Astor Trust Company Explained

Astor Trust Company
Fate:Merged with Bankers Trust (1917)
Predecessor:Astor National Bank
Sixth National Bank
New Netherlands Trust Company
Foundation:1898
Location:New York City, New York
Industry:Trust company
Key People:George Fisher Baker
Edmund C. Converse
Alexander Henry Stevens
Thomas Cochran
Products:Financial services

The Astor Trust Company was a historic American banking organization. The firm merged with Bankers Trust in 1917.

History

The Astor National Bank of New York was authorized to begin business on February 9, 1898, with initial capital of $300,000.[1] John Jacob Astor IV was the first depositor when the bank opened on February 14, 1898, with George Fisher Baker as president and Charles F. Bevins as cashier. The first days deposits totaled $700,000.[2] The Bank was located in the Astor Court Building, adjoining the Waldorf-Astoria Hotel, at 34th Street and Astor Court (just west of Fifth Avenue). It was rumored that Jack Astor was "interested in the company and might be active in its management."[3]

In 1899, Sixth National Bank (which was founded in 1864),[4] of which Alexander Henry Stevens was then president, consolidated with the Astor National Bank.[5] [6] Stevens then became a vice-president of Astor National Bank, serving in that role until his death in 1916. By 1900, the Bank had $350,000 in capital.[7] From 1906 to 1914, Thomas Cochran served as vice-president of the bank (Cochran became a partner in J.P. Morgan & Company in 1917). Edmund C. Converse served as president of Astor Trust from 1907 to 1917.

In 1907, Astor National Bank merged with the New Netherlands Trust Company to become the Astor Trust Company. New Netherland Trust Company had been organized in October 1906 by "interests identified with the Bankers' Trust Company". After the 1907 consolidation, the Astor Trust Company had capital of $1,250,000,[8] and left the Astor Court Building, and moved to 369 Fifth Avenue and 36th Street where New Netherland Trust was shortly to have begun business.[9]

In 1912, during the Pujo Committee inquiry, Astor Trust was included in the presentation that showed that "eighteen financial institutions in New York, Chicago, and Boston virtually constituted a 'money trust,' having a voice through the places on the Board of Directors in the management of 134 corporations, with an aggregate capital of $25,325,000,000." Upon questioning by Samuel Untermyer, Scudder informed the committee that the 29 Astor Trust Co. directors held 64 directorships in 17 other banks and trust companies.[10] Also in 1912, it was falsely reported that the Astor Trust Company was merging with the Jefferson and Century Banks.[11]

Subsequent mergers

On April 23, 1917, the Astor Trust Company merged with Bankers Trust,[12] which had been talked of for some time as both banks had a number of directors in common (e.g. Seward Prosser was president of the Bankers and a director of the Astor and Edmund C. Converse was president of the Astor and a director of the Bankers).[13] The Astor continued "with no change in management, as the uptown branch of the Bankers Trust Company." The new company had capital of $11,250,000, "undivided profit of more than $5,000,000 and deposits of about $300,000,000."[14] Bankers Trust was later acquired by Alex. Brown & Sons in 1997, however, Deutsche Bank agreed to purchase Bankers Trust for $10.1 billion in November 1998.[15] Deutsche Bank sold The Trust and Custody division of Bankers Trust to State Street Corporation in February 2003.[16]

Astor Trust Company building

In 1915,[17] the Oceanic Investment Company announced the construction of a new building at the southeast corner of Fifth Avenue and 42nd Street to replace a commercial building built by the Pottier & Stymus Company (which itself replaced the House of Mansions, which had been built in 1856 by Alexander J. Davis).[18] The new building was named after the Astor Trust Company who was the new building's primary tenant after they took a 21-year lease and agreed to move from their existing offices at 389 Fifth Avenue (and 36th Street) into the new building upon its completion in 1917. Astor's old office was then occupied by the American Red Cross.[19] In the new building:

