The Mutual Alliance Trust Company was a trust company formed in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the U ...

in 1902, with founders such as

Cornelius Vanderbilt Cornelius Vanderbilt (May 27, 1794 – January 4, 1877), nicknamed "the Commodore", was an American business magnate who built his wealth in railroads and shipping. After working with his father's business, Vanderbilt worked his way into lead ...

and

William Rockefeller William Avery Rockefeller Jr. (May 31, 1841 – June 24, 1922) was an American businessman and financier. Rockefeller was a co-founder of Standard Oil along with his elder brother John Davison Rockefeller. He was also part owner of the Anacond ...

. On January 14, 1915, the company was acquired by

Chatham-Phenix National and Alliance Trust The Chatham Phenix National Bank and Trust Company was a bank in New York City connected with the Chatham Phenix Corporation. Its predecessor Chatham and Phenix National Bank was formed in 1911 when Chatham National Bank paid $1,880,000 to absorb ...

in New York.

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. On May 1, 1902, the ''New York Times'' reported the details of the newly formed Mutual Alliance Trust Company. It was organized by

, 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. 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.

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.

Liquidation

In January 1915, there were negotiations for

Chatham and Phenix National The Chatham Phenix National Bank and Trust Company was a bank in New York City connected with the Chatham Phenix Corporation. Its predecessor Chatham and Phenix National Bank was formed in 1911 when Chatham National Bank paid $1,880,000 to absorb t ...

to buy and liquidate the Mutual Alliance Trust Company in its entirety. The merger was completed on January 14, 1915.

Directors

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

Henry H. Rogers Henry Huttleston Rogers (January 29, 1840 – May 19, 1909) was an American industrialist and financier. He made his fortune in the oil refining business, becoming a leader at Standard Oil. He also played a major role in numerous corporations a ...

(H. H. Rogers) *

Eugene G. Kremer Eugene may refer to: People and fictional characters * Eugene (given name), including a list of people and fictional characters with the given name * Eugene (actress) (born 1981), Kim Yoo-jin, South Korean actress and former member of the sin ...

James N. Jarvie James Newbegin Jarvie (1853 – June 21, 1929) was a British-American merchant and philanthropist who was known as the "Coffee King". Early life Jarvie was born in Manchester, England, in 1853, a son of William and Isabella Jarvie. He had two sis ...

(

James M. Jarvis James is a common English language surname and given name: * James (name), the typically masculine first name James * James (surname), various people with the last name James James or James City may also refer to: People * King James (disambigua ...

) *

Isidor Straus Isidor Straus (February 6, 1845 – April 15, 1912) was a Bavarian-born American Jewish businessman, politician and co-owner of Macy's department store with his brother Nathan. He also served for just over a year as a member of the United State ...

Richard A. McCurdy Richard Aldrich McCurdy (January 29, 1835, New York City – March 6, 1916, Morristown, New Jersey) was an American attorney, business executive and banker during the Gilded Age. He served as the President of the Mutual Life Insurance Company of Ne ...

* Louis Stern * Martin Erdmann * Percival Kuhne *

Emanuel Lehman Emanuel Lehman (born Mendel Lehmann; February 15, 1827 – January 10, 1907) was a German-born American banker. The younger brother of Henry Lehman, he was a co-founder of Lehman Brothers. Biography Emanuel Lehman was born in Rimpar, Bavaria on ...

* Frederic Cromwell

References