The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-09
REPUBLIC TRUSTC0. ALL RIGHT
>iNDH no TAKE OVER SHIP
BUILDING 90. SECURITIES.
statement h, Bank Superint endent IN.
burn and Another on Behalf OF the
Trust company George n. sheldon
al the Head OF the New Syndicate.


al the Head Of the New syndicate.
A syndicate is forming TO take over the
securities Of the United States Shipbulding
Company " hich have been in the possession
of the Trust Company of the Republic
The face value of these securities. bonds
and stock, II was reported on good au-
thority in Wall Street Yesterday, amounts
e. s,tNO,OW. Since the break in the price
Of tho trust Cornpanv's stock on the curb
from 1870 share TO sl75 last Friday there
has been Wall Street talk over the practical
non-e&istence of market ON the curb
for the securities Of the United States
Shipbuiding Company. for it was UNDER
stood that the Trust Company Of the Re
public was heavily Interested in the
financing Of the shipbuildng company.
Frederick kilburu, State Superintendent
Of Banks, came to this city on Thursday
night last and has been here since. Albert
&. Judson. examiner Of the Banking De-
partment for this district. has visited the
trust company and examined into it's con-
dillon and has reported TO Supt. kiiburn
The latter, who was seen at the office of
Examiner Judson. SO Broadway, yesterday
and asked about the affairs of the Trust
Company of tine Republic, made this state
ment:
Il have looked into the matter. A syn
dictate Is being formed and all but about
$4,000 Of the required amount has already
been subscribed to take out of the Trust
Company OF the Republic every dollar it
holds Of the securities of the United States
Shipbuilding Company. BY Monday night
the balance will DO subscribed and the
securities taken out of the trust company.
III -. A
solutely no cause for alarm concerning it."
Supt kilburn referred his questioner
for further informal ion to George Il. Shell
don, head Of the banking firm of william
G. Sheldon Il Co.. Wall street. Mr.. Shell
don declined TO make any statement for
publication. 1t was learned. however,
that Mr.. sheldon heads the syndicate which
Is forming to take over the United States
>mpbuilding securities from the trust
company. The interests concerned in
he matter applied TO him 10 undertake
the work.
Mr. sheldon has not been connected
'I'h either the Trust Company Of the Re-
2ublic or the shipbuiIding company. There
vas an original underwriting syndicate
mas under" Ote the bonds Ot the United
states sa.pbuiding company at w. the
underwriters getting as bonus rs per
cent. oil the amount OF tIltlT SUBSCRIPTION
IA the preferred stock and rs per cent.
IA the common stock. This original syII-
dCate, it was stated yesterday, mas been
closed up, excepting 70 tar a. the Trust
lonpany of the hepubnc Is concerned.
The syndicate which Viii take over the
zig block OF shipbuilding securities from
jno 'usi ,1iahy hj an entirely now
syndicate " Mich l. understood TO include
.,u.v e the strongest financial interests
% tu" strest.
Included in the new syndicate, 1t was
t,poNel yesterday, are some banks to
Which the Trust Company Of the Republic
urn Il over some of the Shipbuildiug Sc
MT :. Daniel lie Roy Dresser, president
II the trust company, IL now in Europe
James Duane Livingston, one Of the COM
pany's vice presidents, " no was informed
Yesterday of Supt kiburn's statement,
had nothing TO say Treasurer Clarke of
the trust company also refused to talk. The
The following statement was. however, last
night given out for pub ication on the
authority of the officers OF the trust com
Ilany. 1t being said that no one wished to
be quoted personally and no one was at
liberty to tell who Mr.. Sheldon's asso-
Ciates were
The securities Of the United States Ship,
building Company were underwritten abroad
writing agreement which provided that the
underwriting syndicate should last until July
the syndcna this ss synddSe
certain OF the underwriters in France have
M a no, e ray ,nt their sH,
ali the properties Included in that conibina-
lion were transferred and their capital stocks
ali the cash needed for the TRANSACTION was
furnished and the company began business
With 81 100000 paid in its treasury for work
Ing ca 2ital and ST. 900 Of It's bonds TO b.
P e Gi eondon 'G and dong In Sanydsome
On the French underwriting viii ch was not
faE m lpup ara m ar a n m fry hy
mad on this nnnde[w writing by the Trust Com
Comrarst lively recently a syndicate or pool
vas formed. OF which George Il. Sheldon Is
ne North kmariSan nc Company. Wy Hi ' poo
which is conn osed OF some of the strongest
nconG i. The street his all thee
gone to France. and Is paying OF the
amounts borrowed on them. The, payment
loans which il made OH some OF Il csc securi-
ties relieves II OF It's Interest in them. but does
not AFFECT its position as syndicate manager.
vas contemplated IN the bepinning. but de-
o strife GP Snd h,sh monsS has been % CONE
rlri"d and nut the trust company In very
'trong situation.
Tho Trust Company of the Republic
tegan business on March 81 Of this year.
It's stock was subscribed for at $3.50 "a share.
Its main Office il at 3+8 Broadway, and
It has one branch at u William street and
another in the WaldOrf-Astoria Hotel.
The following are the company's directors:
Perry Belmont, Charles r Brooker. George
6 Boldt. W ID. Baldwin. Thomas Crimr,iIs.
Daniel Leroy Dresser. James H. kels.
Goodrich, George Gould. n" Hon,
McSIahon, Charles Is Marvin. John II Parker,
,iSnry C. Rouse lhomaSs Randolph. Z
bridge q Snow Charles W Wctmore. Daniel
g. Wing. Edwards Whitaker. ENecutiv"
Commttce- Messrs. Marvin. chairman: Fish.
Rrooker. Greig, Ssttcrlee and Dresser. cx
ONlCio.
This Ia n statement Of the company's
condition, as reported to the superintendent
# the Banking Department as of June
30, 1902:
RfsouRCEs
other stocks and bonds, ,.....,,..,,.., ?2jto GO
nhnS on colstt falS 2,Ib ,iNtii
s
cash on hand and In banks.....,,,...,, 62i,9i4 50
interest accrued ACKNOWLEDGEMENTS. fl.S 10
Total tA5it04?ss