The Astor Trust Company was a historic

American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, pe ...

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

organization. The firm merged with

Bankers Trust Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corpor ...

in 1917.

History

The

Astor National Bank 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. ...

of New York was authorized to begin business on February 9, 1898, with initial capital of $300,000.

John Jacob Astor IV John Jacob Astor IV (July 13, 1864 – April 15, 1912) was an American business magnate, real estate developer, investor, writer, lieutenant colonel in the Spanish–American War, and a prominent member of the Astor family. He died in the sink ...

was the first depositor when the bank opened on February 14, 1898, with

George Fisher Baker George Fisher Baker (March 27, 1840 – May 2, 1931) was an American financier and philanthropist. Known as the "Dean of American Banking", he was also known for his taciturnity. Baker made a fortune after the Civil War in railroads and banking, ...

as president and Charles F. Bevins as cashier. The first days deposits totaled $700,000. The Bank was located in the Astor Court Building, adjoining the

Waldorf-Astoria Hotel The Waldorf Astoria New York is a luxury hotel and condominium residence in Midtown Manhattan in New York City. The structure, at 301 Park Avenue between 49th and 50th Streets, is a 47-story Art Deco landmark designed by architects Schultze ...

, at 34th Street and Astor Court (just west of

Fifth Avenue Fifth Avenue is a major and prominent thoroughfare in the borough of Manhattan in New York City. It stretches north from Washington Square Park in Greenwich Village to West 143rd Street in Harlem. It is one of the most expensive shopping stre ...

). It was rumored that Jack Astor was "interested in the company and might be active in its management." In 1899, Sixth National Bank (which was founded in 1864), of which

Alexander Henry Stevens Alexander Henry Stevens (June 13, 1834 – July 10, 1916) was an American banker. Early life Stevens was born on June 13, 1834, in New York City. He was the son of banker Byam Kerby Stevens (1792–1870) and Frances (née Gallatin) Stevens (180 ...

was then president, consolidated with the Astor National Bank. 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. 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, 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. In 1912, during the

Pujo Committee The Pujo Committee was a United States congressional subcommittee in 1912–1913 that was formed to investigate the so-called "money trust", a community of Wall Street bankers and financiers that exerted powerful control over the nation's finance ...

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 Samuel J. Untermyer (March 6, 1858 – March 16, 1940) was a prominent American lawyer and civic leader. He is also remembered for bequeathing his Yonkers, New York estate, now known as Untermyer Park, to the people of New York State. Life S ...

, Scudder informed the committee that the 29 Astor Trust Co. directors held 64 directorships in 17 other banks and trust companies. Also in 1912, it was falsely reported that the Astor Trust Company was merging with the Jefferson and Century Banks.

Subsequent mergers

On April 23, 1917, the Astor Trust Company merged with

, which had been talked of for some time as both banks had a number of directors in common (e.g.

Seward Prosser Seward Prosser (March 1, 1871 – October 1, 1942) was an American banker and philanthropist who served as the head of Bankers Trust. Early life Prosser was born in Buffalo, New York on March 1, 1871. He was a son of Henry Wilbur Prosser and Anna ...

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). 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." Bankers Trust was later acquired by Alex. Brown & Sons in 1997, however,

Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...

agreed to purchase Bankers Trust for $10.1 billion in November 1998. Deutsche Bank sold The Trust and Custody division of Bankers Trust to

State Street Corporation State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Un ...

in February 2003.

Astor Trust Company building

New York City 013 - Astor Trust building

In 1915, 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). 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 The American Red Cross (ARC), also known as the American National Red Cross, is a non-profit humanitarian organization that provides emergency assistance, disaster relief, and disaster preparedness education in the United States. It is the desi ...

. 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."

The building was designed by architect

Ernest Flagg Ernest Flagg (February 6, 1857 – April 10, 1947) was an American architect in the Beaux-Arts style. He was also an advocate for urban reform and architecture's social responsibility. Early life and education Flagg was born in Brooklyn, New ...

