New-York tribune., 1901-10-30
BANKS CONTROL SECURED.
ANNOUNCEMENT THAT HANOVER Ma
TIONAL HAS OBTAINED MAJORITY
INTEREST IN NINTH NATIONAL.

announcement was made late yesterday after
noon that control of the Ninth National Bank
had passed TO Hanover National Bank interests,
the following statement regarding the transac-
ton being issued by the Hanover Bar in
terests.
controlling interest in the Ninth National Bank
the Hanover National Bank and other financial
interests 1t is not the intention to make many
National, but there win be some gradual changes
resentative bod TbaTa s 10 MAKE eyer5i men
IN the board who we'll known. successful mer-
directors. because of their eminent fitness and
their long friendship for the institution and with
board it will be their effort to Conduct the affairs
Drestiea se Ninth p National Bank to position ana
centre - '''e op''""
At a meeting of the board of directors held
presidents of the Hanover National Bank. was
elected a director and Nelson A. Reynolds who
uohal Bank. was appointed cashier In view of
Chapman voluntarily rendered his resignation as
cashier.
For at least three years there have been re-
ports from time TO time that the Ninth Ma
tional was about to be consolidated with one or
more banks In IT'S neghborhood. The Ninth
National is at No. 4O1 Broadway. near Walker
ST. in the heart of the drygoods district. and,
although a comparatively small institution. has
been regarded having favorable prospects
1t is known that there is no intention to CONSOLE
date ii with the Hanover. as the Continental Ma
tonal Bank was recently absorbed; but it will
be to all intents and purposes an uptown branch
OF the Hanover, standing in the same relation
TO II as that n which the Astor National Bank
stands to the First National and the Second Ma
uonal and Lincoln National stand to the Ma
tional City Bank.
Control Of the Ninth National was acquired
by the Heath interests when they took over
the Seventh National Bank control. about two
years ago. II is understood that the entire
holdings Of the Heaths and the interests coop
Grating with them, representing together the
Ninth National control. have been transferred
10 the Hanover Bank interests. the price paid
being around 40.
SI3OOOO and net profits of SIlGo0 According
to the last statement of the Associated Banks
rs loans We're ii So3%sl and ITS depos1s SG. Gs1
O51, 400 and il held S249.JOo specie and S24llOO
in legal tenders. Its president is Alvah Trow-
bridge, who two or three weeks ago retired
from the presidency Of the American Bankers
Association and its directors. according to a
recent list. are Mr.. Trowbridge. Alexander
King, James B. Dill, Charles T. Root, Warner
IAN NoIdeh SdhueI t-lsenlah' aiOgtt -. nan. .
Catholina Lambert, Augustus f. Libby. Guy
@. Major William ". Peabody. jr., George +.
Randolph. Jordan J. Rollins. Carl A. Sp!ker
and s. W. Nanderhof.
The Hanover National Bank is one OF the
largest financial institutions in the city and Is
popularity regarded having rather close rela-
tions with the Standard oil Company, one OF
it's directors being William Rockefeller. Its
capital was increas sed in the spring OF 1900 from
81 100000 10 100000 capitalization exceed
ed by only that OF the National City Bank. the
First National Bank and the National Bank OF
Commerce. each of which has S10Oo00Oo. The
latest Clearing House weekly statement gives
the Hanover's condition s follows: Net profits.
81 (;55 200. loans. S4S S093 deposits, S53,
30 500: special. IS I52, 300 legals. 59SS 300
and circulation 50 9T6 500. Its president is
James T. Woodward a member Of the Clearing
House Committee. and formerly president OF
the Clearing House Association.