Trust Companies A MONTHLY MAGAZINE DEVOTED TO THE TRUST COMPANIES PUBLISHING ASSOCIATION C. A LUHNOW, Editor and Publisher Advertisements of trust companies, banks, financial institutions and advertisers, who wish to use the advertising columns of TRUST COMPANIES will be inserted for publication at rates which will be sent on application. Insertions of meetings, dividends, statements, or ganisations, etc., at special rates for each insertion. Subscriptions: The subscription price of TRUST COMPANIES is $5.00 annually. Single copies, 50 cents. Subscriptions payable in advance. Foreign Subscriptions require $1.00 additional for postage. Entered at the New York Post Office as Second⚫ Class Mail Matter Associate Member Financial Advertisers' Association, a Department of the Associated Advertising Clubs of the World New York City Restraining Stock Speculation Recent developments have strengthened the determination of conservative banking and financial interests in Wall Street to exercise their influence in bringing about greater curtailment in speculative stock market operations. It is recognized that neither economic or political conditions favor such sustained speculation as has continued during April. The suspension of trading in Stutz Motor stock and the unsavory discussion which has resulted from the "cornering" of this stock is regarded as exceedingly unfortunate in its effect upon the public mind. Moreover the business and economic situation has been adversely affected by the strike of "outlaw" railroad union men and by the latest manifestations of I. W. W. tactics of certain labor elements. With so many unsettled problems upon the horizon, with inflation still going on unaffected by high call rates and rising price of capital, there is every reason, in the judgment of bank and trust company officials for calling a halt to irresponsible stock market manipulation. The trouble is mainly in the industrial list. Many industrials are now quoted at record figures and the general list shows an average which should make caution necessary. Since April 1st and up to the 16th of this month the average of 25 most active industrials has gone up another 3 points to 98.40 as compared with 87.44 around March 1st and as compared with the boom price average in the fall of 1919 of 102.44. On the other hand the railroad list has not indicated any response to the favorable factors in the return of the roads to private ownership. The average of 25 railroad shares on April 11th of 68.52 represents a decline of nearly 2 points since the first of the month and is practically the same as the average at the beginning of the year when the railroad situation loomed up most unsatisfactorily. The volume of operations continues large with the transactions in March, representing an increase of 6,264,000 shares over the February record. One gratifying development has been the steady rise in exchange, attributed mostly to the English gold shipments, sterling rising to $4.0634, or nearly 88 cents above the low record of last February. Call money has ranged recently from 6 to 15 per cent., while the upward trend of money rates is indicated by the high rates at which new issues of securities have been placed on the market. New York Banking Situation Tendency toward renewed expansion of loans is revealed by the latest Clearing House statements while reduction in total bills rediscounted at the New York Federal Reserve Bank has been offset by loss of gold with no appreciable sign of curtailment in the issue of additional Federal Reserve notes in circulation. On April 17th the loans and discounts of the Clearing House institutions again showed expansion to $5,213,726,000, an increase of $77,000,000 for the week. Excess reserve stood at $23,684,000 on April 17th, an increase of nearly $12,000,000 for the week. The Federal Reserve Bank of New York reported on April 16th total bills on hand amounting to $931,924,000 as compared with $907,946,000 on April 2d and the high mark of $1,012,119,000 on March 26th. Total gold reserve on April 16th amounted to $549,353,000 as compared with $559,298,000 on April 2d. Federal Reserve notes in circulation on April 16th amounted to $835,738,000 as compared with $847,781 on April 2d. "Your Final Settlement" is the title of an instructive booklet issued by the Empire Trust Company of New York dealing with the advantages of leaving the management and settlement of estates to trust companies as executors. A SEASONED PUBLICITY SERVICE FOR TRUST COMPANIES A SERVICE WITH A PLAN BEHIND IT; WITH "SEASONED” WITH UNDERSTANDING GAINED WRITE OUR NEAREST OFFICE THE HARVEY BLODGETT COMPANY Main Sales Office: 1044 First National Bank Bldg., CHICAGO EXECUTIVE OFFICE. EASTERN OFFICE.. NEW ENGLAND OFFICE. .31 NASSAU STREET, NEW YORK UNIVERSITY AND WHEELER AVENUE, ST. PAUL 724 OLD SOUTH BUILDING, BOSTON, MASS. PACIFIC COAST Office. . 