THE PUTNAM TRUST COMPANY "Banking by Mail Certificate" Plan Another account original with us that has brought considerable outside money is our "Banking by Mail Certificate" for which we have recently been granted a patent, allowing our claims of improvement over the pass-book method; in safety through the mails and the. elimination of the detail of correspondence between the bank and depositor. As the interest on this certificate is figured from the first of every month it furnishes our own checking depositors, carrying smaller balances than our $500 interest limit; an opportunity of earning interest by depositing the first of every month in one of the certificates, the amount they will not need in their checking accounts for the ensuing month. The certificate is also particularly applicable for reserve accounts as it carries 4 per cent. interest figured monthly. The funds are withdrawable on demand with the slight restriction that withdrawals lose interest from the first of the month. Serving the Depositors Many of our depositors are people of considerable means who have numerous bills to pay each month. It was thought. that if a system could be devised to make these separate payments in one amount, the service would be a convenience to the depositors and a benefit to the company through a compensating balance: We have now been making these payments for very nearly a year. The result has been extremely satisfactory. To carry out this system we planned an envelope with an attached sheet having a carbon between. The depositor lists the amounts on the sheet which carbons through on the envelope. The sheet is mailed to us and we hold it as the depositor's voucher, the depositor using the envelope to file, the bills of the month and the carbon copy on the outside of the envelope as a voucher for the itemized list and the total amount. In our savings department very soon after we commenced business, we sent out a number of solicitors. As they secured accounts they would deliver a small, steel bank to the new depositor for the accumulation of small savings for a sufficient amount to bring in as a deposit in the account. We have in the neighborhood of 1,500 of these safes distributed in this way and are in addition furnishing a smaller pocket safe for the accumulation of dimes only. REDUCED FAC-SIMILE OF NON-NEGOTIABLE CERTIFICATE stallment of $1.00, $2.00 or $2.50, maturing in fifty weeks in a paid-up bond of $50, $100 and $250. These are a few of our methods which we are constantly adding to; studying the needs of the community and as we see the possibility of service, offering new facilities, preferably on original lines, as the new ideas serve as advertising points, keeping our company constantly before the public. That our services have been appreciated in the community has been shown by the gratifying results in deposits, amounting to now well over $800,000, represented by over 2,500 accounts. This has been accomplished without disturbing the banking conditions here and in the short period of twenty-two months. Where Fidelity to Duty Spells Promotion At the Hibernia Bank & Trust Company of New Orleans the only passport to promotion is faithful service and thoroughness. This policy applies alike to official and clerical promotions. The recent election of Mr. R. S. Hecht to the office of vice-president is gratifying not only to his associates but also to his many friends R. S. HECHT member of the Board of Port Commissioners of New Orleans, serving likewise as chairman of its finance committee. Another popular promotion made recently at the Hibernia Bank & Trust Company was that of Irwin L. Bourgeois, who has been elected an assistant cashier. He started with this company twelve years ago as messenger and soon demonstrated his fitness for more responsible duties. He is a native of New Orleans and is well known to delegates attending the National and State bankers' conventions. At a later meeting of the board of directors three further additions were made to the official staff, namely, Philip H. Wilkinson was elected assistant bond officer; Louis V. De Gruy as assistant trust officer, and Sam I. Jay, manager of the savings department. All these have been associated with the company, ranging from seventeen to four years. Mr. Wilkinson joined the bond department four years ago. Mr. De Gruy became associated with the company ten years ago and Mr. Jay seventeen years ago. These additions have been made necessary by the growing business of the Hibernia Bank & Trust Company which reported at the close of last year total resources of $22,008,561, deposits of $19,292,878, capital and surplus of $3,500,000 and undivided profits, $123,182. 408,459.37 Cash in Banks and Offices Accounts and Bills Receivable and Interest Receivable, due and accrued 220,945.38 All Other Assets, Accruals, etc. Total LIABILITIES 6% Coupon Bonds and Certificates Fully Paid 6% Accumulative Bonds and Certificates Installments paid in and Interest accrued thereon. Accounts payable 87,675.46 $16,773,361.12 $7,849,989.44 5,719,462.20 74,615.21 186,034.29 144,195.37 190,751.28 31,302.01 $14,196,349.80 $1,855,400.00 151,100.00 570,511.32 2,577,011.32 Reserves for final payments on Real Estate, Building Contracts and Completed Interest on Mortgages Accrued but not due Interest on fully paid Bonds, etc., Accrued but not due All other Liabilities Accruals, etc. $16,773,361.12 Cumulative preferred stock dividends have not been paid or accrued since April 15th, 1915. Detailed Statement certified to by Appraisers and Public Accountants will be mailed upon request. OFFICERS WILLIAM B. HINCKLEY, Vice-Pres. EDWARD B. BOYNTON, President Suggested Amendments to National Banking and Currency System At a recent meeting of the Administrative Committee of the American Bankers' Association the following amendments to be submitted to Congress, relative to improving the Federal Reserve and National currency systems, were advocated: A bill authorizing the Treasury Department to print and issue more bills of smaller denominations, at the present time there being practically a famine of small bills. A bill making proper provisions for National banks to have foreign connections through branches or otherwise A bill amending the Federal Reserve Act and providing that any or all of the capital of Federal Reserve banks can be returned to member banks but remaining as a liability against the member banks and subject to call at any time. Providing