GUARANTY TRUST COMPANY OF NEW YORK, THE, a large United States trust company with (Sept. 3o, resources of $1,779,579,553.48 and a staff of 3,772 employees, was organized in 1864 as the New York Guaranty and Indemnity Com pany, with a capital of $1oo,000. The present name was adopted in 1896. The company absorbed the Fifth Avenue Trust Company and the Morton Trust Company in 191o, and the Standard Trust Company in 1912.
The following table indicates the growth of the company : The offices of the company were first located on Broad street adjoining the present Stock Exchange, but in 1891 moved to the Mutual Life Insurance building at Pine, Cedar and Nassau streets. In 1913 the main office was moved to its present site at 14o Broadway. The company operates three offices in New York City, three in London and one in each of the following cities: Paris, Havre, Liverpool, Brussels and Antwerp. It was one of the first American banks to open a branch office in Europe. Several of its European offices were appointed official depositories for Gov ernment funds during the World War. During the war, the com pany's bond department, in four out of five war loan campaigns, placed more subscriptions than any other organization in the United States. In 192o the bond department was incorporated as the Guaranty Company of New York, with capital stock of $5, 000,000, owned by the Trust Company. Dissolution of the Guar anty Company, required under the provisions of the Banking Act of 1933, became effective June 16, 1934. The merger in May, 1929, of the Guaranty Trust Company and the National Bank of Commerce, both of New York City, created an institution with resources exceeding $2,000,000,000, the largest Trust Company in the western hemisphere. The name Guaranty Trust Company was retained. (H. W. CA.)