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Trust Company of America
The Trust Company of America was a large company in New York City. Founded on May 23, 1899 in Albany, New York, its founding president was Ashbel P. Fitch and it was initially located in the Singer Building in Manhattan's Financial District. In 1907 the company absorbed the Colonial Trust Company, a commercial bank. During the Panic of 1907 it was the target of a bank run starting on October 23, 1907, which it survived with the backing of J. Pierpont Morgan and an infusion of gold from the Bank of England and other European sources. The company ultimately represented a consolidation of the North American Trust Company, the former Trust Company of America, the City Trust Company and the Colonial Trust Company. The Trust Company of America was absorbed by the Equitable Trust Company in the spring of 1912.
The Trust Company of America commenced business in 1895. Later on it represented a consolidation of the North American Trust Company, the former Trust Company of America, the City Trust Company and the Colonial Trust Company.
The company was incorporated in Albany, New York on May 23, 1899. It had been promoted by Edward F. Cragin, James M. Donald of Hanover National Bank, and Alvah Trowbridge of the National Bank of North America. New York Representative Ashbel P. Fitch was founding president. To start, the company had $2,500,000 in capital stock, with a paid-up surplus of the same amount. However, its structure was not fully outlined, with the general belief that it would be a trust company of trust companies, "and as such, a Clearing House for them." It was initially located in the Singer Building at Liberty Street and Broadway in Lower Manhattan's Financial District.
In 1904 the North American Trust Company merged into the Trust Company of America. At the time, Oakleigh Thorne was president of the North American Trust Company.
On April 12, 1905, it was reported that the City Trust, the North American Trust, and the Trust Company of America were merging in the near future, in what the Times called "the most important trust company consolidation of recent years." It was announced the new company would be named the Trust Company of America, with capital of $2 million, a surplus of $9 million, and deposits over $50 million, "putting it among the strongest trust companies in New York." Thorne, then president of the North American Trust Company, was announced as the architect of the merger.
To facilitate the merger, Thorne employed a corporation to hold a majority of the stocks, with the Times writing that "Wall Street had never seen the idea applied to the control of banking institutions." Thorne and his associates formed the Broadway Securities Company to hold a majority of the stocks from the North American and the Trust Company of America "against the efforts of the minority interests" endeavoring to block the consolidation. Stock in all three companies was also placed under the control of a committee, consisting of Charles T. Barney, George R. Sheldon, Hosmer B. Parsons, Emerson McMillin, Oakleigh Thorne, and William H. Leupp. A vote to ratify the merger was called for April 18, 1905.
The company's second location was the ground floor of 37 Wall Street, a building which was designed by Francis Kimball and constructed during 1906 and 1907 for The Trust Company of America. The building, completed in 1907, stands at 25 floors.[citation needed] ′
On January 11, 1907, a plan was announced for a merger and consolidation of the Trust Company of America and the Colonial Trust Company, with Colonial to be absorbed. On January 16, 1907, meetings were held concerning the absorption of the Colonial Trust Company, with directors added to the board. Oakleigh Thorne was elected president, and John E. Borne was named chairman. The former quarters of the Colonial Trust Company continued to be maintained, in the St. Paul Building as the Colonial Branch. By October 1907, Colonial Trust Company operated as a branch of the Trust Company of America.
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Trust Company of America
The Trust Company of America was a large company in New York City. Founded on May 23, 1899 in Albany, New York, its founding president was Ashbel P. Fitch and it was initially located in the Singer Building in Manhattan's Financial District. In 1907 the company absorbed the Colonial Trust Company, a commercial bank. During the Panic of 1907 it was the target of a bank run starting on October 23, 1907, which it survived with the backing of J. Pierpont Morgan and an infusion of gold from the Bank of England and other European sources. The company ultimately represented a consolidation of the North American Trust Company, the former Trust Company of America, the City Trust Company and the Colonial Trust Company. The Trust Company of America was absorbed by the Equitable Trust Company in the spring of 1912.
The Trust Company of America commenced business in 1895. Later on it represented a consolidation of the North American Trust Company, the former Trust Company of America, the City Trust Company and the Colonial Trust Company.
The company was incorporated in Albany, New York on May 23, 1899. It had been promoted by Edward F. Cragin, James M. Donald of Hanover National Bank, and Alvah Trowbridge of the National Bank of North America. New York Representative Ashbel P. Fitch was founding president. To start, the company had $2,500,000 in capital stock, with a paid-up surplus of the same amount. However, its structure was not fully outlined, with the general belief that it would be a trust company of trust companies, "and as such, a Clearing House for them." It was initially located in the Singer Building at Liberty Street and Broadway in Lower Manhattan's Financial District.
In 1904 the North American Trust Company merged into the Trust Company of America. At the time, Oakleigh Thorne was president of the North American Trust Company.
On April 12, 1905, it was reported that the City Trust, the North American Trust, and the Trust Company of America were merging in the near future, in what the Times called "the most important trust company consolidation of recent years." It was announced the new company would be named the Trust Company of America, with capital of $2 million, a surplus of $9 million, and deposits over $50 million, "putting it among the strongest trust companies in New York." Thorne, then president of the North American Trust Company, was announced as the architect of the merger.
To facilitate the merger, Thorne employed a corporation to hold a majority of the stocks, with the Times writing that "Wall Street had never seen the idea applied to the control of banking institutions." Thorne and his associates formed the Broadway Securities Company to hold a majority of the stocks from the North American and the Trust Company of America "against the efforts of the minority interests" endeavoring to block the consolidation. Stock in all three companies was also placed under the control of a committee, consisting of Charles T. Barney, George R. Sheldon, Hosmer B. Parsons, Emerson McMillin, Oakleigh Thorne, and William H. Leupp. A vote to ratify the merger was called for April 18, 1905.
The company's second location was the ground floor of 37 Wall Street, a building which was designed by Francis Kimball and constructed during 1906 and 1907 for The Trust Company of America. The building, completed in 1907, stands at 25 floors.[citation needed] ′
On January 11, 1907, a plan was announced for a merger and consolidation of the Trust Company of America and the Colonial Trust Company, with Colonial to be absorbed. On January 16, 1907, meetings were held concerning the absorption of the Colonial Trust Company, with directors added to the board. Oakleigh Thorne was elected president, and John E. Borne was named chairman. The former quarters of the Colonial Trust Company continued to be maintained, in the St. Paul Building as the Colonial Branch. By October 1907, Colonial Trust Company operated as a branch of the Trust Company of America.