New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-03
BANK MERGER PLANO.K.
Ru7nor of Its Failure Unfounded
Says Carnegie Trust Head.

me announcement yesterday OF the withdrawal
by the Carnegie Trust Company Of its recent appI-
cation 70 the State Banking Department for per
mission 10 establish branches In the offices at pres
sent occupied by the Twelfth Ward Bank gave
use IN report that the plan for merging this in
sutuuon, the Nineteenth Ward Bank and the Van
Noroen Trust Company with the Carnegie Trust
company had fallen through. Charles c. Dick
ihson president OF the latter institution and a
member OF the syndicate which recently bought
control OF the Van Norden Trust Company and the
two banks. said. however, that there ahso-
lntey no truth in the Tumor and that the plan
Tor merging the institutions would go through
originally announced.
Just when this would be done Mr. Dickinson de-
elined 10 say. but he added that It would be just
as soon as those interested IN the deal were ready
10 take action. and that one would be able 70
prevent the carrying out 81 the original plan. He
refused 20 say what caused the withdrawal of the
application to take the Twelfth Ward Banks
Offices. other than that n for business
sons" but he said there was no opposition TO the
plan thar he knew Of
Further proof that the plan for the merger had
not been abandoned was the election to the hoard
81 the Van Norden Trust Company Of tao of the
directors Of the Carnegie company. William Cum
minis and Charles A. Moore. This action was taken
al = meeting OF the stockholders Of the Van Nor
Den company held last week. but only became
known yesterday. -Four other new directors were
elected at the same time. but who they are could
not be learned. Il is understood. however. that
they members OF the syndicate which got con
troll Of the Van Norden company and the two
banks This syndicate headed by Mr. Cum
minis and Included in addition 10 several other di-
rectors OF the Carnegie Trust Company. certain
outside interests whose identity has not been re-
vealed
Al the Offices Of the state Banking Department
II was said that the reason for the withdrawal of
the application by The Carnegie company was not
known that formal request for its withdrawal had
been made TO and granted by Clark Williams, the
State Superintendent of Banks. and that was al
the information they had on the subject. Inc
minority stockholders Of the Van Norden Trust
Company. who have been trying to learn where
they come IN IN the merger plan, were equally
in the dark as 70 the action OF the Carnegie com
psny. John c. Tor1linson, counsel for the commit
tee said that they had not opposed the application
and that the first they knew OF its withdrawal
was when they received letter from Clark VIII
Jams yesterday. in reply 70 inquiry they had
cent him informing them OF II.
The committee also communicated with Mr. VIII
isms regarding thu alleged ownership by the an
Nordea Trust Company of the stock Of the TWeifth
Ward Bank and informed by him that the
trust company did not own any of that institution
stock II is known however. that the same in
terests that controlled the Van Korden Trust com
Twelfth Ward Bank. and it is presumed that they
sold their holdings in that institution TO the Car
nagie syndicate at the time they sold the latter
20 per cent Of the stock OF the Van Norden Trust
Company.