A YEAR OF PRONOUNCED TRUST COMPANY EXPANSION From the standpoint of volume of trust company resources Illinois ranks third among the States of the Union. For the first time the aggregate resources of Illinois trust companies crossed the billion mark last June and since then have advanced to nearly $1,050,000,000. Including both trust companies and State banks the deposits of the Chicago institutions aggregated $917,068,000 on the last call date an increase of nearly $14,000,000 since September 12, 1919. An indication of the substantial growth of trust companies of this city is afforded by the following comparisons with 1918 and also with Dec., 1914: The Central Trust Company reported deposits on Nov. 17, 1919, of $61,256,304, as compared with $49,886,000 in December, 1918, and $39,230,000 in December, 1914. The Chicago Trust Company advanced last year from $9,697,000 to $11,213,000 and as compared with $6,445,000 in 1914. The Continental and Commercial Trust and Savings has deposits of $76,061,000 as compared with $66,947,000 last year and $23,520,000 in 1914. The First Trust & Savings has deposits of $77,492,000 as against $68,711,000 last year and $57,484,000 in 1914. The Harris Trust & Savings Bank has deposits of $29,183,011 as compared with $27,064,000 last year and $15,743 in 1914. The Illinois Trust & Savings Bank reports deposits of $118,571,000 as compared with $99,364,000 last year and $93,872,000 in 1914. The Merchants Loan & Trust Company reports deposits of $108,282,000 as against $86,377,000 a year ago and $50,378,000 at the close of 1914. The Northern Trust Company has deposits of $36,647,000 as against $32,794,000 a year ago and $28,945,000 in 1914. The State Bank of Chi cago increased its deposits since 1914 from $24,342,000 to $38,732,000. The past year also witnessed exceptionally large earnings for trust companies with additions to surplus and undivided profits. Several trust companies increased capital and a number of new trust companies started business under promising circumstances. One of the most important developments in the trust company field was the merger of the Illinois Trust and Savings Bank with the Merchants Loan and Trust Company with the Corn Exchange National Bank as the third party of the combination. Although the financial plans of the merger have become operative the trust companies and the bank continue as separate institutions until the big new building to house the alliance is completed and which is to cover the site of the present Illinois Trust and Savings Bank building and that of the old Grand Pacific Hotel, now in course of demolition. This combination now has a grand total of $342,000,000 deposits, while the North American Trust Company, which is the title selected for the merged trust companies has capital of $30,000,000. Trust department development also attained another high record with steady increase in the number of estates passing to the custody of trust companies. Thus far no important National bank in this city has taken on trust powers as most of them conduct trust companies under State charter. The State Trust & Savings Bank has been organized at Mattoon, Ill., capital $100,000. The Harris Trust and Savings Bank of Chicago voted extra compensation to its employees at the close of last year. Developed through the growth and experience of more than half a century The First National Bank of Chicago James B. Forgan, Chairman of the Board - Frank O. Wetmore, President and the First Trust and Savings Bank James B. Forgan, Chairman of the Board - Melvin A. Traylor, President offer a complete financial service, organized and maintained at a marked degree of efficiency. Calls and correspondence are invited relative to the application of this service to local, national and to international requirements. Combined resources over $300,000,000 In presenting the fifty-sixth annual statement of the First National Bank and the sixteenth annual statement of the First Trust and Savings Bank, the chairman of the board, Mr. James B. Forgan directed attention to the activities and growth of both institutions. The First National reached its high point in deposits last September when they amounted to $245,897,000, while the total of $223,736,000 at the end of the year represents a net increase of over $15,000,000 as compared with the close of the previous year. Loans aggregate $157,100,000 as compared with $121,282,000 a year ago. Fluctuations in deposits and loans are attributed mainly to Government operations in certificate financing and payment of Federal taxes. Savings deposits