"The ground floor will be devoted to stores, while the Astor Trust Company, now at Fifth Avenue and Thirty-sixth Street, will occupy the first, second, and third floors, also using the basement for safe deposit vaults. The main banking rooms, while occupying three floors, will be arranged as a single floor, with the ceiling rising thirty-five feet above the main banking room. Three lofty arched windows will overlook Fifth Avenue from the banking floor."[17]

The building was designed by architect Ernest Flagg, who was known for designing the Thomas Cook building at 565 Fifth Avenue. The Astor Trust Company building was eventually renamed the Bankers' Trust building, which stands to this day.[20]

In 1919, Bankers Trust acquired its second uptown location at the northwest corner of Madison Avenue and 57th Street from the Union Trust Company and expanded its main location at 14 Wall Street and Nassau Street by acquiring the property adjacent to their headquarters (which was completed in 1912) from William Waldorf Astor, Baron Astor, for approximately $1,750,000.[21]

Affiliated people

Notable former employees

Notable employees of the bank included:[22]

Board of directors

Members of the board of directors of the Astor National Bank and Astor Trust Company included:[8] [26]

References

Notes
Sources

Notes and References

  1. News: The Astor National Bank. . 26 September 2019 . . 10 February 1898.
  2. News: Opening of Astor National Bank. . 26 September 2019 . . 15 February 1898.
  3. Book: Brewer . H. Peers . The Emergence of the Trust Company in New York City 1870-1900 . 2017 . Routledge . 9781351610841 . 165 . 27 September 2019 . en.
  4. Book: Alphabetical List of National Banks, with the Associations at which Their Notes are Redeemed: Also a List of National Banks in the Principal Cities, with the Associations the Notes of which are Redeemed by Them . 1870 . U.S. Government Printing Office . 11 . 27 September 2019 . en.
  5. News: IN UP-TOWN BANKS.; Prospective Removal of the Mutual Into Sixth National's Old Quarters. . 26 September 2019 . . 19 January 1899.
  6. News: Ten Million Dollar Banks. . 27 September 2019 . . 27 July 1902.
  7. News: Bank Statement. . 27 September 2019 . . 28 January 1900.
  8. News: ASTOR NATIONAL ABSORBS TRUST CO Merger with New Netherlands to Have a Cash Capital of $1,250,000. HAS POWERFUL BACKING New Concern to be the Astor Trust Company — Will Have Fifth Avenue Offices. . 26 September 2019 . . February 18, 1907.
  9. Banking . Dickerman's United States Treasury Counterfeit Detector the Standard Authority . August 1907 . 24 . 8 . 13 . 27 September 2019 . W. Dickerman . en.
  10. Book: Lindbergh, Charles August . Hearings on House Resolution No. 314: Authorizing the Appointment of a Committee to Investigate as to Whether There are Not Combinations of Financial and Other Concerns who Control Money and Credits, and Operate in Restraint of Trade Through that Control . 1911 . U.S. Government Printing Office . 1001 . 27 September 2019 . en. Charles August Lindbergh .
  11. News: Astor Trust Company Not in Merger. . 26 September 2019 . . 8 March 1912.
  12. Book: Ingham. John N. . Biographical Dictionary of American Business Leaders. registration. 1983. Greenwood Publishing Group. 978-0-313-23907-6. 187–188.
  13. News: TO ACT ON MERGER TODAY.; Boards of Bankers and Astor Trust Companies Will Take Action. . 26 September 2019 . . 28 March 1917.
  14. News: MERGER OF BANKS RATIFIED.; Union of Bankers and Astor Trust Companies Effective April 23. . 26 September 2019 . . 18 April 1917.
  15. News: Bank Giant: The Overview; Deutsche Gets Bankers Trust for $10 Billion. Edmund L. Andrews. The New York Times. NYTimes.com. 1 December 1998. 2012-01-01.
