Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-17
NEW YORK BANKS
COMPLETE MERGER
Seaboard and Equitable
Trust Are Combined in
$500, 600, 900 Firm.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, September 17.--Another
100000 900 bank was formed yesterday
in the merger of the Equitable Trust
Co. and the Seaboard National Bank,
both Of New York.
Eight banking Offices in New York are
announced, with four new offices to be
opened in few months. In addition,
the Equitable Trust Co. already has
Offices in Philadelphia. Baltimore, At
lanta, Chicago, Dallas, San, Francisco,
Pittsburgh, Boston and Washington, and
branches In London, Paris, Mexico City
and Hongkong, Shanghai and Tientsin,
China.
The Seaboard National Bank was
organized in 1888 under a state charter
with capital of 100000. The Equitable
Trust Co. is really an outgrowth of the
Traders Deposit Co., which was
launched In New York in 1871 with
paid-in capital of $4,000.
Heading the new organization Is
Arthur w. Loasby, So. who. as president
of the Equitable Trust Co., becomes
chairman Of the now board.
Mr.. Loasby began his banking expert
ence with the First National Bank of
Syracuse in 1895. It took him Is years
to become vice president and then
three years later 1918, he became presi-
dent of the Trust & Deposit Co. of
Syracuse. While in this position he
negotiated the consolidation of the First
National Bank of Syracuse and the
Deposit Trust Co. and became its first
president in 1919.
Just nine years ago Mr.. Loasby en-
tered New York, stranger, to become
vice president of the Equitable Trust
Co. In three years he was made its
president.
CA. Austin. also &c. is the new presi-
dent. He started his career as a mes
senger boy in a New York brokerage
house. A year later he went with the
Erie Railroad as clerk. At IS he en-
tered the banking business with the
Columbia Trust Co. Of New York, NOV
ing up to vice president before resign
ing to become president of the Mercan-
tile Trust Co, which he helped to or
ganize in 1917 When this company
was merged with the Seaboard five
years later, Mr.. Austin became presi-
dent.
And so the financial channels con-
tinue to broaden and deepen"
Pierre S. du Point, SO, of Wilmington,
Del, chairman of the du Point Co. of
the General Motors Corporation, carries
tIlC ldlktSt VI tAc dIICt al
the United States. His personal insur-
ance now totals $1,000, 900.
But he is only one of 312 men and
women in the United States and Can
ada; who carry policies of 1000, 600 or
more
Among women carrying large policies
are Mrs. Henry E. Yeiser of Cincinnati,
$3,250,000; Mrs. Mollie Newbury, Chi
cago, S3,000,000 Mrs. E. G. Burkham,
st. Louis, So, 600, 900, and Mrs Marshall
Field, Sd, of Chicago, 81, 500 900.
Today more than 100000, 000, 900
insurance is carried in the United
States. Insurance men say this figure
will be doubled in the next 10 years.
The ocean mail contract muddle
seems to be getting worse. 1t may force
crisis, which in turn will cause clar-
ification of the whole matter.
Last week the Tampa Interoceanic
Steamship Corporation clashed with the
United States Shipping Board.
This company. owned by Lykes Bros.
Of New Orleans, announced that it
would withdraw its $3.50 900 bid for the
Gulf West Mediterranean line of eight
ships and dump them back on the Gov
ernment unless it got the ocean mail
contract, which was expected when the
bid was made.
The United States Lines Is in the
same predicament The company has
stated that it will have to stop its plans