New-York tribune., 1909-11-05
BIG BANK MERGER
DIRECTORS APPROVE.
Mechanics National and Ma
tionoI Copper TO Join.

Tho directors % the Mechanics National
Bank and the National Copper Bank yes
tenday approved proposition for the con-
solidation 81 the two institutions joint
committee of the two banks is working
out the details Il the plan. which viii be
presented TO the stockholders Of both in
stitutions within a few DAYS. and is ex-
pected 10 secure their approval. as a num-
Der Of stockholders. representing a very
lsrSe interest IN both. have already ap-
proved the tentative plan
The consolidated hank will be known as
the Mechanics and Metal National Bank.
and viii carry on it's business at the pres
ent offices OF the Mechanics National
Bank, No. 80 Wall street. N will have a
osDitsl Of $4,000 and a surplus of al
least that amount. The combined assets
VIII approximate sco.e.9eoo
The presidents OF the two institutions
have long been intimate personal friends.
and the selection Of the officers for the
new institution has been agreed upon with
their approval. Gates ". McGarrah. now
the president Il the Mechanics National
Rank. will be president Of the combined
Institutions Charles II. Sabn. now the
president Of The National Copper Bank. viii
become the first vioe-president. The plan
originally contemplated the adoption Of the
English plan OF joint merger. with equal
powers. but as this seemed impracticable
under the national banking laws. il has
been arranged that Mr. Sahin shall divide
with Mr.. McGsrrsh the powers and duties
of president
The board % directors of the Mechanics
and Metals National Bank will he COM
posed OF the directors of the merged hanks.
with the addition Of Thomas r. Cole and
John ID. Ryan. who are presidents Of
the National Copper BANK. hut not direct
ors. The directors Of the Mechanics Ma
tional Bank are Daniel Barnes. William r.
Bouton. Thomas y. Fowler. Horace r.
Garth. Henry Hentz. Thomas H. Hubbard
William A. JamisOn. Clarence H. Kelsey.
Andrew A. Knowles. Lowell Lincoln, V
Everit Macy. Henry r. Mallory. Edgar l..
MarstOn, Gates ". McGarrah. 5 T. Nor
gan, A. T. orr, Nicholas +. Palmer.
Charles NJ. Pratt George ". Quintard. An
ton A. Raven. Percy a. Rockefeller. Henry
Is. Stokes and John T. Wnlets The direc-
tors Of the National Copper Bank are +.
Iothrop Ames. James NJ. Beck. James e.
Bishop. Charles r. Brooker. William r.
Craig, d. %. Havemeyer. Herbert H. Hew-
itt, James Jourdan. Adolph LeWisohn. Will
lam a. Paine, Robert e Pruyn, r. W
sabin. George r. Sheldon and r. NJ. Stu
art-WOrtley.
The Mechanics National is among the
oldest banks in the city. having been
founded I'm lSlO and being No. in the list
az members ~ the Clearing House Associa-
ton I'm April 1894. IL absorbed the Leath-
er Manufacturers National Bank. its capt.
tai being increased AT that time from 81
eo.eoO 10 S.Oeoeo the present amount. Its
surplus and undivided profits are g 7s7. Set
u has deposits Of s2S.sss.esD and loans II
sH.7S2.o"o. Its stock is quoted at about S5
and pays y per cent yearly dividends.
The National Copper Bank began busi-
ness on May ]. 1907. its organizers being i'm
pOrtant copper interests and their friends.
and was admitted 10 the Clearing House IN
june. lss. Its capital is s2,oo0.e0 and it's
surplus and undivided profits are s2-754, 800.
The deposits. which when il began business
were about slOeo0eo. are now in excess Of
s2S.eoo.e,o. according 10 the last weekly
hank statement. Its stock pays per cent
and is quoted az 500 hid.