of the First Trust and Savings increased during the past year from $44,891,000 to $54,342,000 while other deposits amount to $26,198,000 against $23,154,000 a.year ago. Earnings of the First National were $2,410,490 as compared with $2,507,271 for the previous year while earnings of the First Trust were $1,476,613 as compared with $846,310 for 1918. Combined operations of both banks show earnings of $3, 887,103 against $3,353,581 for the previous year. Dividend payments amounted to $2,200,000, leaving surplus earnings for the year of $1,687,000. John H. Hardin, Clifford M. Leonard, James Norris and John P. Oleson have been added to the board of directors. Additional office space has been secured through a five year lease of the Fort Dearborn Bank Building adjoining the First National Building with option to purchase. Organization was also completed during the last year of the First National Investment Company which will be conducted as an auxiliary. New Directors for Chicago Trust Company At the recent annual meeting of the stockholders of the Chicago Trust Company the following were elected members of the board of directors: Patrick H. Joyce, president of the Illinois Car and Mfg. Co.; William B. Simpson, president A. M. Castle & Co., and Philip K. Wrigley, vice-president Wm. Wrigley, Jr., Co. Officers and other directors were re-elected. The Chicago Trust Company experienced one of the most satisfactory years in 1919 since its establishment. Resources show increase to $14,306,513. Deposits amount to $11,340,114 with capital at $1,000,000; surplus and undivided profits (net) $451,907. CHARLES H. KEEP BENJ. L. ALLEN SAMUEL G. BAYNE President Seaboard National Bank UNION N. BETHELL FRANKLIN Q. BROWN THOMAS A. BUCKNER Vice-President New York Life Insurance Co. A. E. CARLTON NEWCOMB CARLTON EDWARD H. CLARK Copper Corporation GEORGE CRAWFORD CLARK, JR. Clark, Dodge & Co., Bankers HAROLD BENJAMIN CLARK White, Weld & Co., Bankers EDWARD CORNELL Attorney at Law MOREAU DELANO Brown Brothers & Co., Bankers JAMES M. GIFFORD Attorney at Law E. H. R. GREEN President Texas Midland Railroad J. HORACE HARDING Charles D. Barney & Co., Bankers A. BARTON HEPBURN Chairman, Chase National Bank ANTHONY R. KUSER Vice-President Public Service Corporation of New Jersey PHILIP LEHMAN AUGUSTUS G. PAINE, JR. Pennsylvania Co. ARTHUR SACHS Goldman, Sacbs & Co., Bankers FREDERICK STRAUSS J. W. Seligman & Co., Bankers WILLIAM A. TUCKER Tucker, Anthony & Co., Bankers FREDERICK W. WHITE Peters, White & Company, Chemicals OFFICERS WILLARD V. KING... HOWARD BAYNE.. BENJ. L. ALLEN.. .President Vice-President Vice-President Secretary Treasurer LANGLEY W. WIGGIN.. Vice-President GEO. EARLE WARREN..Vice-President ARTHUR N. HAZELTINE Asst. Trust Officer WILLARD C. MASON.Asst. Trust Officer SAMUEL M. SPEDON.Asst. Trust Officer Foreign Department St. Louis Special Correspondence St. Louis's Industrial and Commercial Developing the commercial usefulness of the Mississippi River and attracting Eastern capital to establish industries in this section, are two of the definite objectives for which St. Louis business and banking organizations are striving. To be sure, the project for making the "Father of the Waters" a highway to the markets of the world and especially to South and Central America, has been a fond dream for the past forty years. Congress has mulled over the subject much as the British Parliament has gnawed at the Irish "Home Rule" bone. It has served as a theme for eloquent forensic after-dinner discussion and as an excuse for commissions and innumerable junkets. Now, however, the dream is blending into reality. The railroads have no longer the whiphand, as it is now a matter of getting shipments either by water or rail. Tunnel-hull barges are being built at Pittsburgh which will make the trip to the mouth of the Mississippi in four days and a half. Industries are coming here from all parts of the country because of location, advantages of distribution and proximity to sources of raw material. The General Motors Company is one of a long string of new enterprises which are erecting great plants here while others are coming. A plant for coking Illinois coal by the Roberts process, to cost $8,000,000, is under construction. Another big automobile firm has come to St. Louis with orders for South American countries which will test capacity for two years to come. In many other manufacturing and mercantile lines ground is being broken for new establishments or extension. Whether this new atmosphere of activity is just a revival of the old "Biggest St