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New Branch Quarters for Broadway Trust Company
The Broadway Trust Company of New York has leased the modern new fireproof building at New Utrecht avenue and Fifty-fourth street, Brooklyn, in which the branch located on Fiftyfourth street will be installed. The new offices will be modern in every detail with equipment of latest design.
The Broadway Trust Company which has its main office in the Woolworth Building has experienced a record of continued growth. The official report of March 17th showed aggregate deposits of $22,914,651 as compared with $14,970,000 on January 1, 1914, and $5,150,000 on January 1, 1912. The capital stock is $1,500,000, surplus, $750,000 and undivided profits, $170,879. The Broadway Trust Company has the distinction of being the only State bank or trust company under the supervision of the New York State Banking Department to become a member of the Federal Reserve system.
George La Monte & Son, manufacturers of the "Safety Paper," widely used by banks and trust companies, announce the removal of their New York offices about May 1st to the Adams Building, 61 Broadway.
Hartford Trust Company Nears HalfCentury Mark
Organized in 1868 the Hartford Trust Company of Hartford, Conn., will soon celebrate the fiftieth anniversary since commencing busiFor nearly 29 years of that period the office of president has been occupied by Mr. Ralph W. Cutler who is widely known in trust company circles and who was president of the Trust Company Section of the American Bankers' Association last year. The directors of the company recently directed the payment of the one-hundredth dividend to stockholders. The annual dividend rate is 12 per cent. and regular semi-annual distributions have been made since 1880. On April 12, 1912, the policy of declaring dividends every quarter period was inaugurated and there have also been occasional extra dividends. In 1913 the capital was increased from $300,000 to $500,000. Total resources are over $4,860,000. Associated with President Cutler in the executive management are: C. M. Joslyn, vice-president; Henry H. Fease, secretary and F. C. Sumner, treasurer.
Plans are being prepared by Hoggson Brothers, the contracting designers, for an expansion of the banking quarters of Henry L. Doherty & Company, at 60 Wall street.
Banks Buy Sound Bonds for Different Purposes
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CHANGES SHOWN IN THE LATEST OFFICIAL REPORTS
The feature of the March 17th official statements of the trust companies of New York City as compared with the returns for Decem ber 31, 1915 is the large increase in loans and discounts amounting to $106,000,000 which accounts for the decrease of $65,000,700 in the amount due from reserve depositaries and a decrease of $29,324,700 in cash items. It is quite evident from these figures that trust companies are doing their share in financing important international transactions and in con nection with the absorption of American securities returned from abroad. Another interesting feature is the marked increase in the volume of acceptance business reported by a number of the trust companies including the Guaranty Trust Company, Bankers Trust Company, Equitable Trust Company, Central Trust Company, the Farmers' Loan & Trust Company and others. Stock and bond investments, aggregating $490,945,900 show an increase of $30,350.000; mortgages owned decreased $3.930,600 and specie increased $18,076,600, making the total of the latter item, $151.836.400. Aggregate resources of $2,340,187,300 show an increase of $62,354,000 since January 1st and of $672,971,000 since March 19, 1915.
The latest deposit figures, despite a reduc
tion of $27,290,800 in deposits (preferred) reach the highest level ever before reported. The aggregate deposits now are close to the two billion mark, the increase of $27,290,800 in deposits (not preferred) and the increase of $15.778,600 in amount due trust companies, banks and bankers, leaving a net gain of $19,117,400, thus making a total of $1,993,852,100, compared with $1,351,707,000 a year ago on March 19, 1915. The increase in combined capital from $65,550,000 to $75,550,000 is explained by the recent increase in capital stock of the Guaranty Trust Company. A specially gratifying showing is the increase in combined surplus and undivided profits since the first of the year, amounting to $7,909,300, making the total $171,767,100.
Mr. George L. Cross, who for over ten years has been associated with the editorial staff of the Commercial and Financial Chronicle and in charge of the Municipal Bond Department, is now affiliated with the Municipal Bond Department of N. W. Halsey & Co., New York.
At a recent meeting of the board of directors of the Franklin Trust Company of Brooklyn, N. Y., J. C. Traphagen 'was appointed an assistant secretary.
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Where Good Service is the Keynote
The exceptional success enjoyed by the Corn Exchange Bank of New York City in conducting its branches, which now number thirty-five, may be accounted for by the strength of its financial position and the high standard maintained in rendering good service to patrons. These branches are located at convenient points in the various boroughs of Greater New York and each branch has behind it the great resources of the main office. Following a gain in deposits of over $30,000,000 from November 2, 1914 to December 31, 1915, the latest official report shows a further increase of $3,200,000, making the aggregate deposits on March 17, $115,840,983. To meet these deposits the Corn Exchange Bank shows cash in vaults and banks, $26,048,638; exchanges and cash items, $14,907,339; demand loans on collateral, $24,047,037; bonds owned, $17,432,577; time loans, $39,449,237; bonds and mortgages, $1,057,909; banking houses and lots, $3,424,654, making a total of $126,367,393, leaving capital and surplus of $10,526,409. Following are the officers of the Corn Exchange Bank: William A. Nash, chairman of the board; Walter E. Frew, president; Frederick T. Martin, vice-president; Francis H. Page, vice-president; Dunham B. Sherer, vice-president; Edward S. Malmar, cashier; Wm. E. Williams, assistant cashier; John S. Wheelan, assistant cashier; Richard D. Brown, assistant cashier; F. K. Lister, assistant cashier.
