Of the late Jacob Godfrey Schmidlapp, who died recently in New York City and who was chairman of the Union Savings Bank and Trust Company of Cincinnati, Ohio, the words might be fittingly applied: "If you are seeking his monument, look about you." His whole career was an exemplification of generous and at the same time of practical zeal in furthering the interests of his fellow-men and of the broader welfare of the community where his name and works will be revered for generations to come. After devoting millions of his wealth to charitable and humanitarian purposes during his life-time the late Mr. Schmidlapp devised the residue of his estate, estimated at over $1,000,000 to the Union Savings Bank and Trust Company, which he founded, as trustee to apply the income to charitable purposes. His will is a remarkable testamentary document and gives concrete expression to those splendid qualities of mind and heart which have always characterized his public, private and business relations. It likewise demonstrates a faith in corporate trusteeship which may well be taken to heart by those who are actively associated in the direction of trust companies as well as by men of responsibility and affairs in general.

No tribute could be conveyed more eloquently than that written by Mr. Clifford B. Wright, president of the Union Savings Bank and Trust Company, for many years the

trusted associate of the late Mr. Schmidlapp, and which was embodied in the following Memorial Resolutions adopted by the Finance Committee of the trust company on January 5th:

"Jacob Godfrey Schmidlapp was born in 1849, and died in 1919, thus living the allotted time of three score years and ten. While we know and admire many of his monuments, we realize that one of his greatest monuments is our bank. Next April it will be thirty years since it was organized.

"Mr. Schmidlapp associated with him twenty-five gentlemen, all of them his warm personal friends, and all of them men looking forward to the better development of Cincinnati. The bank proved a success from the beginning, a sure indication that it was needed. It was at first located in the Cham

ber of Commerce Building, half of the rent and half the expenses being paid by the Export Storage Company. All waste was eliminated. Economy was the watchword. No doubt this was an element which contributed to its strength and suc

cess.

"It grew rapidly and in 1900 erected the first tall building built in Cincinnati. Perhaps no bank in the city has met with such a financial success, as its $500,000 originally contributed has grown into $5,000,000, besides paying liberal dividends most of the time of its existence. During all this time Mr. Schmidlapp has

been one of its most potent managers, and has never received any compensation.

"Since its organization in 1890, there have been probably thirty or forty banks started under a similar charter. Many of our customers whom, we had taught the lesson of saving, became associated with these newer banks as a matter of friendship for the managers, or convenience of location. Mr. Schmidlapp's policy was broad, and he would say"Teach them to save; if not with us, with somebody else.'

"Perhaps the most apparent characteristic of Mr. Schmidlapp was his ability to reach positive conclusions, from which he did not swerve. Having laid down the lines and decided that they were correct, he followed them to a conclusion. No man with a proper introduction ever came to him for assistance, without his story being listened to and investigated, and if found worthy, assisted.

"His keenness of mind was marvelous. His knowledge of business ethics was remarkable, He had no use for a man who would say one thing and do another. That man dropped out of his life. He would have nothing more to do with him. He could forgive a man for making mistakes, but not for doing nothing. So active was he in mind and body that it was difficult for him to overlook the inactivities of other people. ***

"There can be no compensation when a city loses such a citizen as Jacob Schmidlapp, but we must cherish the thought made manifest by his passing, that he was one of a type of citizen that still survives, strong in devotion to the best interests of the community. So broad was he that he would not have it otherwise.

"There is one outstanding fact, however, beside which all other evidences of Mr. Schmidlapp's greatness seem dwarfed, and that is the manner in which he was able to take command of himself in the face of overwhelming domestic tragedies, the death of his mother, his wife, and his two beloved daughters; from this lightning stroke of unheard of disaster, he compelled himself and his wounded body to arise, live and work.

"He was a man of great force, with ability to plan and power to execute. If he were not, how could he have accomplished what he did? We are proud of him, and of this great institution which he founded and fostered, and as a sign of our respect and affection, we direct these few words to be entered in our Minute Book:

"His life is done, but his work will
follow him.'"

The will of the late Mr. Schmidlapp is worthy of a place among the best testamentary

contributions extant, the substance of which is given below. In this will Mr. Schmidlapp voices the ideals and sense of public duty which guided him in the employment of his wealth during his life time and in its distribution after his death. In its construction and in its provisions for the establishment of a charitable trust the Schmidlapp will is an example of sound testamentary writing. In addition to appointment of the Union Savings Bank and Trust Company as trustee there is also provision for the formation of a charitable corporation at the discretion of the trustee. The will likewise appoints Mr. Edgar Stark, who is vice-president and trust officer of the Union Savings Bank and Trust Company as executor.

