Evening star., 1946-09-20
IN. Y. Interests Seek
To Get Control Of
Union Trust Co.
From Yesterdays Last Edition. }

frTOWt eSLeTuuyS LUSt EGtt1On.)
Control of the Union Trust Co.,
one of Washington's leading
banks, is being vigorously sought
by New York financial interests,
it was learned here today.
The firm of Goodwin & Olds is
sued this statement:
Goodwin & Olds, local invest
ment bankers, announced today that
they have received authority on be-
half of investment interests associ-
ated with Equity Corp. of New York,
to make an offer to all shareholders
of the Union Trust Co. of $3.50 per
share for their holdings. The for
NAL proposal, setting forth the terms
and conditions of the offer to pur-
chase, will be forwarded to each
shareholder by Goodwin & Olds
within a few days.
The stock of Union Trust Co. has
had price range on the Washing
ton Stock Exchange of ITO high and
1852 low during the current year,
and a number of trades have taken
place over the counter at prices
ranging between $3.50 and $160 per
share.
THE prospective purchaser has
indicated it's desire, in event the
offer is accepted by the required
number of shareholders, that pres
ent directors and officers continue
their association with the bank in
order to assure the conduct of the
institution on the same high plane
which has characterized its opera
tions in the past"
Controls Several Banks.
The New York concern already
controls several banks outside of
New York, including the Citizens
Bank of Washington, formerly the
Morris Plan Bank, and the Bank
of Virginia, and bases its present
stock offer on the belief that the
trust company has a very promis-
ing future and will be able to in
crease earnings substantially over
period of years.
The idea of out-of town control
has already encountered opposition
among some of the trust company's
stockholders. To meet these objec-
tions, New York officials of the in
vestment trust said they would re-
tain the same officers, directors and
personnel, would continue present
banking policies and would not even
ask for representation on the board
S. William Miller is president of
the Union Trust Co. and Ord Pres
ton chairman of the board. Mr.
Miller is also president of the Dis
trict Bankers Association. He would
make no comment on the reported
offer. The trust company is con-
sidered one of the soundest bank
ing institutions in the Capital The
bank grew rapidly during the World
War, deposits on June 20, date of
the last official statement, reaching
$32 2,194,279.
Founded Nearly so Years Ago.
On that date the bank had
81 100000 capital stock, $4,000, 900
surplus and undivided profits of
1891 ,943, making total capital funds
of $3,981 ,943. The bank also has
substantial reserves for expenses, in
terest, taxes and dividends. The
stock is now paying SO year.
The institution was founded nearly
half century ago by the late Ed
ward J. Stallwagen, for many years
president, and the late George E.
Hamilton, sr., who served as trust
officer over long period.
The present Board of Directors
is composed of l.. Clark Brown
Walter F. Chappell, j. Wesley
Clampitt, jr.; Daniel B. Devore
Walliam Sharon Farr, George E.
Fleming, Everett Flood, Frederick
j. Haas, George E. Hamilton, jr.;
Edward L. Hillyer, Page Hufty,
Godfrey w. Kaufman, S. William
Miller, H. c. Newcomer, Daniel w.
O'Donoghue, jr.; Arthur Murray
Preston, Ord Preston, Charles A.
Robinson, John H. Small, III;
Frederick Stohlman and Charles
F. Wilson.