The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-01-18

be allied with the Prudential Equitable
movement.
All the institutions named rank high in
the financial centres of New Jersey. In
few months of life the Federal Trust
Company of Newark has gained such
aseendancy as a sound establishment that
its stock has jumped to q remarkably
high rate and its deposits already aggre-
gate sl.2p0oge. The Essex County Ma
tional Bank stock is so high as to be pro-
hibitive, and it has just increased its
capital The Commercial Trust Company
has 100000 of deposits, the Hudson
Trust Company has deposits exceeding
ss,oo0,00o including funds OF the United
States Steel Corporation and the North
ern Securities Company.
The Morristown Trust Company, of
which Richard A. McCurdy, president of
the Mutual Life Insurance Company. is
a director. is another link in the chain.
This is a concern Of much strength, with
deposits of s3,oo0,eO0 or more.
Other concerns included in this move
ment are said to be the New Jersey Re-
gistration and Trust Company. Of East
Orange; Monmouth County Trust Com
pany of Asbury Park
The banks and trust companies allied
IN either of the great chains are not all
controlled by the Insurance companies
Most Of them are working with sthe iat-
suranee by agreement. it is said, and
solely for the mutual advancements OF fn-
teresfs
John F. Dryden. President Of the Pru-
DENTAL Insurance Company, admitted to-
day that between certain financial cor
porations. in which are included the Pru-
DENTAL and Equitable concerns, are allied
III a certain sense by a community Of
business interests and for the mutual ad-
vancement of the interests concerned.
ut IS a public matter said Mr.. Dry
den, that we are friendly to the Equita-
Bile and also that certain other institu-
tiens are closely associated with us in a
business connection. Not all the concerns
you lave named are allied in any char,
through community Of interests or any
other reason. however. With some named
we have had no business connection
whatever although It cannot be tod
what the future might develop.
AS far as know however, there is ao-
solutely no truth in the story that great
rivalry between insurance companies
each backed by chain of financial
houses. exists. The story sounds very
much liIxe-to use the yernaeular-h
air.
So far as the Bayonne concern. the
Mechanics Trust Company is concerned
It had very lively fight on its hands
which terminated last night in a victory
for the supposed Circuit led by the
Mutual Life and U. S. Mortgage & Trust
Company
The fight was, on the surface. between
a PARTY headed by Vice President Alfred
W. Booth and another, George Carragan,
rival candidates for the presidency of the
bank Last Tuesday when the election
Of directors took place. Mr.. George w.
Young. of the u. s. Mortgage & Trust
Co. was made a director. and that start
ed those interested ia the fight guessing
as TO the reason a New York hnancaer
should be put on the board 10 prevent
any bitterness in the bank. for wrangiing
is a dangerous thing in financial inssi-
tuition. Mr.. Carragan's name was az the
last moment withdrawn and that Of
Charles S. Noe. for many years cashier
of the trust company. substituted as the
candidate of the Carragan party. Their
ticket was electde 1t is as follows:
President. Charles S. Noe: Vice Presi-
dent. Alfred W. Booth: Executive Com-
mfttee. George ". Young, Martin r.
Cook. Charles E. Annett and George Car
ragan. Securities Committee. George w.
Young and Alfred w. Booth; Real Estate
Committee. Dewitt Van Buskirk Charles
f. Annett and Thomas ]. DAILY
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