New-York tribune., 1909-04-29
TO CONSOLIDATE BANKS
C1RNEGIE TRUST BACKS
SYNDIC4TE.
To Take OUer Van NOrden Trust
and Nineteenth and T7ceIfth
Ward Institutions.

syndicate. composed of number Of direc-
tors of the Carnegie Trust Company and GER
tain strong interests not connected with that
institution it was announced yesterday after
noon. has acquired control. under a guarantee.
of the Van Norden Trust Company. the Nine
teenth Ward Bank and the Twelfth Ward Bank.
and viii consolidate them with the Carnegie
Trust Company. The consolidated institution
viii have resources of nearly $40OoO,OO0 and
capital and surplus of more than 100000.
while the number of depositors will exceed
thirty-three thousand. according to the official
statement issued from the office of the Carnegie
Trust Company.
The control is understood to have been OBJ
tanned through the purchase of seven thousand
shares of the capital stock of the Van Norden
Trust Company. out of total of ten thou
sand, the price paid being $500 a share. or about
$50 above the current market quotation. The
Nineteenth Ward Bank and the Twelfth Ward
Bank have been controlled by the Van Norden
family and their friends. and it is understood
that the turning over of their holdings to the
Van Norden Trust Company a condition
made by the Carnegie Trust interests. whose
purchase of the control of the Van Norden
Trust Company would thus carry with it the
control Of the two state banks.
In point of Importance the merger now
planned compares with that of the Equitable
and Bowling Green Trust companies an
nounced last month. through which the deposits
Of the Equitable Trust were increased to about
S4O0OONOO. Its especial significance however
is in its placing the Carnegie Trust Company in
a position to enter tie field of branch banking
a large scale. since if il continues all OF
the banking offices Of tie three institutions
about to be taken over in operation it will have
nine branches. larger number than any other
change Bank. The Carnegie Trust Company is
at No 10 broadway. The Van Norden Trust
Company is at No. $50 Fifth avenue. with a
branch at Grand street and the Bowery. The
main banking office Of the Nineteenth Ward
Bank is at Third avenue and 57th street and it
has branches at No. 242 East seth street, No
152 East :}4th street and No $50 East I2d
street The Twelfth Ward Bank il at No IA
East l25th street, with branches at No 1927
Third avenue and No. 172 Fast l16th street
The Carnegie Trust Company is controlled 10y
Charles G. Dickinson, its president. and his
friends. Mr. Dickinson is alsc president OF the
Carnegie Safe Deposit Company, the massive
vaults Of which are in the same building with
the trust G mpanys offices. The trust company
was organized by Mr. Dickinson. who vas its
head when it began business in 1906. Leslie NJ
Shaw became president upon mis- retirement
from the Office Of Secretary OF the Treasury in
March 1907, nut resigned March l. 1905
when Mr. Dickinson was chosen as his success
sor Changes will be made in the directorate To
give the other institutions representation. The
company has S1.-U0OOo capital stock. and
plus and undivided profits of S1,0ll.StD. Its de-
posits are about S123UOO0O. It's stock, on which
Z per cent dividends a year are paid. is quoted
1T 1927 bid.
The Van Norden Trust Company organ
ized in the latter part of 1901 by Warner Van
Norden formerly president of the National
Bank Of North America, whose son Warner NJ.
Van Norden has been It's president since 1t
opened its handsome building at Fifth avenue
and Goth street for business in 1902. The COM
pany has 81 .GOo0DO capital stock and surplus
and undivided profits OF 81 ,295 800. and the de-
posts are SIS :i.4: :;.4 The last quotation for
the stock. which pays l. per cent year, was
2IS bid and 265 asked.
The Nineteenth Ward Bank has $500 o00 cap
ital stock and S47SyO0 surplus and undivided
profits and it's deposits amount to SJ,S1S,JOO.
It's stock is quoted 100 bid and 40 asked.
The Van Norden interests purchased the control
i'm 1903 and Warner N. Van NOrden has been
its president since July OF that year.
The Van Nordens tried to bug the control OF
the Twelfth Ward Bank in 1900 but were un-
successful The bank closed its doors on Octo-
bcr u. 1907 while the panic was in progress,
but reopened on November 20. less than a
month later, with the control in the hands Of
the Van Nordens. Its president is Frank b.
French and Warner NJ. and Theodore l. Van
Norden are among the directors. 1t has a capt.
tai of 100000 with S175.5OO surplus and un
divided profits The deposits are $l.7S6Go0.
The stock is 155 asked.