The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-02-24

Boston has ten trust companies which is
exceedingly good for its size and speaks well
for the financial stability of the city, They
are nearly all managed by members of old
and famous New England families. The New
England is probably tho largest. It has a
capital Of 81, 100000 and its surplus amounts
to the same comfortable figures. William
Endicott is the president. The other per-
mancnt companies are the American Loan
and Trust Co., Of which $. Z. Peabody is the
president, capital S1,OJO,OO0 surplus, $780,
600; Boston Safe Deposit and Trust Co.. T. NJ.
Stone, president and a capital of 81, 900, 900
and surplus of $1,000 International, John
VI. Graham, president, with capital of $780,
600, and surplus of 100000; the Old Colony.
over which T. 7. Coolidge prosdes, capital
lied at $l,0OO,O0O, surplus S5OO,OOO. Many Of
the big gas and railroad constructions for
which Massachusetts is noted owe their
origin and future lourishing condition to the
trust companies Of the Hub. Chicago can
count up twelve trust companies two of them
rank with the best in the country. The
Merchants Loan and Trust is extremely
strong-John w. Doane is its president.
George NJ. Pullman is heavily Interested in this
institution. 1t may be considered the nnan-
cial agent Of the Pullman Car Co. 1t has q
capital stock Of S2,000,000 and a surplus of
Sl,OOOOO). The Illinois Trust Co., of which
John J. Mitchell is the president. has the
an h,
in strength and influence. II also has caan-
ital of two million dollars and surplus Of
half that amount. The trust companies of
the western metropolis had much TO do with
iloating the millions OF dollars worth Of
bonds, from the sale Of which it was possible
to erect the buildings Of the Columbian Expo
sition.
There are four trust companies in St. Louis
and two or three each in nearly all the other
larger western cities Denver and San Fran
cisco are not without thCm and there is even
one In Salt Lake City, The largest Of them
all is the Union Trust Co., Of st. Louis. It
has capital of 81 100000 and W. +. Hughes
is the president. The growth Of these con-
Germs in the smaller cities has been iust as
rapid as in the larger centres of population.
1t is remarkable how soon they obtain a
permanent and prosperous footing. They
achieve almost instant popularity. Before
they have been going six months, they become
the repositories of millions Of dollars are
made trustees for vast enterprises and oyccu-
tors for huge estates. Agreat many Of them,
in addition TO their regular trust features,
guarantee titles. Several of the companies
find the latter plan moro profitable than any
other The Title Guarantee and Trust Co., of
New York, for instance, has made q fortune
a nl pDO nu a. ia
guarantees are taken and its searches are re-
quired in nearly every real estate transaction
OF Importance in this city. So large has the
business grown that the parent company
some months ago started u Bond and Mort
gage Co., which loans money and takes liens
upon properties whose titles nave been passed
upon by the original concern. The Guaranty
md Indemnity and it's god mother. the Mutual |
Lilo Insurance Co., are responsible for the
United States Mortgage Co. This corporation !
has Onlybeen in existence about q wear. in fact |
hardly that long, and yet it does almost as
big u business as any Of thom and is rolling |
mp % prlncely surplus. Tho Fidelity Title |
and Deposit Co.. OF Newark n. j., is typical of |
companies Of this sort in smaller cities. lt |
has grown Ike awoed aud retained its growth !
Of equally marvellous development |
and equal success can DO found scattered up |
and down through the various States.
The mere mention Of the surplus accumula- |
ted and the business done is sufficient to |
show the powerful influence Of the trust |
company Of to-day Perhaps nothing botter |
illustrates IL ALL howoyor, than simply r. |
forenco to the fact that through the activity |
and agency of the presidents of two trusl
in this city few days ago, the |
$50 100000 'of bonds, offered by Secretary |
Carlisle, were nearly all bid for IN forty eight |
hours and all the bidders were within four
blocks Of one dnother,