New-York tribune., 1908-12-12
OFFER TO CORTELYOU
UNION TRUST WANTS HIN
FOR PRESIDENT.
Secretary Of Treasury Confers 10ith
Financiers and Friends Hasn't
announced Decision.

The presidency of the Union Trust Company
made vacant by the death November Is OF
Edward King, who had been the incumbent OF
the office for thirty years has been offered
to George B. Corteyou, whose term of office as
Secretary of the Treasury is to expire on March
next. The selection of successor to MI
King has been in the hands Of comttee Of
three members Of the board of trustees-James
L. Woodward, president of the Hanover Ma
tlonal Bank; w. Emlen Roosevelt and Charles
H Tweed-and Mr.. Corteyou, who within the
last week spent day in Wall Street, in confer
ence with these men and with various friends
in the financial district, is understood TO have
the offer still under consideration.
If he accepts it. he will be the fourth Secre-
tary of the Treasury, to become the head of
New York City trust company retirement
from his Cabinet Office. the other three having
been Charles s. FairChild. who became presi-
dent of the New York Security and Trust Com
pany. later merged with the Continental Trust
Company into the New York Trust Company;
Lyman J. Gage, who elected president Of
the United States Trust Company, and Leslie
NJ Shaw who became the head of the Carnegie
Trust Company.
The Union Trust Company is among the Oldest
financial institutions of the city. having begun
business in 1864, and also among the largest
its deposits, as reported at the last call OF the
State Banking Department, being 3.361,OOo
and its loans $50, 100000, a volume of business
exceeded by only the Farmers Loan and Trust
Company. the United States Trust Company
and the Central Trust Company. The capital
stock is S1OOOOO0, on which annual dividends
Of 10 per cent are paid and surplus and IN
divided profits aggregate SS1S0O0O. Among its
depositors is John D. Rockefeller who keeps his
personal account in the Union Trust.
The trustees. who include many well known
fnanciers. Richard T. Wilson, Charles H.
Leland. H. Van r. Kennedy, w Emlen RoOse
welt James T. woodward, Charles II. Tweed.
Augustus w. Kelley Harrison e. Gawtry James
Speyer. Robert Walton Goelet William Wood
ward, Alexander Smith Cochran Walter P. Bliss.
Amos r Enc n. Parker ShortridFe, Amory S.
Carhart and Frederic de P Foster Augustus ".
Kelley and Edward r. Merritt vicepresi-
dents. and John V. B. Thayer is vice president
and secretary. Under President King the COM
pany took a prominent and representative part
in movements affecting institutions in its field.
1t the first trust company to sever connec-
tion with the Clearing House because of dis
satisfaction with the rule adopted by that body.
its action in ceasing. in April 1908, to clear
through a member institution Ia its the
Hanover National Bank being followed by
practically all the other trust companies in
greater New York In the panic of October
1907, President King acted chairman of the
relief committee of the syndicate known as the
Associated Trust Companies. which advanced in
all about s33,OO0O0O to the trust companies
threatened with disaster through runs.
Secretary Cortelyou has at least once pre-
viOusly had an offer of the presidency of a local
trust company. having been the first choice of
the reorganization committee Of the Knicker
booker Trust Company for the office Of head of
that institution, which subsequently ac-
cepted by Charles H Keep Mr.. Cortelyous S
career from clerk in a government department
at Washington to secretary to the President
Secretary of the Department of Commerce and
Labor which he organized; Postmaster General
and Secretary of the Treasury, in which office
he has earned the confidence and respect of
fnanciers in all parts of the United States. Is too
well known to need more than mention
Washington Dec 11.-Secretary COrteyou
would neither confirm nor deny tonight the re-
port from New York that the presidency of the
Union Trust Company had been offered to him