New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-21
MANY CHANGES MADE.
Stockholders of Trust Companies
Elect Officers.
EASTERN MANAGEMENT UPHELD.

tanned. the threatened opposition disappearing
a. he last moment. A change Of management
was effected IN the Merchants Trust Company,
Edwin Bawley becoming president in place OF
Edwin Langdon. The stockholders Of this COM
pany at their meeting elected the following
directors IN the class OF 1907: James E. Reyn-
oids, +. c. Travers, Henry Sampson, Jacob I.
Phillips and Thomas L. Feitner.
Mr.. Reynolds was a director OF the company
I'D 20 a year ago. when he resigned. and he has
now consented TO act IN that capacity again.
Messrs TraVers and Sampson were already
directors and were simply reelected. Messrs
Phillips and Feitner the strictly new mem
bers Of the board. Mr.. Feitner was president Of
the Department Of Taxes under Mayor Van
wyck
It may be recalled that up 10 short time ago
there was a contest on for control Of the Mer-
chants Trust Company. Frank J. Gould was
understood 10 be the controlling interest in the
company. While the contest was in progress an
option on his holdings obtained and later
exercised. When this transaction was COM
pleted Mr.. Gould, and also Il B. Henson and
Guy Phillips resigned as directors. The men
elected yesterday represent the new interests In
the company. and # is officially stated that all
are working in entire harmony.
EDWIN HAwLEY CHOSEN.
The newly elected board of directors at a sub
seouent meeting yesterday elected the following
officers: President, Edwin Hawley; vice-presi-
dents, F. c. Travers and Jacob L. Phillips; Sec
rotary and treasurer. F. P. Davis. Mr.. Travers
was already vice-presdent. Mr.. Phillips is the
new vice-president Mr.. Davis is 4 brother of
F H Davis for many years connected with the
Southern Pacific Company, and more recently
treasurer Of the Minneapolis and st. Louis Rail
road Company and vice-president Of the Iowa
,l,.-
Of the Stock Exchange firm Of Hawley & Davis.
The stockholders of the Eastern Trust Com
pany held at l o'clock yesterday afternoon
special meeting, at which amendment 10 the
bylaws, reducing the number OF directors from
thirty to tHenty-one approved by the unan-
inous vote Of CTS shares. The annual meet
ing was convened Immediately after the adj
5ournrnent OF the special meeting. The directors
report was unanimously approved. and the fol-
lowing ticket, recommended by the nominating
committee. was elected for the class of directors
retiring in 1907 and received 7,S1S votes, the
total number cast: Frederick 3. Schenck. Henry
Rowley, William Skinner, Jesse c. Bennett,
William +. Corwine. Isaac Stiebel and John c.
Bisele. OF these seven men. Messrs. schenck
and Rowley were reelected, the other five being
new directors. The following members were
dropped from the board: Crawford Fairbanks,
W. c. Farnsworth. ]. 4. Finley. S. P Mccon-
nell and Eugene Zimmerman. OF the class of
1904. and ". T. Durbin. G.. H. Meldrum H. H.
Melville and General F. V. Greene. of the class
of 1905. DIR. J. II. Parker. who had been in the
class Of 1904. retired from the board several
months ago.
As already said, the opposition to President
Charles NJ. Jesup's administration collapsed en-
tirey before the meeting. A body of stockhold-
ers had for some time been actively engaged in
soliciting proxies for use in the election of d.
rectors who would vote for placing the institu-
ton in liquidation. the allegation of this group
being that the company was earning practically
nothing. and should therefore be wound up.
They secured a. fairly large number OF prox-
les. but Il is said discovered yesterday that
a considerable amount of the stock which
they had relied upon had been registered in
the names Of clerks and had a very few
days before the meeting been transferred to
the names Of the actual owners who voted
their holdings for the Jesup management.
Thereupon the opposition capitulated and
decided to vote their stock with the ajority
party. The largest stockholder IS S. r. Shipley,
president Of the Provident Life and Trust Com
pany. Philadelphia. The largest individual stock
holder is Morris X Jesup, who is the uncle Of
President Charles NJ Jssup. and who is under
stood to own nearly 1000 shares. his holdings
shares. Both MI Shipley and Mr.. Jesup voted
their stock for the present management, as did
william G. Park, who owns about 400 shares,
and who was a member OF the proxy commit
tee of the opposition. II is declared by repre-
sentattves OF the management that the Eastern
Trust Company has been making satisfactory
earnings since last March, and has every pros
pect Of a prosperous future. Expenses con-
nected with the maintenance OF q branch at
Broadway and Thirty-sixth-st.. now discontin-
ued, Il is explained, caused diminution OF the
profits last year.
THE GUARDIAN TRUST COMPANY.
At the annual meeting Of the stockholders OF
the Guardian Trust Company. Ernest c. Brown,
David Bennett King and Carroll P. Bassett
signed from the board Of directors. and W. d.
Stratton, Bird NJ. Robinson E. K. Stalo and
Henry Siegel were added TO the board, there
having been one vacancy. The following direc-
tors whose terms expired yesterday were
elected William T. Balkan, Bird S. Coler. Jo-
.eph n. Francolini, Ludwig Nissen. r. II. Roun-
tree and Leopold Stern. Mr.. Brown was once
second vice-president Of the company. and AIr.
King its general counsel Their retirement
seemed to indicate that the differences hereto
fore existing between members OF the board
OF directors OF the company. out OF which sew
eral suits have grown. had been settled. The
report was confirmed by Frank W. Woolworth,
the president OF the company. who said that
the whole dispute has been settled and all liti-
cation ended, and that the faction Of the board
represented by Messrs. Brown. King and Bas-
sett had entirely withdrawn from the COM
pany.
The Brown-F<ing party. II may be recalled. last
spring conducted a bitter fight against the re-
tention in Office OF Bird S. Coler. then president