502 CITIZENS NATIONAL BANK BUILDING, LOS ANGELES, CAL. Blair & Co. Incorporate The well-known private banking and investment firms of Blair & Co., established in 1890 and William Salomon & Company, established in 1902, have been consolidated and incorporated as an organization under the title of Blair & Co., Inc. The company will engage in the general business of underwriting and dealing in investment securities. The principal office will be in the Blair Building, 24 Broad street. Branch offices heretofore maintained by the predecessor firms will be continued at Chicago, Boston, Philadelphia, Wilkes-Barre, Rochester, Buffalo, Cleveland, Detroit, St. Louis, San Francisco and Los Angeles. Foreign representation will likewise be maintained in London. The board of directors of Blair & Company, Inc., consists of the following: C. Ledyard Blair, chairman; Elisha Walker, president; George Armsby, Frank C. Armstrong, William Braden, James C. Brady, Harry Bronner, J. Cheever Cowdin, John B. Dennis, Heman Gifford, Edward F. Hayes, Clarence Lewis, George N. Lindsay, Edgar L. Marston, Hunter S. Marston, Dunlevy Milbank, Alonzo Potter, Lewis P. Sheldon, Jacques Weinberger, Graham Youngs. The executive committee is composed of: George Armsby, Harry Bronner, J. Cheever Cowdin, Clarence Lewis, Hunter S. Marston. Elisha Walker, Jacques Weinberger. Mechanics & Metals National Bank Subscription to the new capital of the Mechanics & Metals National Bank has been successfully effected, bringing capital from $6,000,000 to $9,000,000. Arrangements are in progress for absorption of the business of the Produce Exchange Bank for which operation an additional $1,000,000 stock will be issued by the Mechanics & Metals National. Merger Plan. of the Franklin Trust Company and Bank of America Directors of the Franklin Trust Company and the Bank of America of New York have recommended to respective stockholders the merging of the two institutions. The business of the consolidated institutions will be carried on under the title of the Bank of America which will take over the business as well as the various offices of the Franklin Trust Company. The capital is to be increased to $5,500,000. The Bank of America will declare a stock dividend of 200 per cent. to its present shareholders, which will increase capital and surplus $3,000,000. This added to present capital of $1,500,000. will make $4,500,000, bringing book value on a parity with that of the Franklin Trust Company. New stock to the amount of $1,000,000 will be exchanged for the stock of the Franklin Trust Company bringing total capital to $5,500,000. The Franklin Trust Company has had a successful career since its establishment in 1888. The president, Edward C. Delafield will be president of the consolidated institution. William H. Perkins, president of the Bank of America which dates its existence since 1912, is slated to become chairman of the board. Walter M. Bennet, vice-president and cashier of the Bank of Manhattan is to become senior vice-president. The consolidation will bring about a compact and strong banking organization, including branches in exceptionally favorable locations. The Franklin Trust Company has conducted two offices in Manhattan, a downtown office at 46 Wall street and uptown office at Madison avenue and 40th street, besides three Brooklyn offices. The last official reports show that the Bank of America has total resources of $99,883,000. The Franklin Trust Company reported on February 28th total resources of $33,288,000, with deposits of $25,462,000; capital $1,000,000, surplus and undivided profits $1,204,600. Lawyers Title & Trust Company CAPITAL AND SURPLUS $9,000,000 Member of The New York Clearing House Association 160 Broadway, New York 44 Court St., Brooklyn RECEIVES DEPOSITS subject to check or on certificate, allowing interest thereon. The Farmer's Loan and Trust Co. The last official statement published by the Farmers' Loan and Trust Company of New York shows aggregate resources of $182,018,697, including cash on hand and in bank, $30,457,898; U. S. Government bonds and certificates, $26,740,892; bonds and stocks, $14,911,114; short term investments, $5,030,215; bills purchased, $39,099,672; loans, $28,557,122; bonds and mortgages, $1,902,175; real estate, $3,275,000; due from foreign branches, $23,300,425 and liability of customers for acceptances, $7,775,044. Deposits total $155,641,464, with capital stock of $5,000,000, surplus and undivided profits of $10,633,924. Manufacturers Trust Company Statement As of April 1st the Manufacturers Trust Company of New York and Brooklyn reported total resources of $44,745,873, including Government, State and municipal securities of $6,205,666; other securities, $1,514,245; leans on Liberty bonds, $2,822,369; other loans, $23,222,703; cash resources, $8,742,892. Deposits total $32,670,641 with capital of $2.000,000, surplus and undivided profits of $2,034,602. Hanover National Bank of New York The strong position of the Hanover National Bank of New York is reflected in the last published financial statement issued by the bank. This shows aggregate resources of $180,270,095, embracing loans and discounts of $94,230,141; U. S. bonds and certificates, $19,276,000; bonds and securities, $10,894,961; due from banks and bankers $4,351,603; banking house, $4,725,000; exchanges for Clearing House, $14,472,942; gold specie, $4,191,424; other cash in vault, $1,097,334; due from Federal Reserve Bank, $22,915,148; acceptances, $1,394,518. Deposits aggregate $154,567,665, with capital of $3,000,000, surplus fund, $14,000,000, and undivided profits, $6,018,320. During March 1,273 new business and industrial enterprises were incorporated in the principal States with combined authorized capital of $1,375,797,000, compared with $370,871,000 in the same month last year. Henry C. Emery, formerly assistant manager of the foreign department of the Guaranty Trust Company of New York, left New York recently for China, where he is to become manager of the Peking branch of the Asia Banking Corporation. |