New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-20
TWO BANKS CONSOLIDATE.
THE WESTERN NATIONAL ABSORBS THE
UNITED STATES NATIONAL.

UNITED STATES NATIONAL.
The Western National Bank at No. IL Nassau
St, of Pine-st.. yesterday swallowed up the
United States National Bank, at No. Al Wali-st
The event was not altogether a surprise. For
some time the banking community had been look
ing for termination of the existence OF the United
States National The only question was as to what
other bank would take 1t in
sThe following communication, signed by Johh H.
Searles president OF the Western National was
out to the depositors in the United states Ma
tional:
The capital stock OF the United States Nauoh ti
Bank having been purchased by parties lhIeIJS 5S
in the Western National Bank, it mas been deciueu
for economy in management and the adVantaSes
which will grow out of actual c9sUi'1 ~ w West
merge the business of the two banks IN 1he 20
ern National Bank. This bank has cdPl' S ,b Oa
I2loOOcO and the addition Of the business ne III n re
United States Bank will increase us 1epo2t r'pe the
upward OF 100000 placing II al or ~ Parker
6eHks b IN ths city NaOna and
era Thomas H. Hubbard, one OF me H a. ,ioro
Ran e aDS will take particular interest in repre-
senting their former constituents IN S from
the Tinted States National Bank to the western
National Bank where your account WIZ tsce ~
ample resources OF the bank and IFS important
with rS Oseg bnsEes
We inclose statement Of the bank at the close OF
business on 1 YOUR T1n @ and shall be
pleased send you check6oGk on pe9uest ne ptr
solicited
At the same time communication TO the United
States National depositors signed by DR.. James H.
Parker the president. and BY the other directors
of the bank, sent out. II read:
The capital stock of this bank having been pur-
chased by parties interested In the Western Ma;
Ss has sh Been s deemed for the
depostors and customers 10 merge the business
The president. DR.. James II. Parker and General
Thomas II. Hubbard. one Of our directors. have
Bank, in Which Board they will take pleasure in
representing present constituents The transfer
OF your account at your earliest convenience Is
recommended.
Tho United States National was practically owned
by the Mark Hopkins estate, OF which the law firm
Of sulman g. Hubbard CThomas e. StiDman and
General T. H. HUBBARD are counsel and 1t was
therefore an easy matter 10 turn over the bank to
the Western National.
Dr. Parker said 90 per cent OF the United States
National stock delivered at about 225 share.
and that other stockholders would have the priv-
lego Of turning In their stock at the same figure.
meeting Of the stockholders would be called on
thirty days notice. required by law. to ratify
the transaction. after which the United States Ma
tional would go into liquidation. Under the law It
was necessary to have the consent OF the holders
OF three-fourths Of the stock TO wind up the bank
The holders Of more than that part OF the stock
had already given their assent, that there
no chance of hitch In the arrangement
The last quotation for United States National
Bank stock 21o. Accordingly. in the deal with
the Western National interests an advance Of 10
per cent the market price was obtained for
the United States National stock.
The last quotation for Western National stock
was 100 The difference in the market value OF
the stocks of the two banks was accounted for by
the difference in their capital stock. The United
States National has capital stock OF only $4,000,
against the s21oOooO capital stock Of the Western
National The understanding was that the capital
stock Of the Western National would be increased
Id HNr Ia okear ~ thn nit OF
OF the United States National The weekly bank
statement issued on Saturday last showed that the
Western National had q surplus Of SS6,4oD and the
United States National surplus Of $4,000. The
surplus Of the United States National will. Of
course, go TO the Western National II the stock
holders sell their stock to the Western National.
the western National had sisos8SoO in deposits,
we're 81 7l9. 500 The loans Of the western National
were $685. io0 and those OF the United States Ma
The United States in older bank than the
the Western National Was not oreanjzsd mnt
1887. The United States National never able
York Ths ae cys as he pC
noter. of the Atlantic cable bought control of II
i in hanasome quarters in me Wash
pseed BY Mr. Field on the Of hGn
old headquarters. Logan c. Murray. now vice
PRESIDENT When financial diffcuities overlook Mr,
Field he sold control Of the bank TO the Marx
marble building at No. Al Wal-st, which pur-
chased for its use and Dr. J. II. Parker previously
one of the vice presidents Of the National Park
Bank. made president Early in the present
year the bank building sold 10 W. X. Ashton.
a real-estate operator who in turn sold IT. TO a
syndicate. The directors of the bank are James
II Parker Thomas Z. Stillman Coils 7. Hunt
ington. Thomas H. Hubbard E. II. Hartman and
The Western National Bank was organized by
the late Daniel Manning, when he retired as Sec
retary OF the Treasury In the first Cleveland Ad-
ministration. The presidents since have been Con-
rad n Jordan, now Assistant United States Treas
urer at New-York Brayton Ives, formerly pTesl-
dent OF the Northern Pacific Railroad. and John
E. Searles, secretary OF the American sugar Re-
Anine COMPANY better known the Sugar Trust
Under the Presidency Of Mr.. searles the bank has
Increased largely in deposits The directors OF the
Sidney F. Tyler. Chauncey NJ DePew, Il B HYDE
Sidney Dillon Ripley W Wheeer NaIev'e N
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