Continental Trust Company
| Company type | Private |
|---|---|
| Industry | Banking, Trust |
| Founded | April 3, 1889 |
| Founder | Charles S. Fairchild |
| Defunct | 1959 |
| Fate | Merged with Chemical Corn Exchange Bank to form Chemical Bank New York Trust Company |
| Headquarters | New York City , United States |
Key people | Charles S. Fairchild (founder, president 1889–1904), Otto T. Bannard (president 1904–1916), Mortimer N. Buckner (president 1916–1921), Harvey Dow Gibson (president 1921–1929), Artemus L. Gates (president 1929–1941), John E. Bierwith (president 1941–1949), Charles J. Stewart (president 1949–1952), Hulbert S. Aldrich (president 1952–1959) |
| Products | Trust and wholesale banking services |
The New York Trust Company was a prominent institution in trust and wholesale banking, primarily focused on managing large industrial client accounts. It eventually merged with the Chemical Corn Exchange Bank, and this union later developed into what became known as Chemical Bank.
19th century
The New York Security and Trust Company was founded on April 3, 1889, with an initial capital of $1,000,000 and Charles S. Fairchild appointed as its inaugural president. Fairchild brought considerable financial acumen to the company, having served as both Attorney General of New York and the 38th United States Secretary of the Treasury.
Early supporters of the company included influential individuals such as former New York Governor Roswell P. Flower, financier James J. Hill, and industrialist James Stillman, demonstrating strong ties to key sectors from the outset.
Prior to this role, Fairchild had been a partner at the Boston-based investment banking firm Lee, Higginson & Co., further strengthening the company's leadership in financial matters.
20th century
In 1904, a merger took place between the New York Security and Trust Company and the Continental Trust Company (established in 1890), with the combined entity retaining the New York Security and Trust name and relocating to Continental Trust’s offices within the Blair & Co. Building on Broad Street. The merged firm possessed capital amounting to $3,000,000. Charles S. Fairchild assumed the position of chairman of the board, while Otto T. Bannard, formerly president of Continental Trust, became president. Effective March 1, 1905, the company adopted the name New York Trust Company.
Mortimer N. Buckner replaced Bannard as president in January 1916; Bannard then took on chairman responsibilities for both the board and executive committee.
December 1920 saw New York Trust merging with Liberty National Bank of New York—which had previously absorbed Scandinavian Trust Company—and was headquartered in the Equitable Building. After this consolidation, Buckner was appointed chairman, and Harvey Dow Gibson, formerly Liberty’s president, assumed presidency of New York Trust. The newly combined bank held capital of $10 million alongside undivided profits and surplus totaling nearly $20 million. It moved operations to offices located at 100 Broadway in the American Surety Company Building. The expanded board featured notable bankers including Henry P. Davison and Thomas Cochran.
In 1921, New York Trust appeared before the Supreme Court in New York Trust Co. v. Eisner regarding estate issues; Justice Oliver Wendell Holmes Jr. authored the opinion affirming the judgment.
Artemus L. Gates succeeded Gibson as president in 1929 at only 34 years old, becoming one of the youngest leaders of a major New York bank. Gates began his career at Liberty National Bank in 1919 and rose to vice president by 1926. While Gates served as chairman of the executive committee, Buckner continued as chairman of the board.
By June 30, 1941, total assets reported by New York Trust reached $694.7 million. John E. Bierwith took over as president following Gates’ resignation when he accepted a position as Assistant Secretary of the Navy for Aeronautics under President Franklin D. Roosevelt.
In 1949, New York Trust completed a cash acquisition of Fulton Trust Company valued at $5 million ($250 per share). Bierwith remained president; Arthur J. Morris, Fulton’s former president, joined as vice president at New York Trust. Additionally, Fulton’s chairman Charles S. McVeigh and other trustees were incorporated into New York Trust’s board, which expanded from eighteen to twenty-two members.
Later that year Bierwith departed to lead National Distillers Products Corporation; Charles J. Stewart succeeded him as president after having joined New York Trust in 1930. Hulbert Aldrich served both as director and president from 1950 through 1959.
A proposed merger in 1952 with Manufacturers Trust Company involving share exchange fell through after shareholder objections regarding valuation arose; Stewart resigned following this event and joined Lazard Frères & Company but later became Manufacturers Trust’s president in 1959.
By 1958, a holding company representing Henry Phipps’ estate was identified as New York Trust’s largest shareholder.
In 1959, a merger between New York Trust and Chemical Corn Exchange Bank—primarily a retail banking enterprise—resulted in Chemical Bank New York Trust Company, which ranked third among banks in New York City and fourth nationally by size. Before merging, New York Trust operated seven branches (ranking ninth in NYC), while Chemical Corn maintained ninety-four (ranking fourth). Post-merger leadership included Harold H. Helm retaining his roles as chairman and president from Chemical Corn; Adrian M. Massie of New York Trust became chairman of the trust committee and general overseer of trust divisions; Hulbert S. Aldrich assumed vice chairman duties alongside Chemical Corn’s Gilbert H. Perkins.
Noteworthy Executives
- Charles S. Fairchild, served as president from 1889 to 1904; previously held positions as New York's attorney general and U.S. Secretary of the Treasury.
- Otto T. Bannard, led as president between 1904 and 1916; recognized for his 1909 campaign for New York City mayor.
- Mortimer N. Buckner, president from 1916 until 1921; went on to direct the New York Clearing House.
- Harvey Dow Gibson, held the presidency from 1921 to 1929; later became head of Manufacturers Trust Company.
- Artemus L. Gates, president during 1929–1941; subsequently appointed Assistant Secretary of the Navy for Aeronautics.
- John E. Bierwith, served as president between 1941 and 1949; afterward assumed leadership of National Distillers Products Corporation.
- Charles J. Stewart, president from 1949 to 1952; later took charge of Manufacturers Hanover Trust.
- Hulbert S. Aldrich, presided from 1952 through 1959.
- Alexander Stewart Webb, held roles as secretary in 1902 and vice president in 1904.
- James G. Blaine, vice president who became president of Fidelity Trust Company in 1926.
- Joseph A. Bower, served as vice president.
- Norman B. Ream, functioned as a trustee.
See also
References
- Notes
- Sources
External links
- "New York Trust Co. v. Eisner", 256 U.S. 345 (1921), available at the Library of Congress