, who was known for designing the

Thomas Cook Thomas Cook (22 November 1808 – 18 July 1892) was an English businessman. He is best known for founding the travel agency Thomas Cook & Son. He was also one of the initial developers of the "package tour" including travel, accommodation ...

building at 565 Fifth Avenue. The Astor Trust Company building was eventually renamed the Bankers' Trust building, which stands to this day. In 1919, Bankers Trust acquired its second uptown location at the northwest corner of

Madison Avenue Madison Avenue is a north-south avenue in the borough of Manhattan in New York City, United States, that carries northbound one-way traffic. It runs from Madison Square (at 23rd Street) to meet the southbound Harlem River Drive at 142nd Stre ...

and 57th Street from the Union Trust Company and expanded its main location at

14 Wall Street Fourteen or 14 may refer to: * 14 (number), the natural number following 13 and preceding 15 * one of the years 14 BC, AD 14, 1914, 2014 Music * 14th (band), a British electronic music duo * ''14'' (David Garrett album), 2013 *''14'', an unrele ...

and Nassau Street by acquiring the property adjacent to their headquarters (which was completed in 1912) from

William Waldorf Astor William Waldorf "Willy" Astor, 1st Viscount Astor (31 March 1848 – 18 October 1919) was an American-British attorney, politician, businessman (hotels and newspapers), and philanthropist. Astor was a scion of the very wealthy Astor family of ...

Baron Astor Baron is a rank of nobility or title of honour, often hereditary, in various European countries, either current or historical. The female equivalent is baroness. Typically, the title denotes an aristocrat who ranks higher than a lord or knigh ...

, for approximately $1,750,000.

Affiliated people

Notable former employees

Notable employees of the bank included: *

(first president) * Edmund C. Converse (president) * Charles A. Peabody Jr. (first vice-president) * Thomas Cochran (vice-president) *

(vice-president) *

(vice-president; president; later head of Bankers Trust) * Charles F. Bevins (first cashier) * George W. Pancoast (cashier) * Harris Fahnestock (first assistant cashier) * Howard Boocock (assistant secretary and treasurer); killed himself and his wife Adele at their home at 36

East 74th Street 74th Street is an east–west street carrying pedestrian traffic and eastbound automotive/bicycle traffic in the New York City borough of Manhattan. It runs through the Upper East Side neighborhood (in ZIP code 10021, where it is known as East ...

, in Manhattan on March 22, 1915."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"
/ref>

Board of Directors

Members of the board of directors of the Astor National Bank and Astor Trust Company included: *

Benjamin Altman Benjamin Altman (July 12, 1840 – October 7, 1913) was a New York City department store owner and art collector who is best known today for his large art collection, which he donated to the Metropolitan Museum of Art. Life and career Benjami ...

(of B. Altman & Co.). *

Vincent Astor William Vincent Astor (November 15, 1891 – February 3, 1959) was an American businessman, philanthropist, and member of the prominent Astor family. Early life Called Vincent, he was born in New York City on November 15, 1891. Astor was the eld ...

(also first president of the Astor) * George B. Case (of

White & Case White & Case LLP is a global law firm based in New York City. Founded in 1901, the firm has 46 offices in 31 countries worldwide and has been ranked among the top ten firms worldwide by revenue. History The firm was launched on May 1, 1901 wh ...

) * Thomas Cochran * Edmund C. Converse *

Henry Pomeroy Davison Henry Pomeroy Davison Sr. (June 12, 1867 – May 6, 1922) was an American banker and philanthropist. Biography Henry Pomeroy Davison was born on June 12, 1867 in Troy, Pennsylvania, the oldest of the four children of Henrietta and George B. Davis ...

(vice-president of First National Bank) * John L. Downey * Henry B. Ely *

Elbert Henry Gary Elbert Henry Gary (October 8, 1846August 15, 1927) was an American lawyer, county judge and business executive. He was a founder of U.S. Steel in 1901, bringing together partners J. P. Morgan, Andrew Carnegie, and Charles M. Schwab. The city o ...

