The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-22

| par value, and gets its share Of the profits
realized by that company from this trans
action in the form OF dividends. and " IL
only fair to say also that James II. hyde
is an officer Of the Commercial Trust Com
| pany at 81 500 year and stockholder
In the sum OF s25 600, par value, and he Is
also vice president Of the Equitable Trust
Company at 1000 year and stock
holder in the sum Of $500 900. par value.
| He therefore has strong interest IN seeing
| to II that these trust companies run no
risk and reap good profits.
THE PURCHASE OF THE EQUITABLE TRUST co.
supt. Hendricks reviews the history OF
the organization and development OF the
| Equitable Trust Company. 1t began az
the American Deposit and Loan Company.
organized for the purpose OF lending money
Stockholders on Jan. T. 1902. were for the
most part directors OF the Equitable
| Society. many of them members of the
executive committee, The society itself
| was credited with owning 1888 shares OF
the stock. James H. Hyde had 800 and
| other members of the Hyde family had
On Jan. :, 1902 an increase Of it's capital
| stock from $500 900 to 81 900 900 was au-
thorized The book value at the time
at $3.50 per share, and each stakeholder OF
record was entitled TO subscribe for one
additional share for each share Of his hold
! ings.
! HYDE TOOK STOCK ALLOTTED TO SOCIETY.
1T should he noted that the Equitable
society, which was entitled to take 1888
shares on this increase, elected to take
only COS shares, making its holdings 5000
shares. The 1870 shares allotted to the
| Equitable society which it did not take
| we're distributed as follows
,.,.. y py,. share; &
James i liyds and IS, ii Mcln'yr-,,russess '%
AMI hT ta, BLAINE SIS shares, TO other members
| OF IN. executive committee OF the society,
-rhe privilege Of subscribing to this
| increase proved to be very valuable. Mr..
! HYDE in his evidence explains. when asked
! Why the Equitable society did not exercise
! this privilege, that he. az chairman OF the
/ other members ~ these committees thought
| it unwise for the society to take in at $50
Il share it, full allotment of stock. Never
( thele,i' on his own personal account and Tor
J his mother and for himself and ", II.
Mcintyre a. trustees, he was willing to as
! sume the risk
! The next step in the development Of the
| Equitable Trust was an act of the legl4ia-
| ture passed on April =, 1902, changing the
name of the corporation. In January, 1903,
/
! 81, 600 600 to 81 0o0 900. the additional in
| crease to he paid for at $500 per share.
| The list Of stockholders and the number OF
shares owned on Jan. 81, the day before
| the increase. and alao the list as of Jan.
rs 1903. the day Immediately after the
! increase, follows
List OF Stockholders OF Date Jan. II. l0u3
Alexander ans H coIsy aso 81 4riandtf 10 B
Alexander. 100, {. F, Adams. 20, TO- A l.. Auend,'
| II - ia 4
sA 49, s"negS tI6 TO- loo o' Gnsnc. S
n pepew s sSc Roo % T. owns 100 John +
esm HS aH,aG' liz Se 4>iTstes' s0f c
81 $50 H1 Tsry tT As r. ar te'Pss
z rs'f Hsr ri al soo 81 Hall 10 ssory. y
HsSsra y naSsaF 100 jsmr' % , a5Ss
W. j,a aan% hNs os * e y "s0 &
MeTceniil- TrasI tompany,' goo n. +; Mf,ssit. y
McCurdy. s; a. $, ocns. 90 F, n Pendr,Eh, 70;
tHs PS S,oD kD 90 e as H 5,nr s% o
snyder. 100, Gag +. Tarbell, 200 Wnliam G. Van
George + wilson. $50
List OF st stockholders as Of Jan. rs. 1908
Assand- cony ss O." ~ easnaeF
amsnd MfsaGdSf l~qa. AS.%i f ssdS s u
10, T, Z BLANCHARD, q. rIsd glA1 u5 20
co BE- H iss Goicr Jr sss E. g. cosRosh
rs. Bainhrdgc Colby, s. " II. cruckef ito, +
cH%ae'! taa CS R'T btp. ey S. koo.
lowing ?o% john F. Dryden ESQ., r. r Dryden :, ,s
sm The f EHn,sdGe L nbs FARE to
gerald. $50: Henry rrlck 5os j. p. PoIgan. ioo:
see % "' dSua f;s. 8 n H afsssy
900 $. NJ Imam. 20: George W Jenkins, iss. Morris
5onn aSsnp wiser SS% enn S1aHs ~ A Rshn
c. X k csrsns Go ku9 Mx s,o
no Mercantile Trust COMPANY, s7s ", Meteali.
III %io% ,s M'sF' Mu s N'1
IS Y. / Mcintyre, ESQ; $ $. McCurty TO- George
2 20 / l. Rnoadss i1' :, dsors. y Roaseg % WI
S'"R' fo.ss saIs 90 s9xsid
!! Te %,s,5s
T. Wilson, 200
COST OF THE DEAL OF THE EQUITABLE.
The report then says;
at will be noted that the Equitable so
ciety is now the owner OF IL 1888 shares, an
increase of 10, 500 shares over its holdings
on the 9th day of January, 1903. paid for
at $500 per share an investment of IS 2sl 800
Mr. Krech, in his testimony. states that
the book value Of the trust company stock
after this increase was paid in was $3.50 Is
per share. In other words, the stock that
was paid for at $500 per share has now q
book value OF 1888 1-3 per share. a loss tc
the society Of Sic 2-3 per share, and the
} stockholders who took the stock at Sl5(
: had the book value OF their stock increased
to 1888 l-8, q profit Of $3.50 l-3 per share
a very handsome showing to the gentle
men who took the stock allotted to the
Equitable society, and the shareholders
of Jan. ~, 1908, before the increase, and 1
. very large loss to the society by reason o.
the determination of the executive com
mttee that 1t was unwise for the Equitable
to take the stock allotted 70 1t. Since THU
, reorganization the Equitable society hai
, kept on deposit with the trust company al
average Of about $40 900 900 At the low rate
Of 2 per cent. per annum.
? The simple statement OF the abov'
] transaction directed by tho ofhcers OF thu
' Equitable society and approved by the
. executive committee demonstrates tina
! they were not solicitous for the society
i welfare, but active In promoting their owl
9 private interests
i THE WESTERN NATIONAL BANK MKRoER
0 Supt. Hendric ks goes into the merge
>, of the Western National Bank Of the City o
4 New York with the National Bank OF tn
Q United States in New York. under the nam
n OF the Western National Bank Of the Unitet
a States, which was afterward merged intt
}. the National Bank Of Commerce. The re