The venerable, profitable New York Trust Co. announced last week that it will ask stockholders' permission to sell 100,000 shares of $25-par stock. The sale price was not announced, but it will be around the current market price of $85 a share, should net the bank some $8,500,000.
One & only reason for the sale is to increase the bank's capital, thus lay down a broader base for further expansion in deposits, personal and commercial loans, other bank services. Like most U.S. banks, New York Trust is undercapitalized : since 1929 its deposits and business volume have almost doubled, its...
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