to $160,000. The total liability of the dírectors to the bank will be over $250,000. The following is a recapitulation of the financial statement of the concern submitted to the Court:RISOURCES. LIABILITIES. Cash on hand $11,336 03 Due Depositors $196,500 Bills dis. to mat. 122,449 Unpaid Divdns. 3,955 Do. do. past due 77,633 6 5,000 00 Taxes unpd. say Real Estate 57,638 57 Special Loan 58,842 $3 Overdrafts 254,396 2 Sur. on Stks. say 10,000 00 Total Total $588,296.84 $205,455 The Judge reserved his decision as to which of the gentlemen named by the respective parties, he should appoint receiver.
Click image to open full size in new tab
UPREME COURT.-In the matter, &c., of the Knickerbocker Bank. &c-Notice is hereby given, pursuant to the statutes in such case made and provided, &c., in pursuance of an order of the Hon. J. J. Roosevelt, a Justice of said Court, duly made in this matter. that all CREDITORS OF THE KNICKERBOCKER BANK of the City of New York, are hereby required to exhibit and establish their demands before the United States Trust Company of NewYork Receiver of said Bank, at said Company's office, No. 40 Wall st, in the City of New York. within thirty days from the date of this notice. Dated New-York, January 18. 1855 JOSEPH LAWRENCE, President of the U 8. Trust Co of New York. ja22 30d 30d JOHN A. STEWART, Secretary.
Click image to open full size in new tab
UPREME COURT.-In the matter, &c., of the Knickerbocker Bank, &c-Notice is hereby given, pursuant to the statutes in such case made and provided, &c., in pursuance of an order of the Hon. J. J. Roosevelt, a Juntice of said Court, duly made in this matter, that all CREOL TORS OF THE KNICKERBOCKER BANK of the City of New. York, are hereby required to exhibit and establish their demands before the United States Trust Company of NewYork Receiver of said Bank, at said Company's office, No. 40 Wall st. in the City of New York, within thirty days from the date of this notice. Dated New-York, York, January 18, 1855 JOSEPH LAWRENCE President of the U.S. Trust Co of New York ja22 30d JOHN A. STEWART, Secretary.
Click image to open full size in new tab
UPREME COURT.-In the matter, &c., of the Knickerbocker Bank, &c.-Notice is hereby given, pursuant to the statutes in such CRISS made and provided, &c., In pursuance of an order of the Hon. J. J. Roosevelt, & Juetice of said Court, duly usde is this matter. that all CREDITORS OF THE KNICKEBBOCKER BANK of the City of New-York, are hereby required to exhibit and establish their demands before the United States Trust Company of NewYork. Receiver of said Bank, st said Company's office, No. w Wall 62 in the City of New York, within thirty days from the date of this notice. Dated New-Pork, January 18. 1855 JOSBPH LAW RENCE, President of the U.S. Trust, Co. of New York. ja2230d JOHN A. STEWART, Secretary.
Click image to open full size in new tab
UPREME COURT.-In the matter, &c., of the Knickerbocker Bank, &c-Notice is hereby given, pursuant to the statutes in such case made and provided, &c., in pursuance of an order of the Hon. J. J. Roosevelt, & Justice of said Court, duly made in this matter. that all CREDITORS OF THE KNICKERBOCKER BANK of the City of New. York, are hereby required to exhibit and establish their demands before the United States Trust Company of New. York Receiver of said Bank, at said Company's office, No 40 Walls st, in the City of New York, within thirty days from the date of this notice. Dated New. York, January 18, 1855. JOSEPH LAWRENCE, President of the U.S. Trust Co. of New York. ja22 30d JOHN A. STEWART, Secretary.
Click image to open full size in new tab
UPREME COURT.-In the matter, &c., of the Knickerbocker Bank, &c.-Notice is hereby given, pursuant to the statutes in such case made and provided, &c., in pursuance of an order of the Hon. J. J. Roosevelt, 8. Justice of said Court, duly made in this matter. that all CREDITORS OF THE KNICKE#BOCKER BANK of the City of New York, are hereby required to exhibit and establish their demands before the United States Trust Company of New. York. Receiver of said Bank, at said Company's office, No. 40 Wall st. in the City of New York, within thirty days from the date of this notice. Dated New-York, January 18. 1855 JOSEPH LAWRENCE, President of the U. 8. Trust Co of New York. ja22 30d JOHN A. STEWART, Secretary.
Click image to open full size in new tab
UPREME COURT.-In the matter, &c., of the Kmickerbocker Bank, &c.-Notice is hereby given, pursuant to the statutes in such case made and provided, &c., in pursuance of an order of the Hon. J. J. Roosevelt, a Justice of said Court, duly made in this matter. that all CREDITORS OF THE KNICKE8BOCKER BANK of the City of New York, are hereby required to exhibit and establish their demands before the United States Trust Company of New. York. Receiver of said Bank, at said Company's office, No 40 Wall st., in the City of New York, within thirty days from the date of this notice. Dated New. York, January 18. 1855. JOSEPH LAWRENCE, President of the U.S. Trust Co. of New York. 1822 30d JOHN A. STEWART Secretary.
Click image to open full size in new tab
SUPREME COURT-APRIL 28-SPECIAL TERM-DECISIONS In the matter of the petition of the Receiver of the Knickerbocker Bank. Petition granted. Trusteen of the Episcopal Fund, &e., agt. Couenhoven and others. Report confirmed
Click image to open full size in new tab
SUPREME COURT-SPECIAL TERM-JULY 3-Before Judge COWLES. United States Trust Co. Receiver, &c. agt, Knickerbocker Bank.-Ex-Judge Kent, to whom the matter was referred, bes reported that the sum of $120,000 is due to the Knickerbocker Savings Bank by the Knickerbocker Bank, and motion is made to confirm the report, which is opposed. Decision referred.
Click image to open full size in new tab
PUBLIC NOTICE is hereby given by the STATES TRUST COMPANY of New York, Receiver of the KNICKERBOCKER BANK of the City of New-York pursuant to the statute in such case made and provided, that a general meeting of the creditors of the said KNICKERBOCKER BANK will be held in the Basement of No. 23 William-st., in this City, on MONDAY next, the 16th day of July inst., at 10 o'elock in the forenoon. New-York, July 14, 1855. JOSEPH LAWRENCE, President. JOHN A. STEWART, Secretary.