Louis spirit" or a reflex of tremendous war-time activity, it is hard to say, but it is there nevertheless in very tangible, form. Banking and Financial Resourcefulness St. Louis is setting a new stride in financing and banking activity. Competition has become more keen with the result that new lines of progressive service are being developed. Foreign trade possibilities cut quite a big figure in banking calculations and there is a mutual contact between bankers and enterprising men of business which is bound to make other cities look to their laurels. While bank clearing totals are somewhat mis leading because of the high cost and price factors it is nevertheless susceptible to proof that the expansion of clearings during the past year also points to greater physical production and actual trade. Bank clearings of St. Louis for 1919 approximated $8,140,000,000 as compared with $7,838,846,000 last year. Banking and trust company deposits and resources have steadily mounted to new high records. The Federal Reserve bank here has functioned admirably and receives the best kind of co-operation from member banks and trust companies. The January 2d report of the Federal Reserve Bank of St. Louis shows total gold reserves of $93,330,000 with $112,-. 019,000 bills on hand and $143,411,000 notes in circulation. The amount of bills on hand represents the highest figure since discount rates have been raised The Mississippi Valley Trust Company of St. Louis paid out in dividends during the past year $600,000. J. C. Van Riper has resigned as president of the Title Guaranty Trust Company of St. Louis to enter into the investment banking business in Denver. Every Phase of the Banking and Trust Service The cordial spirit of accommodation and co-operation which obtains in the management of this Bank enables us to offer particularly valuable services to Banks and Trust Companies throughout the United States. Our organization covers every phase of Commercial Banking and Fiduciary *Service. National Banks contemplating the establishment of Trust Departments are invited to write for our booklets on that subject, or to correspond with our Trust Department. The National Bank of Commerce IN SAINT LOUIS Resources over Ninety-five Millions VIRGIL M. HARRIS, Trust Officer Trust Company Growth The year 1919 has been a period of exceptional activity and progress for the trust companies of St. Louis and of the Southwest in general. Since 1913 resources of the trust companies of Missouri have increased from $171,47,000 to $251,493,000, while deposits have increased from $125,366,000 to $188,000,000. There are 88 trust companies in operation in Missouri, of which probably twothirds confine their activities mainly to commercial banking and real estate. Trust company growth is indicated by citing the figures for some of the larger trust companies of this city. The Mercantile Trust Company has deposits of $50,862,000, an increase of over $8,000,000 since last June; the Mississippi Valley Trust Company has deposits of $26,688,000, which also represents a substantial gain for the year. Trust.department operations have also been developed in large volume. Gaty Pallen, for many years political editor of daily newspapers in St. Louis and director of publicity in connection with the War Savings Campaign of which Mr. Festus J. Wade was director, has been appointed head of the publicity department of the Mercantile Trust Company of St. Louis. Mississippi Valley Trust Appoints Texas With the opening of the new year, the Mississippi Valley Trust Company announces the appointment of Mr. John A. Monroe, as its Texas representative. Mr. Monroe resigns the position of manager of operation of the Credit Department of the Federal Reserve Bank of Dallas, to join the field force of the trust company. as He was born in Frankfort, Ky., in 1873, but has been a Texan since his seventh year and graduated from the University of Texas in 1898. He started his career in educational work and by 1904 had achieved prominence Superintendent of Schools of Lamar County, Texas. In 1907 he was elected assistant cashier of the First National Bank of Paris, Texas, a position which he held until 1918, when he joined the Federal Reserve bank. For more than a year Mr. Monroe has been educational director of Texas Chapter A. I. B. The Marceline Trust Company has completed organization at Marceline, Mo., with capital of $50,000. The Mecca Trust and Banking Company, to be operated by and for negroes, has been organized in St. Louis with capital of $200,000. Dr. Charles E. Phillips, president. |