for domestic acceptances on the same basis as provided for in bill for foreign acceptances. Retiring of greenbacks and making provision in proposed bills for legal tender requirements and amendments to the Act relative to accumulative voting. R. L. RUTTER ELECTED PRESIDENT OF THE SPOKANE AND EASTERN TRUST COMPANY In connection with the recent announcement of the election of Mr. R. L. Rutter to the office of president of the Spokane & Eastern Trust Company of Spokane, Wash., it is interesting to recall the fact that he is entitled to the credit of having been the first to introduce the principle of corporate trusteeship and management of estates in the Pacific Northwest. When Mr. Rutter became associated with the Spokane & Eastern Trust Company in 1894 the title of "trust company" conveyed no special significance in that part of the country and the practice of confiding estates or personal trusts to a corporation was almost unknown. The development of the "modern trust company" particularly in the extension of trust facilities, in the Pacific Northwest, may therefore be traced in the growth of the Spokane & Eastern Trust Company as the old every movement advance the interests of trust companies in general and to bring about a better public appreciation of the character of services they render. As a member of the Executive Committee of the Trust Company Section of the American Bankers' Association he has loyally carried on the work of that organization insofar as it relates to the trust companies of the Pacific North Spokane & Eastern Trust Company is the logical result of untiring devotion and exceptional executive ability. Mr. Rutter was educated at the University of Pennsylvania and his attention was first directed to the splendid opportunities offered in the Pacific Northwestern country as purchasing representative for the Philadelphia firm of Justice-Bateman & Company. Although offered a partnership Mr. Rutter decided to enter business for himself and secured employment at Walla Walla. He obtained a connection as clerk for the Solicitors' Loan & Trust Company, a Philadelphia mortgage loan firm, which. maintained an office in the Northwest. In attending to loan and rental business in Spokane for this company Mr. Rutter obtained valuable information and demonstrated a proficiency R. L. RUTTER which attracted the notice of Messrs. J. P. M. Richards and Henry M. Richards, president and vicepresident respectively of the Spokane & Eastern Trust Company, then a modest investment company. In 1894 Mr. Rutter was elected secretary and manager of this enterprise which was destined to become one of the most important financial institutions in the Northwest. One of the first things Mr. Rutter did was to open a savings departent. Although there was no law governing the business of savings banks Mr. Rutter devised a system of safeguards which rendered the department exceptionally successful. Today, the company has nearly 13,000 savings depositors west. His election to WHO HAS BEEN ELECTED PRESIDENT OF THE SPOKANE With balances amount the presidency of the AND EASTERN TRUST COMPANY, SPOKANE, WASH. ing to $2,600,000. Mr. Rutter also inaugurated the first trust department in the Northwest with the result that this branch of the company now has assets of $4,350,000. He also found time to organize the Western Union Life Insurance Company nine years ago, which is today the largest life insurance company in the Northwest. As president of the Spokane & Eastern Trust Company Mr. Rutter succeeded Mr. Aaron Kuhn who had been president of the Traders National Bank of Spokane up to the time of its amalgamation with the trust company in 1914. Mr. Kuhn consented to act as president of the trust company with the understanding that he would be permitted to retire after eighteen months in order to devote himself to his large personal interests. Mr. Kuhn, however, continues with the company as a member of the executive committee. A number of other official changes were made at the recent meeting of directors. Mr. Conner Malott, manager of the mortgage and insurance department, was elected vice-president and Mr. W. L. Clark, auditor and comptroller, was elected secretary. Mr. W. B. Hubbard was elected secretary to the president, a newly created position, and Mr. Howard J. Seessel was made manager of the bond department. Three new directors were elected as follows: G. I. Toevs of the Centennial Mill Company; H. H. Hebert of Kemp and Hebert and Mr. Conner Malott. Other officers and directors were reelected. The official roster is as follows: J. P. M. Richards, chairman of the board of directors; R. L. Rutter, president; H. Witherspoon, vice-president and manager of the trust and securities department; Samuel Galland and. C. W. Winter, vice-presidents; Conner Malott, vice-president and manager of the mortgage and insurance department; W.. L. Clark, secretary, manager of banking connections, auditor and comptroller; G. A. Sipes, trust officer; W. B. Hubbard, assistant to the president; F. Alspaugh, assistant secretary and manager cf credit department; W. T. Triplett, assistant secretary and chief clerk; Seth Richards and E. Vaughn Klein, assistant secretaries; H. J. Seessel, manager of bond department, and J. C. Tyler, manager of sales department. The Spokane & Eastern Trust Company was organized in 1890 and last year completed twenty-five years of prosperous business. Total assets at the close of 1915 were $14,898,515. The records showed that the company had no overdrafts on its books and not one cent of delinquent interest payments. Deposits, at the close of the year, aggregated $9,574.536, an increase of $790,000 since November 10, 1915, the date of the previous official call. The No Successful Policies of the Chatham & Phenix National The Chatham & Phenix National Bank of New York, which through the enterprise of the president, L. G. Kaufman, inaugurated the policy of conducting domestic branches of National banks in this city, has demonstrated the success of such extension of facilities. During the past year the Chatham & Phenix was third among the National banks of the city in the matter of earnings on capital stock amounting to 37.3 per cent., 29 per cent. on capital and surplus. The resources are now approximately $75,000,000 with deposits $66,920,000, capital $3,500,000, surplus and undivided profits $2,063,000. Henry A. Clinkunbroomer has been elected a vice-president of the Chatham & Phenix National. |