New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-30
TRUST OFFICER OUT.
FAILED OF PROMOTION.
H. L. ThorneU, Secretary, Resigns
FoILo1rS J. S. CLarb's fiction.

There were interesting occurrences at the spe-
cial meeting Of the trustees of the United States
Trust Company held yesterday TO accept the
resignation Of James s Clark and fill his place
| as vice-president. The election Of William NJ
Kingsley as Mr. CIark's successor was imme-
diatsly followed by the resignation Of Henry L
Thornen as secretary Of the company. The res
ignation Of Mr. Thornell was explained in the
following announcement:
Mr. Thornell. who has been for almost quar-
ter Of a century the secretary Of the company.
also presented his resignation. in accordance
with determination previously announced not
70 remain connected with the company IN the
event that the vacancies in the Offices Of prest-
dent and vice-president should be filled without
regard to his long time service and connection
with the company.
It is understood that much the same reason
has actuated Mr.. Clark in hts resignation. When
John A. Stewart. now chairman Of the board Of
trustees, retired from the presidency Of the COM
pany. it was currently reported that Mr.. Clark
was 2 candidate for the position. which went
10 Lyman ]. Gage. When Mr.. Gage made known
his purpose Of resigning Mr.. Clark again sought
to he made president and the knowledge that
the place would not come TO him caused his res
isnation. It is said.
Mr.. ThorneH made known 10 the trustees some
time ago his intention to resign If he were not
chosen 70 succeed Mr.. Clark Mr.. Thornells
work, his long service with the company and his
value in the place are thoroughly appreciated,
II was said Yesterday by an officer of the com
pany, but despite these considerations 1t was
felt that there were tempeTamental conditions
which made il advisable that another man
should succeed Mr.. Clark Deep regret was eX-
pressed at his leaving. but his resignation was
accepted without question and at once Il will
take effect on April p as Will that of Mr.. Clark.
William ". Kingsley, who succeeds Mr.. Clark,
will perform much Of the work that has been
done by Ar Gage. He will look after the loans
and investments Of the company and will be the
chief financial man. He is a member of the
firm Of Kingsley, Mabon & Co, bankers and
brokers ar No. 40 Wall street, and is we'll known
in financial circles Z. w Sheldon, who will
succeed Mr.. Gage as president Of the company,
viii perform the bulk Of the work formerly done
by Mr.. ThOnell who was trust officer of the
company. Mr.. Sheldon is lawyer, and has
been for many years counsel Of the company.
He is thoroughly acquainted with the estates
and trusts managed by the company, and is felt
70 he especially we'll fitted for this work No
successor TO Mr. ThOrneU has been chosen. but
il IS considered likely that Mr. Hampton the
assistant secretary, will get the place
The resignation Of Mr.. Gage q president of
the company was not presented at the meeting
yesterday. but will he handed in formally at the
regular meeting next Thursday and will take
effect month later. Mr.. Gage Is anxious to re-
tire at the earliest possible date.