The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-07
CURB ON TRUST COMPANIES.
MUST REsoRT TO THE CLEARING
HOUsE IF THEY CLEAR THERE

Now Ruier That Treat Them as Non-Mem-
Der Bsnks-Crnt Clear unless They
Have Been = Toar In Operation-Some
Clear Now, some Don't-Text Of Rules.
In the future those trust CON panies OF this
city whose items are cleared through Clearing
House banks will be upon the same footing
a. non-mem ber banks. They will have to
make reports Of their condition once week to
Manager Shsrer OF the ClsariHR House and
comply with a rule providing for an eIomina-
tion OF their assets and abilities by a comm IT.
tee OF the association. Manager Shersr sent
out Yesterday afternoon n formal notice OF this
decision OF the Clearing House Committee.
Tho committee on Friday last adopted the fol-
lowing rules formulated by a subcommittee
eonsistinG OF President Henry W. Cannon Of
tile Chase National Bank. President r. ID. Tap
pen Of the Galatin and President Z. H. Perkins.
Jr.. Of the Importers and Traders:
~ No trust com pany shall be permitted to
clear through any member or non-nem Der OF
this association. unless such trust company
shall have been in actual operation for at least
ono year At the time ~ max Ing the application.
"a No trust corprnny A. I'll be cleared ~
any bank or trust company. member or nom
mem Der OF this assoc iation. until 1t shall have
been examined by the Clearing House Com
mittee or some other committee Of the associa-
ton duly appointed for such purpose.
~ Every trust company clearing through
nember Of this Association or which may hero
after he permitted to clear through such mem
Dor, shall furnish q weekly statement OF Its
condition to the manager of this Association
ip the same manner as weekly statements OF
non-m EN- her banks clearing through thi. A
ISOLATION are now rendered. such statement
shall include: Capital. net profits. average
amount OF loans and discounts and invest
ments. average amount OF specie, average
amount OF legal.tender notes and bank notes
average amount on deposit with other New
York city and Brooklyn banks and trust oom-
pan!es. average amount OF net deposits"
These statements which the trust companies
will furnish are not. at present. intended for
publication. At tho meeting It was resolved
thut hereafter all statements OF averages, sub
mitted to the Clearing House by members and
non me IN bsrs. must be verified and signed by
an officer OF the respective institutions.
Many OF the trust companies OF late have
branched out and done an extensive banking
business
The rule that no trust company can clear
through q member OF tho Clearing House
unless ith has been in existence for one year.
will operate against all the recently organized
companies that either have not already begun
business or have not yet got Clearing House
agents, In this category are the Morton Trust
Company. formed TO take over the bust
meas OF Morton. Bliss K Co.: the
Federal Trust Company. In which the
Goulds are interested; the Bankers Trust
Company. organized largely By New York
Stock Exchange mon. to accept the presi-
asncy Of Which ds9rse Ely resigned the
trial Realty Rond Nnd Trust Com pany. the Mer-
s shgnts TTSSn n%m pa IN. C hs,nr Trust
Century ,Trust Company and the Trust Com
pany Of Now York These concerns VIII hsvs
tn present, There are some old and important !
trust compan.et tha' have conductsd their bust !
such agents Ia this lat arr tho United states !
Trust Cqmrany. the Central Tru.. COMPANY /
A. 91 ia %ap rus. an ns1 fb%mE.ay
The North American Trust. Company also I
as no agent. at the Clearing House. The Pro. ,
up its agent and started n actively TO compete .
with the local bank in doing banking hu-i-
n IS. oreriug INDUCEMENTS n the way Of inter-
ct on dances with no charges for out -o'-town
check collections
:, There ar. nov. seventeen trust com panies in /
the borough of Manhattan. ten In Brooslyn and !
Que Bayonnc. j. That clear through the |
Grs Win n. eese ,ST ARE the
Fu Fis; sSTn sPs CITY
ESn9s fru RhG a.
MANI MDh'. s IRA Anus 1F. S
{ .%p.ny, ,M,PSassn frn.. 5o@D.aE .DH cS..s
Fourth Sa;oual Bani: Metropolitan Trust Com.
gan Gallaun National Bank: New York Security
and Trust Company. Natonsl City Bank. Real
Istat" Trust Conn any. Bank OF New York Sauonl
BA' KING Also. ia ION, state Trust Company, Corn
Exchange Bank; Trust Company OF America Han.
tona liauk or r1mm e.; United STATE, Mortgage
and Trust Company. National Unioi Bank wash
iugtun Trust Company. Mrrch.ns' Exchange
National Bsuk In. rrh' NAL Banking and Trust
C9mpAEy, Sc, nth National Bank.
Brooklyn brooklyn Trust Company, Merchants'
National bauk' franklin Tru-t c ,npanv. Me- hanics
NAt'Gnal BtnE. Ham ton IrGst Company. Bank Of
tn Manhattan mpAn Kin county Trust
Company. Me 'hauirs' National Bank. Long leland
Loan aud Trlt Company. NJ. hdn.cs National
Isuk. NJ .nHiArturars' Trust Company. Corn
Exchange b INK Nassau TUIsi ComrAnv First Ma.
i.onai Bank Peoples Trust Cpmpiny. Western Va.
nouA Bank VIII aushurE Trust Company, F'st
National Bank Of BROOKLYN; FIa'bush Trust com.
psny. New York National Exchange Bank BAyonne
her' hAnts Trust Company OF Bayonne Amsri-
can Exchange National Bank.
=. Some OF the trust com panies that are In this
list have not been In actual operation Tor
yeA'. but the new rules ~ tina Clearing House
are not retroactive and their status ia not AZ
fected II 10 thought that ultimately tho re-
ports made by the trust companies may la
published in the same way that tho reports o,
non member banks are now published. There
has been much discussion In tn" financial
ois'r!ct, particularly during periods of tight
money, regarding the indivi iual AMI aggregate
resources ~ the trust companies. They have
been talked Of "a the 'unkpown quantity" in
Ing Hou-" authorities ~ east will in the
future 10 able to form pretty good Idea Of
how they stand.