New-York tribune., 1909-01-17
BUYS ORIENTAL ASSETS
Consolidated National Bank Decides
on Purchase.

The report published in The Tribune several
weeks ago that negotiations were under way lor
the taking of the Oriental Bank by the Con
solidated National Bank. was officially confirmed
Yesterday bv the announcement that the directors
the latter institution at special meeting h3o
authorized the purchase OF portion or the assets
of the Oriental Bank subject to the approval OF the
shareholders At tho same meeting the directors
adopted resolutions recommending 10 the share
holders an increase of S1,200.0o0 in the capltai
stock of the bank and the change Of the name TO
the National Reserve Bank Of the City OF New
York.
These questions will he acted at a special
meeting Of the shareholders of the Consolidated
National! which has been called for February Is
The number of directors will also be increased at
this meeting. No announcement was forthcoming
as to who the officers Of the reorganized institution
will be- but it is understood that the officers OF the
Consolidated National Bank will occupy the leading
offices.
The Oriental Bank one of the institutions
which was obliged 10 close its doors during the
panic of 1907 but il has paid off all its depostors
in full The directors of the Consolidated National
stated that it was intention TO afford an oppor
t1litv to the Oriental shareholders to subscribe 20
the shares of the increased capital stock OF the
bank $50 share.
The directors announced that carry out the
plan Of taking over the Oriental Bank they had
sold certain surplus assets for Sf44125, at which
figure they had been appraised by James @ Cannon.
vice-presIdent Of the Fourth National Bank, and
had declared special dividend Of this amount pay
able pro rata TO shareholders Of record at the
close of business on January -. This dividend ia
edIivalent 10 s144125 share on the Consolidated
Nationals present capitalization Of Sl"0o,hoo II
IS stated that under the proposed plan. In addition
to its capital of $1,2OO.0o0 the reorganized bank
will have a surplus of 100000
In a circular issued TO its shareholders. the Con
soliiated National Bank requests them to waive
the right to subscribe the two thousand addt-
ticnal shares 50 that the stockholders Of the ori-
entail Bank may have that privilege. This right
expires February 20
The Consolidated National Bank organized
on July l. 1902. largely by members Of the Con-
soIidated Stock Exchange. Willis 6. Paine
elected PRESIDENT Mortimer s Wager, president Of
the Consolidated Exchange vice-president: Thomas
J. Lewis cashier. and James Thome, assistant
cashier Later the Thomases became interested in
the bank and on November l. 1905. Orlando F.
Thomas elected president. to succeed Mr. Paine
F. Augustus Heinze also had small interest in
the bank.
In October, 1907, when the withdrawal Of Morse,
Ieinze and Thomas from the Banks with which
they had been identified insisted upon by in
fuential bankers. the Thomas interests in the Con
soIidated Bank were transferred TO other parties,
and O. T. Thomas resigned president, being sue
ceeded by William O. Allison, who still retains the
post.
The officers of the bank at the present time, in
addition TO Mr. Allison Thomas ] Lewis vice
president and Mortimer H Wager, cashier. At
the close of the year the banks deposits amounted
10 81 S47 900 and its surplus and undivided profits
to s7S49O0. The bid price of the stock $125
a share. dividend Of per cent the $1,000, 900
capital stock was declared for the year 1905.