Morgan Guaranty Trust Company

Morgan Guaranty Trust Company

 

one of the fore-most joint-stock banks in the United States.

Founded in New York in 1861 as J. P. Morgan and Company, the bank emerged as the financial headquarters of the Morgan group. In 1959 it merged with the Guaranty Trust Company of New York, founded in New York in 1864 and also controlled by the Morgan family. Through a system of interlocking directorates the bank maintains close ties with major concerns in various branches of industry, transportation, and the service sector.

The bank deals primarily with major corporations. It has four affiliates in the United States, all in New York. Outside the country it has 13 branches and six correspondent agencies, as well as 13 subsidiaries for long-term financing and trust operations. The bank has maintained ties for many years with Morgan Grenfell and Company, Ltd., in England. Morgan Guaranty Trust has capital holdings in such multinational banks as the Neue Bank of Zurich and the Australia United Corporation of Melbourne, as well as in many foreign banks.

The bank’s total balance as of Dec. 31, 1973, was $20.4 billion; deposits, $15.4 billion; capital and reserves, $1.1 billion; loans, $10.5 billion; and securities, $2.5 billion.

E. D. ZOLOTARENKO

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