New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-11
BIG BANK CONSOLIDATION.
NATIONAL BANK OF COMMERCE AND MA
TIONAL UNION BANK TO UNITE.

JOSEPH c. HENDRIX TO BE PRESIDENT. AND
THE INSTITUTION TO HAVE $1ooOo,OOO CAPITAL
The National City Bank which recently in
creased its capital from 81 100000 to SoOOOOOO will
soon have a competitor with the same capltaliza-
tion through the consolidation OF the National
Bank of Commerce in New-York and the National
Union Bank the consolidated bank to bear the
name of the first mentioned OF the two institutions
and to be directed by the present head of the
latter, Joseph c. Hendrix. Mr. Hendrix yesterday
issued the following statement:
Negotiations have been practically competed sub
spectiVe banks for a consodation of the Ma
tional Bank of Commerce in New-York and the
the name Of the National Bank OF Commerce. in
NewYork and having capital Of slOO OOOeS and do
surplus with undivided profits of over S6OOO.OOO.
The number of directors of the Bank of Commerce
iden mt With the National Union Bank and
Joseph c. Hendrix, now president OF the National
bank.
to slOO0OOOO, the additional stock being exchanged
share for share for the capital stock of the Ma
e eGafa G from s. a@S st to
The new stock of the National Union Bank is to
holder the right to subscribe for three and one
sixth 81 are When this s eeeordn mas to s
figures OF January.2 will show: ..oooo oo
surplus and undivided profits s,211OoO
Total
The National Bank Of Commerce January 2
showed
Capital SO soc SSo SSS
Total '$o'oO0oo
To equaze the assets Of the two banks AMI ,r Gy IL
dend Of 10 per cent will be made by the BANK o.. Oh
Commerce, payable to its stockholders upon me
fore the final consodat ton The two institutions
VII be b Thgn Ran 3R OF ommerce in New
York, showing:
Undivided profits lZooOOO
Toto, .s16 200 600
Official action taken by the directors IS, or the
Bank of Commerce on Tuesday and by the directors
of the National Union Bank to-day The consoiida,
will be effected as the pan 10 IdtlIIeu
by the shareholders of the two banks
The rumors that the two banks were TO De united
have been heard at frequent intervals ever since
last summer. when W. w. Sherman reFireu from
the presidency of the Bank Of Commerce The
rumors have been as frequently denied Mr. Hen
dirk having declared with emphasis as recently as
November II that the National Union Bank was
not contemplating consolidation with any other
institution adding: This Is official. and hope
fnal' The National Union Bank organized
in June, 1893, with Mr.. Hendrix as its president
1t occupies offices in the Mutual Life insurance
Building, and has always had close relations with
that great corporation. Its directors are Richard
A. McCurdy, president of the Mutual Life lnsur-
ance Company; Frederic Cromwell, treasurer of
the same corporation; s. D. Babcock, John D.
Crimmins, G. G. Haven r. Somers Hayes, A. d.
Juilliard. d. S. Lamont F. p. Oicott, H. H. Rog-
ers, H NICK. Twombly, W. c. Whitney and j. C.
Hendrix.
The report that the National Union Bank would
be consolidated with the National Bank of Com
merce was first heard last June, when 1t became
known that G. G. Haven. A. d. Juillard and James
n. Jarve, trustees of the Mutual Life, and PresI-
dent Hendrix, of the National Union Bank, had
been elected directors of the Bank of Commerce.
The Board of Directors of that bank consists of the
following men, besides the four just named: j..
Pierpont Morgan John Caf1in. John S. Kennedy,
Woodbury. Langdon Charles Lanier, Alexander +.
Mr. Morgan is vlce-president of the Bank Of
Commerce, and is understood to be the largest in
diVidua holder of its stock. The Mutual Life In
surance Company is also a stakeholder The Ma
tional Bank of Commerce, originally State bank
admitted to the National Banking Association
its stockholders, as is the case with stockholders
of othe National banks. to double liability
Another unusual feature of the charter of the
National Bank of Commerce, under which charter
the consolidated institution is to be operated, is
that its Board of Directors is a sef-perpetuating
holders.
The consolidation of these two banks into an
institution Of S10O000O0 capital is, like the recent
increase of capital by the National City Bank
garded a step In line with the tendency of the
last few years toward the consolidation of in
corporations with heavy capitalization. 1t is known
that the National City Bank does not view the
consolidation of the Nassau-st. institutions in
any menace to itself but, rather well
comes 1t. a move which will aid in placing New
York par with London and the capitals of the
NTt aRsaV f1 af