Bonds for Investment We own at all times an extensive list of conservative bonds yielding as high a return as is consistent with safety of principal. At the present time we have on our list and are offering over two hundred issues of railroad, municipal and public utility corporation bonds for investment, yielding from 4% to over 5%. We invite correspondence and upon request shall be glad to send our circular describing a large number of attractive investment issues. Harris, Forbes & Company Successors to N. W. Harris & Co., New York Pine Street, Corner William Harris Trust & Savings Bank Bond Department N. W. Harris & Company Incorporated National Association of Supervisors of Unusually successful meetings were held by the National Association of Supervisors of State Banking during convention week in Detroit. The first session was held Monday. Sept. 9, and was devoted largely to welcome addresses and reports. At the Tuesday morning session there were addresses by Hon. Clark Williams, President of the Windsor Trust Company of New York City, formerly New York State Superintendent of Banks; by Bank Commissioner E. H. Doyle of Michigan on "Duties of a Bank Commissioner" and by Banking Commissioner R. M. Scammon of New Hampshire on "Certified Assets." At the afternoon session the address related to the duties of examiners in connection with boards of directors and relationship between the cashier and board of directors. At the Wednesday, Sept. 11, session there were papers by the Assistant Bank Commissioner of Oklahoma on "The Bank Deposit Guarantee System" and by Bank Commissioner T. J. Smith of Kentucky on "Why Should Banks Be Under State Supervision." Then followed various reports, election of officers and adjournment. It was decided that hereafter the National Association of Supervision will hold their annual meetings independent of the dates and place of American Bankers' Association. It was voted to hold next year's meeting in St. Paul. Officers elected were: President, R. M. Scammon, Concord, New Hampshire; first vice-president, E. H. Doyle, Detroit; second vice-president, B. L. Gill, Austin, Texas; third vice-president, F. E. Baxter, Lima, Ohio; secretarytreasurer, Kelsey Chase, St. Paul, Minn.; chairman of the executive committee, William Wright, Salem, Oregon. Merchants Loan & Trust Company The Merchants Loan & Trust Company of Chicago renders an excellent statement as of September 5, 1912. The aggregate resources are $68,822,677, including loans and discounts of $33,013,791, bonds and mortgages of $10,527,540, due from banks and bankers $15,603,315, cash and checks for Clearing House $9,678,030. The capital amounts to $3,000,000, surplus fund to $6,000,000 and undivided profits $649,802. The total deposits are $59,057,7!1. OUR LISTS contain a variety of selected bonds legal in one or more States for the investment of Trust funds. Wide experience and specialized study have developed this branch of our business. Suitable for the large body of individual investors whose funds are unrestricted, we offer bonds of equal safety and marketability with higher yield. Members of the New York and Boston Stock Exchanges. Private Wire. Legal investments for Savings Banks and Trustees, yielding from 4% to 4.25%. High grade railroad, municipal and corporation bonds for institutions and investors, yielding from 4.25% to 5%. WRITE FOR FULL PARTICULARS BALTIMORE, 131 East German Street CHICAGO, The Rookery HARTFORD, Connecticut Mutual Building Guaranty Trust Company to Absorb Standard Trust Company As a culmination of frequent rumors of merger, definite announcement has been made of the completion of plans by which the Guaranty Trust Company of New York City will absorb the Standard Trust Company. The directors of both institutions have ratified the merger plan and the stockholders of the respective trust companies will be asked at special meeting to be held about October 1 to formally approve the consolidation. The directors of the Guaranty Trust Company have also decided to double the capital stock by increasing it from $5,000,000 to $10,000,000. Under the plan of the merger, the Standard Trust Company will declare a cash dividend of $20 a share, and its stockholders will receive one share of new Guaranty Trust Company for each two shares of their present holdings. The stock of the Guar anty Company, as already announced, is to be increased from $5,000,000 to $10,000,000. Of the additional $5,000,000 80 per cent., or $4,000,000, will be offered at par to the company's stockholders; $500,000 will be cffered to Standard Trust stockholders on the basis of one share of the new stock for two shares of the $1,000,000 Standard Trust stock, as already noted, and the remaining $500,000 new stock will be sold to the best advantage of the