The first two items of the will relate to payment of debts and provisions previously made under a trust agreement with the Union Savings Bank and Trust Company as trustee for children and members of the family as well as disposition of personal property. The will then reads as follows:

The Schmidlapp Will

"ITEM THREE. While not endorsing fully the views of Mr. Andrew Carnegie in his Gospel of Wealth, to the effect that if one dies with a fortune, he dies disgraced, I do believe that a man, who is allowed to live to the age of sixty, or perhaps between fifty and sixty, according to how active he has been in his work, and has accumulated a fortune, does not fully appreciate the value and duty of such accumulation, if he does not administer upon his estate himself during life. As I have followed this idea and have retained out of my estate, barely enough to produce income sufficient to meet my expenses, including my yearly charities, I hereby give, devise and bequeath to The Union Savings Bank and Trust Company, a corporation organized under the laws of the State of Ohio, and having its principal office in the city of Cincinnati, in said State, all the rest, residue and remainder of my remaining estate, both real and personal, of whatever nature, and wherever situate, to have and to hold the same to it and its successors and assigns forever, in trust, nevertheless, for the following uses and purposes:

private sale, in such lots or parcels, at such time or times, at such place or places, for such prices and on such terms, as said trustee may deem advisable; and to lease the same, or any part thereof, for any term of years or perpetually, with or without privilege of purchase, and with such other covenants and provisions, and upon such rents, as said trustee may deem advisable; and to make, execute and deliver any and all deeds, conveyances, assignments, transfers and other instruments necessary or proper to carry out any such sales or leases. Receipts signed by said trustees for all or any portion of any purchase money, shall be good and sufficient discharges for the sums therein stated to have been received, and no purchaser, corporation or transfer agent, shall be concerned to inquire as to the occasion of any sale, or to see to the application of the proceeds of said sale or purchase money. I further empower said trustee to invest any and all money which may come into its hands as trustee, as part of said trust, in such form of property, real or personal, or in improving other property of said trust, as said trustee may deem fit, and such investments from time to time to vary, alter and transpose at pleasure, converting realty into personalty, and personalty into realty, as often as said trustee deem proper, and said trustee shall not be held responsible for any depreciation in any of the property or securities held hereunder, or in which said funds may be invested, and re-invested by it from time to time, in good faith, or for loss of any-kind whatsoever, not occasioned by its own gross negligence or bad faith.

"2d. The net income of said trust estate or any property at any time held hereunder is to be used for charitable purposes, as the trustée may deem advisable and proper, and I hereby authorize and direct the trustee hereunder, to pay the net income of said estate, or any part or portion thereof, from time to time, to such person or persons, charitable organizations or associations, or to corporations duly organized for charitable purposes, as said trustee may deem advisable, for relief in sickness, suffering and distress, the care of young children, or the helpless and afflicted. Believing as I do that it is every man's duty, as far as it is in his power, to prevent those of his own blood from becoming a charge on the State and a burden to society, I request that the trustee at all times give preference to any of my brothers and sisters, and the brothers and sisters of my deceased wife, Emily Balke Schmidlapp, and the children of any

of them, and any of my friends whom in the judgment of the trustee, I would assist if living, and who may at any time be in suffering, sickness or distress, and without the means to provide for themselves in reasonable comfort.

"3d. Injudicious charity tends to take from men, the incentive to self-support, making of such, pensioners on the bounty of others, rather than self-supporting men and women, and desiring as far as possible to avoid such abuse, I hereby give the trustee, full power, authority and discretion, in the use of the income of said trust estate, to pay out for such charitable purposes, in the relief of suffering and distress, all or any portion of said income, at such time or times as it may deem best, or om time to time to withhold all or any porti of said income, or to accumulate and add to the principal fund, such portion or portions of said income as it may deem advisable.

"ITEM FOUR. Said trustee may at any time cause to be formed a charitable corporation, if it so desires, for the purpose of following the conditions of this trust, and transfer thereto, all the property, real and personal, held hereunder, subject to the trusts herein expressed, but in case such a corporation shall be formed, the directors of The Union Savings Bank and Trust Company, of Cincinnati, Ohio, or its successors, and the mayor of the city of Cincinnati, Ohio, from time to time, shall ex-officio, together with such person or persons as may be required by law, be the trustee or directors of said corporation.

