The sun., 1901-02-25

financial Duslness Vi INC Seiihui'
OF interests" theory.
According to Mr.. Thorne's statement {
the North American Trust company OF
New Jersey, which has not commenced
to do business yet, will acquire the con-
troll Of the properties to be taken into
the fold, but as it is simply the New :,
Jersey representative OF the North
American Trust company Of New York :.
ii will readily be seen that the men in
the latter concern are the promoters of
the plan.
The IncorpOrntors.
These are the IL properties thus
formed into a s50.000,000 alliance:
North American Trust company OF
New York, with capital and surplus OF
more than $5,Ooo,000 and total assets,
Including deposits. OF over $16'ooo,ooo'
Oakleigh Thorne president.
North American Trust company OF
New Jersey, organized by the former.
with capital Of 100000 and surplus
Sooo00o
Trust Company of New York, with
capital Of 81, 100000 and surplus OF 81
10000 and total assets OF about So
800. 900. to be merged with the North
| American Trust company OF New YORK
| CORPORATION Trust company OF New
| York, with capital Of 100000 and sur I
plus OF 100000. Howard X. Wood T
president
Corporation Trust company OF New
Jersey. with capital Of 100000 and
surplus Of 100000.
| ;.t. of
Boston. heretofore controlled by the
foregoing.
Corporation Organization and Trust
company Of Chicago.
Corporation Trust company of Maine
Bank of Havana, at Havana, with
capital Of 81 100000.
seventh National bank of this city,
1A Broadway, with 100000 capital,
800 900 surplus and assets Of nearly
$4,000, 900, including deposits etc, VIII
II. Kimball president.
Ninth National bank of this city, 4O9
Broadway. with capital Of $Ioo,ooo,
profits Of s67, 900 and assets account on
, Jim. 0 OF nearly $5,o00,o0o. Alvah Trow-
( bridge president.
A A New York realty company, whose
: name is withheld by the promoters.
!. Assets Account OF s5O.OOO,0OO.
I The total capital and surplus OF the
II nroperties involved will amount to
Il about S15, 100000. and their assets ac-
,e count, to start with. will figure up to
n about $50 100000 The object Of hav'
ing so small capital and so large q
surplus in many cases is that though
both must be paid In in cash the capl
tai only is subject to examination by
n the government bank examiners. II i
officially announced that the entire
&c combination will be controlled and di
RS rected from the Office OF the Nortl
IL American Trust company of New Iorl
- at 141 Broadway.
re This latter concern owns the who'll
OF Of the stock Of the Bank Of Havana
us and 1t or its directors will own the ma
ng iority Of the stock of all the other prol
critics mentioned. Each of them wi
ho have directorate OF not more than ]
se. members An executive committee q
We not more than flye men, of which OaF
ne leigh Thorne will no doubt be the heat
ire will be chosen in a few weeks to unde
ne take the guidance Of the affairs OF a
no OF the trust companies. Under IL
elf rule of this committee the smallt
10 trust companies will be feeders for IL
led ot ,o,nnanr ana tha two nation,
banks will act in harmony with then
-en Besides the ordinary business of
'eu trust company and the banking jun
M tions which are concomitant with i
me work the new combination will ha'
the special business which James
'ke Dill largely initiated and in which !;
seu OF the trust companies except the tv
'ro North American concerns will be {
leh rectly active. This is the accommod
ing ton Of the industrial properties whi'
inc are incorporated in this state and
yea New Jersey, Illinois, Massachuset
III and Maine.
- Big Revenue From Industrinls.
For these properties the Corporate
ahu Trust company Of New Jersey, for
stance, now does about rs per cent
the enormous business Of that 81
io,, done In New Jersey. II maintains
w.. office where the big industrial tru:
J, :, have their New Jersey headquarte
~ provides their New Jersey directt
~ required by the law of the state, kee
~, their transfer books and acts as reg
trar OF their stock. This particu
corporation now has on its lists abb
c,. 1000 such industrial concerns
I'm. which it discharges these functions.
toria they pay it annual fees varying fl
. for $50 to $1,000 year in proportion
" their capitalizations the big rever
etler. from this source is easily perceptiblt
uni. The North American Trust compa
He Of New York Is the fiscal agent Of
lncis United States for Cuba and has braI
otaip offices in London, Havana, Santa
Cienfuegos and Matanzas. It's pl
ident, Mr. Thorne. who acted as tre
...a urer of the International Bank
,;+,sh and Trust company before it was
a,on, sorbed by the North American
.;+;,,. who succeeded Alvah Trowbridge
,oino the latter concerns chief eXecut
o,,n, when he went over to the Ninth
';aoos tional bank, is the originator of
. tbo entire scheme OF consolidation. Ill
cnmnarntively Young man.