The Mechanics and Metals National Bank of the City of New York Total Resources (Dec. 31, 1915). . $232,000,000 MORTIMER N. BUCKNER ELECTED PRESIDENT OF After long and distinguished service as president of the New York Trust Company, covering a period of twenty-three years, Mr. Otto T. Bannard declined re-election to that office at the last annual meeting and was made chairman of the board of directors and chairman of the executive committee. Vice-president Mortimer N. Buckner was elected president to succeed Mr. Bannard whose declination was due to the desire to be relieved of the more active duties of conducting the affairs of the New York Trust Co. There is perhaps no financial institution in New York where the rule of civil service is more consistently adhered to, than at the New York Trust Company. During his administration Mr. Bannard has invariably insisted that the executive offices should be held by men who had graduated from the ranks and who had proven their merits. Some of the ablest and most successful trust company officials in New York have received their training and experience in the New York Trust Company. We may mention Mr. Willard V. King, who was vicepresident and is now president of the Columbia Trust Company and Mr. Alexander S. Webb, who was also a former vice-president and is now president of the Lincoln Trust Company. Mr. Buckner started with the New York Trust Company when it was known as the Continental Trust Company, prior to the merger in 1904, with the New York Security & Trust Company. He began as office boy and by gradual stages was promoted to vice-president. His training, therefore, qualifies him to carry on the successful policies which have characterized Mr. Bannard's administration. At the annual meeting several other promotions in the executive staff were made, as follows: James Dodd was promoted from treasurer to a vice-president, succeeding Mr. Buckner in that capacity, and Charles E. Haydock was appointed treasurer. Harry Forsyth was made assistant treasurer and Joseph A. Flynn an assistant secretary. Mr. Bannard will continue, as chairman of the board, to devote active attention to the New York Trust Company. Under his able mangement the New York Trust Company has become one of the largest and most influential trust companies in the United States, with resources of $93,000,000 deposits $78,000,000, with capital $3,000,000, surplus and undivided profits of $11,247,000. L. E. Pierson Resumes Active Association with Irving National The announcement that Lewis E. Pierson, chairman of the board of the Irving National Bank of New York, will give his undivided attention to the affairs of that bank, is most favorably received in banking circles. The following statement was issued recently by Rollin P. Grant, president of the Irving National Bank: "Owing to the rapid growth of the bank's business, deposits having increased in the last three years from $43,000,000 to $82,000,000, and undivided profits, after the payment of dividends, from $231,000 to $843,000, and, contemplating further expansion, our directors have induced Lewis E. Pierson, chairman of the board from February 1st, to devote all, instead of a portion, of his time to the affairs of the bank." In connection with this announcement Lewis E. Pierson has stated that his interest in Austin, Nichols & Co., Inc., would continue in an inactive advisory capacity as chairman of its board of directors. Evidence of the exceptional growth of the Irving National was contained in the annual statement of President Grant to stockholders in which he stated: "With uncertain world conditions prevailing, $2,650,000 LOS ANGELES TRUST AND SAVINGS BANK SIXTH & SPRING STS. LOS ANGELES liberal reserves have been maintained and investments generally restricted to short time maturities. In view of these conditions, and the low rates for money, particularly during the past six months, earnings for the year were somewhat less than for 1914. You will note, however, an increase in undivided profit account from $646,335.24 to $833,002.46 ($186,667.22), after full provision for depreciation and the payment of dividends at the rate of 8 per cent. per annum, amounting to $320,000. U. S. Mortgage Trust Company Appoints Los Angeles Representative The United States Mortgage & Trust Company of New York has arranged to extend its connection with Los Angeles, Cal., for the purpose of making mortgage loans. This company recently determined to compete in a more aggressive manner for desirable business in the Pacific Coast section. The advances of this company are confined to improved business and residence properties in the best sections, and only the highest class of loans are handled. Egerton Shore, of Shore Bros. Company, will represent the company in Los Angeles. Vice-President Frank J. Parsons recently returned from a business trip through the South and West. Where the Investment Under the pressure of Investment demand, centered at present on Investment Opportunities exist in Railroad and Public Utility Bonds. List of attractive issues will be furnished upon request for pamphlet Q-83, entitled H. D. Kountze President of Atlantic National The election of Herman D. Kountze as president of the Atlantic National Bank, succeeding Phineas C. Lounsbury, is gratifying to his many friends in banking circles here and in the West where he is widely known. Mr. Kountze started his banking career with the First National Bank of Omaha, Neb. Subsequently, he came to New York as a member of the well-known banking house of Kountze Bros. About eighteen months ago, this well-known firm acquired an important interest in the Merchants Exchange National Bank, the title of which was recently changed to the Atlantic National Bank and Mr. Kountze was made active vice-president and member of the executive committee. Mr. Lounsbury was elected chairman of the board. Frederick D. Whitney, ex-president of the Rochester Chapter of the American Institute of Banking and until recently with the Fidelity Trust