OF A METROPOLITAN CORRESPONDENT YOUR ACCOUNT INVITED FRANK V. BALDWIN President Henry C. Strahmann John Gerken Richard A. Purdy James R. Edwards Vice-President Vice-President Secretary Treasurer DESIGN OF THE PROPOSED NEW HOME OF THE LOGAN TRUST COMPANY OF PHILADELPHIA and will be served by elevators running from the basement to the fourth floor. The first floor will have greatly improved facilities for the transaction of business and the comfort of the company's clientele. The second floor will be devoted to the board room, a room for women patrons, committee room, etc. The third floor will be reserved for the bookkeepers, the mailing department and a dining room for the employees. The fourth floor will be used as a storage room for supplies. The Logan Trust Company was incorporated in November, 1906, and is therefore not yet ten years old. During this period the company has established for itself an enviable reputation for conservatism, which, however, has not interfered with that energy of action which is so necessary to success. The result of this has been a steady and consistent growth in all its departments. About two years ago it became necessary to increase its capital stock from $500,000 to $1,000,000, in order to accommodate its rapidly growing business. It now has deposits of over $3,800,000, trust funds in excess of $1,100,000 and corporate trusts of over $31 000,000. The officers are: Rowland Comly, president; Hugh McIlvain, first vice-president; William Bradway, second vice-president, trust officer and treasurer; John H. Wood, secretary; Alfred G. White, assistant trust officer; S. Harvey Thomas, Jr., assistant treasurer. The directors are J. Gibson McIlvain, David L. Lukens, Charles M. Biddle, Frank H. Wood, Hugh McIlvain, Walter H. Lippincott, Edmund Webster, Charles Major, E. Lawrence Fell, Rowland Comly, William Bradway, George M. Bunting, Walter Clothier, Alfred H. Lippincott. CALIFORNIA: SANTA BARBARA.-Officers of the Santa Barbara County National Bank are organizing the County Trust Company with a capital of $100,000. Henry L. Servoss Elected Secretary of U. S. Mortgage and Trust Company The recent announcement of the election of Mr. Henry L. Servoss to the office of secretary of the United States Mortgage & Trust Company, New York, was gratifying to his associates and numerous friends in bank and trust company circles. During twenty years of loyal and efficient service Mr. Servoss has been associated with practically all of the departments of the United States Mortgage & Trust Company. The action of the board of directors is therefore distinctly in recognition of the excellent record which he has made in the performance of the various duties with which he has been entrusted. Mr. Servoss became connected with the company in 1896 and after a number of years was entrusted with executive duties. He became manager of the Seventy-Third Street Branch of the company and after a successful record was made manager of the 125th Street Branch where he continued until 1908. In that year he was elected Security Service on the Pacific Coast The Security Trust & Savings Bank of Los Angeles, together with its associate, the Security National Bank, offer those desiring banking facilities in the Southwest the most complete and varied service obtainable. Our large and well equipped organization makes it possible to render every desired service, either financial or fiduciary, with efficiency and dispatch. ECURITY TRUST SEGUR & SAVINGS BANK SAVINGS COMMERCIAL TRUST The Oldest and Largest Savings Bank in the Southwest Resources Over $48,000,000.00 has also made his mark as a "crack" golf player at the tournaments which have become features of the conventions during the past few years. As secretary of the United States Mortgage & Trust Company Mr. Servoss succeeded Mr. Alexander Phillips, who resigned that position to assume another connection. Announcement has also been made of the appointment of Mr. John A. Hopper as manager of the United States Mortgage & Trust Company's Seventy-Third Street Branch office and of Mr. Charles S. Andrews, Jr., as assistant manager. Mr. Hooper was formerly assistant manager of the Seventy-Third Street Branch and Mr. Andrews was formerly associated with the New York Produce Exchange Bank as manager of the Eighty-Sixth Street Branch of that institution. Market & Fulton National Bank of New York The official report of the Market and Fulton National Bank rendered under date of May Ist in response to the call of the Comptroller shows total deposits of $12,832,841 as compared with $12,053,000 under the previous statement. Resources aggregate $16,026,317 with loans and discounts of $7,095,053. The capital is $1,000,000, surplus fund, $1,500,000 and undivided profits, $481,095. Security Trust Company FORT AND GRISWOLD STREETS DETROIT, MICH. Capital and Surplus, One Million Dollars Thoroughly Equipped to Act in All Trust Capacities Pays 4% on Certificates of Deposit THE SAFE DEPOSIT AND TRUST COMPANY of PITTSBURGH Oldest Trust Company In Western Pennsylvania Does No Banking Business China, A Land of Opportunity The Guaranty Trust Company of New York is leaving no stone unturned to encourage the healthy and growing spirit for oversea trade conquest which has been aroused in this country since the great. world powers of Europe abandoned peaceful pursuits to engage in destructive warfare. This trust company is spending many thousands of dollars in an elaborate campaign of education as to trade and business openings which beckon American enterprise. It is performing missionary labor of the kind which promises, practical results. A few weeks ago the Guaranty distributed a comprehensive brochure describing the resources and economic conditions of Russia with valuable hints as to how American manufacturers and exporters may profit just at this time by being a little more venturesome and seeking new pastures. The latest publication offered by this company for gratis distribution is devoted to a most instructive compilation of facts and statistics regarding the resources and trade of China. There is information in this booklet on China which has been obtained on the ground through its own far-flung system of personal representation. The Chinese Legation at Washington also tendered the Guaranty Trust Company substantial assistance in the preparation of this publication. The introductory recalls that it is not many years since the China trade was one of the great industries of the United States and when American sailing vessels coursed the "seven seas." In some of the old homes along New England