New-York tribune., 1907-01-31
NEW NATIONAL BANK.
COPPER MEN FORM III.
COPPER
Institution to DerOte Special 4tten-
ton to Mining Interests.

new national bank is soon 10 begin business
here which from all indications, Will from the ou'
set take rank among the leading financial lhsll'u
tions of New York City. The application for per
mission 10 organize the new institution which y
10 have s. coo 600 capital stock and 20OoOO surplus
has been approved by the Controller or the Nut
rency. and the bank Will begin business proDapiy
about May J. on the ground hoor Of the Trinity
Building No ll5 Broadway, now approaching COM
pletion-
The names OF the five applicants for the charter
show that the National Copper Bank mas peeh
organized by Amalgamated Copper Company IN
terests and copper interests allied with them. these
men being John D. Ryan president or the Ana
conda Copper Mining Company and managing OIL
rector Of the Amalgamated Copper company
Thomas F. Cole. president OF the ollVer iron
Mining Company a subsidiary mining company OF
the United States Steel Corporation and president
OF the Butte Coalition Company and the Greene
Cananea Copper Company, and a controlling factor
in the Calumet and Arizona, North Butte ana Su-
perior and Pittsburg companies; Urban H. bious"t-
on president OF the Utah Consolidated copper
COMPANY and managing director Of the United
Metals Selling Company; William A Paine presi-
dent of the Copper Range Consolidated company.
and William 3. Dickson, second vice-pTesident OF
the United states Steel Corporation and director
IF the Butte Coalition Company
Mr.. Ryan said. yesterday in speaking Of the rea-
son for starting the bank:
People connected with the large copper interests
Of the country have agreed to join in the enter
prise The bank will do a general banking pusl-
ness, but will pay particular attention 10 mining
interests. The mining industry has reached , sucn
the interests of which are familiar with the mining
business and with the affairs OF mining companies
will be a desirable institution
The copper companies are very strong from the
this bank Of material assistance in making good,
profitable and safe useof the surplus funds 81 the
identified with the organization of the bank expect
TO do n large business with country banks, par
addition TO the men directly connected with the
copper business. large number of bankers in the
ested in the enterprise
Exclusive Of tho Amalgamated Copper Company
and its subsidiaries. Il is said excellent author
ity the copper companies controlled by interests
identified with the benk hold in their treas
uries aggregate Of fully s5.OoOOOO cash. most OF
which will probably be deposited with the National
Copper Bank
The list OF directors OF the bank has not
been completed. but it Is believed that among the
members OF the board. in addition 20 the Ave men
who signed The charter application are 10 be H. H
Rogers, who as the father-in-iaw OF L. II. Bough-
ton, and William B. Thompson. OF Hayden, Stone
% Co. who is an important figure I'm the Nipissing
II IS understood that the widow Of Marcus Daily
Is % be largely interested in the new bank. John
u Ryan 9nd Mrs. Day. il is said, q chain
Of banks in the principal cities OF Montana, MessrR
Michigan and Mr.. Cole is also Interested, II is IN
derstood, In several banks in Duluth and elsewhere
IN Minnesota Mr., Ryan has had experience as a
he viii the presidency of ths Natloral COP
per Bank.
The other Offices are expected to be hIed BY men
now in the service of New York banks. but the
unaI arrangements have not been made n ali cases
ment
As said by Mr.. Ryan, the new bank Will pay es-
pecisl attention to mining interests, a branch OF
business 20 which the existing banks OF this city
have given little or no attention. Outside of Anal
gamated ana Anaconda, the securities OF mining
companies are not permitted 20 be placed in The
loan envelopes OF the banks, although not few
OF these companies are solidy prosperous and un
stock!
CT such companies IL is understood, will be ac
cepted by the new bank as part of the collatera
against loans made by the institution.
What Wall Street was unable TO figure out yes
terday 10 its satisfaction the relation OF tn,
new institution to the National City Bank, the in
terests controlling which dominant in the man
agement OF the Amalgamated Copper Company
The best opinion was that the National Copper
Bank would in no be antagOnistic 10 the Ma
tiOnal City Bank. but, the other hand Eoulf
complement it, aiming TO make itself as Influential
as the bank OF the great mining interests as 4.
the National City Bank in the field of general bank
ing.