Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-01-05
NEW JERSEY TRUSTS.
Foreign Concerns have a Loop Hole for
Escape.

New York. Jan. THE Tribune says:
The certificates of Incorporation of the
North American Trust company of New
jersey. capitalized at 100000. has just
been recorded in the office of The clerk
of Hudson county, \. j., and filed with
the banking department al Trenton.
Annexed to this certificate is the formal
notice of approval of William Beetle. the
commissioner of the bankers of New
Jersey. who certities that the establish
ment of this trust company will be of
public service and approved the form
of the certificate. The new company is
empowered by its charter to do a gem
eral banking and trust company BUSH
ness. The stock is subscribed as follows:
Oakleigh Thorne, $4,000; Alvah Trow-
bridge, $4,000, James b. Dill. $50, 0oo;
William H. Kimbal, 81, 900: Alexander
kim. $4,000, and Howard X. Woods
$4,000.
Mr.. Thorne is the president of the
North American Trust company of New
York. Mr.. Trowbr is vice president
of the North American company and is
president of the Ninth National bank.
Mr. Dill is a director and one of the
counsels of the North American Trust
company of New York. Mr.. Kimball is
tiIc III eSllielll VI the seventh National
bank. Mr.. King is the vice president of
the American Thread company of New
York city, and Mr. Wood is president OF
the Corporation Trust company in New
York city. The new company, while
separate organization, is apparently
formed for the purpose of transacting
in New Jersey the business of the bank
ing institution with which the men
named are connected
The question of establishing branches
has been a perpleXing one to the finan-
cial institutions of New York While
one or more banks and trust companies
have endeaVOred to form connections
with other institutions which act as
branches for them. they have been pre-
vented from establishing actual branch
departments in other states for the SIM
pie reason that a bank examiner in
New York was not Obliged to go out of
the state to examine securities located
outside of the borders of this state. If
he took this course at all. it was simply
as matter of favor; but in the strict
pursuance of his duty it was necessary
for him to require local institution
which has a foreign branch to
transfer, temporarily, all the prop
erty. assets and deposits from the
VI amen anu DIlHS llPTn lntO the
state in order that he actually inspect
them. This requirement has been so
onerous as to sometimes to tend to strain
the relations between the state banking
department and financial institutions
having so called branches outside of this
state. That the North American Trust
company with a capital and surplus of
$4.5GO,000 shall organize in the state OF
New Jersey a trust company under prac-
tically the same name, with the words
New Jersey added with a capitaliZa-
ton of only 100000 but with power to DO
business in and throughout the state Of
New Jersey is regarded by Wall street as
a new departure in banking. 1t is init
mated that the establishment of this
branch in New Jersey would enable the
North American Trust company of New
York to take deposits for the account of
the New Jersey concern and vice versa
the connection between the two being
openly announced both by the similarity
of their names and the identity of their
controlling officers. II is also to be not
ed that the North American Trust COM
pany of New Jersey has especial powers
on matters of organization and reorgani-
cation having authority to act not only
as the fiscal agent of the corporations,
but also as receiver.