Willmar tribune., 1903-04-04
a Trust Of Trusts.

O\0No ~AAA AoIs
ATrust Of Trusts.
The Bankers Trust company will
formally open its doors for business
at No. 143 Liberty street, Monday,
March 80.
In the board of directors Messrs. J.
p. Morgan i& Co. are represented by
George W. Perkins; the First Nation
al Bank by Henry P. Dawson, vice.
president, and the Rock Island group
of capitalists by Daniel G. Ried, who
is also vice-president of the Liberty
National Bank.
Other directors are: Stephen Bak-
er, president of the Bank of The Man
haitian company; S. G.. Rayne, presi-
dent Seaboard National Bank; James
G. Cannon, Vice-president Fourth
National Bank: E G. Converse, presi-
dent Liberty National Bank; Gran
vile w. Garth, president Mechanics
National Bank; A. Barton Hepburn.
vice-president Chase National Bank;
William Logan. cashier Hanover
National Bank; Edgar L Marston OF
Blair & Co., bankers; Gates w. Nc.
Garrah, president Leather Manufac-
turers National Bark; William b
Porter, vice. president Chemical Nat
ional Bank; Albert II, Wiggin, vice
president National Park Bank; Sam
uel Woo]vertop, president Gallatin
& Nationa Bark, land j. F. Thompson,
vice-president of the company.
Out-of.town directors are: E. F. c.
Young, president of the First Ma
tional of Jersey City, is known as a
power in the financial and traction
interests that center in Northerr New
jersey From Boston Robert Win
sOr, Of Kidder, Peabody & Co., Is the
board member: from Pittsburg. F. 81.
SHIELDING, cashier of the First Nation
al; from Kansas City, E. F. Swinney,
president of the First National, and
from Chicago James 81. Eckels, ex-
comptroller of the currency, and now
president of the Commercial National
Bank. Strong representatives will
also be chosen in due course from
Philadelphia and St. Louis, and pos
sibly one or two other large centers.
It is the announced policy Of the
new company to conduct "a trust COM
pany for trust company business. :"
No attempt will be made to compete
with the Dational or state banks for
ordinary active accounts, nor with
savings banks. The bankers trust
will rather confine itself to receiving
deposits of reserve and inactive ac-
counts, large and small, and to car
rying on trust company operations
on large scale. 1t will also comply
with the clearing house rule in regard
to reserve.-Wall Street Journal.
Circle within circle; trust OF trusts
to finance trust operations. That is
-I.A Al1 olo1o po1ua ;tem moana IT
means that hereafter the formation OF
new trusts will depend upon the mag
mates who control the chief trusts BOW
organized. If the proposed new trust
threatens to come in competition with
any existing trust it will find it very
difficult to get the necessary financial
assistance for starting. If any out
side financiers might feel inclined to
advance the money refused by the
bankers trust that organization Is
powerful enough to bring on tight
ness in the money market that would
make it very difficult for the outsiders
to put ANY of their funds into an en-
terprise where it would be tied up for
any length of time, and would make
rates so high that the new trusts could
not afford to take the money If 1t
could be procured.
~ From the standpoint of the specula
tor and investor In trust securities
this trust will probably be q good
thing, ..for any organization effected
would have to pass muster before
Gar Morgan, and he would not sane
zion IL unless the originators of the
idea could prove coRc'usively that
when. organized they would have the
power to compel the dear people to
como down with the spondulicks liber-
ally enough to provide for large divi.
dends on heavily watered stock
Thus the investor, speculator and the
owners OF old trust stock will be pro-
tected by the bankers trust.
And the .people? Well, they are a
necessary part Of the trust system;
! 1hey consume the goods and pay the