New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-07-31
CITY BANKS LARGE AIMS.
VANDERBILT HOLDINGS IN THE LIN
coin NATIONAL SECURED.
BIG BLOCKS OF STOCK IN OTHER INsTr-
TUTIONS SOUGHT TO CONTROL
THE RATE OF INTEREST.

TUTIoNs SOUGHT TO CONTROL
THE RATE OF INTEREST.
Interests friendly to allied with the Ma
tionaI City Bank have acquired the Cornelius
Vanderbilt holdings in the Lincoln National
Bank told exclusively in The Tribune on
Sunday. Although the officials of both institu-
tions were disincned TO inquiries bear
ing upon the matter. TIE Tribune is in posi-
tion TO state that the National City Bank peo-
pie have secured one thousand shares of stock
which belonged TO Cornelius Vanderbilt These
shares represent one-third Of the total stock OF
the bank. While their transferrence does not
give TO James Stillman and his colleagues
controlling voice in the affairs OF the Lincoln
Bank it is understood that an effort will be
made to purchase the five hundred shares held
by F. ". Vanderbilt and the stock possessed
by Commodore Van Santvoord, Colonel Thomas
l. James president of the bank. and one or two
other prominent stockholders. 1t was recalled
also in Wall. Street yesterday that the late
II. Walter Webb was a director of the City
Bank and was also a director and an influential
stockholder Of the Lincoln Bank. Therefore in
view OF his close connection with the two banks
it was pointed out that the reason which IN
duced the sale Of the Vanderbilt stock would
also contribute to the exchange Of Mr.. Webb's
holdings.
WANT A GOVERNMENT CONCERN
In Wall Street It was not for moment doubt
ed that the City Bank had already acquired or
seen its way clear to acquire a majority Of the
Lincoln Banks stock This latest absorption
on the part OF the City Bank revived the talk
that was current some time ago. that It was the
aim Of its directors to make their bank the
counterpart in the United States of such semi
Government institutions the Bank Of Eng
land and the Bank of France. For some time
the National City Bank has been aggressive in
pursuing g purpose to make Itself the money
centre Of the country The men identified with
1he bank are already largely interested in the
Hanover Bank; they control also the Second
and Third National banks. the Farmers Loan
and Trust Company and the United States
Trust Company.
It IS stated also that the National City capt.
Ealists are buying opportunity offers the
stocks of other desirable banks. including the
National Park and the Phoenix National Their
plan, It is described, is to secure such a block
Of stock Of each bank that by final combina-
ton with other heavy stockholders they can
control the policy of the bank and direct its
sources. They DO not desire, the statement is
made, to close upon the banks whose control
they gain. but merely to govern their finances,
and so control the rate of interest.
OFFICIALS NOT PRONE TO TALK.
James Stillman was not in town yesterday,
and in his absence a Tribune reporter. in the
endeavor to verify the statement as to the
purchase of the Vanderbilt stock was referred
to ellison S. Whitson the cashier. Mr.. Whitsen,
however. refused to say anything about the
matter one way or the other. He said that the
only person who could authoTitatively answer
such inquiries was Mr.estH3Blan.
Neither would Colonel James, when he was
seen at the Lincoln Bank, commit himself to
any definite statement regarding the transfer
OF the Cornelius Vanderbilt holdings.
An that I care To say about the banks af-
fairs to-day" said Colonel James, as that no
change in the management is contemplated, and
that shall continue TO take care of our
toners interests. This is the peoples bank.
and il viii continue TO be that. We do not
years"
will the business sent TO the Lincoln by the
New-York Central Railroad Company continue
70 be sent as heretofore?" Colonel James was
asked.
Yes. just the same" said he
William T. Cornell. the cashier, asked
about the transfer Of shares, but, like Colonel
James. he refused to discuss it.
DIRECTOR CONFIRMS THE REPORT
One Of the directors Of the bank seen last
night said:
1T is true that the National City Bank people
have acquired the Cornelius Vanderbilt hold
ings. II something Of a surprise to US. and
II indicates that they desire TO assume a con-
trolling interest in the bank. The National City
not necessary. Persons friendly 10 the National
City have acquired the holdings. No transfer
Of the shares has been made the books.
We shall retain present friendly relations
with the New-York Central F. w. Wander
bilt and E. " w. Rossiter are directors OF the
Lincoln"
rs it true that the bank buys no paper in its
commercial deangs?" the director was asked
Yes" said he. 1T discontinued the practice
many years ago. We used to buy paper the
same as many other banks in this city, but
day Cornelius Vanderbilt who was once an as
sistant teller in the Clearing House and was
familiar with banking, came into the bank and
after hearing that had lost a considerable
sum by buying paper said: This bank must
not buy any more paper while l have anything
10 say about its management That settled it,
We stopped the practice then, and it never has
been resumed"
The Lincoln Bank chartered in 1882. II
has capital OF 100000 and a surplus of
100000. Colonel James is its president and
the following directors: F. V. w. Rossiter
William r. Grace. F. w. Vanderbilt, Noah
Davis, NJ c. D Borden. G. c. Clarke, Mar
cellus Hartley and James D. Laying.