JOHN V. B. THAYER, Vice-President JOHN Y. G. WALKER, Vice-President CARROLL C. RAWLINGS, Vice-Pres't & Trust Officer W. McMASTER MILLS, Vice-President W. EMLEN ROOSEVELT AUGUSTUS W. KELLEY CHARLES H. TWEED WILLIAM WOODWARD JOHN V. B. THAYER CAPITAL, $3,000,000 Acts CHARLES W. PARSON, Ass't Secretary 5th Ave. Branch, Fifth Avenue and 38th Street TRUSTEES JAMES GORE KING M. ORME WILSON V. EVERIT MACY SURPLUS, $5,162,000 as Executor, Guardian, Trustee, &c. Administers "Institutional " and Other Fiduciary Trusts. Receives Securities for Safe Keeping and Collection of Income. ALLOWS INTEREST ON DEPOSITS There were relatively few official and directorial changes made in the organizations of the trust companies of New York City at the annual meetings held around the close of January. The expectation that there might be a number of withdrawals from the boards of directors owing to the operation of the Clayton Act "interlocking directorates" provision which goes into effect next fall, were not realized. At the annual meeting of the stockholders of the Guaranty Trust Company the following directors were elected to serve for three years: Charles H. Allen, Caleb C. Dula, Robert W. Goelet, William A. Harriman, Gates W. McGarrah, G. M. P. Murphy, Thomas F. Ryan, Charles H. Sabin, John A. Spoor and Albert Strauss. Of these all are former directors and were re-elected, with the exception of Mr. Caleb C. Dula, president of the Liggett & Myers Tobacco Company, and Albert Strauss, of the firm of J. & W. Seligman, who were elected to fill vacancies. At the annual meeting of the stockholders of the Equitable Trust Company the board of di rectors was re-elected. Arthur A. Miller, who for many years has been the head of the loan department, was elected assistant treasurer. All the other officers were re-elected. Alfred E. Marling has been added to the board of the Columbia Trust Company. Other directors were re-elected and there was no change in the officers. At the annual meeting of the stockholders of the Empire Trust Company, the board of directors was re-elected. At the annual meeting of the stockholders of the Union Trust Company, the trustees, class of 1919, were re-elected. At the annual meeting of the stockholders of the Commercial Trust Company, the board of directors was re-elected. Guy T. Scott, vice-president, Continental Trust Company, Washington, D. C., was elected a director of the Hudson Trust Company, to succeed William O. Allison, resigned. Stockholders of the Fidelity Trust Company elected the following directors: For the terms ending January, 1917, Stephen L. Viele; January, 1919, William C. Demorest, Samuel Crooks, Andrew H. Mars, Edward H. Titus, D. W. Whitmore, Alexander M. Powell, John O. Williams, Vincent S. Mulford, Stephen K. Reed, Frank A. Horne. The board of directors elected the following officers: Samuel S. Conover, president; John W. Nix and George Henry Sargent, vice-presidents; Andrew H. Mars, secretary; Stephen L. Viele and Arthur W. Mellen, assistant secretaries, and E. Tilden Mattox, assistant to the president. 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. A. H. Aseltine with N. W. Halsey & Co. A. H. Aseltine, who for more than sixteen years was connected with the business department of the Commercial and Financial Chronicle, is now associated with the sales department of N. W. Halsey & Company, investment bankers, New York. N. W. Halsey & Company were the successful bidders for $35,000 Cherokee County, Iowa, funding 42 per cent. bonds, due 1921-1936; $65,000 Page County, Iowa, funding 42s, due 1929-1935; and $50,000 Hastings, Neb., street intersection 42s, due 1936, optional 1926. Sixty-Fourth Annual Statement of Corn Exchange Bank The Corn Exchange Bank of New York, in beginning its sixty-fourth year on February 1st, has constantly adhered to the conservative policy that has marked the history of this old financial institution. Deposits on February 1st amounted to $119,414,519; cash in vaults and banks, $25,642,901; total resources, $120,573,288. The capital and surplus is $10,158,768. The officers of the Corn Exchange Bank are as follows: President, Walter E. Frew; vice-presidents, Frederick T. Martin, F. H. Page and Dunham B. Sherer; cashier, Edward S. Malmar. William A. Nash is chairman of the board. Additional Vice-President for Metropolitan Trust Company The Metropolitan Trust Company of New York, on account of the remarkable growth of its business under the administration of President George C. Van Tuyl, Jr., has added an additional vice-president to its list of officers. James F. McNamara, trust officer of the company since 1904, was elected as third vice-president and trust officer at the recent annual meeting of the board of directors. Mr. McNamara's twenty-nine years of service in the trust company field began in 1887, when as a boy, he secured employment with the former Atlantic Trust Company. He was advanced through the various grades and was in charge of the trust department of that company when the Atlantic Trust Company was merged in 1903 into the Metropolitan Trust Company. It was reported recently that negotiations are in progress for the purchase of the New York Clearing House Building by the Guaranty Trust Company. The Guaranty recently leased the lower floor of the building to accommodate several departments which have outgrown the quarters in the new building erected by the company several years ago at Pine street and Broadway. F. W. Gehle Added to Mechanics and Metals National Staff In connection with its policy to extend its foreign department facilities and especially its South American business, directors of the Mechanics & Metals National Bank have secured the services of F. W. Gehle, assistant financial editor of the New York Evening Post. Mr. Gehle is well known as a financial writer and Ia student of economics. The foreign department of the Mechanics & Metals is one of the best equipped in the city and is experiencing exceptional success.. Engraved Anglo-French Bonds The Guaranty Trust Company of New York on February 7th began to exchange the $500,000,000 Anglo-French 5 year 5% external loan temporary certificates now outstanding for the definitive engraved bonds. The engraved wonds will be issued in denominations of $100, $500 and $1,000 for coupon bonds, and $1,000, $10,000 and $50,000 for registered bonds. The definitive registered and coupon bonds are interchangeable. This is the largest single issue of bonds ever sold at one time in this country, and the exchange of the definitive