"ITEM FIVE. If I should die before the expiration of one year from the date of the execution of this, my last will and testament, or if for any other reason, the foregoing bequest for charitable purposes should be inoperative and void, I give, devise and bequeath all the rest and residue of my estate, which would have gone to The Union Savings Bank and Trust Company in trust, to my two sons, William Horace Schmidlapp and Carl Jacob Schmidlapp, and their heirs and assigns forever, share and share alike, per stirpes and not per capita, with the sincere desire and earnest request that they carry out my intentions as stated herein.

"ITEM SIX. I nominate and appoint Edgar Stark, as executor of this my will. In the event that said Edgar Stark should not survive me, or should for any reason decline to act, I nominate and appoint Clifford B. Wright, executor of this, my will.

"I further request that neither my executor nor trustee be required to give bond."

The board of directors of the Marine Trust Company of Buffalo, N. Y., at a special meeting held recently, adopted the following resolutions in memory of the late George F. Rand, who was chairman of the board and who met with a fatal accident several weeks before Christmas while returning from Paris to England by airplane, after visiting Premier Clemenceau, to whom he gave 500,000 francs to erect a memorial for the French battalion buried alive at Verdun:

"We have learned with profound shock and sorrow of the tragic death of George F. Rand, chairman of this board. His place in the community, in this bank, and among his friends was unique, and his loss will be keenly felt. He came to Buffalo over 17 years ago, at the age of 34, to become president of the Columbia National Bank. His previous advancement had been characteristically rapid and brilliant, from the day when, as a lad of 16 he was appointed assistant cashier of the State Bank of Tonawanda, to his election, in his twenty-fifth year, as president of the First National Bank of Tonawanda. After coming to Buffalo this meteoric career continued. In 1905 upon the organization of the Central National Bank, he became its first president. A few years later, with his close friend and associate Seymour H. Knox, he acquired a large interest in the stock of this company, then the Marine National Bank, and was made its president, later becoming chairman of this board.

"His genius for organization and his determination to secure for this institution the greatest strength and widest scope possible, let to its absorption, directly or indirectly of the Columbia National Bank, Bankers Trust Company of Buffalo, Central National Bank, and Erie Finance Corporation, and to its transformation from a National bank into a trust company. By these successive steps he rapidly developed this bank until it is now recognized as one of the largest and strongest financial institutions in the country.

"His character was as remarkable as his attainments. Forceful, keen, virile, at times almost startling in his daring decisions and intuitive foresight, he dominated by sheer power and genius. Instantaneous in action, and with tireless energy, he found an absorbing delight in mastering from day to day and from year to year, the most complex problems of investment and finance. His nature was one of superlatives. He was a stal

wart fighter and a hard hitter, but a no less loyal and devoted friend. He was impulsive, broad-gauged and generous. His offer to President Wilson at the outbreak of the war to equip a regiment, and his gift to Premier Clemenceau, just before his death of 500,000 francs to erect a memorial for the French battalion buried alive at Verdun, are both typical of his spirit. But overshadowing all his other interest came his passionate, beautiful devotion to his home and family. In joy and sorrow, adversity and prosperity, he lived primarily for them. The recent death of his beloved wife-a loyal helpmate for thirty years-served only to spiritualize his devotion for her and to deepen and ennoble his tender affection for their children.

"Now this intense nature, in the prime of manhood and surcharged with life and energy, ambition and imagination, has met an untimely end. We, his associates, mourn the loss of a public-spirited citizen, a warm, loyal friend, and a loving father. As an expression of our deep sense of this loss, be it therefore,

Resolved, That these minutes be spread upon the record of this meeting, and that a copy of them be sent to his bereaved family, with our heartfelt sympathy in their sorrow."

Equitable Trust Company Issues Another Railroad Pamphlet

The Equitable Trust Company of New York has issued the third of a series of pamphlets showing the progress of Congress in working out a solution of the railroad problem. The first pamphlet issued by this institution contained a brief analysis of all prominent railroad plans submitted to Congress. The second pamphlet contained a digest of the various plans actually introduced in Congress. In a third pamphlet just issued, the Equitable Trust Company shows interesting analyses of the Esch and Cummins bills. The Esch bill has been passed by the House and the Cummins bill by the Senate. The two measures are now in conference and from the discussion of the two bills the final railroad control measure will be evolved.

The President's proclamation, which is reproduced upon the last page of this folder, provides for the relinquishment of Federal control of railroads and transportation systems on March 1, 1920.