The Savannah morning news., 1901-12-28
BIG TRUST COMPANY
WILL BE ORGANIZED BY LOCAL
AND OTHER CAPITALISTS.
SAVANNAH TRUST COMPANY.
Is TO BE THE NAME OF THE NEW
ORGANIZATION.

MIR. w. w. SacI<an Has Been Quiet
Iy working Upon the Project for
Some Time-N0w in n Position to
Announce Reasonable Certainty
That 1t Will BE Carried out-WiH
Have n Paid-in Capital of $780,
900 on which to Start Business.
The IncOrpOratOrs Are w. w.
MackaII, j. Randolph Anderson,
George j. Baldwin, Charles A.
Shearson, Spencer p. ShOtter and
Henry c. Cunningham.
Mr.. w. w Mackall, who for some
time has been quietly working on
project to establish in Savannah one
of the modern, moneyed institutions
known as trust companies, stated to
the Morning News yesterday that his
plans had assumed such shape as to
enable him to announce with reason
able certainty that the project would
be carried into effect.
Mr. Mackall said the conception of
a trust company for Savannah was by
no means original with him, as it was
a subject which had been thought of
by others in the past; that, on several
occasions prominent gentlemen, both in
and out of the city, had suggested to
him to take the initiative in such
venture with the assurance of their
hearty cooperation.
1t was further stated by Mr.. Mack
all that the trust company will in no
proper sense be a competitor of the
banks. On the contrary one of the
several purposes of such a company is
to act as an auxiliary of the banks.
The fundamental province of bank
is to facilitate the exchange of COM
modities; like money, 1t is one or the
great mediums of exchange. On the
other hand, the peculiar function OF q
trust company in addition to It's
strictly trust features, is to act as an
agent in bringing capitalists together
who are seeking investments or who
are engaged in the great work or de-
veloping the natural resources of the
country. Mr. Mackall said that, in
speaking to several of the prominent
bankers in the city, they had ex-
pressed themselves as heartily in IA
vor of the movement.
Among the well-known business men
and financiers who will probably be
interested in the new company are
Mr.. George J. Baldwin. president of
the Edison Electric Illuminating Com
pany of Savannah; Mr.. r. G. Erwin,
president of the Plant System of Rail-
ways; Mr. John Shelton Williams, of
the banking house of John l.. Williams
& Sons, of Richmond, Va; and pres
ident of the Seaboard Air Line Rail-
way; Mr.. ]. William Middendorf, a
member of the banking house of J.
William Middendorf & Co, of Balti-
more, Md. Mr.. Henry c. Cunningham
and Col. A. r. Lawton, of Savannah,
general counsel of the Central of Geor-,
gia Railway; Mr.. S. P. Shotter, pres
ident of the S. P. Shotter Company of
Savannah, and Mr.. Charles A. Shear
son, q large cotton exporter of Savan-
nah.
Mr.. Mackall confidently expects that
the several banks of the city will also
either directly or indirectly take an
interest in the new company. The
company will be organized under the
name of the Savannah Trust Com
pany," an old charter having been Sc
cured and modified to meet modern
requirements. The incorporators are
William w. Mackall. ]. Randolph An
derson, George j. Baldwin, Charles
A. Shearson, Spencer P. Shotter, Henry
Z. Cunningham.
Books of subscription to the stock
of the new company will be opened
early in January, and the incorporators
will advertise for subscriptions in ac-
cordance with the terms of the charter.
1t is proposed to commence business
with a paidin capital of $500,000.