New Haven Daily Herald

North American Trust and Banking Company.—An injunction granted by the Chancellor at Albany, was yesterday served upon the North American Trust and Banking Company of this city, obtained upon a bill filed by A. G. Tracy, Esq., a stockholder and creditor of the company to the amount of about $8000. The motion was made at Albany on the 30th ult., by John C. Devereaux, Esq., for an injunction and the appointment of a receiver, both of which were granted.

The grounds stated for the application on the part of Mr. Tracy were substantially these:—The insolvency of the company.—That the association has discontinued transacting the business for which they were incorporated, not having the requisite credit for that purpose. That there exists a number of vacancies in the board of directors, which, under the present circumstances, cannot be filled. That no board of directors can be procured to attend, in order to give directions to officers and superintend the affairs of the association. That suits at law have been commenced by a creditor in New York, to secure a preference over the general body of creditors, by which means they and the stockholders would be greatly injured and prejudiced. That the association was wholly unable to pay their debts and engagements as they fell due. That a very great portion of the capital has already been sunk, and the remainder is in danger of being lost, unless immediate steps are taken to restrain the operations of the company.—That the association has violated the provisions of the statute of 1838, commonly called the 'free banking law,' as also provisions of the amended law of 1840, as well as the general statute of the state.

The bill was filed not to give any preference to the debt of the complainant, but for the benefit of creditors of the association generally, and prays that an account may be taken by one of the masters of the Court, under direction of the Court, of all estate, property and effects of the association, and all its debts and liabilities, and that by a decree of the Court all the proceeds of the same should be equally distributed among the creditors in proportion to the amount due them respectively. Also a prayer for the dissolution of the association, and that the assets and property may be distributed among the creditors and stockholders according to law as aforesaid.

The preliminary orders have all been obtained and the examination and assignments, &c., will be proceeded with at the earliest date.—N. Y. Com. Adv.