Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-12
OFFER TO C0RTElY0U
Union Trust Company Wants
Him for President.
NO DECISION ANNOUNCED
Secretary of Treasury Confers With
Financiers and Friends.
CONCERN Is IMPORTANT ONE
Fourth Largest Trust Company in
New York City. d. Rookie
Teller Deposits There.
NO DECISION ANNOUNCED
CONCERN Is IMPORTANT ONE

NEW YORK, December 12.--The presi.
dency of the Union Trust Company, made
vacant by the death November IS of Ed
ward King. who had been the incumbent
of the Office for thirty-five years, has been
offered to George B. Cortelyou, whose
term of Office as Secretary Of the Treas
ury is to expire March next.
The selection Of successor to Mr.. King
has been in the hands of a committee OF
three members of the board of trustees
James T. Woodward, president Of the
Hanover National Bank; W. Emlen
Roosevelt and Charles H. Tweed. Mr..
Cortelyou. who within the last week
spent day in Wall street in conference
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
Secretary of the Treasury to become the
head of New York city trust company
on retirement from the cabinet Office. the
other three having been Charles s. Fair
child, who became president of the New
merged with the Continental Trust Com
pany into the New York Trust Company
Lyman ]. Gage, who was elected presi-
dent of the United States Trust Company.
and Leslie NJ. Shaw. who became the
head of the Carnegie Trust Company.
Oil King Is Deposition.
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 $685., Goo
and it's loans SAG, 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 81. 600, 900. on which
and surplus and undivided profits aggre-
gate $S.1sO.OOO. Among its depositors is
John D. Rockefeller, who keeps his per-
sona' account in the Union Trust.
The trustees. who include many we'll
known financiers. are Richard T. Wilson.
Charles H. Leland, HI. Van r. Kennedy,
w. Emien Roosevelt, James r. Wood
ward. Charles II. Tweed, Augustus W.
Kelley, Harrison E. Cavity, James Spey-
er. Robert Walton Goelet, William Wood
ward. Alexander Smith Cochran, Walter
P Bliss. Amos F. Emo n. Parker Short
ridge. Amory s. Carhart and Frederic
de p. Foster. Augustus w. Kelley and
Edward r. Merritt are vice presidents,
and John V. B. Thayer is vice president
and secretary.
Withdraw From Clearing House.
Under President King the company took
prominent and representative part In
movements affecting institutions in its
field. 1t was the first trust company to
sever connection with the clearing house
because of dissatisfaction with the rule
adopted by that body, its action in ceas-
member institution, in it's case the Han
over National Bank, being followed by
practically all the other trust companies
in Greater, New York. In the panic OF
October, 1907. President King acted as
chairman of the relief committee Of the
syndicate known as the Associated Trust
Companies, which advanced in all about
$33, 100000 to the trust companies threat
ened with disaster through runs.
Secretary Cortelyou has at least once
previously had an offer of the presidency
of local trust company. having been the
first choice of the reorganization commit
tee of the Knickerbocker Trust Com
pany for the Office of head of that insti-
tuition, which was subsequently accepted
by Charles H. Keep.
Mr. COrtelyOu'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 re-
spect of financiers In all parts OF the
United States, is we'll known.