The Mechanics and Metals National Bank of the City of New York Total Resources (Dec. 31, 1915).. $232,000,000 Security Pay-Roll-Table a Help to Employers As the result of his experience in making up the amounts necessary for large pay rolls of his customers, O. L. Olshausen, a teller of the Security National Bank of Los Angeles, has worked out a table which greatly facilitates the bank's work and should prove of great value to all individuals or concerns which employ labor by the day. This table is so arranged that the amount due to an employee for any part of six days, figuring either eight or nine hours to the day and at multiples of 50 cents per day up to $5, may be told at a glance. Mr. Olshausen has secured a copyright of his pay roll table, and the management of the Security National Bank, recognizing the great value of such a table to the large commercial interests of the city has had a limited supply printed for general distribution. All employers who would like one of these tables will be accommodated, so long as they last, by applying to the Security National Bank, Fourth street and Broadway, Los Angeles, Cal. George A. Jones has been appointed manager of the 125th street branch of the United States Mortgage & Trust Company to succeed Henry H. Thomas recently elected an assistant treasurer of the company. William Van Thun has been appointed assistant manager of this branch. Plainfield Trust Company of Plainfield, New Jersey Few trust companies outside of metropolitan centers have experienced such growth as the Plainfield Trust Company, located at Plainfield, New Jersey. The March 7th statement shows aggregate resources of $6,498,215 which include cash and reserve of $1,081,027; demand and time loans and bills purchased, $3,053,326; railroad and other bonds, $1,117,041; bonds and mortgages, $1,131,131 and banking house, $85,000. Deposits amount to $6,050,469 with capital stock at $100,000, surplus and undivided profits of $306,568. This statement does not indicate the large amount of trust funds and estates confided to the management. The officers of the Plainfield Trust Company are: O. T. Waring, president; Augustus V. Heely, vice-president; J. Herbert Case, vice-president; DeWitt Hubbell, secretary and treasurer; F. Irving Walsh, assistant secretary-treasurer; A. H. Kirby, assistant treasurer. ATCHISON, KAS.-The Commerce Trust Company is being organized with a capital of $100,000. PATERSON, N, J.-The Southside Deposit & Trust Company is organizing with a capital of $100,000. TRUST COMPANIES ADVERTISING EXCHANGE DIRECTORY FOR TRUST COMPANIES of St. Louis-Mississippi Valley Trust Company. G. Prather Knapp, Manager Publicity. St. Louis. St. Louis Union Trust Company. Company. Frank NEW YORK Buffalo.-Bankers_Trust Company of Buffalo. A. L. Dutton, Treasurer. New York.-Bankers' Trust Company. E. B. Wilson, Manager Advertising Department. New York-Empire Trust Company. Eugene Miller, Assistant Secretary. New York The Equitable Trust Company. Richard R. Hunter, Secretary. New York. Guaranty Trust Company. F. W. Ellsworth, Publicity Manager. New York.-United States Mortgage & Trust Company. Henry L. Servoss, Assistant Treasurer. New York.-American Bankers' Association, 5 Nassau Street. Library. Utica.-Utica Trust & Deposit Company. Graham Coventry, Secretary. NORTH CAROLINA Winston-Salem.-Wachovia Bank & Trust Company. D. L. Hardee, Publicity Manager. OHIO Houston-Bankers' Trust Company, C. M. Malone, Secretary. VERMONT White River Junction.-Inter-State Company. W. W. Russell, Treasurer. VIRGINIA Trust Richmond.-Virginia Trust Company. H. W. Jackson, President. WASHINGTON Spokane. Spokane and Eastern Trust Company. R. L. Rutter, President. Spokane-Union Trust & Savings Bank. Carl W. Art, Manager Publicity Department. Seattle.-Northwest Trust & Safe Deposit Co. E. C. Brown, Advertising Manager. THE NEW YORK TRUST COMPANY 26 BROAD STREET NEW YORK Capital, $3,000,000 Surplus and Profits, $11,250,000 Designated Depository in Bankruptcy and of Court Have You a Philadelphia Reserve Account? You need one to properly bandle your business New York Trust Company to Have Larger Banking Quarters By leasing additional space on the second floor and a re-arrangement of the present quarters, the New York Trust Company will provide more ample accommodation. The general office space at 24 Broad street will be entirely remodeled and although no change in the interior design is contemplated the new equipment and furnishings will be up to the highest standard. The arrangement calls for larger public lobby space. The policy which has obtained at the New York Trust Company of having the officers' desks readily accesible to customers will be followed out. The contract work of enlarging and remodeling has been placed with Hoggson Brothers, designers and builders. The New York Trust Company has experienced marked growth and is one of the strongest institutions of the kind in the United States. The last official statement of December 3, 1915, showed aggregate resources of $93,130,836 with deposits of $78,193,886, capital of $3,000,000, surplus and undivided profits of $11,247,084. After a distinguished service of twenty-three years as president, Mr. Otto T. Bannard