Hawaii is enjoying a degree of prosperity and economic development never before equaled in the history of those islands either prior or since annexation as a "part of the Territory of the United States." The sugar plantations of Hawaii have reaped phenomenal earnings owing to the high prices established for that product since the commencement of the European war. Although sugar is the bulwark of its trade Hawaii has also made remarkable strides in diversification of crops.

There are five trust companies in Honolulu with combined capital on December 31, 1915, of $900,000, surplus and undivided profits of $375,214; trust and agency balances, $1,171,255 and aggregate resources of $2,510,574. Inasmuch as trust companies are not authorized to do a banking business their prosperous condition is shown in the increased activity of their various departments, especially the trust, real estate, insurance investment and safe deposit branches. Owing to its growth in business the Hawaiian Trust Company, the first of the kind to be organized in the islands and conducting business since 1898, recently took possession of handsome new quarters. The company started

with a capital of $30,000 and today has a capital of $200,000, with surplus and undivided profits of $219,279, trust and agency balances, $299,962 and total resources of $731,565. The extent of the business handled by this institution is indicated by the recapitalization, which shows that the company has been appointed trustee under bond issues totaling $5,250,000; has managed real estate with an assessed valuation of $3,100,000; value of stocks and bonds in its possession and under control $9,650,000 and collateral loans $1,050,000.

The new home of the Hawaiian Trust Company, Ltd., is a model of modern equipment, convenience and comfort. A new fire-proof and burglar-proof vault has also been established in the basement which is protected by a twelve-ton circular door of chrome steel.

The officers are: E. D. Tenney, president; C. H. Cooke, first vice-president; Geo. R. Carter, second vice-president, who was formerly Governor of Hawaii; J. R. Galt, treasurer and manager; H. H. Walker, assistant treasurer; Ranney Scott, cashier. The directors are: E. D. Tenney, C. H. Cooke, Geo. R. Carter, J. R. Galt, C. H. Atherton, S. G. Wilder, R. B. Anderson, H. H. Walker.

On the basis of the above figures the volume of litigation appears to be distributed as follows:

73 per cent. concerning the meaning and legal effect of wills.

9 per cent. concerning execution, revocation and alteration.

8 per cent. concerning mental capacity and undue influence.

8 per cent. concerning court procedure.

2 per cent. concerning other matters.

Further examination of this analysis shows that 73 per cent. of the litigation concerning wills is caused by disputes about their meaning and legal effect and 9 per cent. as to their execution, revocation and alteration. These two items taken together clearly show that 82 per cent. of all litigation relating to wills is of a preventable nature.

The reasons for such an extraordinary amount of unnecessary litigation concerning wills are plain. The first is that many testators cling to the absurd idea that the writing of a will does not call for legal talent specially qualified for the work. The second reason lies in the fact that wills are not tested before death as in England. The English idea is for the maker of a will to assume that he is dead and to discover by an independent expert examination during his life what is likely to happen to his will after his death. "In this manner," says the New York State Bar Association, "the maker of a will can, with reasonable certainty forestall unfriendly criticism and prevent wasteful litigation after his death."

The joint committee invite suggestions from those who are interested in the subject of preventing litigation either on wills or any other

subject embraced in the scope of its investigations. Readers of TRUST COMPANIES are therefore invited to apply to Chas. T. Gwynne, Secretary, 65 Liberty street, New York, for an analysis of any subject in which they may be interested and after receipt of same to forward a concise statement of particular points that they believe should be incorporated into the rules or suggestions for the guidance of laymen in the prevention of unnecessary litigation at-the-source.

Restrict Payment of Interest on Small
Open Accounts

Owing to the small margin of profit in the employment of deposited funds at prevailing low rates the three leading trust companies of St. Louis, namely, the Mississippi Valley Trust Company, Mercantile Trust Company and St. Louis Union Trust Company, have decided upon a policy to discontinue the payment of interest on checking accounts which average less than $500 in amount. The practice of adhering to a minimum balance below which no interest is paid, where the account is active, is now quite generally observed by banks and trust companies in the larger cities. It is not only regarded as sound banking policy but with few exceptions the depositors who are affected by such limitation of interest payment recognize the justice and fairness of it. Under the old Missouri banking laws the trust companies were obligated to pay interest on all deposits. One of the charges made in the comprehensive new banking and trust company code which was drafted by the committee of which President Breckinridge Jones of the Mississippi Valley Trust Company, was chairman, provided that trust companies be placed in the same category as National banks under the National Bank Act which are not required to pay interest on checking accounts.

Various factors have contributed toward keeping interest rates on loans to a level which more and more rendered small active accounts not only unprofitable but a burden. The reduction of National bank reserve requirements released a large volume of cash and the flow of gold from Europe, payment for exports and the light demand for accommodation for domestic business, have been responsible for the low money rates, a condition which promises to continue indefinitely. Experience has also shown that depositors generally whose accounts are below $500 are satisfied with the services which they receive in return through the handling of their checks, collections and other advantages.

