Mutual Alliance Trust Company facts for kids

The Mutual Alliance Trust Company was a type of trust company that began in New York City in 1902. A trust company is like a bank that helps manage money and valuable things for people or other companies. Some very well-known people, like Cornelius Vanderbilt and William Rockefeller, helped start it.

On January 14, 1915, another financial company, Chatham-Phenix National and Alliance Trust, took over the Mutual Alliance Trust Company.

History of the Company

How Mutual Alliance Trust Started

In April 1902, H. M. Humphreys left his job at the Coffee Exchange to become a vice president at the new Mutual Alliance Trust Company. On May 1, 1902, the New York Times newspaper shared details about this new company.

It was created by Cornelius Vanderbilt, William Rockefeller, and about a dozen other important people. They started with $1,000,000, which was a lot of money back then! The company's first office was on Orchard and Grand Streets in New York City. Kalman Haas was the first president, and Henry M. Humphrey was the vice president.

The Mutual Alliance Trust Company officially opened for business on a Tuesday, just after June 29, 1902. It worked as a general trust company on the east side of Manhattan. When it first opened, 13 people were on its board of directors.

Joining Forces with National Reserve Bank

On January 27, 1914, the National Reserve Bank became part of the Mutual Alliance Trust Company. At this time, Mutual Alliance Trust was located at 35 Wall Street. The two companies already had connections and shared some of the same directors.

After they joined, the total amount of money held in deposits by both companies was about $12,000,000. The National Reserve Bank was closed down, and its owners received money for their shares and for the bank's good reputation. James H. Parker became the president of the new, combined company.

The New York Times noted that both companies had many bank accounts from other banks, especially in the West and Southwest. They also handled a lot of business related to cotton trading. For a while, the old National Reserve Bank office at 165 was kept open as a special branch of the trust company.

The Company Closes Down

In January 1915, there were talks for Chatham and Phenix National to buy and completely close down the Mutual Alliance Trust Company. This merger was finished on January 14, 1915.

Important People Who Led the Company

When the Mutual Alliance Trust Company first opened its doors in 1902, 13 important people served as its directors. These directors helped guide the company and make big decisions. Some of them included:

• Kalman Haas
• Henry H. Rogers
• Eugene G. Kremer
• James N. Jarvie
• Cornelius Vanderbilt
• Isidor Straus
• Richard A. McCurdy
• Louis Stern
• Martin Erdmann
• Percival Kuhne
• Emanuel Lehman
• William Rockefeller
• Frederic Cromwell