An Up-to-date Digest of the Federal Reserve Act
Business men as well as bankers find it necessary to familiarize themselves with the operations of the Federal Reserve system and to acquaint themselves with new amendments and rulings relating to this law. The Guaranty Trust Company of New York has just issued a revised edition of its "Digest of the Federal Reserve Act," which is especially intended to enable the busy man and banker to obtain a comprehensive understanding of the law itself and of amendments.
Comparison establishes the fact that the high records of railway and industrial earnings, bank clearings, capacity steel production, employment of labor and prices of commodities have never before been equaled during the periods of exotic prosperity in the past. It seems difficult to reconcile this on the ground of export shipments of munitions of war and foodstuffs to European countries when we stop to consider how small is the proportion of combined foreign trade to the gross consumption and trade of the United States. It may be possible that the standards by which the relative status of foreign and domestic business were gauged in the past do not hold true in the present situation. It is not only foreign buying but competitive influence on prices that cuts a big figure in the particular brand of prosperity which this country is enjoying as the fruits of neutrality. Analysis of export figures shows that during the first eighteen months of war the shipments of sixteen articles used expressly for war purposes amounted to $865,795,668. This is an entirely new factor in export trade and therein largely lies the stimulating influence of "war orders" in addition to enhanced prices. It is also remarkable that the
increasing scarcity of ocean cargo facilities and the fact that terminal as well as railway carrying capacity have been strained to the utmost, have not interfered with the steady upward swing in the export movement. Indeed, export figures are making new high records each succeeding month. The exports for the eight months from July 1, 1915 to February 29, 1916 aggregated $2,586,301,570 as compared with $1,633,387,905 for the corresponding period from 1914-15 with February scoring the highest total. The returns for March and the first two weeks of April indicate no decline in this movement, and it is likely that still higher records will be made when the new corps begin to move.
J. P. Morgan & Company, the First National Bank, the National City Bank, Lee, Higginson & Company, and Kidder, Peabody & Company, have purchased from the New Haven Railroad $25,000,000 one-year 42 per cent. collateral notes. This sale provides for the maturity of $27,000,000 New Haven one-year 5 per cent. notes, due May 1, $2,000,000 of which will be paid off from earnings.
New York City
The Veil of Uncertainty
The serious aspects of the crisis growing out of German submarine warfare and the note of the de facto Carranza government regarding the withdrawal of American troops from Mexican soil, which has almost the ominous ring of an "ultimatum," have not contributed anything toward relieving the strained feeling of uncertainty which has been the ruling influence in financial markets and the business situation ever since the war in Europe began. The prospect of peace has been brought not one whit nearer by the announcement of more definite terms made in the Reichstag by von BethmannHollweg and the response thereto by the British Chancellor in presenting a new budget. The arrangements for additional war expenditures to aggregate not less than $5,750,000,000 for the fiscal year ending March 31, 1917 convey proof of the determination of the British Allies to carry on the war to the bitter end. Nor is there any basis for the expectation, entertained in some quarters, that a decision at Verdun will have any determining effect upon the attitude of the belligerents. The future therefore remains obscured in view of the assertion of Germany's spokesmen that they have sufficient economic, military and food resources to carry on the strife for years and the firm resolution of Great Britain and her allies not to lay down arms until their avowed aims have been achieved.
Notable Growth of the Bankers Trust
Company of New York
An increase of over $115,000,000 is shown in comparing the deposits reported by the Bankers Trust Company on March 17th last with the returns for December 24, 1914, making the aggregate $257,731,151. Combined resources amount to $289,997,621 as compared with $166,731,374 on December 24, 1914. Considering that the Bankers Trust Company was organized in 1903 and has therefore barely completed thirteen years of business, this exhibit is one of the most impressive proofs of successful trust company management in the entire history of the so-called "trust company movement." It is also interesting to note that with capital of $10,000,000 and surplus of $10,000,000 the undivided profits have increased since December 24, 1914 from $2,451,483 to $5,914,179, of which increase $1,220,102 was made since the first of the present year. Comparison with the previous official report of December 31, 1915 shows an increase of $2,021,830 in acceptances of drafts and authorized commercial letters of credit.
New York Trust Company
A comparison of the official reports of March 19, 1915 and of March 17, 1916 shows an increase in the deposits of the New York Trust Company during the year of from $42,617,500 to $71,416,590 and an expansion of resources from $58,821,685 to $86,880,749. The capital stock is $3,000,000 with surplus fund of $10,000,000 and undivided profits, $1,268,575. The offcial staff, following the recent election of President Otto T. Bannard to the office of chairman of the board consists of: Otto T. Bannard, chairman of the board; Mortimer N. Buckner, president; Frederick J. Horne, James Dodd, vice-presidents; Charles E. Haydock, treasurer; Herbert W. Morse, secretary; H. Walter Shaw, Arthur S. Gibbs, Montrose Stuart, Joseph A. Flynn, assistant secretaries and Harry Forsyth, assistant treasurer.
Metropolitan Trust Company of New York
Under the administration of President George C. Van Tuyl, Jr., the Metropolitan Trust Company of New York is continuing its record growth in deposits, the amount of $62,081,641 reported on March 17th last representing another gain of nearly $5,000,000 since January 1st and of $26,701,947 as compared with March 19, 1915. Total resources have increased during the year since March 19, 1915 from $43,854,004 to $71,035,200. Covering the same period undivided profits increased $313,343 to a total of $1,416,734 with capital stock of $2,000,000 and surplus fund of $5,000,000.