Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-02-25
GIGANTIC TRUST COMPANY.
Most Important Ever Undertaken in This
Country Formed at New York.

| New York. Feb. 24.-Details of the
most important trust company CONSOLE
| datlOn ever undertaken in this county
1 were given out, yesterday, through the
announcement by Outleigh Thorne,
| president of the North American Trust
| Company of New Jersey, that a con-
/ tract had been entered into for the sale
| of controlling interest in the Corpor-
alton Trust Company of New Jersey.
| the Corporation Trust Company Of
! New York, the Corporation Organiza-
/ tion and Trust Company Of Chicago,
] the New Jersey Registration Company
Of Boston. and the Corporation Trust
Company of Maine. to the Corporation
Trust Company of New Jersey.
/ Besides these, arrangements have
been practically completed whereby
two other trust companies of this city.
one bank and possibly two or three
minor organizations will be brought in
to the deal. Taken in connection with
the plan to sell out the Trust Company
I of New York to the North American
/ Trust Company of New York (under
the same management as the North
American Trust Company of New Jer-
d sey), the undertaking involves different
companies, with an estimated total
capitalization of something like $50, 900 :
000O
In the words of a promoter of the
. scheme. this really means the location
in this city of a financial department
store. where every sort of business con-
nected with financing of large deals
and ordinary trust company routine
, can be transacted"
James b. Dill and Oakleigh Thorne.
who have put through the negotiations,
give out this general statement:
The North American Trust 90. Of
New jersey has taken over the control
Of the Corporation Trust 90. of New
Jersey. the Corporation Trust co. of
New York. the Corpora ton Organiza-
ton & Trust co. of Chicago. the New
Jersey Registration Go. of Boston. and
the Corporation Trust Co. Of Maine.
together with various minor organiza-
tons. all of which make up the .;rin-
cipal corporation, registration and cor
poration trust business of the United
States"
Beside the concerns mentioned in this
statement. it was said that Il national
bank would probably locate in the
building at No. 141 Broadway. where
the general offices would be situated
The building belongs to the North
American Trust Co. of New York
which to all intents and purposes will
constitute the operating organization
The venture is really the outcome of
the branch bank" experiment which
the trust companies have found TO be
impra cticable owing to conflict of OPP
posing laws in different states. The
Corporation Trust Co. of New Jersey
attends to registration business of
thousand different corporations. This
branch will be continued and the bust
ness so divided at the New York office
that all sorts of facilities will be af-
forded
The combination is of unusual i'm
portance in view of other consolida-
tons pending. and suggests the uiti-
mate Capitalization in this city of trust
company business on scale never be-
fore attempted in the United States
One result of the alliance Will be to
make instantly available the corpora
ton facilities of different states SO that
what is done in the way of putting
through deal in one center may be
Immediately reinforced BY similar ar