The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1892-03-31
British Gold for America.

The Transatlantic Mortgage and Sc
curities Trust, limited, despatch fro1
Chicago says, is the name of anothe
colossal financial scheme, the organize
ton Of which has just been perfected b
the signing of papers to which til
financiers had previously been attached
1t is the first syndicate ever formed, witt
a purely American Board, which vii
first pass upon all American investment
and which will control the operations o
the concern in this country. The nomi
nal capital of the new syndicate is SIS,
100000, but it has practically unlimited
resources behind it, and it is the inten
ton of the founders to draw upon thos,
resources whenever promising invest
ment justifies.
The Marquis of Tweeddale is the hea(
and front of this syndicate, and among
the foreigners associated with him are
Sir John Fender, Gerald Balfour, r. W
Duff, William Finlayson, Edwin Guthrie
Walter W. Gray, j. Durham Massey, F.
B. Wireland, w. P. Fullerton, William
Jackson, and Robert Fowler, of London
Among the American founders and
directors are: Calvin Goddard, Presi
dent of the Chicago and South Side
Rapid Transit Company w. A. Newell
General Manager of the Home Life In
surance Company; Gilbert Montague
Charles H. Kingman, H. G. Speer,s and
Frank s. Weigley. The bankers are the
Commercial Bank of Scotland. and in
all probability the First National Bank
of Chicago. The solicitors abroad are,
Messrs. Ashurst, Morris, Crisp & Co.
Messrs. Jackson, Gourley, Taylor and
MacRae, OF London and Glasgow, are the
auditors, and the offices of the concern
are at No. 81, Lombard street, London,
and in the Home Insurance Building in
Chicago.
The Trust is Incorporated under the
Company's Acts of 1862 and 1890, where
by the liability of each shareholder is
limited to the amount of his share, and
the capital of $1,000, 900 is divided into
100000 shares of f10 each, with power to
set forth in the prospectus of the new
corporation that it is formed for the pur-
pose of associating British and Ameri-
can capital in a selection of investments
which can be obtained in the United
Kingdom, America, and elsewhere
through the cooperation of it's Direc-
tors and shareholders, but the real meat
and the true index to where the new
corporation will operate is in the follow
ing: in the Central and Western
States of America high rates Of interest
prevail. Their growth and prosperity
and the increase Of population should
afford continuance Of the great devel-
opment of Industrial enterprises which
has hitherto been so remarkable.
Under the contracts now signed, seal
ed and delivered American business will
be submitted to the investigation and
approval of the American Board, but no
business will be carried out by them ex-
cept within the limits authorized by the
London Directors This is on differs
ent plan than has been followed by the
foreign financial syndicates up to the
present, as heretofore the bulk of the
heavy transactions have been direct.
The new plan is supposed to establish
a bond of sympathy between the foreign
capitalists and the great American pub
lie through the medium of the American
Board. The corporation will undertake
trust and agencies of every description,
the issuing and guaranteeing of capital
for companies, the conversion of indus
trial business as into joint stock com
panies.
In this respect the corporation is one
of the most comprehensive ever formed.
It can buy and hold the house and lot
on some back alley, or invest in subs
merged lands down in Florida. But
any one with any knowledge of the men
behind it will never suspect it of such
intentions. The real object is to secure
control of gilt edge American properties,
including manufacturing e S t b sh-
ments, steam end street railroads,g gas and
water plants, etc, and local gossip has
it that the wires are already laid for the
absorption of certain valuable Chicago
franchises, the owners of which have
been seeking for purchasers.