New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-10
NORTH AMERICANS SCOPE
GREAT POWERS OF COMPANY WHICH
Is HELPING FINANCE SHIP
BUILDING COMPANY.

I
! terday by speculation 20 the future of the
/ North American Company, which has suddenly
/ come TO the front the new underwater OF
/ the shipbulding trust.
/ The Trust Company Of the Republic. formed
/ less than year age. which undertook the iota-
/ tion of the United States ship Building Corl-
I pany, after encountertnS difficulties that
/ gave rise 70 various rUmOrs has attracted
20 its support less influential and
/ powerful financial interests than those allied
! with the banking firm Of j. +. Morgan & 90.
and the integrity of the trust company and the
| success of the shipbuilding company are assured
I The carrying TO successful issue Of this enter
/ prise brought about through the North
I American Company. and this company. il is
understood, win ultimately be the controlling
or holding company Of the rev shipbuildiug
company.
| For several months the North American Com
\ pany has been an object of great interest
! Wall Street 1t was organized in 1890 under the
| laws of New-Jersey. and is interested in street
railway and gas and electric lighting enterprises.
/ In 1901 the stock was decreased from S4t.OOOO0o
| to S12OO0O0O by the issue of one share for each
l three and one-third shares Of stock II has
/ never paid dividend. but the stock has sold
! above 12O for a long time. @ W. Wetmcrs i5
| president and George R Sheldon is treasurer
The North American Company controls tbs
| Milwaukee Electric Railway and Light Com
pany. the Cincinnati Newport and Covingtou
Light and Traction Company. the Union Light
/ and Power Company OF St. Louis. the Cincin-
| natl Gas and Electric Company. and recently
| took over the gas and electric lighting plants Of
Detroit On Nav 81 il owned stocks. IS. S.106. 500.
bonds. 81, ,121, 500. and it's balance sheet showed
| loans payable. 1886. 800; accounts receivable
| $TS953; cash. 81, ,T61, SOB It's financial 20
| sition. strong then. is said to have been grsty
! strengthened since that time
| The company Is closely affiliated with the frnl
| Of ]. P. Morgan & Co, and IL was stated yester-
| day by one in position know that of the
| 100000 shares of stock fully 10000 are held
| in the banking frm. The stock has never been
/ dealt in on a large scale in Wall Street and has
| shown remarkable frmness. The company
| has one of the broadest charters of any com
! pany in existence. and it has been reported that
in the event Of an adverse decision in the North
| ern Securities suit the North American Com
| pany would be made the successor to the securt-
! ties company, and that IT'S charter was SO broad
/ that IN could not he invahdated.
/ SUMMARY OF ITS POWERS
! The breadth and scope Of the charter can be
seen from the following, which is substantially
summary of it,
! t. raise money by The issue Of shares or other-
purchase Of. or otherwise 20 acquire and hold
Of me inysstrnenJ5s I9I0%inS & @ -tl r lS % ~ = any
fties issued o. having ary guarantee b. ary scv-
| other body. incorporated or Unincorporated public
or state un9er Sas ~ 5+ - 'il7 -eSea 80
or tcarring on business ia the United states
To acquire, and hold. or otherwise deal with any
| stocks. bonds deoentureS shares. scrip OF So-
! curiJy of any government state or AUTHORITY, m1-
c1Ir,es Of a1v compsnv estibIisbed f9r The pur
y. k,
telegraph. electric lighting or other uiI1eFJakils
To borrow or raise money by the issue er sale ~
any bonds mortgages deoentureS, or debentur"
raised in any such Investments aS aforesaid
To acquire any such Investments as aforesaid ~
syndicates or otherwise and whether nor fuII,.
Iald up anu , 20 mas s l1S Ii r ,TU a n
underwrte subscribe for the same condiuonsliv
otherwise and either with view 70 lnveSJrlent
or for resale. otherwise. and 10 vary the H.
turn TO any OF the assets Of the con1pany
ton otherwise aid or assist in placing any such
relation any such investments issued by or a.
Guired through or from the company
stocks i'm the capital Of or debeutures debenturs
stock other securities Of or otherwise 70 estah-
noting any company, association, Undertaking. or
To guarantee the payment OF dividends or or inteTS5t
Tes issued bv or any other contract or obligation
of any such company ASSOCIATION undeF'dhIhs OF
To purchase take on lease or in exchange, hive.
0 bSb tE com9anv NAV think necessary or ds
srable sell improve. manage. develop lease
wise deal with all or any part OF the company >
To take make execute <or enter into, commence.
carry on prosecute and defend all contracts, agree
ments. negotiations, legal and other proceedings.
compromises. arrangements and schemes. and TO
90 an all 1fnS t 1SSa conducfve or expedient for the
ested in. any such Investments and securities a.
aforesaid.
II was reported yesterday that recently the
banking firm Of j. P Morgan & co. had shown
a dissemination to take up additional enter
prises or 10 finance or float more great conbina-
tions. the reason being that Mr. Morgan and his
partners feel that the firm at present has super
vision of so many corporations OF magnitude
that any extension of interests as a banking
firm could hardly receive the attention the firm
would wish to give them II is also said that
Mr. Morgan and his partners some time ago.
realizing the great possibilities of the charter
Of the North American Company. bought con-
troll of the company to use in just such eases
as the one which il has been applied. the
purchase of the ship building company II ia
indicated that IN the future many big com
binatiOns in which ]. T. Morgan & Co. may bs
interested will be brought out through the
North American COMPANY.
The North American Company has az present q
large cash surplus and. with ITS strong financial
position and its broad charter and resources.
is in position, it was said yesterday. to handle
any combination that might prove worthy of at
tention- II was added that i'm the near future
the capital stock of the company would be in
creased to $40O00O0O its original ca pitaizatiop.
10 enable it to handle its increased scope OF
business
TRUST COMPANY STILL MANAGER