New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-29
ARMOURS MAY BACK B. R. 7,
National City Bank Group Would
Then Aid in Financing.

The report Yesterday that the Armours.
Of Chicago. might be Interested in the
financing necessary for enabling the Brook
lyn Rapid Transit Company to build the
subways for the construction Of which 1t
has just accepted the citys terms received
some credence in tho financial district. but
it was nowhere believed that those inter-
ests would undertake alone TO provide the
enormous sum Of money required. the i'm
presslon being that II they were To become
Identified with the Brooklyn Rapid Transit
Company, financing 1t would be in assoc
citation with the National city Bank group
] ogden Armour, president Of the cor
pcration of Armour e. Co, year or two
ago became a director Of the National
CITY Bank Anthony ~ Brady. chairman
of the board of the Brooklyn Rapid Transit
Company and commonly credited with
being its ruling figure, has long been close
Is associated with the Central Trust Com
pany. the president OF which. James n.
wallace Is also a Brooklyn Rapid Transit
Company director.
Jacob II. Schiff. head Of the great bank
ing house of Kuhn, Loeb & Co.. who
year or so ago was elected trustee of the
Central Trust Company, has for many
years been director of the National City
Bank. j. Horace Harding. one OF the
Brooklyn Rapid Transit Company direct
ors. is head OF Stock Exchange firm
which. according to Wall Street report.
enjoys much OF the business OF Henry {.
I,rick who il a member OF the City Banks
board.
The suggestion was made yesterday that
Tho National City Bank interests might
make use OF the just organized security
company in arranging to raise the funds
NODDED for subway construction by the
Rrooklyn Rapid Transit Company but that
idea found no confirmation
Al tho time when the McAdoo interests
submitted proposals for building the pro-
iec,ad new system Of subways II was a
mat,er of common knowledge that they,
like the PETERBOROUGH Rapid Transit Com
many would. II the contracts should be
awarded to them. have the financial back-
ing Of the house Of j. P. Morgan & Co.
II IL should now develop that the back
ing of the National City Bank group, in
Guiding the Armours. with their powerful
Chicago banking connections, has been Sc
cured nv the Brooklyn Rapid Transit Com
many the situation would really be prac-
tically unchanged from that OF the Nc
Adoo-Interborough period, for the Morgan
and city Bank parties have for the last
two or three years been acting In complete
concord The latest demonstration OF this
fact was the virtual joint protectorate over
the National Bank Of Commerce established
last Anril. when Frank A. Vanderslip and
william A. Simonson, respectively presi.
don, and vice-president of the National city
Rank. Francis l.. Hine, president OF the
I-,xst National Bank. and Albert H. Wig
Gin president of the Chase National Bank.
tho latter two representing the Morgan
rYrst National Bank interests. were elected
a,rectors Of the Bank OF Commerce.
Mr. Armour, II may be noted has had one
.rhway experience. OF an improbable sort
lie and Samuel McRoberts. formerly treas
urer of Armour g. Co. and now vice. president
~ the National City Bank. are directors Of
the Illinois Tunnel Company. Mr.. McRob-
arts being named In the manuals as its
,res,dent. This company, which is con-
ir,o,ed by the Chicago Subway Company.
g. i'm the hands of receivers. as Is the Chi
raeo Warehouse and Terminal Company,
ana all three are now I'm process of reor-
@anization. The stock of the Chicago Sub
nav Company. In which Mr. Armour Is I'M
derstood to be heavily interested. and which
was brought out several years ago at over
So was quoted on the curb yesterday at 3la
bid. I asked.