Mutual Alliance Trust Company

The Mutual Alliance Trust Company was a trust company formed in New York City in 1902, with founders such as Cornelius Vanderbilt and William Rockefeller.

Mutual Alliance Trust Company
IndustryFinancial
GenreTrust company
FateLiquidated by Chatham-Phenix National and Alliance Trust
SuccessorsChatham-Phenix National and Alliance Trust
Founded1902 (1902) in New York City, United States
DefunctJanuary 14, 1915 (January 14, 1915)
HeadquartersManhattan,
New York City

On January 14, 1915, the company was acquired by Chatham-Phenix National and Alliance Trust in New York.[1]

History

Formation

At the end of April 1902, H. M. Humphreys resigned from his positions as superintendent of the Coffee Exchange to become vice president of the newly formed Mutual Alliance Trust Company.[2] On May 1, 1902, the New York Times reported the details of the newly formed Mutual Alliance Trust Company. It was organized by Cornelius Vanderbilt, William Rockefeller, and "a dozen more well-known men" with $1,000,000 in capital. Its initial place of business was an office at Orchard and Grand Streets in New York City. Kalman Haas was founding president, and Henry M. Humphrey vice president.[3] It opened for business on the Tuesday after June 29, 1902 as a general trust company on the east side of Manhattan. There were 13 directors upon its founding.[4]

Acquisition of National Reserve Bank

On January 27, 1914, the National Reserve Bank was taken over by the Mutual Alliance Trust Company, which was then based at 35 Wall Street. The two companies had previously been affiliated and had shared directors. Deposits of the merged institutions was about $12,000,000. The National Reserve was liquidated, and its stockholders received the value "of the assets exceeding the amount of the deposits and a substantial payment for the good will of the institution." James H. Parker was appointed president of the combined institution. Those of the National Bank Reserve were about $4,352,561 on January 13, 1914. At the time of the merge, the New York Times wrote that "both institutions have a large number of country bank accounts, chiefly in the West and Southwest, and handle much cotton exchange business." For a time, the office of the National Bank Reserve at 165 was continued as the Reserve Branch of the trust company.[5]

Liquidation

In January 1915, there were negotiations for Chatham and Phenix National to buy and liquidate the Mutual Alliance Trust Company in its entirety.[6] The merger was completed on January 14, 1915.[1]

Directors

When it opened for business on the Tuesday after June 29, 1902, there were 13 directors, including:

See also

References
  1. $32,000,000 Merger of Banks Effected; Sum Represents Deposits of Chatham-Phenix National and Alliance Trust. Terms Not Made Public. Century Takes Over Branches -- $10,400,000 of Assets Moved After Business Hours., New York City: The New York Times, January 15, 1915, p. 5, retrieved January 20, 2017
  2. To Leave the Coffee Exchange, New York: The New York Times, April 23, 1902, p. 9, retrieved January 23, 2017
  3. New East Side Trust Company - Vanderbilt and Rockefeller Capital to be Used on Grand Street, New York: The Wall Street Journal, May 1, 1902, p. 11, retrieved January 23, 2017
  4. Mutual Alliance Trust Co., New York: The New York Times, June 29, 1902, p. 35, retrieved January 23, 2017
  5. Mutual Alliance Takes Over Bank; National Reserve Office Will Continue as Branch of Trust Company., New York City: The New York Times, January 28, 1914, p. 12, retrieved January 19, 2017
  6. Bankers Lay Plans for Triple Merger; Chatham and Phenix National to Buy and Liquidate Mutual Alliance Trust Company. Favorable Vote Expected. If Deal Goes Through, Two of Trust Company Branches Will Be Sold to the Century Bank., New York: The New York Times, January 10, 1915, p. 13, retrieved January 20, 2017
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.