  16. Deutsche Bank sells Global Securities Services Business to State Street. 5 November 2002. Deutsche Bank. 2012-01-01. https://web.archive.org/web/20140521093914/https://www.db.com/ir/en/content/ir_releases_2002_3926.htm. 2014-05-21. dead.
  17. News: EXPANSION OF BANKING INTERESTS ON UPPER FIFTH AVENUE KEEPING PACE WITH RAPID GROWTH OF SHOPPING TRADE; Astor Trust Company Will Have Fine Offices in New Twenty-Story Building on Forty-Second Street Corner ;- Land Now Assessed for $1,510,000, While Sixty Years Ago Entire Block Was a Vacant Field ;- Startling Transformation in Recent Years . 26 September 2019 . . 29 August 1915.
  18. Web site: Building on S.E. corner of Fifth Ave. and 42nd St.; corner of reservoir appears at right . digitalcollections.nypl.org . . 26 September 2019 . en.
  19. News: RED CROSS TO MOVE.; Executive Offices to Occupy Present Quarters of Astor Trust Co. . 26 September 2019 . . 16 May 1917.
  20. Web site: Kumer . Anne . From the Archives: House of Mansions to Bankers' Trust . blog.bryantpark.org . Bryant Park Blog . 26 September 2019 . March 12, 2013.
  21. Bankers Trust Company Expands . Trust Companies . 1919 . 28 . 582 . 27 September 2019 . Trust Companies Pub. Association . en.
  22. New York City Astor Bank & Trust Company Merger . Trusts and Estates . 1907 . 4 . 186 . 27 September 2019 . Trust Companies Pub. Association . en.
  23. http://heinonline.org/HOL/LandingPage?collection=journals&handle=hein.journals/blj31&div=124&id=&page= 'The bankers Trust Company of New York: Seward Prosser succeeds Benjamin Strong, Jr. as President'
  24. Banking and Financial News . Bankers Magazine . 1898 . 56 . 459 . 27 September 2019 . Bradford Rhodes. . en.
  25. https://timesmachine.nytimes.com/timesmachine/1915/03/23/104643032.pdf?pdf_redirect=true&ip=0 "H. BOOCOCK KILLS WIFE AND HIMSELF; Astor Trust Company Treasurer the Principal in a Strange Double Tragedy. TWO SHOTS AFTER DINNER Mrs. Boocock Playing Piano Just Before Slaying in East 74th Street Home. FELLOW-OFFICIALS AMAZED Know No Motive, Financial or Domestic, for Act -- Search for Letters Futile. H. BOOCOCK KILLS WIFE AND HIMSELF"
  26. News: Times . Special to The New York . $25,000,000,000 Resources Represented in 180 Men . 26 September 2019 . . 19 December 1912.
  27. Book: Harrison . Mitchell C. . PROMINENT AND PROGRESSIVE AMERICANS AN ENCYCLOPEDIA OF CONTEMPORANEOUS BIOGRAPHY, Vol. 1 . 1912 . . New York . 27 September 2019.
  28. News: E.C. CONVERSE DIES OF HEART DISEASE; New York Capitalist Stricken Suddenly at Pasadena, Cal., in His 72d Year. LONG A POWER IN FINANCE He Had Been President of Bankers' Trust Co., Astor Trust Co. and Liberty National Bank. . 26 September 2019 . . 5 April 1921.
  29. News: JOHN I. DOWNEY, BANKER, 84, DIES; Ex-Officer of the Fifth Ave. and Bank of New York . 26 September 2019 . . 22 April 1961.
  30. News: EDWARD MARSTON, BANKER, DIES AT 75; Former President of Blair & Co., Brokers, Is Stricken Suddenly in Los Angeles . 26 September 2019 . . 24 September 1935.
  31. Book: Markham . Jerry W. . A Financial History of the United States: From Christopher Columbus to the Robber Barons (1492-1900) . 2002 . M.E. Sharpe . 9780765607300 . 24 . 27 September 2019 . en.
  32. News: ANNUAL BANK ELECTIONS; National and State Institutions Elect Their Directors. Shareholders Some of the Trust Companies Also Choose Their Board -- Some Banks Also Elect Officers. . 27 September 2019 . . 14 January 1903.
  33. News: ALEXANDER H. STEVENS DIES; Vice President of the Astor Trust Company Was in His 83d Year. . 26 September 2019 . . 11 July 1916.

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