This year, for the first time, the American Bankers' Association Travelers' cheques will be represented in the moving pictures. It was the opinion of those who determine the publicity policy in connection with the Association's cheques, that an interesting educational motion picture, which would show the "A. B. A." cheques in actual use by travelers, would be a very valuable supplement to the extensive magazine and newspaper publicity which has been given to the cheques ever since the system was established in 1909. It was realized that a motion picture, in order to be acceptable to the exhibitor as well as to the audience, must be founded on an interesting narrative with educational features woven into the story.

With these requirements in mind, the Bankers' Trust Company of New York through its advertising department, has prepared an exceedingly interesting photoplay entitled "All Aboard the Magic Carpet." The playwright has collaborated with the advertising manager to produce a film which will relate the advantages of "A. B. A." cheques in a dignified, yet highly entertaining way. Any doubt which might have arisen as to the reception of a motion picture of this character by the average audience, was entirely dispelled by the enthusiasm manifested when the picture was shown recently at the Adelphi Theater in New York.

Illustrate Use and Advantage of "A. B. A."
Cheques

The Bankers' Trust Company have undertaken the production of this moving picture, believing that hundreds, perhaps thousands of bankers, throughout the country, will welcome the opportunity to have it shown at the local theaters in their respective towns and cities. The picture shows, as no printed announcement could, just how "A. B. A." cheques are used, and how they protect the traveler and add to the enjoyment of his trip. There will not be any charge made for the use of this picture, and any banker issuing "A. B. A." cheques is at liberty to write to the Bankers'

Trust Company in regard to making arrangements for having the picture shown in his city. Some fifteen copies of the film will be available in order that a number of bankers may be taking advantage of the opportunity to show the film at the same time.

In order to awaken the interest of those who enjoy the "movies" attractive announcements have been prepared which will be shipped with the film. There is a large lithographed poster in four colors for use in the front of theaters where the picture is being shown. There are very neat and attractive window cards announcing the play, suitable for placing in the lobby or windows of banks, and there is a collection of photographs of scenes from the play neatly enclosed in an oak frame, which can be displayed in the banks, as well as in the lobby of the theater.

Scenario and Action of the Story

A brief description of the motion picture, and a statement of the conditions under which it is to be circulated, are contained in the 1916 catalogue just issued and sent to all banks which sell "A. B. A." cheques.

The playwright's inspiration evidently came from the Arabian Night's tale of the magic carpet which carried the wisher wherever he wanted to go. The prologue relates the legend of the magic carpet and the captive prince, and the first scene is of the prince happily floating away through the clouds on the magic rug. The principal characters are then introduced, beginning with Ethel Lyman who wants to travel, followed by her Uncle Lyman who is overworked and needs to travel. Then enters Jack Walker, an ambitious bank clerk who has won a new position; and finally, a widow, Mrs. Moulton, appears on the scene.

The Floating Travelers' Cheque

Ethel Lyman is discovered reading a magazine and her interest is awakened by a full page advertisement headed "See America on A. B. A. cheques" and illustrated with a group

of travelers on a floating check. She is bent on making a trip. Jack Walker, who is interested in Ethel, is shown at his teller's window in a small bank. He is handed a letter which tells him that his terms are accepted and that a new position awaits him, but he is told to visit the American Bankers' Association exhibit at San Francisco before coming East. He runs joyfully to Ethel's home to tell the good news, and she gives him an affectionate welcome. They are rejoicing in the library when the uncle's footsteps are heard and he enters with the family physician. Jack hides behind the curtain and, while uncle is putting away his coat and hat, dodges out of the house. Ethel coaxes the doctor to prescribe a month's travel for uncle, and he obediently does so. Uncle at first protests but finally acquiesces, and the next day we see Uncle Lyman and his niece leaving the house with their bags for their trip. In the hurry of departing Mr. Lyman drops his wallet without noticing the loss.

Uncle Lyman's Dilemma

In the meanwhile Ethel and Uncle Lyman have gone to Jack Walker's bank for travel funds, and although the teller tries to sell "A. B. A." cheques to Mr. Lyman, he declines to buy them, saying, "Plain, every-day money is good enough for me, young man." While in the bank Jack and Ethel arrange so that they will depart on the same train for San Francisco, and the next day we see Jack at

the ticket window purchasing his tickets with "A. B. A." cheques. Then we see the three on a dining car, Jack at a separate table from the young lady and her uncle, because the young man's suit is not favorably looked upon by the older man. When Mr. Lyman is about to pay for the dinner he discovers the loss of his wallet and starts to fill out a personal check. The waiter calls the steward who informs Mr. Lyman that he cannot accept personal checks; Jack sees his opportunity and comes to the rescue with an "A. B. A." cheque and thereafter is in great favor with Uncle Lyman. The party are shown on the observation platform of the Pullman train traveling westward, and glimpses are seen of the Royal Gorge and Grand Canon. Mr. Lyman and his niece are shown at their San Francisco hotel, and he tries to replenish his supply of funds by presenting a draft at the hotel cashier's window. He is informed that drafts cannot be cashed at the hotel, but that he might try at a bank. He decides to leave the draft for collection, and after several days' annoying delay he gets the much needed cash.

At the San Francisco "A. B. A. Travelers'
Cheque" Exhibit

While in San Francisco the party see the exhibit of the American Bankers' Association and other features of the exposition, beautiful night scenes being introduced into the picture. The party is then shown traveling Eastward. Glimpses of interesting scenery are introduced,