The North American Trust Company was a

trust company A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trust ...

based in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

. It was organized in early 1896. At the start of 1898, the company was located in the American Surety Building at 100 Broadway. On April 3, 1900, the directors of the International Banking and Trust Company and the North American Trust Company unanimously voted to merge the two organizations under the new name the North American Trust Company. Other organizations were acquired in 1901, and in 1905 the City Trust, the North American Trust, and the Trust Company of America merged in what the ''Times'' called "the most important trust company consolidation of recent years." The new company was named the Trust Company of America.

History

1886–1899: Founding and branches

There was a North American Trust Company involved in litigation as of 1852 in

Albany, New York Albany ( ) is the List of capitals in the United States, capital city of the U.S. state of New York (state), New York. It is located on the west bank of the Hudson River, about south of its confluence with the Mohawk River. Albany is the oldes ...

. The North American Trust Company was organized in early 1886, with a capital of $1 million. At the end of 1897, the company report announced that it had resources of about $5.5 million, an increase from about $5.1 at the end of 1896. At the start of 1898, the company was located in the American Surety Building at 100 Broadway. On January 19, 1898, Colonel William L. Trenholm was elected president of the North American Trust Company. Former president Samuel M. Jarvis resigned and it was announced he would "devote himself more especially to the international business of the company." The company at large announced it would be more active with expansion, both in the United States and Europe. By May 1899, vice presidents Jarvis and Roland R. Conklin were the primary stockholders of the company. Jarvis had organized the company branches in

Santiago Santiago (, ; ), also known as Santiago de Chile (), is the capital and largest city of Chile and one of the largest cities in the Americas. It is located in the country's central valley and is the center of the Santiago Metropolitan Regi ...

and

Havana Havana (; ) is the capital and largest city of Cuba. The heart of La Habana Province, Havana is the country's main port and commercial center.Cuba Cuba, officially the Republic of Cuba, is an island country, comprising the island of Cuba (largest island), Isla de la Juventud, and List of islands of Cuba, 4,195 islands, islets and cays surrounding the main island. It is located where the ...

. The company also had a branch in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

1900–1904: Acquisition spree

On April 3, 1900, the directors of the International Banking and Trust Company and the North American Trust Company met separately. Both groups unanimously voted to merge the two organizations under the new name the North American Trust Company. The new North American Trust Company would be based in the corner of Broadway and Cedar Street, formerly secured by the International Company. At the time of the vote, North American had a capital of $2 million and a surplus of $1 million. International, on the other hand, had capital of $1 million and a surplus of $500,000. In the merger, the International Company surrendered its charter and all its assets to North American, with the new capital stock of the company to be $2 million, with entire assets of something over $4,500,000. A date was set for two weeks later, to ratify the director vote. On April 3, seven men from the International Banking and Trust Company were elected as directors of the North American company. They included president Oakleigh Thorne of the International. On May 22, 1900, the Senate adopted a resolution brought by Jones of

Arkansas Arkansas ( ) is a landlocked state in the West South Central region of the Southern United States. It borders Missouri to the north, Tennessee and Mississippi to the east, Louisiana to the south, Texas to the southwest, and Oklahoma ...

directing the

Secretary of War The secretary of war was a member of the U.S. president's Cabinet, beginning with George Washington's administration. A similar position, called either "Secretary at War" or "Secretary of War", had been appointed to serve the Congress of the ...

to investigate the North American Trust Company's operations in Havana, and its relation to the United States government. In late February 1901, the North American Trust Company "practically absorbed eight other companies." By February 27, 1901, negotiations were taking place for the North American to take control of two other trust companies, with plans to liquidate their businesses: the Holland Trust Company and the Century Trust Company.

Oakleigh Thorne W.O.S. Thorne, more generally known as Oakleigh Thorne (July 31, 1866 − May 23, 1948), was an American businessperson, a publisher of tax guides, a banker, and a philanthropist. Among his early ventures were the consolidation of brickyards on t ...

was serving as president of the North American.

1905: Acquisition by Trust Company of America

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.

Directors and executives

On January 19, 1898, Colonel William L. Trenholm was elected president of the North American Trust Company, succeeding Samuel M. Jarvis. Vice presidents elected included Henry D. Lyman, David B. Sickels, and R. A. C. Smith. Former president resigned. At the same election, the elected members of the executive committee included Wiliam A. Wheelock, Henry H. Cook, Thomas F. Ryan, James A. Hayden,

Marcellus Hartley Marcellus Hartley (1827 – January 8, 1902) was an American arms dealer and merchant. He was appointed as an agent by the Union Army to purchase guns from Europe during the American Civil War. He later manufactured cartridges for breech-loading ...

, John C. Bullitt, John J. McCook,

Elihu Root Elihu Root (; February 15, 1845February 7, 1937) was an American lawyer, Republican Party (United States), Republican politician, and statesman who served as the 41st United States Secretary of War under presidents William McKinley and Theodor ...

, and W. B. Kendall. By May 1899, vice presidents Samuel M. Jarvis and Roland R. Conklin were also serving on the board. The company also had directors such as

John G. Carlisle John Griffin Carlisle (September 5, 1834July 31, 1910) was an American attorney and Democratic Party politician from Kentucky. He represented Kentucky in the United States House of Representatives from 1877 to 1890, serving as the 31st Speake ...

, Adlai E. Stevenson, and

Wager Swayne Wager Swayne (November 10, 1834December 18, 1902) was a Union Army colonel during the American Civil War and was appointed as the last major general of volunteers of the Union Army. Swayne received America's highest military decoration the Med ...

. In 1899, William Lee Trenholm desired to be "free of business cares" and retire, and an election was held for a new president at 100 Broadway. On May 26, 1899, Alvah Trowbridge was elected as the new president of the company, succeeding Trenholm. Trowbridge to that point had been vice president of the National Bank of North America. On April 3, seven men from the International Banking and Trust Company were elected as directors of the North American company. They included president Oakleigh Thorne of the International, as well as Benjamin F. Tracy,

H. B. Hollins Harry Bowly Hollins (September 5, 1854 – February 24, 1938) was an American financier, banker, and railroad Business magnate, magnate. He was responsible for organizing the banking and brokerage firm bearing his name, H.B. Hollins & Co. in 1 ...

, Edward W. Scott, Jone Hone, John C. Tomlinson, and Ernst Thalmann.

References