for the temporary securities will necessitate the handling of approximately 480,000 separate engraved bonds, and will require the attention of thirty clerks. The expansion in the transaction of foreign exchange business handled by New York banking institutions is indicated by the showing made last year by the Guaranty Trust Company. The total turnover of the trust company's foreign exchange department, in charge of Vice-President Max May, amounted to $6,400,000,000. This is more than double the business transacted the previous year, and is far in excess of the foreign exchange operations of any other bank or trust company of the United States. Figuring approximately 300 business days to the year, the figures show that Vice-President May conducted. on the average, a business of over $21,000,000 a day. The Guaranty Trust Company's importations of gold during the year 1915 amounted to $85,000,000, which is about one-fifth of the total importations for the whole country. At a meeting of the board of directors of the Guaranty Trust Company of New York held on February 2d, Albert H. Harris, vice-president of the New York Central Railroad, was elected a director. The Lawyers Title and Trust Club, comprising employees of the Lawyers Title & Trust Company, held its first annual dinner and entertainment January 25th, in the banquet room of the Park Avenue Hotel. More than three hundred members were present. R. B. F. Randolph Heads Guaranty Club At a recent special meeting of the Guaranty .Club, composed of officers and employees of the Guaranty Trust Company of New York, R. B. F. Randolph, assistant chief clerk of the company, was elected president to succeed Hy. R. Wohlers, who has resigned to become associated with C. J. Wrightsman. Mr. Randolph has been an active worker in the Guaranty Club for several years. He has been connected with the Guaranty Trust Company for more than 15 years, during which time he has worked in various departments, and his election to the presidency of the club is a most popular one. The Guaranty Club has a membership of over 600 and is very active, both socially and in educational and welfare work. It holds periodical outings, theater parties, an annual dinner and only recently gave a dance on the main floor of the Guaranty Trust Company building which was attended by more than 350 couples. The Thrift Fund maintained by the club for the encouragement of systematic saving by its members amounts to more than $80,000. Stockholders of the Fulton Trust Company elected the following trustees: Edwin A. Cruikshank, Robert L. Gerry, Alfred E. Marling, Charles M. Newcombe, Henry K. Pomeroy, James R. Roosevelt, Archibald D. Russell and Richard H. Williams. ROWLAND B. F. RANDOLPHI ASSISTANT CHIEF CLERK, GUARANTY TRUST COMPANY OF NEW YORK, WHO HAS BEEN ELECTED PRESIDENT OF THE GUARANTY CLUB Philadelphia Special Correspondence Discourage Speculation and Over-expansion Although surplus funds and deposits in National banks and trust companies continue to grow in volume, the local banking situation is such that the future may be regarded with equanimity. Apparently the banking fraternity is alive to the fact that low interest rates are conducive to inflation and that there are certain factors in the industrial and business situation which must undergo the test of readjustment. So far as Philadelphia is concerned there can be no doubt that banks and trust companies are discouraging speculation and withholding funds intended to finance advances in stocks. It is significant in this connection to note that there was a contraction of 42 per cent. in the volume of trading on the local stock exchange during January as compared with the previous month, although the total was 50 per cent. more than the corresponding month last year. Bond dealings, on the other hand, showed considerable expansion and indicates the employment of funds in standard investment securities. The rise in bond prices is reflected in the market values of securities on the books of banks and trust companies. Perhaps, the most interesting feature of the local banking situation is the continued accumulation of deposits in National banks and trust companies. Expectations that the high tide of surplus funds had been reached at the close of the last year have not been realized. The National banks continue to report larger deposits, especially in the form of bank balances, despite the fact that deposits aggregated $414,279.020 on December 31, 1915 as compared with $321,734.770 a year ago. For the closing week of January the Clearing House institutions reported an addition of $3,644,000 in bank deposits, raising the total of that item to nearly $172,000,000, an increase of $46,000,000 as compared with the corresponding week last year. Although individual deposits decreased $4,765,000 the banks hold $117,000,000 more on individual account than a year ago. The surplus of $48,000,000 is $11,000,000 larger than twelve months ago. Although the trust companies reported a marked gain in deposits from $451,135,000 on November 2, 1914 to $476,872.870 reported on November 11, 1915, the latest official statements of January 12, 1916 reveal a further substantial increase to $505.049,415. This total exceeds by $85.000.000 the highest aggregate of deposits ever before reported, representing a gain of nearly $100,000,000 since November 1, 1913 Substantial Gains Shown by National Banks of Philadelphia The weekly reports rendered by National banks of this city reflect uninterrupted gains in deposits. The Girard National Bank reports under the same date, deposits of $60,235,000; loans and investments, $43,445,000; cash and reserve, $14.580,000; due from banks, $7,737,000. The Franklin National Bank reports deposits of $43,998,000; loans and investments, $32,397,000; cash and reserve, $9,247,000 and due from banks, $4,878,000. The Farmers and Mechanics National Bank reports deposits of $17,017,000; loans and investments, $15,626,000; cash and reserve, $2,895,000; due from banks, $2,240,000. The deposits of the Fourth Street National Bank, according to the report under date of February 9th, aggregated $54.638,000; loans, $38,620,000; cash and reserve, $14,823,000 and due from banks. $7.897.000. A. J. County has been elected a director of the Girard National Bank to fill a vacancy. Mr. Lincoln Godfrey, formerly a vice-president of the Philadelphia National Bank and director of the Pennsylvania Railroad, as well as a director of the Philadelphia Trust Company, died recently at his home in this city. |