Company of that city has been made a member of the bond department staff of the Guaranty Trust Company of New York with headquarters in Rochester. At a recent meeting of the Administrative Committee of the American Bankers' Association, it was decided to hold the next annual convention during the week from September 25th to 30th, in Kansas City, Mo. HERMAN D. KOUNTZE ELECTED PRESIDENT ATLANTIC NATIONAL BANK OF NEW YORK "Checks are money NATIONAL SAFETY PAPER On Guard! If checks are moneyand they are the most convenient and the most used kind of moneythey should be as closely guarded as any other kind of money. A bank, desiring to give its customers the greatest possible protection, will furnish them with checks on paper that exposes immediately any alteration of amount, payee, date or endorse ment. That paper is National Safety Paper, the logical check-paper for all banks. Ask your stationer, printer or lithographer for checks on National Safety Paper, or write us for samples. George La Monte & Son Founded 1871 35 Nassau St New York 4% BANKING BY MAIL CERTIFICATE ECONOMY-Each transaction costs one two-cent stamp. SAFETY-Not negotiable; can be used only by the depositor. CONVENIENCE-No letters to write or checks to draw. Since we have been granted a patent on this certificate, we are permitting the use of it by other institutions, one in each city or town, under an arrangement for co-operative advertising. Information and specimen of certificate on application. THE PUTNAM TRUST CO. of GREENWICH, CONN. Growth of Seaboard National Bank During the past year the Seaboard National Bank of New York was enabled to report a very substantial increase in deposits from $29,773,927 to $48,680,211 with a growth in resources from $33,921,292 to $53,260,588. During the same period, as evidence of excellent earning capacity, nothwithstanding the continued low level of money rates, surplus and undivided profits increased from $2,733,000 to $2,810,781 with capital stock of $1,000,000. At a recent meeting of the board of directors of the Seaboard National Bank, Charles C. Fisher, formerly receiving teller, was appointed an assistant cashier. Mr. Fisher started his banking career with the old Third National twenty years ago and when that institution was taken over by the National City Bank he acceted a position in the collection department of the Seaboard National Bank. During the eighteen years he has been with the Seaboard he has filled nearly all of the clerical positions, and in late years has been receiving teller. The Seaboard National has been approved reserve agent for the First National Bank, Lisle, N. Y, Plans are being perfected for the organization of a new trust company at Ransom, W. Va., to have a capital of $100,000. ANNUAL MEETING OF THE TRUST COMPANIES ASSOCIATION OF THE STATE OF NEW YORK That the trust companies of New York are animated by a common desire to secure the highest possible standards in the conduct of their business affairs and to preserve a united attitude in regard to legislative matters was shown from the reports and discussion at the last annual meeting of the Trust Companies Association of the State of New York held January 26th at the Railroad Club in this city. As evidence of the increasing and wholesome influence of the association the president, Mr. Edwin G. Merrill, president of the Union Trust Company of New York, in his address stated that the membership has been increased to 64 out of the 79 trust companies doing business in the Empire State. The past year was also an exceptionally active one. President Merrill directed attention to the successful efforts made at the last session of the Legislature in Albany in defeating proposed amendments which were intended to confer trust powers upon National banks. It was indicated that a similar effort to secure "enabling" legislation may be made at the present session. Considerable interest was shown at the annual meeting in regard to the proposals to revise the tax laws of this State. A report was presented from the chairman of a special committee appointed by the association to consider the tax situation in this State as it relates particularly to the trust companies. A summary of this report appears elsewhere in this issue of TRUST COMPANIES. The committee made an investigation of the amount of property held by trust companies in trust and reported that the largest single class consisted of bonds and mortgages for real estate. It was also found that banks and trust companies pay far more than their just share of the taxes collected by the State, the percentage being considerably higher than for manufacturers and other classes of property or business concerns. The following officers were elected for the ensuing year: President, A. W. Loasby, president Trust & Deposit Company, of Onondaga, Syracuse; vice-presidents, E. P. Maynard, president Brooklyn Trust Company, Brooklyn; T. I. Van Antwerp, president the Union Trust Company, Albany; Willard V. King, president Columbia Trust Company, New York, treasurer; M. N. Buckner, president New York Trust Company, New York; secretary, Frank E. Norton, president Security Trust Company, Troy. Members of the executive committee to take place of those whose terms expire: Seward Prosser, president Bankers Trust Company, New York; Ray Tompkins, president Chemung Canal Trust ARTHUR W. LOASBY PRESIDENT TRUST & DEPOSIT COMPANY OF ONONDAGA, SYRACUSE, WHO HAS BEEN ELECTED PRESIDENT OF THE TRUST COMPANIES ASSOCIATION OF THE STATE OF NEW YORK. After the adjournment of the meeting the members attended a luncheon at which short addresses were made by the retiring president, Edwin G. Merrill; Mr. Loasby, the new president; E. L. Richards, the State Banking Superintendent, and Senator Ogden L. Mills. In recognition of his loyal and unselfish devotion to the affairs of the association a vote of thanks was extended to the retiring president, Mr. Merrill. The legal firm of Hiscock, Doheny, Williams & Cowie has been retained as counsel for the association. |