New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-28
Mutual Alliance Co. Takes
Over Control of Ma
tional Reserve Bank.
STOCKHOLDERS
TO GET BONUS
Present Offices of the Bank To Be
Continued as a Branch of the
Trust Company.

Announcement was made late yester-
cay Of the absorption OF the National Re
serve Bank. OF this city, by the Mutual
Alliance Trust Company: The former has
its headquarters In the City Investing
Building, at No. 1855 Broadway. and the
main offices Of the latter are az No. 30
Wall street.
Royall Victor. Of the law firm Of Sulli-
van & Cromwell. who represented the
National Reserve Bank in the transac-
ton. told a reporter for The Tribune that
the deposit Liabilities OF that institution,
amounting to approximately S4,0oO,O0o'
would be assumed by the Mutual Alliance
Trust Company which agrees to pay
them on
THE National Reserve Bank has 50 per
cent Of its deposits in cash." he said, "and
will turn them over 10 the trust COM
pany. The Reserve Bank will then be
liduidated by its own directors. The book
value OF the stock is now about s134 a
share. and in addition to this book value,
of which the shareholders will get the
full benefit. the Reserve Bank gets sub
stantial payment from the Mutual ALI
ance Trust Company as a bonus or pur-
chase price for goodwill"
The Mutual Alliance Trust Company
began business twelve years ago in the
Cotton Exchange Building. II has
branches in Grand street and on Lenox
avenue. and will have deposits after the
merger OF approximately s12,0oo.00o.
~ he
National Reserve Bank. and r. B. Minis
is cashier. have become vice-presidents
Of the trust company in accordance with
the terms OF the consolidation. William
10. Allison, president OF the Reserve
Bank. and several other active directors
will go on the board OF the trust COM
pany.
The Mutual Alliance Trust Company
will retain the present Offices OF the Re-
serve Bank as one of its branches.
Formal consent was given yesterday by
the Superintendent OF Banks at Albany.
The matter has also been submitted TO
the State Banking Department and TO the
Office of the Controller OF the Currency
at Washington, and both have approved
the transaction.
The merger. as explained by Mr.. Victor
takes the form OF an assumption by the
trust company Of the deposit liabilities OF
the national bank The transaction has
been simplifed by the fact that the Re-
Sc rye Bank yesterday turned over to It's
new owner about half it's deposits ir cash.
DR.. James II. Parker. who served se' .
cral years as president Of the Cotton
Exchange, is charir' n of the board OF
directors OF the Mutual Alliance Trust
Company and was formerly its president.
The other officers are Webb Floyd. pres.-
dent; Eldridge f. Jordan, vice-president'
and II. A. Clinkunbroomer, treasurer. II
is understood that the taking over Of the
Re- erve Bank may result in some changes
in the trust company's present official
roster.
When the annual meeting OF tn, Mutual
Alliance Trust Company was held last
week several new directors wers added
20 the board. and II was reported then
that important changes were Imminent.
II Is understood that these new directors
will be supplanted by the new interests OF
the company.
According to its statement issued on
January l the Mutual Alliance Trust Com
pany had cash in Office OF sss61gl; cash in
banks, sl.464.S57; loans. ,6,S5l,osO; New
York City bonds. 100000. and other
smaller items Against these there were
Capital, $4,000 surplus and undivided
profits s4SOl deposits. Ss,4sS5l5i un-
earned interest, S34,5l9. etc.
The National Reserve Bank, which was
also organized in 1902. has a capital stock
Of 81 200, 900, surplus and profits Of S4i5G0
independent deposits of Sc, 10000, bank de-
posits OF sl.sl2OoO and trust deposits OF
500. 600. The officers and directors are
Erskine Hewitt, chairman OF the board
William o. Allison, president; Frank V
Baldwin. vice-president: Robert B. Minis
cashier: Charles X. Beekman, Naddill
Catchings. E. r Chapman. Lynn H. Din
kins. f. Monroe Dyer. E. A. Fisher
George V. Hagerty, II. c. Louderbough'
James G. Newcomb William A. Parke'
James II. Parker, Max Rosenwald, Frank
schafter. Harry ]. schnell and Royal
Victor. directors.