New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-14
Irving National and
Broadway Trust in
Joint Operation
Plan to Unite Two Institu.
tons Under Stock Own
ership Is Approved

Directors and leading stockholders Of
the Irving National Bank and the
Broadway Trust Company have ap'
proved a plan whereby these two insti'
tutions will be united under a JOINT
stock ownership. The advantages OF
this arrangement, it is pointed out
will be TO give broader scope TO the
financial operations of the large inter
ests identified with both banks.
In other cities, especially Chicago
national banks have operated trust
companies under the joint ownership
plan, to the great advantage OF the
stockholders. The reason for this is
that the trust companies operating
under a state charter can transact a
good deal of business which national
banks are not permitted 70 handle,
such as acting as trustees for estates,
registrars for corporations and in other
fiduciary capacities. The First Ma
tional Bank of Chicago and the Con-
tinental and Commercial National both
operate trust companies under the
joint stock arrangement.
The present stockholders Of the
Irving and the Broadway Trust, it is
announced, will hold stock in both
banks in a ratio based upon the relative
capitalization of the two institutions
In order to provide simple ratio the
capital stock of the Irving National Is
TO be increased from S4,O0O,OOO to
S4.5OO,OOO, and this 100000 of new
stock will be issued at $3.50 a share.
To Deposit Combined Stock
When the plan has been made effec-
tive present stockholders Of each insti-
tuition will hold combined stock in the
ratio of three of Irving to one of Broad
way. Meantime the stock Of both banks
is to be deposited with the Broadway
Trust Company, which will act as agent
for committees representing the two
institutions.
Negotiable receipts will be issued
against the stock thus deposited After
the exchange of stock has been ef-
fected and certificates issued therefor
under the new ratio, these new certiii-
Gates will be deposited with the Cen
trail Trust Company OF New YORK, as
depositary. which will issue its deposit
recent in the name of the owner for
the Joint deposit of his Irving ana
Broadway stock This deposit receipt
covering the proper proportion OF lrv'
ing and Broadway stock Will be negotl'
able and may be bought and sold III
place of the stock Of both institutions
which it represents.
Irving Nationals Growth Rapid
The combined capital and surplus OF
the two banks under the JOINT stock
arrangement will amount 70 Sll,i30,-
600. and on the basis OF the last pub
lished statements the combined re-
sources will be over sl56,0OO,OOO. Inc
growth of the Irving National Bank
has been rapid. Since 1907 it has alb
sorbed three other banks-the New
York National Exchange, the Mercan-
lilo National and National Nassau.
The bank now occupies extensive quar-
ters in the Woolworth Building. Rol-
lin P. Grant is president and Lewis
= pierson the active chairman OF the
hoard of directors. The Broadway
Trust. which also has headquarters in
the Woolworth Building, operates hye
branches, three of which are IN br Tad
lvn and one in Long Island CITY, rreu
G.. Lee is president. The two lnstitu-
lions have long had number of d.
rectors and large stockholders in COM
mon. .L;cb
Under the new arrangement IN "hIon
oil stockholders of both institutions can
participate. the harmonizing OF the IN
,erests represented will be carried out
more fully. .L
Apart from the combination of STOCK
both institutions will continue to OPP
crate separately and independently so
far as administration and the interests
of the public are concerned. The legal
entities will remain as they are at pres
ont and the management of each bank
will remain unchanged.