New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1844-03-04


VI ~, litter OF DAVID LEAvrTT, ESQ.,, REcEw
:. OF THE NORTH AMERICAN TRUST AND BANK
Nc COMPANY.
~ To the Public.
!, . letter of David Leavitt, Esq. Receiver of the
- American Trust and Banking Company, re-
w published reference is made to transactions
En- ywhich have been connected; and in conse-
arce of the misrepresentation and false coloring
gh;cf have been put upon Mir. Leavitts statements,
DEEM il due to myself and public opinion TO pre-
~ tho facts as they actually existed. My remarks
Ie Il he confined to the points which relate to my
n acts and conduct in the matters referred to- and
7 hall state nothing which cannot be sustained by
;nconestible proofs in my possession, and which are
won 10 the examination OF all who feel interest
~ ,bpse concerns and who desire to adopt truth as
,Ss basis for their decision when the character of
fslow citizen is unjustly assailed. AS the integ-
r;ty ofthe original organization of this company has
bssn questioned, shall briefly narrate my connec-
rim with its formation.
'' afer the passage of the General Banking Law in
his State in the winter of 1888, the friends of that
sys,em made great eXerons TO associations un-
jer felt an interest IN these efforts, and had va
Ions consultations with several prominent indvdu-
ole in this city, with view to the creation ola large
;nstituon under the law. The project, however, was
abandoned by u.s. and for some time il was gener-
allv supposed that no bank could be organized un-
dor the law. Without my knowledge or participa-
tion other parties had decided upon an organiza-
,jop and received written invitation, signed bya
committee of highly respectable gentlemen, inviting
mo 10 attend a meeting on the 18th of June, 1888,
at benking room IN Wal-street tor the purpose OF
consultation on the subject.
AT that meeting | met Goold Hoyt, Thomas w.
Olcott Myndert Van Setback, John r. Peters, 81
las NJ. St!wel, Nathaniel Weed, Valentine G. Hall,
Charles Hoyt Thomas L. Servoss, Thomas E. Da-
Wis, Samuel Wilkeson, James b. Murray, Aquila
G. Stout, and George d. Strong.
The meeting decided upon organizing an institu-
lion underline general banking law, and resolutions
we're adopted and committees appointed to effect
that object. The meeting rendered to Thomas w.
Ocott, Esq. of Albany, then present, the office of
president OF the association, who took time toreflect
upon the proposal. At an adjourned meeting of the
associates held at the place the 23d Of June,
1893, at which Arson G. Phelps was chairman, and
Henry H. Elliott, secretary, a committee, appointed
TO wait upon Mr. Olcott at Albany, relative to his
acting as president, reported the terms upon which
he consented to act which were accepted upon con-
diton that MIR. Olcott should visit the city immedi
ately to assist in organizing the association. MIR.
0cott, being unable to make arrangements for his
Immediate removal to the city, subsequently de-
clned the office. At this stage of the proceedings
was solicited to ociate Us counsel of the assoca-
ZION, which declined. Subsequently, however,
and with view principally to aid the business of
nv Younger partners Messrs Wood and Powers,
consented to act in case Myndert Van Setback, Esq.
should be appointed president vice president of
( The company.
On the 18th Of July, 1888, at meeting of the as
Isolation, the following directors were named TO be
inserted in the articles Of association:
Myud Van Schack Joseph D. Beers, Daniel f.. Tyiee.
Thomas E. Davis Peter stuyvesa2s Stephen Whitney, An
S{oH7 William H3llt't Jane MG,
RS be Allen Honss
Es se Oneida it n " ch%rss j. Dudley Albany,
Brooklyn n Y; David (. Evans Batavia, n Y; Sheldon
Thompson, Buffalo ~ Y; Jamss Seymour. Monroe Coz N
Orleans La; William NJ Oliver Yates CO.. n. " ash
mg,Ou Hunt, Niagara CO., n y
committee consisting Of Messrs. Beers, Van
Schack ETylee, Phelps andmyself was appointed to
notify the Directors of their election which was done
bya circular addressed to each informing them res
gpecdycly of their appointment, and requiring them
10 become shareholders, within sixty days to the
amount of $4,000 each, in order to be qualified as
directors. All those named as Directors accepted
9he appointment and qualified themselves, excepting
Stephen Whitney, Thomas Tileston, Stephen War
sren John c. Devereaux, James Seymour, Charles
SE. Dudley, Richard Suydam and Thomas w, Ol-
scots who declined acting, or did not qualify them
@selyes to act Icy becoming stockholders, Nlessrs.
aDudey and Olcott being unable to act, owing 10
iGbeng directors in another bank, and declining
abr that reason. Subsequently thief lowing gentle
were appointed Directors, TO tl!l these ana o1ler
J vacancies as they occurred from time TO time:
hobart Dyson Elisha Peck William Vyie; Otto w FOL
pavS Ogden BENJAMIN css MSy W'i9ni J2e Ga
York; Samuel Wilksson Erie CO., do Charles H. Carroll
On the 18Th July, 1885, the Directors (22 being
aESq, in the chair, and appointed as officers
g JOSEPH ID BEERS, President.
MNXSDEkT YAH sSSHAIcK, Vice President den t,orn..,
B WAITER MEAD, Cashier
RWAlIfa f p To f6W Il 4 e Saisr
Al the same time, the directors appointed stand
gng committees and enacted bylaws, which We're
Splblished and circulated. Thus organized the
Company proceeded to receive subscriptions for It's
aock The committee having charge OF that mat
asr received and passed upon 160 applications Tor
Stock, amounting to ten millions Of dollars and up
apard. The whole amount of stock subscribed for
&nd issued as appears by the official returns OF the
aSmpany to the Comptroller of the State, on or be-
A9re the first Monday Of January, lofO, was S52o2,
NV, so that applications for nearly seven millions
Sadolars were declined.
& VI the amount distributed, the directors them.
Asives filled up, in their own right, about lo,VuV
aaares equal 10 81 100000 In justice 10 the com
ASlttee who performed the responsible and ardnous
ity odecdiug upon the securities offered Tor stock,
gcopy the following letter OF resignation OF Myn-
aart Van Setback, Esq, as yice-president and
senber Of that committee published in the news
Papers at that time,) a gentleman whose character
above all reproach, during whose administration
large amount Of the subscriptions for stock hao
3eea allowed. ,,.o
NEw.YoRE, Sept, 5, 1885.
~ D. Beers, Esq, President OF the Notth}
1Teiean TIast and Banking Company.
Inform you that the confinement labor in the stce has
eSes my health and that desire 70 resign my o'cI y"
10 letter Such IestGaattoh
daty which owe TO the Institution tc say that n me s
sat which have had particularly IN chaIse .f on Of
s Of Investments and finance have tnan'sea the an ~
securities with great skill aud success believe taI pu
soandne,s and sutciency of those securities 'he
q iTI Confidence may be placed -, &c ,bs
nave admired IN. Instances IN wmch the Ws'os ,,
nitee have uniformly scceded 20 the very 10" ssa