seaports may still be found mementos of the products with which American ships were laden. It is indeed interesting to learn that in 1886 the American shipping was equal to nearly one-third the tonnage of all nations engaged in trade with China. How sadly our maritime prestige has declined may be gathered when we see that in 1912 the United States shipping amounted to only 715 tons as compared with British tonnage of 38,106,732; Japanese 19,913,385, and German 6,171,684. It would be well for those wise legislators at Washington who have been fumbling with shipping legislation now through two sessions to have some of the graphic facts contained in the Guaranty booklet brought home to them. With an area about one and a half times that of the United States proper China has a population of about 400,000,000 with only 6,000 miles of railway or a mileage of 0.18 to every 1,000 population as compared with 26.00 for the United States and 5.00 for Great Britain. In the whole celestial empire there are only about 600 factories and yet China has unfathomed natural wealth in the form of minerals, foodstuffs and raw materials for textile manufacture. It should be especially noted by the American business man that in 1913 China imported commodities valued at about $422,775,000 or nearly one and one-half times the value of its exports for the same year. But to gain an adequate idea of the trade openings which China offers to American enterprise it is necessary to read this booklet from cover to cover. In making available this information the Guaranty Trust Company renders a real service.. James Brown, of the firm of Brown Bros. & Company has been elected a trustee of the Union Trust Company of New York to fill a vacancy. Central Trust Company of New York to Increase Capital Stock Stockholders of the Central Trust Company of New York will meet June 2d to authorize an increase in the capital stock of that company from $3,000,000 to $5,000,000 and to approve the plan to issue the new shares at par on the basis of two shares of new stock for every three shares of the old. At a meeting of the board of trustees on May 17th a special stock dividend of 66 2-3 per cent. on the present capital of $3,000,000, the cash disbursement to be available for subscriptions to the new stock. Authority will be given President James N. Wallace to sell all new stock not subscribed for under this plan at the market value. Recent quotations of Central Trust Company stock were $1,225 bid and $1,250 asked. The Central Trust Company has been one of the most successful and ably managed trust companies in New York City. Organized in 1875 it was for many years under the presidency of the late. E. P. Olcott. Since Mr. James N. Wallace became president in 1905 the deposits of the company have increased from $46,600,000 to $166,000,000. According to the last official report of March 17th the surplus and undivided profits amounted to $17,746,750. LOS ANGELES TRUST AND SAVINGS BANK SIXTH & SPRING STS. LOS ANGELES The officers are: J. N. Wallace, president; E. F. Hyde, G. W. Davison, D. Olcott and F. B. Smidt, vice-presidents; M. Ferguson, secretary; C. P. Stallknecht, Frederic J. Fuller, Oscar L. Coles and H. C. Holt, assistant secretaries. A. B. Leach & Co. Move to New Quarters A. B. Leach & Company have moved to new and larger offices at 62 Cedar street in the building occupied by the Federal Reserve Bank of New York which is now located in the Equitable Building. The new quarters provide more ample space for the rapidly growing business of A. B. Leach & Company. This firm has been exceptionally successful in building up a large clientele among conservative investors and has provided special facilities for providing the character of securities which are adapted to the investment of bank and trust company funds. The firm maintains a completely equipped statistical department and has a system of representation throughout the country which renders it possible not only to secure the most choice investments placed on the market but also to keep in close touch with the investment properties in which the firm is interested. Exempt from Federal Income Tax We own and offer, subject to prior sale and Municipal Bonds Yielding from 3.75% to 4.75% Rochester, N. Y., 44's Hudson Co., N. J., 41⁄2's New York City 42's Reading, Pa., 4's Dayton, Ohio, 41/2's King Co., Wash., 5's Tacoma, Washington, 5's El Paso, Texas, 5's Madison, Wis., 42's Port of Seattle, Wash., 42's Galveston, Texas, 5's Interest from these bonds need not be included in the annual Federal Income-Tax report, and certificates of ownership are not required in the collection of interest. New York Boston Full particulars on request N. W. Halsey & Co. Philadelphia Cleveland Chicago Detroit San Francisco Baltimore Comparison of Largest Banks of New York and London While London has, temporarily at least, abdicated the proud position of financial center of the world in favor of New York, this city also occupies the commanding position from the standpoint of banking power. Before the war it was a frequent remark that New York had no large individual banking or trust company institutions which could compare in volume of deposits and resources with the great banks of discount in London. The following list of the five largest banks of London and the five largest banks and trust companies of New York City shows that a comparison is not unfavorable from the viewpoint of deposit holdings: New York banks and trust companies: The National Park Bank of New York A strong financial position is shown by the latest official statement of The National Park Bank of New York with deposits aggregating, $162,202,765, capital of $5,000,000, surplus and undivided profits of $15,570,562. Cash resources, including specie and U. S. notes, due from Federal Reserve Bank, other banks, Clearing House exchange and demand loans. amounts to $80,732,352; loans and discounts. $95.384.381; bonds and stocks, $2,693.346; bonds with U. S. Treasurer, $4.579.333; due from U. S. Treasurer, $386,860; customers' liability account of acceptances and letters of credit. $2.555.538 and banking house, $2,650,000. Gain by Chatham & Phenix National of New York Compared with the previous official showing the report of the Chatham & Phenix National Bank on May 1st showed an increase in deposits from $66,532,507 to $77.527,650. a gain of more than $11,000,000. Loans and discounts increased from $48,583.023 to $55.135.328. cash and exchange from $16,716,157 to $21,006.249. The capital stock is $3.500.000; surplus fund, $1,500,000 and undivided profits, $470,572. |