(chairman of the board of

U.S. Steel United States Steel Corporation, more commonly known as U.S. Steel, is an American integrated steel producer headquartered in Pittsburgh, Pittsburgh, Pennsylvania, with production operations primarily in the United States of America and in severa ...

) * Harrison E. Gawtry (of the Consolidated Gas Co.) *

Robert Walton Goelet Robert Walton Goelet (March 19, 1880 – May 2, 1941) was a financier and real estate developer in New York City. He was one of the largest property owners in the city by the time of his death. Early life Robert Walton Goelet, nicknamed Bertie ...

* Adrian Iselin Jr. (of Adrian Iselin & Co.) * Thomas W. Lamont (second vice-president of Bankers Trust) * Edgar L. Marston (of Blair & Co.) * Gates W. McGarrah (president of Mechanic's National Bank) * Robert H. McCurdy * Charles A. Peabody Jr. (president of the Mutual Life Insurance Company) *

George Walbridge Perkins George Walbridge Perkins I (January 31, 1862 – June 18, 1920) was an American politician and businessman. He was a leader of the Progressive Movement, especially Theodore Roosevelt's presidential candidacy for the Progressive Party in 191 ...

( J.P. Morgan & Co.) * William H. Porter (president of Chemical National Bank) *

* William T. Rainey * Roy A. Rainey * Daniel G. Reid (of

Chicago, Rock Island and Pacific Railroad The Chicago, Rock Island and Pacific Railroad (CRI&P RW, sometimes called ''Chicago, Rock Island and Pacific Railway'') was an American Class I railroad. It was also known as the Rock Island Line, or, in its final years, The Rock. At the end ...

) *

Douglas Robinson Jr. Douglas Robinson Jr. (January 3, 1855 – September 12, 1918) was an American businessman who was married to Corinne Roosevelt, a sister of U.S. President Theodore Roosevelt and an aunt of First Lady Eleanor Roosevelt. Early life Robinson was b ...

(brother-in-law of President

Theodore Roosevelt Theodore Roosevelt Jr. ( ; October 27, 1858 – January 6, 1919), often referred to as Teddy or by his initials, T. R., was an American politician, statesman, soldier, conservationist, naturalist, historian, and writer who served as the 26t ...

, who was an Astor Trust customer) * W. Emlen Roosevelt (president of

Roosevelt Hospital Mount Sinai West, opened in 1871 as Roosevelt Hospital, is affiliated with the Icahn School of Medicine at Mount Sinai and the Mount Sinai Health System. The 514-bed facility is located in the Midtown West neighborhood of New York City. The fac ...

and director of the

Gallatin National Bank The Gallatin National Bank was a bank headquartered in New York City founded in 1829 by U.S. Treasury Secretary Albert Gallatin. In 1912, it was absorbed into the Hanover National Bank. History The bank was founded as the National Bank in the Cit ...

) * Archibald D. Russell *

* John F. Thompson (vice-president of Bankers Trust) * Charles L. Tiffany (vice-president of Tiffany & Co.) *

Theodore Newton Vail Theodore Newton Vail (July 16, 1845 – April 16, 1920) was president of American Telephone & Telegraph between 1885 and 1889, and again from 1907 to 1919. Vail saw telephone service as a public utility and moved to consolidate telephone networks u ...

(president of

American Telephone & Telegraph AT&T Corporation, originally the American Telephone and Telegraph Company, is the subsidiary of AT&T Inc. that provides voice, video, data, and Internet telecommunications and professional services to businesses, consumers, and government agen ...

) * Albert H. Wiggin (vice-president of

Chase National Bank JPMorgan Chase Bank, N.A., Trade name, doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the retail banking, consumer and commercial bank, commercial banking subsidiar ...

)

References

;Notes ;Sources {{DEFAULTSORT:Astor Trust Company Banks based in New York City 1917 disestablishments in New York (state) 1898 establishments in New York City