recently resigned as president of the company and was elected chairman of the board and chairman of the executive committee. The office of presi dent was bestowed by the directors on Mr. Mortimer N: Buckner, who started with the company in 1904 when it was known as the Continental Trust Company and prior to the merger with the New York Security & Trust Company. Mr. Buckner's banking career affords an example of the sure reward which attends faithful and conscientious devotion to duty. The complete executive staff now comprises the following: Otto T. Bannard, chairman of the board; Mortimer N. Buckner, president; Frederick J. Horn and James Dodd, vicepresidents; Charles E. Haydock, treasurer; H. W. Morse, secretary; H. Walter Shaw, Arthur S. Gibbs, Montrose Stuart, Jos. A. Flynn, assistant secretaries; Harry Forsyth, assistant treasurer. At a meeting of the Committee of Arrangements of the New York State Bankers' Association, of which Elbert A. Bennett of the American Exchange National Bank is chairman, the dates for the holding of the annual convention at Atlantic City were set at June 8th and 9th. Stockholders of the United States Mortgage and Trust Company have re-elected Nicholas Biddle, B. D. Caldwell, Charles D. Dickey, Julius Kruttschnitt, Robert Olyphant, James Timpson, Arthur Turnbull and W. H. Williams as directors. Legal Decisions and Discussion RELATING PARTICULARLY TO TRUST COMPANIES Edited by JOHN H. SEARS of the New York Bar [LEGAL DECISIONS OF SPECIAL INTEREST TO OFFICERS OF TRUST COMPANIES WILL BE REVIEWed and DISCUSSED IN THIS DEPARTMENT. CAREFUL ATTENTION WILL BE GIVEN TO Queries of a legal nature, ARISING OUT OF THE CONDUCT OF THE VARIOUS DEPARTMENTS OF TRUST COMPANIES. SUBSCRIBERS ARE CORDIALLY INVITED TO AVAIL THEMSELVES OF THESE FACILITIES WHICH ARE OFFERED FREE OF CHARGE.] SUCCESSION OF TRUST COMPANY TO A will appointed three individuals as trustees of a certain portion of the estate and the Safe Deposit & Trust Company of Baltimore as trustee of another portion. It also contained the following clause: "It is my will and intention by this provision to give said trustees full discretionary power to act so that the best interests of my son will be thereby secured, I desire expressly to state that I grant this power to said trustees to give my son a greater share of my estate than each of my daughters will receive not by reason of any preference I have for him, but inasmuch as I think he should receive sufficient capital to enter into business, if he proves himself capable and so desires. In the event that my estate shall have passed into the hands of the Safe Deposit & Trust Company and my son shall not have received his share of my estate absolutely under this provision of my will, then I desire the discretionary power herein granted to vest in the president of said company, and Simon Stein and Bernard Blimline, or the survivor of them, or should both be dead, in the president of said company alone." One individual trustee died, one never accepted the trust and the third resigned. So the estate finally came into the exclusive hands of the trust company. The question arose as to whether the discretionary power could be exercised by its president, before the death of a certain one of the individual trustees. There was an "acceleration," in the opinion of the Maryland Court of Appeals of the vesting of the discretionary power. The manner of its exercise by the president was, therefore, not disturbed.-(Stein vs. Safe Deposit & Trust Company of Baltimore, 96 Atl. 349). NEW HAMPSHIRE LAW PREVENTS APPOINTMENT OF NATIONAL BANKS AS ADMINISTRATORS, ETC. In 1915 New Hampshire enacted a law providing that: "No trust company, loan and trust company, loan and banking company, bank or banking company, or similar corporation, shall hereafter be appointed administrator of an estate, executor under a will, or guardian or conservator of the person or property of another." The act expressly excepts corporations which were incorporated before its passage. In Appeal of Woodbury (96 Atl. 299), the Supreme Court of New Hampshire has held that the exception does not apply to a National bank, but only to banks and trust companies organized under the laws of New Hampshire. A grant by the Federal Reserve Board to a National bank to exercise fiduciary powers in that State is in "contravention of State or local law." A petition to appoint such a bank was therefore denied. This law appears to be unnecessarily radical. As above stated, it does not prevent New Hampshire trust companies organized before the law went into effect from acting as executors, administrations, guardians or conservators, but it prevents trust companies organized thereafter from exercising such powers. There is a real need for new trust companies. To thus cut down their usefulness is to deprive the public of the most efficient means for the management and conservation of estates. Such a reactionary step in the face of the demonstrated superiority of corporate over individual fiduIciaryship is difficult to understand. STOCKHOLDER OF TRUST COMPANY AS One of the two subscribing witnesses to a will was a director and stockholder of the trust company that was named as executor. The in |