New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-31
TRUST Co. MERGER DETAIL
Terms of Purchase of Windsor
Stock by Empire Trust.

formal proposal for the purchase VI
tho Windsor Trust Company by tl'e E''
miro Trust Company was made yes'eiua
., - circular letter mailed TO the stocN-
ho,ders of the former institution. Inc
communication was signed by com
,oi,,ee composed of August HecKsche''
s,onban y Bond and Clark NlihaIiS'
m announcement was made tnat AZ
readv a number of the larger stockhoiu.
,,,, interests had aSsented TO the uedi
and as soon as two-thirds OF the S'o'N,
bolders had signihed their acceptance VI
the offer the merger practically "ou'u w
,.Ioscd The letter is signed by Leroy
W. Baldwin. president of the h'hpi'0
rruet Company. and contains three DIS
tinct options. as follows:
First option-s9o0 per share in cash:
second option-N pro rata share OF III.
moi value Of the assets OF inc NiHuSpu,' e.
and when the net value tnereoi S iiaH ~.
ascertaincd on the llquldauoh W. rro
80 mart of 80 per cent on the htt nc
posi,s of the Windsor when shali ~
main i'm the Empire at the emu o' g.
months after the date "nrn tln' 90 de-
shall become effective. exclusive on uo
posits of public moneys ana ItC,PIurSa
deposits between the Windsor ana o'"Vi
financial institutions. +, .,, ,,,us
Third option-slO snare IN Cas", p lie
a nro rata share of the net Naiue or w
assets of the Windsor on the foiloWlhS
basis: on the completion OF the hquiua
lion provided for in the second optioII'
the net value OF ths o asses OF which net
value shall be added 81 per cent on thE
net deposits of the Windsor WhlCh srd,i
remain i'm the Empire at the "na OF sIH
months after the date when thlS Shd y
~
public moneys and reciprocal deposltS pc
tween the Windsor and other INSTITUTIONS
and the sum thus produced shall pe Or
vided into as many por, nCi, % me wind
sor There shall then be paid TO the
owners of shares of stock accepting pay
ment under this clause sum equai 10 ~
one-half Of the excess. IL any. of the snare
value over and above the sum OF slS SO
paid and interest thereon.
The letter further states that the pur-
chase OF tho Windsor will he made as
soon as 6.S67 shares are deposited WIN
the Empire. provided the deposit Is mace
within ten DAYS after January =. ray
inent of the stock will be made "ithh
sixty days after that date.
Stockholders of the Guardian Trust
Company will also receive formal pro-
posal for the purchase Of their stock ny
the Empire within the near future. 1t Is
understood the offer involves several al
tentative options similar to the ones al
ready mentioned.
George W. Young. who is the largest
stockholder in the Windsor Trust Com
pany said yesterday, relative to the offor
for the purchase of the Windsor Trust
Company stock on behalf Of the Empire
Trust Company. that he personally pre-
fcrred and intended TO accept the second
option. giving the stockholders the
liauidated value OF the Windsor plus 3ia
per cent on the deposits. He said that
according to his judgment, this offer
could be accepted by the stockholders. as
It should give 20 the stockholders from
500 10 sooj for their stock. instead Of 500,
which is the amount offered in the first
option