New-York tribune., 1905-04-12
TRUST COMPANY MERGER
Oakleigh Thorne President of Ne1C
Institution.


| Trust Company of America and the City Trust
Company are to he consolidated into one COM
pany, having a capital of S2OO0000 and a sur
plus of S960OO0O it was announced last night
For the purpose of effecting the consolidation
more than two-thirds of the stock of each Of
the three companies has been placed in the
hands of a committee of six as follows: Charles
7. Barney George R. Sheldon, Hosmer B. Par
sons, Emerson McNIillin. William H. Leupp and
Oakleigh Thorne.
a special meeting Of the directors Of all the
companies has been called for April IS to ratify
the actions of the committee and later the
stockholders will be called together ratify the
action of the directors. thereby completing the
merger. The total deposits Of these three COM
panies are in excess Of S5OOO00O0 The name
Of the new company will be The Trust Com
pany Of America" and Oaklegh Thorne will be
president
Negotiations for the merger Of the North
American Trust Company and the Trust Com
pany of America we're begun in the summer of
of 1903 but. after having reached an advanced
stage were dropped. A few months later they
were resumed, and last May were understood to
be virtually completed, but, as before. were sus-
pended before the decisive step was taken
In December President Thorne. of the North
American Trust Company. announced that in
terests represented by himself had for many
months been acquiring stock Of the Trust Com
pany of America and that these interests would
probably secure representation Of eight mem
bers in the Trust Company of Americas board
at the annual meeting in January-an expecta-
ton which was realized. About month ago
the Broadway Securities Company. with S3-
O75OO0 capital stock was incorporated at AL
bany, and it developed few days later that
this company had been formed to hold the con
md
the Trust Company of America which had been
purchased by the Thorne syndicate. The merger
Of the two trust companies named has all along
been regarded by Wall Street as only a question
of time. but the projected inclusion of the City
Trust Company in the combination has been a
successfully guarded secret
The history OF the North American Trust
Company has been one Of successive enlarge
ments The old North American Trust Com
pany was formed in 1898, taking over the as
sets of the Jarvis -Conklin Mortgage Company.
On May 26, 1899, radical change in its man
agement occurred the late Colonel W. L. Tren-
holm being succeeded as president by Alvah
Trowb bridge for many years vice president Of
the National Bank of North America and Sam
! uel NJ Jarvis and Roland R. Conklin retiring as
vice presidents.
In the summer of 1899 the International Bank
ing and Trust Company was organized. with
capital and surplus of $500, 600 its principal
object being stated to be the transaction of the
foreign and domestic business of life insurance
companies It's first president was Stewart
Browne. who was soon succeeded in office by
Oakeigh Thorne, and April 3. 1900. the
directors of the International Banking and Trust
Company and the North American Trust Com
pany voted to merge the two companies in one
institution to be called the North American
--,--. e.. he lot
succeeding Mr., Trowbridge in the presidency Of
the latter institution.
The Trust Company Of New-York. which had
been organized on November % 1899. with a
capital and surplus of $1O000O0 each. and OF
which Willis s. Paine president, was
amalgamated with the North American Trust
Company in February. 1901; and at about the
same time the latter institution took over the
Holland Trust Company and the Century Trust
Company in liquidation
At the close Of the Spanish war the North
American Trust Company had extended IT'S
operations TO Cuba opening branch Offices in
Havana and Santiago the Havana office being
the United States depository for Cuba. On July
l. 1901, the National Bank of Cuba organized
a few months previously by interests Identified
with the North American Trust Company, took
over the banking business Of the trust company
in the Island of Cuba.
The officers Of the North American Trust
Company are: President Oaklaigh Thorne; vice
presidents. William H. CHEESE brough. Heman
Dowd and NJ. Wynkoop: secretary F. L.
Hilton; treasurer s. D. Scudder: trust officer.
James r. Burnett. The company has $2,O00O00
pital stock on which 10 per cent dividends
paid annually. and surplus and undivided
profits of $3.50, ,00n
The Trust Company of America was formally
organized in June, 1S99 the late ex-Controller
Ashbel P. Fitch being elected president. and
William H. Leupp. second vce-pTesident of the
armers Loan and Trust Company. viCe-pres
dent. Its capital stock. at the outset $2,jOn0OU.
was reduced last June 10 Sl.00O.0O0 which
dividends of II per cent year are paid It's
surplus and undivided profits on December II,
1904 amounted to $321o.69S. The officers are.
President William II. Leupp; Vice-presdents.
William Barbour and ~. 5. Manning; secretary,
4. J. Chatry and treasurer. A. L. BanisteT
The City Trust Company began business
March l. 1899, With the same officers as at pres
ent direct its affairs: President James Ross
Curran; vice president, John d. Crmrlias; sec
ond vice president. George r. Sheldon: secre-
tary. Arthur Terry: assistant secretary. Walter
" Lee II has S10006O0 capital stock ana
81 .S26 T96 surplus and undivided profits. The
dividend rate on its stock is : per cent
The New Trust Company of America with
its $1,000 900 capital stock and SiOO00O00 d.
posts will he among the largest institutions OF
the sort in the city. being surpassed in amount
of deposits by only the Farmers Loan and
Trust United States, Union. New-Ycrk. Morton,
Guaranty. KnickerhocSer ard Mercantile Trust
companies.