New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-12-13
RIG MERGER OF B-4NkS.
Western National offhe United States
TO Haze Large Capital.

tual Life Insurance Company and the Norlor
Trust Company there has been speculation IL
Wall Street as TO the plans OF the purchasei'
NJ that small institution, the name OF "nlcI
MAS changed early in the summer 10 the ->d
tional Bank of the United States in New VI n
The uncertainty cleared up yesterday "ileh
,orn,al announcement was made that the Ma
,ional Bank of the United States would increase
its caritaI stock from S500,o1o to Sloo"ce
-, --,,,Id absorb the Western National Bank
18th &c controlled by Equitable Life Assurance
Society interests ,
Tho nsw institution viii be known as the
Western National Bank of the Unlted States
lis president will be Valentine P. Snyder no"
,,,,esident of the Western National Bank. Inc
,ie presidents will be Richard A. McCurdy'
president of the Mutual Life; James h hgoe'
yice-president of the Equitable Life; Thornas I
nan vice-presidert of the Morton Trust Com
pany. and Henry A Smith, Vice-presiuen' u
the Western National Bank
This union OF forces will bring together sew
oral of the most powerful financial interests IN
tho city and will create banking institution
hardly second 10 any in NewYork i'll It's pach-
ing and in the interests with which II VIII pe
affiliated There are only three other banks III
New-York at the present time with capltal IN
excess of 100000
The financial results of the plan. II is of1l-
ciatIv announced, are entirely satisfactory 10
the shareholders of each bank The new lnsli -
tuition will be placed by its capital OF Slooo'oVV
aud the earnest backing of the institutions above
named whose combined resources amount 10
81 ooooo0oeo in the strongest financial posi-
ton.
snecisl meetings of the stockholders of the
two banks will be held on January ID. to vote
unon the resolutions looking to analgamatlon'
which have been adopted by the respective
bosrds Of directors Later in the same DAY,
which is the date fixed by law for the annual
meetings of national banks. the stockholders OF
the new consolidated institution VIII eject q
hoard Of directors. The proposition to be SUD
uaitted to the stockholders OF the Natlonal Bank
Of the United States are: To increase the cap
its1 stock to S10000o00 and to acquire all the
assets Of the Western National Bank at the
roolk value thereof as shown b. that bank 8
statement of its assets and haohltles OF the
date of such sale and the assumption by the
National Bank of the United States OF all the
liabilities of the Western National Bank. as
shown by that statement
To accomplish these results. II is proposed
10 pay to the holders of the present stock Of the
bank a dividend OF IS per cent in cash. and
TO issue $1,000 shares of new stock at Sl25 a
share of which 5000 shares shall be offered
TO the present stockholders for subscription
and The balance shall be used by Levi ?. Nor
ton. Richard a. McCurdy and Thomas T. Ryan.
as committee in the acquisition of the assets
of the Western National Bank. and otherwise
in their discretion for the best interests of the
bank 1t is also proposed to increase the num-
her Of directors of the consolidated bank from
eleven 10 not more than thrty-fve.
The National Bank of the United States had.
according to the latest Clearing House state
ment a surplus of S4SS,S00. or. approximately,
100000 Out of this surplus a cash dividend Of
a. per cent on the capital stock of Soo0,oco,
amounting to S375.0oo. is TO be paid on January
10 to the stockholders of record on January >.
As the 1000 shares of new stock will be issued
at 12a the sum of 81 S75O 600 will be realized of
which 81 100000 will he added to the present
S5o4oao stock. making the total capital stock
Slaoaa6gpa and the remaining S2,3T5.OO0 will be
added to the present surplus of Sl2o"e
tSraoono less the cash dividend Of S315Col.
giving the Western National Bank of the United
States a total surplus Of $4,000. The offers
for the stock of the Western National Bank are
two in number-either $500 a share in cash or
40 per cent in stock Of the enlarged bank ana
$50 a share in cash. which would figure out
about $3.50 as the value of stock of the Western
National Bank of the United States.
The proposition for the combination of the two
institutions is made by the holders of majority
of the stock of both banks, and is therefore
certain of ratification at the formal meetings
10 he held next month. In the stock of the new
institution the Equitable the Mutual Life ana
the Morton Trust Company Will each have a
little less than one-third interest, the remain
ing shares being reserved for certain outside
capitalists.
The directors of the National Bank Of the
United States are George F. Baker, Frederic
Cromwell. William Nelson Cromwell, Thomas
I.ax-i
Dick S. Ramsay, Thomas F. Ryan, Jacob II.
Schiff and William c. Whitney.
OF these men Messrs. Baker McCurdy, w MT
ney and Frederic Cromwell are trustees of the
Morton is a director OF the Equltapie; anu
Messrs Morton. Baker, Frederic Cromwell, NC
Curdy. Ryan. Schiff and Whitney are directors
Of the Morton Trust Company
The directors Of the Western National Bank
are James W. Alexander, James H Hyde, IL.
NJ Alexander c. Ledyard Blair. Charles T Bar
ney + NJ Ceballos Valentine P. Snyder, George
]. Gould. John F. Dryden, Otto II. Kahn, LOUIS
Fitzgerald. Martin Erdmann, Chauncey M
Eepew. Thomas II. Hubbard. Luther hountze,
John Howard Latham, David H Mofat, James
II. Parker, Brayton Ives. Sidney r Tyler ana
William n. Coler. jr. Messrs. Jones w. and II.
VI. Alexander. Blair. DepeW, Fitzgerald Gould
Hyde Ives. Moffat and Snyder are also directors
Of the Equitable Life Assurance Society.
The largest hank in the city and the United
States is the National City Bank, which three
wears ago was the first banking institution 10
Increase its capital then 100000, to $4,000
GOO and which last spring took the further step
Of increasing its capital stock to S25,Oo0oOO
and its surplus to S15,00o.Oo0. In January, 1900
the National Bank of Commerce absorbed the
National Union Bank, institution idenuhed
with the Mutual Life. and increased Its capita
from S5.Oooo0o to S1o0oo0O0. The third in
stitution TO enter the S10,0O0,OOO class was the
First National Bank, which raised its capital
last year from S5,000,000. None of these in
situations. however, il was said yesterday in the
Street. surpassed in solidity and in prospective
growth the Western National Bank of the
United States. backed 1t is by the enormous
Of Afrr+., I
many with subsidiary trust companieS; 81