The Topeka state journal., 1901-01-04
A NEW DEPARTURE.
Banking Circles Attracted hy Form
alton of a New Trust Company.

Banking Circles Attracted Ely Form
alton of New Trust Company.
New York, Jan. 4-The Tribune says:
The certificate Of Incorporation of the
North American Trust company, Of
New Jersey, capital 800, 600, has just
been recorded IN the Office of the clerk Of
Hudson county, New Jersey, and fled
with the banking department At Tren-
ton. Annexed to this certificate Is the
formal notice of approval of William
Bettle, the commissioner Of banking and
insurance OF New Jersey, who certi-
fies that the establishment of this trust
company will be OF public service, and
approves the form of the certificate
The new company is empowered by its
charter to do a general banking and
trust company business. The stock Is
subscribed as follows. Oakleigh Thorne,
$40 00O Alvah Trowbridge, $40 900;
James B. Dill, $4,000; William Fl. Kim
ball, $50, 900; Alexander King. $4,000,
and Howard K. Wood, $4,000. Mr..
ThOrne is the president OF the North
American Trust company, of New York.
Mr.. TroWbridge is vice president Of the
North American company, and is pres1-
dent Of the Ninth National bank. Mr..
Dill is a director and one OF the counsel
of the North American Trust company,
of New York. Mr.. Kimba1l is the preSi-
dent of the Seventh National bank Mr..
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 transactfng in
New Jersey the business of the banking
institutions 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
branches for them. they have been pre-
vented from establishing actual branch
departments in other states, for the
simple reason that 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 a matter Of favor but in the strict
pursuance Of his duty it was necessary
for him to require a 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 50 onerous as
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 COM
pany- with a capital and surplus Of $4,-
500. 600, should organize in the state Of
New Jersey trust company under
practically the same name, with the
words New Jersey added with a cap
itaiization 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 bank
ing. It is intimated that the establish
ment OF this branch in New Jersey viii
enable the North American Trust COM
pany Of New York to take deposits for
the account OF the New Jersey concern, /
and vice versa, the connection between |
the two being openly annouced both by /
the similarity OF their names and the |
Identity of their controlling interests. 1t /
IS also to be noticed that the new trust |
company Of New Jersey has especially ]