New-York tribune., 1903-04-30
OPPOSED TO MERGER.
Fan NOrden Trust Co. DeslrOUS OF
Taking OUer the Eastern.
CIRCITIAR TO STOCKHOLDERS.

The Van Norden Trust Company. 1t was
learned Yesterday afternoon. is desirous of TAX
ing over the Eastern Trust Company. Of No. 10
Broadway Both institutions have been es-
tablished within the last year or so, and both
stand well in the estimation of Wall Street Ihe
first public intimation Of the merger project
came in the form of 4 circular which was sent
yesterday afternoon to the stockholders of the
Eastern Trust Company by the brokerage
house of Lisman, Lorge & Co, j. B. Lorge, of
that firm. being Director of the trust com
pany This circular was as follows:
proposition has been submitted to the stock
holders Of the Eastern Trust Company to exchange
Gompany' and YOU have undoubtedly received d
circular inviting you to do So The market price
between 255 and 258. The book value. according to
Mr.. Van Norden's own statement TO US snort
Eastern trust Company stock is 1861. The assets
City bonds and call or time loans on listed col
lateral With the present state Of she N monGX n1
out out at 5 ne p4 to to the 9Su enpabn
c6mpany to realize on all its assets practically
within twenty-foqr hours without any loss The
Company stock for fifty shares of Van Norden Trust
Company. stock and $500 in cash. figures there
The book value Of fifty shares of Van Norden
for which the stockholders are asked to give up
100 shares Of Eastern of cash value OF over $500
at 255 the situation is only impr9ved to the
extent Of and sun ar tne aske6 o presen m the
stockholders Of the Van oNorden Trust Company
This does not look like good business to US and
have doubt upon consideration, Will not
strongly advise you to keep EasteTn a
made. we invite you to call upon US for further
per cent. When the stockholders themselves. with
out the kind proffer of outside aid, could nquidate
aguTes aeglF s"" COMPANY a '''' ~ ~ '
A. A Lisnlan of LIsman. Lorge & Co. when
seen at his office said that he proposition from
the Van Norden Trust Company had been
handed around from hand to hand without sig
natures: It the purpose Of the Van Norden
Trust Company, he continued. to use t East
ern as & downtown branch if 1t should secure
possession Of It,
"I am speaking for Mr Lorge. who is a
director in the Easterl Trust" added he I'VE
will block this exchange even if we have to go
to the courts to do SO. To exchange securities
at the figures offered would be giving away
100000"
Two directors of the Eastern 1t was said,
favor the Van Norden proposition Mr. Lorge,
who came in after meeting OF the executive
committee of the Eastern Trust, said that the
majority of directors were opposed to the PRO
posal and would put out a circular along the
lines of that issued by his firm.
The executive committee. 1t was learned from
another director. approved yesterday the draft
of a communication to be sent to the share
holders This letter, after saying that the offer
reported to have been made by the Van Norden
Trust Company had not been made with the CO.
operation OF the board of the Eastern Trust
Company advised the stockholders to take no
action on that offer until after they should nave
received the report of the condition of their
company on May l. which would be sent them
on that day.
The stock Of the Van Norden Trust Company
is currently quoted at $50 bid, 26O asked, and
that of the Eastern Trust Company at 160 bid.
175 asked. Neither company has yet paid
dividend.