The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-04
STATEMENT
JOHN LoRIN6ER GRAHAM
In Reply to the Letter Of David Leayitt, ESQ.,,
Receiver Of the North American Trust and
Banking Company.

Receiver Of the North American Trust and
Banking Company.
To the Public.
In letter Of David Leavtt Esq. receiver Of the North
American Trust and Banking Company. recently pub
lshed reference made transactions with hch have
been connected and consequence of the msrepresen-
tatons and false coorng which have been put upon Mr.
Leavts statements, deem it due to myself and public
opinion to present the facts they actually existed My
remarks will be confined to the points which my
acts and conduct in the matters referred to- and
shall state nothing which cannot be sustained by
testibe proofs my possession and which are open to
the examination Of all who feel interest in these con-
and who desire to adopt truth the basis for their
decision when the character Of fellow citizen unjust
Y assailed AS the integrity Of the original organic
Of this company has been questioned shall briefly
rate my connection with its formation.
After the passage Of the general banking law in this
State in the winter of 1885, the friends OF that
made great associations under it, felt
interest in these efforts and had various consultations
with several prominent ndiv duals this city with
view to the creation OF large institution under the law
The project however, abandoned by and for
time generally supposed that bank could be
gani1ed under the law Without my know ledge pa
tcpaon other parties had decided upon organization
and received written invitation, signed by committee
Of highly respectable gentlemen inviting me to attend
meeting Oh the 18th OF June 1888, at banking room III
for the purpose Of consultaton upon the SUBJ
ject.
| 80
Myndert Van setback John r. Peters sias NJ stlwen,
Nathaniel Weed, Valentine q. Hail. Charles Hoyt, Tn
b. Murray, Aquilla g. Stout, and George d. Strong.
| The meeting decided upon organizing institution
under the general banking law, and resolutions
meeting rendered Thomas oc st sa Of A.
bany then present. the Office OF president of the
ton, who took time to reflect upon the proposal
adjourned meeting Of the associates held at the
place the I'D Of June, 1885, which Arson G. Phelps
was chairman and Henry H. Elliott secretary a commit.
NJ 1.-Two
to his acting as president reported the upon which
he consented to act which accepted condition
that Mr. Olcott should visit the city Immediately to
sist in organizing the association Mr. Ocot being
BILE to make arrangements for his immediate removal to
the city, subsequently declined the Office AT this stage
Of the proceedings solicited oiciate az counsel
the association which declined. Subsequently, how
my younger partners Mess Wood and Powers con
sened to act in Myndert Van Setback, Esq., should
appointed president or vice president Of the company
On the 18th Of July 1888, at meeting OF the association
the following directors were named to be inserted in the
articles Of association
Myndert Van Schack, Joseph D. Beers, Daniel 4. Ty
lee, Thomas f. Davis, Peter stuyvesant Stephen Whit
ney Arson G. Phelps, George D. Strong, Thomas L. Ser
Charles Hoyt AquIa G. Stout William Haest jane
Murray, Valentine G. Hall, William stebbins. Henry
Henry 9ass Richard snydm Fl
lem Obadiah Holmes stephen Warren, Troy. NY; $
D. Walker. Baltimore Md; William X Strong, Ontar'
f. Dudley, Albany, N.Y. Thomas w. Olcott, do do II
f. Pierpont, Brooklyn, NY; David E. Evans Batavia
| Ny ~ u;
Monroe CO., NY.; Jonathan Troer, Kings CO, NY
James Erwin, New Orleans, La william NJ. Oliver
Yates CO., NY; Washington Hunt, niagara CO., MY.
