The Providence news. (Providence [R.I.]) 1891-1906, 1903-07-16


Trust company. which. according to the
banking department OF the state Of New
Jersey. WIS nbo-t-to float $40 900 900 ot
collateral trust bonds and to increase It's
capital from 100000 to $4,000. 900 on an
asset basis of s62l9 cash. had another
spoke put In its wheel yesterday The
New Jersey commissioners OF banking and
insurance laid their official hands on the
cash assets. as well as the s1ls00O o.
liabilities. and will hold both until further
notice. The following announcement "a
that effect was posted today on the door
OF the Jersey City ONCE OF the concern.
10 Exchange place:
The commissioners OF banking and
insurance OF New Jersey have taken pos
session OF the property and business OF
the Interstate Trust company at Jersey
City.
THE said company maintains another
ONCE, which is at 25 Pine street. New
York city.
tSigned) Il. r. VREDENBURGH.
State Bank Examiner"
The certificate OF Incorporation Of the
company named the following persons
with the stockholders OF each, as the in o.
corporators:
Charles c. Edey Manhattan. 100
shares c. Amory Stevens. Summit ~
j.. 100 shares: b. l.. Arbecam. Manhat-
tan. 300 shares; Henry r. Hutchinson
Brooklyn. 100 shares: Edward " Loewe.
Manhattan. 100 shares: Wesley c. Ro-
iier, Glen Rock. Pa. 100 shares. Charles
c. Frick, York. Pa. 100 shares. and Amzi
w Strong Chicago. H.. 100 shares.
The office OF the Inter State Trust com
pany In New York is on the second
floor Of 25 Pine street. where Burtis T..
Arbecam also has his office. Mr.. Arbe-
cam Is now one OF the directors OF the
Inter State Trust company and accord
ing 10 the directory OF directors. he is at
tached TO more corporations OF one kind
and another than anybody else connected
with the Imboden- Ban ga n weeden Per
rim Banking and Trust company combina-
ton.
w. S. Madison treasurer Of the com
pany, got out brief statement which
was ready for delivery late this afternoon
According 10 this statement. the Inter
State Trust company is all right. There
isn't event Jersey mosquito on IT,
CAME FROM PROVIDENCE.
The statement was all that the Inter
state Trust company produced in refer
ence 10 itself but more interesting news
about II and the other financial institu
uons that have been gathered in pretty
much all the way from Maine to Texas
by that comprehensive nnancier, Leonard
B. Imboden was obtained next door, on
the ninth floor OF q Pine street
There are the offices of the Bankers
Corporation Of New York and the offices
OF Leonard Imboden & Co. bankers. In
the office were Jsbez =. Perrin and an
ample and fatherly looking man who an
swered to the name OF Sweet. Both Mr..
Perrin and Mr. Sweet admitted that they
came from Providence, r. /.
what's the corporate history of the
Bankers Corporation OF New York;" |
sked the reporter.
Mr. Perrin said: you don't appear to
know II all young man, and I'll tell you
Weeden & 60. were firm OF bankers i'm
Providence. r. !. They extended their
business eusl 70 New York and took these Of
New York Realty company.
We didn't put In all these symphonies |
IN green that were, talked about The /
realty people did that. Well. Prindle, /
Needen q Co. came here. and after thew
had been here a little while about last
rieoruary. | think. they disagreed among
John Banigsn heard OF II. and nc formed /
the Banden company and bought out \
Prindle, Weeden & Co.
The Banden company, named as near
20 Jonn Banigan as he well could Ak a.
didn't want any office In New YORK It's
principal office is in Providence At least.
mats where the treasurer and the books
are; The officers of that company. IN
you'd like 10 know them. are: President.
Charles II. Daggett; treasurer. y r. Nick
eslrsson; sls directors. John ]; Banigan and
are from Providence except Kingsley.
- WANT RECEIVER APPOINTED
Trenton. ~ j.. July l6-Attorney Gen
siaI ROBERT n. McCarter. acting for state
Banking and Insurance CommissIoner
David o. Watkins. applied to the chan.
cellor Tuesday for the appointment ~ n
receiver for the Interstate Trust comnanv
Of Jersey City.
The chancellor signed an order re-
rtraining the company from transacting
business pending the consideration Of a
rule made returnable before the chan
cellor two weeks from yesterday. The
banking department took charge OF the .
rompany's affairs. with the ultimate OBJ
lsct Of having IL put out Of business en-
irely.
For several months the banking com J
missioner has had the company under !
and as result OF inyesti- I
cations in this and other states he
charges In the bill of compla int that the 7,
interstate company is one link in .
'hain Of trust companies and banks scat 4
ered throughout the country which are /
ising the forms Of the law 10 secure n d
pecious and false credit for all OF the
institutions. All OF these companies the =
commissioner alleges. have been pro- I
noted and are controlled by Leonard $
mboden Of New York and his associates. e
smong the institutions which the depart. 9
nent SAYS IL has discovered In this chain !
re the Fidelity Title and Trust company
" Stamford. Conn. the Central Trust q
ompany of South McAlcster. T. T; the h
'herokee National bank 81 Enid. Okla ! n
he Farmers National bank Of King G
sher. Okla. the National Bank of com
nerce OF Fort Worth. Tex. and the New
'astle Trust company OF New Castle. a
)el
As far az the examiners ~ the derar'- /,
1ent- have been able 70 discover. noet 4
these institutions have done little A
ctual business TO date except 10 os- r