New-York tribune., 1901-01-04
A NEW TRUST COMPANY.
THE NORTH AMERICAN OF NEW-JEE-
SEY INCORPORATED AT TRENTON
REGARDED AS A DEPART
IRE IN BANKING.

The certificate Of incorporation of the North
American Trust Company of New-Jersey. capital
100000 recorded yesterday in the office OF the
clerk of Hudson County n. j.. and fled with the
Banking Department at Trenton Annexed 10 this
certificate is the formal notice Of approval of Will
lam Bettle, the Commissioner Of Banking and In
surance OF NewJersey, who certies that the estao-
lishment 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 general banking and trust company business
The stock is subscribed follows: oakieigh
Thorne s20.ooo Alvah Trowbridge. $4,000 James e.
Dill $4,000 William III. Kimball, S2o,os0; Alexander
King $4,000 and Howard X. Wood, $4,000. Mr..
Thorne is the president of the North American
Trust Company Of New-York. MIR. Trowbridge is
viee-president OF the North American Trust Com
pany an6 is president of the Ninth National Bank.
Mr. Din is director and Of the counsel Of the
North American Trust Company of New-York. Mr..
KimbaIl is the president of the Seventh National
Bank, MIR King is the vice-president of the Ameri-
can Thread Company of New-YOrk City. and Mr
Wood is the 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 banking institutions with which the
men named connected.
The question OF establishing branches has been a
perplexing one 20 the financial institutions OF New
York While one or more banks and trust conlpa-
nies have endeavored TO form connections with
other institutions which acted as branches for
Them they have been prevented from establishing
actual branch departments In other States. for the
simple reason that bank examiner In New-YOrk
not obliged 20 go out OF the State 70 examine
securities located outside OF the borders OF this
State. II he took this at all. IL was simply
matter Of favor: but in the strict pursuance
OF his duty II necessary for him TO require
local institution to withdraw temporarily all the
property assets and deposits from the branch and
bring them into the State in order that he might
actually inspect them. This requirement has been
onerous sometime. 70 tend 20 strain the
lations between the State Banking Department and
financial institutions having so-called branches
outside of this State.
Maryland has been the favorits State for the in
corporation OF fidelity and trust companies be-
cause in Maryland there is no provision putting
trust companies under the supervision OF bank
the assets OF branches thus being avoided: but az
the same time there was another difficulty. which
press provision allowing financial institutions
s,i kzed uader rne oanking sct 20 nave oraneaes,
Legislature of Maryland expressly authorizing IL
TO do business in any State or Territory OF the
United States and in any foreign country or coun-
tries. including the dependencies and other pos
company. not being obliged report 20 any de-
Is not embarrassed by having TO bring the assets
and deposits OF its branches into Maryland for in
spection by the State authorities 10 IS said that
number OF New-York financial institutions have
had relations with other Institutions in other
president Of the untea States mortgage ana trust S
the ConInercisi and Trust Comns1vp of TerssV 9
Gi in aqd The tive have many directors tor,
that ]. r. Morgan & Co own the Jersey Trust
Company at HObOken.
That the North American Trust Company. with
capital and surplus OF s450090. should organize in
the state OF New-Jersey a trust company under
practically the same name. with the words New
Jersey added. with Capitalization OF only 100000
but with power 70 do business in and throughout
the State OF New-Jersey, IS regarded by Wall
Street as new departure in banking. IL is inti-
mated that the establishment OF this branch IN
New-Jersey will enable the North American Trust
Company OF New-York to take deposits for the ac-
the connection between the being openly
nounced Doth by the similarity of their names and
the identity their controlling interests II IS also
TO be noticed that the new trust company of New
Jersey has especially broad powers in connection
with matters OF organization and reorganization
having special authority 70 act not only assthe
fiscal agent Of corporations but also receiver.