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History of the Philadelphia Stock Exchange, banks and banking interests

History of the Philadelphia Stock Exchange, banks and banking interests

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 Excerpt: ... Title Insurance and Trust Company, incorporated in 1886, was formed with the provision that none but lawyers, real estate brokers and conveyancers could hold its stock, and only 150 shares might be held by any one person. The cooperative features thus involved served its purpose, and the company prospered. It was not until 1(K)1 that the restrictions as to the character of its shareholders were abandoned. The profits of some of the larger trust companies have been extraordinary, and the value of their stock has advanced to very high figures. Shares of the (lirard Trust Company, for example, which a couple of years ago built a magnificent marble building at Broad and Chestnut Streets, modelled on the Pantheon at Rome, and paid for it entirely out of surplus earnings, charging it off so that it is not carried on the company's books at a dollar, receive 34 per cent, dividend?, and sell around $1,000; Fidelity Trust stock sells at about $1,000; Provident Life and Trust shares are quoted around $820; Philadelphia Trust stock sells at about $640 a share, and shares of the Pennsylvania Company have changed hands recently at $580. ()ne company in 1910 earned 64 per cent, applicable to dividends on its $2.000.000 capital. These figures give some idea of the high rank this class of financial institutions holds in the business community. An important movement of late years has been the effort made to bring about closer relations between the national banks and the trust companies, through the Clearing House. For the past year or more committees appointed by the trust companies and by the Clearing House have been endeavoring to devise a plan whereby trust companies might be induced to become members of the Clearing House, instead of clearing through member hanks or dir...