A committee, consisting Of Messrs Beers, Van Setback
Tylee Phelps, and SELF appointed notify the
rectors of their election which done by circular
dressed to each, informing them respectively of their az
poinment and requiring them become shareholder,
within sixty days. to the amount OF $4,000 EACH in orde
to be qualified directors All those named director
accepted the appointment and qualified themselves exce1
ting Stephen Whitney, Thomas Tileson, StepbSp Wa
Law hnrdS audT w hO 4
cned acting or did not qualify themselves to act by b
coming stockholders Messrs Dudley and Ocot being
to act owing to their being directors in another banl
declining for that subsequently the follow
gentlemen were appointed directors to ill these an
Robert DYSON Elisha Peck, William vyse, Otto w 20
litz David Ogden, enjamn Curtis Mslvil Wilson, j.
"a York; So 'A''''' H. '''' Livingston county ''
On the 18th July 1893 the directors (twentywe ben
presently met at their banking office, Henry Yates. Esq
the chair and appointed oicers-Joseph d. Beers pr
sdent Myndert Van schaick, vice president; John
Graham, attorney and counsel; Walter Mead, casl
er Daniel T. Tylee, second cashier; William p Power
notary
At the same time the directors appointed standing cor
= mittees and enacted bylaws, which published
circulated Thus organised, the company proceeded
n receive subscriptions Tor its stock. Tho committee h
wing charge of that matter received and passed upon
applications for stock, amounting to ten millions of dc
lars and upward The whole amount Of stock subscribe
for and issued appears by the official returns of II
company ~ the Comptroller of the State before tn
y,
e pications for nearly millions of dollars were
4 clined.
OF the amount distributed, the directors themsevt
filled up, In their right, about $4,000 shares equal
~ 81 300 900. In justice to the committee who periorms
the responsible and arduous duty of deciding upon II
securities offered for stock copy the following letter
ID resignation OF Mynder Van Setback Esq, vice.pres
dent and member OF that committee, published in I'll
newspapers at that time) gentleman whose charac
above all reproach, during whose administration
large amount Of the subscriptions for stock had been
lowed.
a j. d BEERS, Esq President of the North
| American Trust and Banking Company !
Dean SrRABy the advice of friends, write you til
letter. to inform You that the confinement to labor in Il
office has impaired health and that desire to resig
office You will please to consider this letter as sue
a resig deem 1t duty which owe to the instit
ton say, that in the department which have had pf
culary in charge, the committee of investments al
finance have managed the taking Of the securities Wi
n great skill and success. believe that upon the
and sufciency of those securities the most mp
confidence may be placed
have admired the instances in which the members
10 the committee have uniformly acceded to the very lows
estimation Of their own property, and have heartily co
and to obtain the ample security for the company
80 With respect have the honor to be yours ,,v
ne In confirmation Of the judgment of Mr. Van schsck
respect to the value of the mortgage securities it prop
state that about two years after they were passed up
~ by the committee at time Of great depression in re
estate the parties abroad interested in the rs to whit
shall hereafter REFER caused valuation to be made
i'd the real estate in the cities Of New York and Brooky
or covered by the mortgages embraced in those trusts.
b, James n. Wells, Joseph Tucker and John X. pete
w. Esqrs OF this city were selected appraisers; the tv
n first named gentlemen disnteresed parties, the ID
w. was director in the company; the high character
peculiar fitness OF these gentlemen for such duty
well known They assiduously engaged for sor
". time in making their estimates, and Messs. Wells N
Tucker severslly valued each parcel Of property wtho
knowing the amount for which IL was mortgaged to I
AZ company Tho following is the result OF their labors
I'VE, the undersigned, have, by request Of the MOI
-, American Trust and Banking Company, OF the city
At New York, and Messrs. Wilson, OF London, Engar
made personal examination OF thu respective parcels
property specified in the foregoing schedule number
Il from to so, both inclusive and situated in various
ca tons Of said city OF New York have also consult
several gentlemen, in whose Judgment Of the value
IN property place confidence We do therefore unite
certifying opinions to be- that the value OF said
perry shown by the several prices which
caused TO be written opposite 10 each parcel reyp
lively and this Is valuation Of the same for safe