Additional Executive Changes at Guaranty Trust Company A number of changes and official promotions have been made at the Guaranty Trust Company. The election of William C. Edwards, formerly treasurer and Edgar C. Hebbard, formerly secretary, as additional vice-presidents, was recently announced. At the same time William P. Conway was promoted from assistant treasurer to treasurer and N. Devereux Putnam was advanced from assistant secretary to secretary. At a later meeting of the directors the appointment of Alexander Philips as foreign representative was announced. Mr. Philips was formerly with the United States Mortgage & Trust Company and prior to that with the Comptoir National d'Escompte de Paris and the Credit Industriel of Paris. The foreign department staff was also increased by the appointment of Sigmund Metz as South American representative and Adam H. Morham as assistant manager. William C. Bradley has been elected an assistant treasurer and Edward S. Moore an assistant secretary. New York Brevities Increased activity and the large volume of transactions recorded on the New York Stock Exchange will yield the State a revenue from the transfer tax of approximately $8,000,000. William A. Read, senior member of the banking firm of Wm. A. Read & Company, died recently at his home in this city. He was a director of the Central Trust Company of New York and of the Bank of New York. The Columbia Trust Company in declaring the regular quarterly dividend of 5 per cent. authorized an extra dividend of 2 per cent. ABSTRACT Of Reports of the Trust Companies of New York City at the close of business on the 17th day of March, 1916, as shown by their official statements to the Superintendent of Banks. TRUST COMPANIES. BOR. OF MANHATTAN. Stock and Bond (Market Value). Public Securities. Due from Trust Cos., Reserve From Notes of and Federal National Reserve Secured. Depositaries. Others. Specie. Banks. $4,157,100 $3,782,200 $731,800 $2,326,900 $50,000 21,733,100 18,344,700 2,728,300 22,025,200 32,200 649,400 282,900 4,238,500 9,626,600 2,645,500 1,038,600 1,969,800 214,500 972,300 547,400 280,200 17,054,400 40,717,200 1,573,800 11,971,500 205,600 5,633,800 1,885,200 1,343,900 36,216,300 27,535,200 6,170,200 1,422,900 6,024,500 671,600 7,706,600 a 7,592,300 800 d 2,070,300 1,796,500 c 1,302,900 $328,700 531,200 919,700 1,415,000 454,000 5,747,200 1,738,600 4,170,400 528,000 991,900 57,000 6,710,900 2,032,500 1,782,000 78,700 587,800 71,700 3,060,800 234,800 2,354,600 2,121,000 7,900,200 210,000 992,800 237,600 7,980,600 1,820,000 2,718,100 1,295,500 1,649,700 946,700 896,900 131,000 1,611,100 4,641,500 1,581,800 1,535,100 7,416,000 635,500 1,118,400 481,800 6,747,500 1,874,100 2,797,100 406,600 381,100 438,900 529,000 185,100 322,200 30 Trust Companies Metropolitan Trust Co. Union Trust Co. U. S. Mortgage & Tr. Co.. BOR. OF BROOKLYN. 39,100 30 Trust CompaniesAggregate, March 17, 1916.$138,310,700 $352,635,200 $38,427,100 $59,152,800 $8,186,600 $869,398,500 $278,715,700 $227,322,800 $53,367,500 $151,836,400 $10,493,600 $43,203,200 $109,137,200 Aggregate, Dec. 31, 1915.. 136,362,300 323,233,100 38,552,300 63,083,400 8,636,700 825,772,200 216,266,400 292,323,500 60,011,600 133,759,800 9,631,200 72,527,000 97,672,800 Decrease. Increase. $6,644,100 $18,076,600 17,363,100 4,510,100 1,284,000 4,895,100 807,300 1,618,300 474.900 12,683,600 1,997,700 3,056,600 100,400 830,000 6,343,300 10,571,700 226,400 4,133,600 1,239,400 2,475,000 1,021,600 3,265,700 7,169,000 547,500 1,846,200 385,000 1,517,500 687,400 29,400 1,182,200 914,700 90,100 17,900 30,400 21,900 T A Great That concerns all merchants HE original Cash Register rang a bell, indicated and recorded the amount of the purchase. It benefited the merchant only. In a third of a century this old model has developed into a Cash Register that directly benefits every man, woman and child who spends money in a store. This new Cash Register equally concerns every merchant and clerk, every banker and wholesaler in this land. It furnishes every customer with a receipt or sales slip. It protects each clerk against making errors and against the mis It prints on this the amount paid takes of others. or charged. It rewards the diligent clerk by telling his employer which one makes On this is also printed the date of the largest number of sales and which the sale and who made it. one gets the greatest amount of It forces a duplicate, printed record business. for the merchant. It assures the banker additional It prevents disputes over charges security for the