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New Industrial Trust Building, Exchange Place

INDUSTRIAL TRUST COMPANY, No. 57 Westminster Street. -- During the last few years a class of institutions has sprung up in the United States intended to meet the requirements of holders of property, for their 'better protection during life', and the more certain and speedy transmission of property to heirs at death. These trust companies not only receive money on deposit like banks, but also securities and other articles of value, and are besides authorized to act as trustee, executor, administrator, etc. Being corporations, they never die. The Industrial Trust Company, of Providence, whose offices and banking-rooms are eligibly located at No. 57 Westminster Street, was incorporated June 9, 1886, and began business in August, 1887. It has a cash capital of $500,000, and is officered as follows, viz: President, Samuel P. Colt; vice-president, Albert L. Calder; treasurer, J. M. Addeman; directors, James M. Kimball, Providence; Geo. L. Littlefield, Pawtucket; Joshua Wilbour, Providence; Albert L. Calder, Providence; Sterus Hutchins, Providence; John P. Campbell, Providence; Horace M. Barns, Bristol; Leander R. Peck, Providence; Enos Lapham, Centerville; Newton D. Arnold, Providence; Henry R. Barker, Providence; Olney T. Inman, Pascoag; Henry B. Winship, Providence; Geo. Peabody Wetmore, Newport; Hezekiah Conant, Pawtucket; George T. Bliss, New York; Wm. C. Osborn, New York; Sam'l P. Colt, Bristol. The company's cash department is a thoroughly organized banking institution, affording every facility to patrons. Loans are made on approved collateral and mortgage of real estate; first-class commercial paper is discounted, and the collection of notes, drafts, coupons and interest is made on the most favorable terms, through its correspondents, who include the First National Bank, and Morton, Bliss & Co., New York; and the National City Bank, Boston. The company acts as agent for the transferring and registering or countersigning of certificates of stocks, bonds or other obligations of any corporation, association, State, or public authority, and also undertakes the execution of trusts in any State of the Union, all trust funds being kept separate from the assets of the company and invested in the names of the parties for whose benefit they are held. Here is offered to executors, administrators, and trustees of estates, as well as to ladies unaccustomed to the details of business, and to religious and benevolent institutions, the finest possible facilities for the transaction of their business. That these facilities are duly appreciated and promptly availed by our citizems is evidenced by the statement of the company made February 1, 1892, which shows individual deposits amounting to $1,328,455.07; participation account deposits, $1,237,960.48; loans and discounts, $940,382.24; investment securities and mortgages, $1,725,164.89; profit on hand, $61,035.46; total resources, $3,339,416.17. President Colt is one of the best-known citizens of Rhode Island, president also of the National India Rubber Company, identified with numerous enterprises, and a tower of strength to all. The vice-president, Mr. Calder, is widely known as the manufacturer of Calder's Dentine. The treasurer, Mr. Addeman, was Secretary of State for Rhode Island for fifteen years, and is eminently qualified as the custodian of the finances of this powerful institution; while the Board of Directors comprises much of the financial solidity and business talent of the city and State.

Industries and Wealth of the Principal Points in Rhode Island, being the city of Providence, Pawtucket, Central Falls, Woonsocket, Newport, Narragansett Pier, Bristol & Westerly.
New York: A. F. Parsons Publishing Co., 1892



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