New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-13
TRUST COMPANIES MERGED.
EouitabIe's Agreement with the
Madison Is Ratified.
STOCKHOLDERS VOTE MAY 20
riouidation of the Madison s
Assets To Be Determined by
the Equitable.

v,ouitahle Trust Company and the Manson
r-ust Company. arrangements Tor ~hlch
rave made last January, at the time tna'
~ Madison Trust Company was endan-
n.r.d nv the failure of the Carnegie Trust
co,,nanv. has been ratified by the boards
- ,o-h institutions. The stockholders or
-. tue companies are 10 vote on the
,-o-,ositior on May %. The agreement VIII
also be submitted 10 the state superin-
terdsnt OF Banks for his approval.
The name Of the merged COMPANY ac-
~o-s,ns 10 the terms Of the agreement mace
-.shlic Yesterday. viii be the Equl'aoie
rrn,st Company Of New York and us oapl-
~ stock will remain the same as that Oh
tpa nresent Equitable Trust company
100000. ,.
TIE EQUITABLE Trust Company agrees
after, the merger becomes enecuve' 10
,,c,,,6a.e the assets Of the Madison COM
-, THE nroceeds Of such liquidation are
20 be applied TO the repayment 70 the
Equitable company Of all advances MADE
nv u 70 the Madison company. amounting
a. TIE present time 70 $4,000. and 70 any
other obligations and indebtedness which
--e former may have incurred on account
- the latter. including the cost OF the
ioaidstion and Of the merger. The surplus
- anv. is 70 be divided proportionately
among the stockholders Of the Madison
cor,parv The Equitable company Is 10
receive as compensation for its services IN
carving out the liquidation Of the Madi-
son COMPANY not less than $4,000
TIE tine and method os liquidation OF
IRE assets OF the Madison Trust IS 70 be
subject 20 the determination Of the Equi-
table II is provided. however. that the lat
,er NAV act in accordance with the advice
ana approval OF an advisory committee
which IS 10 consist OF Alvin W krech.
president Of the Equitable Trust COMPANY
CHAIRMAN. Bradley Martin. IT. president OF
.hs Madison Trust COMPANY. and Benjs-
mn Strons. u. vice-president OF the Bank
ers' Trust Company
AZ that the holders Of the 100000 capt.
~ stock Of the Madison Trust Company
are 70 receive upon the liquidation Of their
o,rrparv being effected. under the terms Of
TIE agreement. IT. their proporuonate
amount o. the net distributable cash value
OF the assets and property remaining after
the repaymerts 20 the Equitable already
referred 10
The holders OF the present outstanding
,acao 30 capital stock % the Equitable
company. upon the merger becoming ef-
fectlve. are TO receive one share Of the new
COMPANY for each share OF their old stock
TIRE following temporary board Of
trustees is 10 hold once for sixty days
after the merger shall become effective,
when a permanent board IS 70 be elected
- the stockholders Charles Z. Alexan-
der. Harry Bronner Urban Y. Broughton.
Henry r Carse. Robert c. Clowry. Henry
: Cooper. Frederic r Coudert Paul D.
C-avath. William H Croker, Thomas De
Wit Cuylsr. William a Day. John ?. DRY
den. Robert Goelet, Edwin Gould. Thomas
Il Hubbard. Edward T. Jsftery. Bradish
Johnson. Otto H Kahn. Alvin ". krech,
Z : Loree Ralph Peters. Winslow s.
Pierce. william H. Taylor and Henry
Rogers Winthrop.
TIE officers OF the merged company Will
hs The present oficers OF the Equitable.
TIE Madison Trust Company was for
rss-ly the Van Nordsn Trust Company,
wh4ch was established in 1902 By Warner
vsn Norder. his son, Warner ". Van Nor
dsn. and their associates. The younger
Van No-5sn was is president from is IN
csptlor until January. 1910 when he was
succeeded by Watkins Crockett, formerly
vice-presi6ert OF the Fourth National
BANK. OF Nashville. Tenn. The Van Nor
dsns withdrew from the management Of
the company early in 1910 az which time
trev also severed their connection with the
Twelfth and Nineteenth Ward banks.
which we're known as Van Nordsn insti-
tltions In September OF that year the
srsnne of the company was changed 70 the
MADISON Trust Company.
a consolidation OF the Van Norden Trust
Company and the Nineteenth Ward aud
Twelfth Ward banks with the Carnegie
Trust Company was planned in the spring
o. 1910. bur these plans never were carried
through. owing, il was said. 10 tie objec-
tons OF TIE state Banking Department 70
the merger.
4 syndicate. composed Of directors OF the
Carnegie Trust COMPANY AND other in
terests including ". J, Cunmins. had &C
CURED control OF the three institutions and
4 was their connection with the Madison
Truzt Company that led TO the arrange
rents made after the failure Of the Car
rsg.s Trust Company for merging the
Madison and Equitable companies thus in
s:fng the payment Of the deposits Of the
former
Two years ago. or on March q, 1913. the
Equitable Trust Company absorbed the
Bowling Green Trust COMPANY.