money he loans the and bills paid. It saves shoppers' time. It gives the merchant all his profits. It gives him more money for his family. merchant. It gives the wholesaler additional assurance that the merchant will have money to pay his bills. It furnishes the banker and the wholesaler mechanical evidence that It promotes more and quicker the merchant's statement of his busisales. MERCHANTS!! ness is correct. It is a business necessity. We have new 1916 models that give this perfect service. Write us today or see our agent in your city and learn how you can secure one of these public service machines. Liberal allowances are made for old National Cash Registers that were good in their day, but do not so completely protect you or give the valuable service our 1916 Models do. Address Dept. Y. The National Cash Register Company, Dayton, Ohio Philadelphia Special Correspondence Preparation for Post-Bellum Readjustments Although it is true that many of the important industrial and manufacturing plants of Pennsylvania are occupied in filling foreign "war orders" it is significant that little, if any, serious apprehension is entertained in this center as to much-talked of readjustments when peace is restored. The banks and trust companies of this city and of Pittsburgh are in a peculiarly favorable position to appraise the industrial situation correctly as it may be affected by the cancellation of munition orders. Upon their board of directors are men who are actively identified, in many cases, with the large manufacturing establishments and steel mills. It is therefore significant that prevailing sentiment in local banking and financial circles is of a most re-assuring kind. Being familiar with the policies adopted by munition manufacturing establishments, the bankers know to what extent the wise practice has been observed of putting aside excess earnings to surplus account and to building extensions or improvements of a permanent character. It is now well understood that one reason for the collapse of the speculative Wall street boom in "war stocks" is the fact that the managements of industrial concerns have not met speculative hopes in declaring large dividends out of earnings. Where plants are given over entirely to "emergency orders" which are subject to cancellation at the close of the war, the policy has been quite generally observed of putting aside goodly sums for the inevitable "day of readjustment" when machinery must be reconverted to meet normal demands. Another prime factor is the large and increasing volume of orders for purely domestic consumption which, on the present basis of unfilled orders will carry work well into 1917. This does not take into account the reasonable expectation that with the return of peace there will most likely ensue a more active period of home expansion. Railroads are naturally withholding orders until the artificial price factors in the steel and other markets are removed by the withdrawal of foreign competition. Moreover, the cessation of foreign buying is not so large a factor as generally supposed. Total exports, as relates to the steel trade, direct and indirect for war and foreign neutral consumption, amount to not more than one fourth of present production. In fact this proportion has been often approached in times of peace. Reports from manufacturing centers also show that new orders, based on sound domestic expansion, are increasing. Four Years of Trust Company Progress A comparison of the latest official statements of the trust companies of this city, together with a number of State banks and savings fund societies, with returns made May 3, 1913, shows that their growth has not been interrupted. Deposits during that four year period have increased from $393,391,221 to $505,049,415; capital increased from $42,305,798 to $44,587,108 while surplus and undivided profits increased from $82,870,272 to $88,872,605. Notwithstanding the unremunerative character of money rates and the general need of writing off values to allow for market depreciation of investments, it is of interest to note that from January 25, 1915, to Jan. 12, 1916, surplus and undivided profits show an increase of over $4, 000,000. The employment of funds by the trust companies in the investment of securities, including short-term notes, bonds, etc., has proceeded to an increasing extent. The item, "bonds, stocks, etc.," has now reached the total of nearly $271,000,000, comparing with $266,522,162 at the date of the reports, November 11, 1915, and $247,862,792 November 2, 1914. |