The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-04-16
HETTY GREEN'S PRIVATE BANK
TO BE HEADED BY HER son
AND NAVE FOUR BRANCHES.
Trust Company idea Given Up Because Of
CONFLICTING state Laws a. to Real
Estate Ownership Once ~

The formation Of a new trust company
to serve NJ the medium for handling
Hetty Green's wealth has been abandoned
by Mrs Green and her son. Edward II. X
Green. and instead they are to organize q
private banking house with branch Offices
IN various parts Of the country where
Mrs Green's holdings are heaviest. The
change Of plan was caused by the dis
covery that the laws Of the various States
did not give them the right to hold real
estate in the name of one common cor
pora' ion or trust company.
With the coming to New York Of Col.
Green last January one Of the main u,ies-
tons which had to be decided was how
10 handle the big estate in such way as
not to leave it all on the shoulders of one
manor Of one woman-ss II had been
left up to that time Ii was then that
Col. Green suggested a trust company.
Col Green visited several States. only to
find that the laws made il out Of the ,,,ies-
tion. II next was Mrs. Green's thought
TO organize a national bank for the same
purpose. but she found that national
banks cannot hold real estate except for
their own uses
Another tentative scheme that had to
be discarded was in connection with an
old charter granted to Gideon Tucker.
grandfather Of Col. Green. in Vermont
in 1901. This charter gave MIR. Tucker
the right to run general store and to do
pretty much anything else he pleased
providing he maint aimed a toll bridge
across the Connecticut, River at Bellows
Falls. and the rights we're handed down
10 the heirs. But Col. Green found upon
investigation that this charter would
allow them to do business only in Vermont
and New Hampshire.
The private banking house which is
TO be formed within the next few months
will have its main Offices in New York
under the name probably OF T.. H. r.
Green 4 Co. There will be branches In
Boston. Chicago. Dallas and San Fran
cisco. In the case OF the branches the
firm name will include the name OF the
local representative.
1t 10 not the purpose OF the plan to do
general banking business for others.
However. Col. Green says it is possible that
in a year or 20 the concern will be in .
position to accept some outside business
The scheme does not affect Mrs. Green's
present banking relations.
There is no philanthropic attachment
to the scheme nor any idea OF creating .
trust fund And there Will be no incor-
poration. Col. Green saws that his mother
has never accepted more than per cent
interest for her money and that this
policy will be continued
For sentimental reasons Col Green
would like to have the offices Of his firm
in q certain Broad street building owned
by his mother. His grandfather Edward
Mott Robinson. a ship owner. who died
in 1865. had his offices in this building and
Col Green would like to use the same
offices. They are occupied at present.
however.
Since his arrival in New York in jan
uary Col. Green has handled the business
Of the estate from his apartments in the
Waldorf. His mother comes there nearly
every morning and cons,ilis with him