The Astor Trust Company was a historic American banking organization. The firm merged with Bankers Trust in 1917.
33-616: The Astor National Bank of New York was authorized to begin business on February 9, 1898, with initial capital of $ 300,000. 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. 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
66-545: 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 . 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
99-505: A commercial building built by the Pottier & Stymus Company c. 1884 (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
132-574: 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 , 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. In 1919, Bankers Trust acquired its second uptown location at
165-554: 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
198-547: 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. Also in 1912, it was falsely reported that the Astor Trust Company was merging with the Jefferson and Century Banks. On April 23, 1917,
231-507: 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
264-621: The Astor National Bank and Astor Trust Company included: Astor National Bank The Astor Trust Company was a historic American banking organization. The firm merged with Bankers Trust in 1917. The Astor National Bank of New York was authorized to begin business on February 9, 1898, with initial capital of $ 300,000. 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. The Bank
297-418: 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 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
330-707: The Astor Trust Company merged with Bankers Trust , 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). 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
363-449: 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
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#1732859332010396-517: 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 c. 1884 (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
429-653: The addition of Albert Leverett Brockway. FB&B designed St. Luke's Hospital in New York City. In 1894, he established the architectural firm of Flagg & Chambers with Walter B. Chambers , whom he met in Paris. Usually Flagg alone is credited for some of the work he and Chambers worked on together, such as the Corcoran Gallery of Art , the U.S. Naval Academy , and Pomfret School in Connecticut which he saw as "part of
462-419: 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,
495-513: The bank included: Members of the board of directors of the Astor National Bank and Astor Trust Company included: 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 . Flagg was born in Brooklyn , New York . His father Jared Bradley Flagg
528-442: 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 , who was known for designing the Thomas Cook building at 565 Fifth Avenue. The Astor Trust Company building
561-488: The book Small Houses, Their Economic Design and Construction . He packaged these techniques and ideas into the Flagg System , and collaborated with builders scattered across the U.S. to build them. His contributions to zoning and height regulations were essential to the 1916 Zoning Resolution , New York's first laws governing this aspect of the city's architecture. Flagg argued in favor of zoning laws which would regulate
594-418: 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. On April 23, 1917, the Astor Trust Company merged with Bankers Trust , which had been talked of for some time as both banks had a number of directors in common (e.g. Seward Prosser
627-452: The following means: Flagg tested some of his designs for modest homes on his Staten Island estate, and many of these demonstration models are still in use. Afterwards, more were built around New York and across the US. Flagg worked with particular builders, training them on his system. The builder sent the clients' requirements to Flagg, he sent back plans, the builder and local inspectors adjusted
660-488: The ground, with stone walls, and often with steep roofs, distinctive ridge dormers, and round-capped chimneys. Their styles suggest Tudor Revival , Cotswold Cottage , or French Provincial to various extents. Flagg generally considered surface decoration "sham," and preferred to suggest styles with the general form of the building, adding interest with chimneys and dormers. As mentioned above, Flagg aimed to make attractive homes affordable to average families, and he did this by
693-514: The height and setback of buildings, to allow light and air to reach the streets below them. He was a president of the New York Society of Beaux-Arts Architects. A small collection of Flagg's personal and professional papers is held in the Department of Drawings & Archives at Avery Architectural and Fine Arts Library at Columbia University . The homes that Flagg designed are modest, low to
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#1732859332010726-428: The new building upon its completion in 1917. Astor's old office was then occupied by the American Red Cross . 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
759-463: 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. Notable employees of the bank included: Members of the board of directors of
792-558: The plans for local building codes, and the builder constructed the home. In the Milwaukee , Wisconsin , area, over two dozen of these homes were built from 1924 to 1926, and they survive largely intact, now listed on the National Register of Historic Places . Ernest Flagg married Margaret E. Bonnell on June 27, 1899, in New York City. They had one daughter, Margaret Elizabeth, who became a well-respected small-scale portrait painter and
825-557: The process of evolution that would contribute to the creation of a national style of architecture.” Louisa Flagg Scribner, Flagg's sister, was the wife of Charles Scribner II . Through this familial connection, Flagg designed six structures located in Manhattan for the publishing family, including at 153–157 Fifth Avenue and 597 Fifth Avenue . Flagg also designed the Singer Building . Completed in 1897 and expanded in 1908, it
858-439: Was an Episcopal priest and a notable painter. Ernest left school at 15 to work as an office boy on Wall Street . After working with his father and brothers in real estate for a few years, he designed duplex apartment plans in 1880 with the architect Philip Gengembre Hubert , for the co-operative apartment buildings Hubert was known. Cornelius Vanderbilt II , Flagg's cousin through his marriage to Alice Claypoole Gwynne ,
891-487: 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 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. Notable employees of
924-494: Was impressed by Flagg's work and sent him to study at the École des Beaux-Arts in Paris from 1889–1891, under his patronage. In 1891, Flagg began his architectural practice in New York, greatly influenced by his knowledge of the French ideas of architectural design, such as structural rationalism . During this time he joined with John Prentiss Benson to create Flagg & Benson, which later became Flagg, Benson & Brockway with
957-523: Was later acquired by Alex. Brown & Sons in 1997, however, Deutsche Bank 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 in February 2003. 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
990-432: 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." In 1899, Sixth National Bank (which was founded in 1864), of which Alexander Henry Stevens was then president, consolidated with the Astor National Bank. Stevens then became
1023-662: 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 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 in February 2003. In 1915,
Astor Trust Company - Misplaced Pages Continue
1056-473: 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 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
1089-432: Was then the tallest office building in the world, at 612 feet. Faithful to his Beaux-Arts training, Flagg allowed space around the tall building for light to enter, which was unusual for the time. Though Flagg is best known for his large institutional designs, he was also interested in producing modest, attractive homes affordable to average Americans. He developed innovative techniques toward that end and in 1922 published
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