consolidated institution. The rights to Guaranty Trust stockholders, on the basis of $1,070 a share as the ruling quotation for the present stock, figure out about $30. As a result of this merger, the Guaranty Trust Company will still further emphasize its distinction as the largest trust company in the United States. Its capital of $10,000,000 will equal that of the Bankers' Trust Company. The surplus and undivided profits of the Guaranty Trust depositor. We solicit your business and would be particularly pleased to have a per sonal interview with $8,000,000.00 you. $56,415,000.00 Company, reported as of September 9, aggregate $22,471,000. The Bankers' Trust Company reported on June 14 surplus and undivided profits of $15,896,000, and gross resources of $204,598,000. The Guaranty Trust Company according to the latest official statement reports aggregate resources of $241,091,000. The Standard Trust Company was огganized in 1898, and according to the official statement of June 14 has a capital stock of $1,000,000, surplus and undivided profits of $1,389,589, aggregate deposits of $20,854,788 and total resources of $23,638,000. It is therefore expected that the $176,000,000 deposits of the Guaranty Trust Company will be increased by the merger to the extent of an additional $20,000,000. William C. Lane is president of the Standard Trust Company. It is understood that provision will be made on the board of directors of the Guaranty Trust Company for representation of the Standard Trust Company interests. The business of the latter will be conducted at the present quarters until the Guaranty Trust Company moves into its new building in course of erection at the corner of Broadway and Liberty Street, which it is expected will be completed early in 1913. The officers of the Standard Trust Company are: William C. Lane, president; Frank K. Sturgis, vice-president: James M. Pratt, vice-president; William C. Cox, vice-president; Edward M. F. Miller. treasurer; Charles M. Billings, secretary: E. Brainerd Bulkley, assistant secretary; Zelah Van Loan, assistant secretary. SERVICE Businesslike, Efficient and Courteous is Essential to Success Windsor Trust Company CLARK WILLIAMS, President affords to correspondents due accommodation and to New Jersey Zinc Co. Vice-Pres. of the Company CHARLES MACVEAGH, Stetson, Jennings & Russell HENRY T. SCOTT Putnam, Putnam & Bell, Boston Wood-Harmon Realties Corporations ARTHUR TURNBULL CORNELIUS VANDERBILT Post & Flagg Warren & Wetmore New York EGERTON L. WINTHROP, Jr. Winthrop & Stimson CLARK WILLIAMS, President of the Company Downtown Office 65 Cedar Street Uptown Office Fifth Ave. and 47th Street NEW YORK, N. Y. The Plainfield Trust Company Plainfield, N. J. Organized in 1902-now the largest financial institution in Plainfield THE ADVANCE MADE IN PROTECTION OF BANK CHECKS Every one who is familiar with banking conditions in the United States must realize to what proportions the use of bank checks has grown during the past few years. Not only has the number of banks in existence in this country increased very largely but the use of the check by the everyday man and woman has increased in a much larger proportion. The competition among banks for business has caused them to explain to possible depositors the advantages of the check system, so that the carrying of actual money has been discouraged and the pocket check book has in thousands of cases taken the place of the bank-roll. The freer use of checks at first exposed both the depositor and the bank to a new peril. It did not take the crook long to realize that here was a virgin field for his operations. Slips of paper representing millions of dollars were put into circulation, the value of which was only protected by a few strokes of a pen in writing ink. would decorate the surface of the paper and at the same time be sensitive to acid treatment. Skillful mechanics put upon the market various kinds of bank punches and stamps, all of which looked to the protection of the depositor. Those who have given this matter the most careful attention have come to the conclusion that the basis of all safeguards should be the use of a safety paper, provided that such a paper could be produced which would be at once distinctive in its appearance and at the same time absolutely protective in its character. The value of the distinctive appearance being that the consumer, when once he became familiar with it, could ever after, for all time, be assured that he was receiving genuine protection and thus be protected against imposition. It was also early recognized that as far as inks were concerned the user of the check could not always be assured that he was using a safety ink, no matter how valuable such ink. Nor is it possible for everyone who draws a check to always |