New-York tribune., 1901-02-24
MAST PROJECT ANNOUNCED
GrLANs OF NORTH AMERICAS TRUST
COMPANY.

OTHER COMPANIES TO BE ABSORBED
ToTAT. RESOURCES or INSTITUTIONS TO
BE RRorGHT rNDER PRACTICALLY
SINGLE CONTROL ESTIMATED
AT wAeNo@.
K,ollop-ine immediately upon the news yester-
6sv ths, tho North American Trust Company
was ahout % take over the Trust Company ~
NeW-Yoill. the announcement was made Nester-
day afternoon that tho former company was
planning tho absorption Of additional institu-
tions and that the North American Trust Com
pany of New-Jersey. organized a few weeks aeo
ny interests identified with the North American
Trust Company ~ New York. had acquired
several important registration trust companies
On as many states tho oldest strongest and most
widely known OF tho list being the Corporation
Trust Company of Nnv-Jcrsey. The total re-
sources. capital and surplus Of all these iustitu-
lions thus brought under practically single con-
troll being estimated at The great sum of 500
e0ao00
Oakleieh Thone, president Of Tho North
American Trust Company, sailed for cuba yes
terdaH on business connected with the new COM
hination. Another official Of the company eN-
plained tho plans and purposes Of that corpora
tion follows:
- \ i-"ii++f 4 vi A W. ~ i-Ni-.
The theory upon which trust companies were orig
husinees exclusively. bui il soon became apparent
pany must extend i- operations into the held q
the trust 1omparies ate compgiition with TIE
banks, ana u'" rivalry has been increasing IN in
Tr,si ons, @ m Sv b,c, mas "1itsi
and surplus af over 81 nll an This sten consisting in
essence in The extension 90 the trust company Of
feature of the banking system.
Ine business oi th" uast compsnies has become
NOR end NOR e.y1sinel until nov 1t covers these
operations. 1m"ng others
terprses along eeitimsta S''o" nes O ODS''''s
% The subsequent formation and maintenance
~ large corporate organizations
tcl The service II acting as trustee of mort
an oNceptionai'y profitable feld.
'dl Actiug a. transfer assent and registrar o.
essential m, nceotabii,y OF corporate securities
investors in these days have come require
the LEGALITY. regularity and prOpriety issue
of such securities 10 he stiested by the counter
istrar ''9' 0''''''''
ee0 The. registration Of the corporations them
home in the state in which they Incorporated
the providing OF permanent ofaccrs 10 Keep the
records In tho state and Tho supplying OF safe
deposit vaults and an the office equipment necessary
20 tho creation maintenance and preservation OF
corporate rerores "'o corporate SECURITIES
fore been largely handled by distinct agents. the
ompanc Sf under @ Sa Tef ray yHS and e
Limitations financing and promoting the corpora
sminsr and ,t the promotion turned out to he wrong
responsibility ;or tho loss back on thC stockholder
and director.
TO Az ENORMOUS EXTENT.
n The registration Of corporations has grown an
ssnormous extent especially IN Inc stat, Of Nsw-
70 he maintaned in the State, with sworn agent
N eharge Of IL. an absolute keeping up from day
,S dsy Of I5s records and the absolute presence Of
transfers made and the stockbook in which
ere the names OF the stockholders and their ad-
. holdings ' 80 Sa SSS Se esed q
SsS hsSs len primarily financial t5e
oi lis stock ana Nere enabled al a glance 10 tell
70 the Srust eompSny Ms sle Which or oarad 10 this
the TegstrSton or corporation tF1lsl com
each instance. the trust company would have 20
registration company 6sd The Complete Piant IN iis
6ssgSsion anG could tell az glance the history
affairs similar 10 that in the real estate field OF a
pee ndioes srfS@sed II S SioS s has 6one S s%ar SSn
.,d,.,i Nlta ,he necessity lor PURCHASER making
t'p,e ~ s piese Of & real estate Is % he sold.
,hst osthb 20 DIach I osnNs the difncuiy has been
that u might do business various States yet
insisted under the laws OF iJs banking and insur-
enee oepartments upon making an examination in
entirety of the finances and standing of each
branch and OF thu branch Office
A simpincaton OF this procedure has been made
and the demand for such change the North Ameri-
% meet instead OF having branches in various
states, fne trust company establishes SeDuTate
trust companies IN those States and simply Owns
the control of The stocks OF those auxiliary 'rust
companies. The majority interests in the subsid-
isry companies were not purchased out OF the
capital OF the trust company, but out 81 It's sur
Newyo would mud that trust company learned
by him 10 be - owned or controlled by another
him his duty being solely ~ see that the capital
az tho purchasing company VAS not impaired.
WHAT 1T HAS ACQUIRED
The Norsh American Igqs, coInpslny following
this proo"aure. has sccordinsiy aoquiIed The CO..
also oresnized IN Havana the BANK OF HavanS
with capital stock ~ 81 9s 900 II has also
Esnized ir ~" State Of New-Jecsey the North
has capital ~ Slooeo, and which Is reported 10
resources OF s. ooeo0 pui oniy SoSoss subject 70
the capital of the North American Trust Com
psny. which is now s. 5el0O. Will not II IS said
nnder the new organizat ton, De increased. but IL IS
estimated hy those having intimste knoWledge of
fhc company's affairs that Us surplus viii be
snegsh 70 max max as COR, o.""d capital and surplus
IN order 10 cover the transfer business and the
registrauon business. thc North American Trust
n the Corporation Trust Company Of NeN-Jersey
which is The oldest corporation trust company or
ysnized. aud which represents to-day over s. oD0-
Tho Cooperation Trust Company OF Ncw-Jeisey Is
only aeo.eA The amount OF ST. surplus IL rln-
known. irssmUch as a Is organized under special
charter and therefore not subject 10 the same
ination but as already said, IL is reported 20 be
The North American Trust Company has also
acquired the Corporation Trust Company OF New
York. which has heretofore heen owned by the cor
also acquired tho NeW-Jersey Registration COM
nans, Boston company heretofore controlled by
snd a. well the Corporation OrRaniZa and Trust
company of Chicago, which Is commonly said 10
et the representative In the Western field of tho
New-Sork institution.
SUBSIDIARY INSTITUTIONS
There are several subsidiary institutions in vari