Checks are money '' NATIONAL SAFETY PAPER Advertising by check "Safety" is the keynote of bank advertising. Safe checks are constant and effective advertisements of a bank's safety. Checks on National Safety Paper are the safest checks. And they are effective advertisements. Elected President of The International Trust Company of Denver, Colorado Mr. John Evans, a large stockholder and a director of the International Trust Company of Denver, Colo., for the past five years, has been elected president of that company to fill the vacancy caused by the death of Mr. Mahlon D. Thatcher. The new president of the International Trust Company has had extensive experience in connection with important business and corporation affairs. The election of Mahlon D. Thatcher, Jr., son of the late president of the International Trust Company, as a director was announced. He was also elected a director of the First National Bank of Denver of which his father was chairman of the board of directors up to the time of his death. Ray, mond C. Thatcher, vice-president of the First National Bank of Pueblo has also been elected a director of the International Trust Company and the First National Bank of Denver. Associated with President Evans in the executive management of the International Trust Company are: Theo. G. Smith, vice-president; H. J. Alexander, vice-president; P. E. Cleland, treasurer; H. H. Brooks, secretary and trust officer; F. G. Harrington, assistant secretary; A. M. Culver, manager Safe Deposit department and H. T. Sibley, manager bond department. In addition to President Evans the directors of the International Trust Company are: Former Governor Alva Adams of Pueblo; H. J. Alexander, H. M. Blackmer, J. C. Gunter, John W. Morey, John H. Porter, Theodore G. Smith and Gerald Hughes of Denver; J. A. Hayes, Colorado Springs, A. V. Hunter, Leadville, M. D. Thatcher and R. C. C. Thatcher. Marked gains are exhibited in the May Ist statement of financial condition of the International Trust Co. Resources amount of $12,212,254 including loans of $3,500,875; bonds, $4,676,660; cash on hand and due from banks, $4,034,718. Deposits total $11.052,097 with capital and surplus $1,000,000 and undivided profits, $53,714. Banking and Tax Measures Signed by A number of measures enacted at the last session of the New York legislature relating to banking and taxation have been approved by Governor Whitman. Among these bills are the following: The Marshall bill permitting savings banks in this State to invest in promissory notes payable to order of savings banks, upon demand by savings and loan associations, incorporated for three years or more and having accumulated capitai of at least $50,000, and also to invest in bonds in State Land Bank. An amendment providing that in fixing the aggregate valuation of a tax district for purposes of equalizing the valuation between the several tax districts in the county, shares of stock of banks or banking associations in the tax district, pursuant to Article 2 of the tax law, shall not be included. An amendment increasing the schedule of rates of the inheritance tax law which exempts transfers to a father, mother, husband, wife, widow or child of an amount not exceeding $5,000. The bill provides that upon payment of a special tax of 34 of 1 per cent., or $7.50 per $1,000 bond, prior to January 1, 1917, the following classes of securities may be made free of personal taxes throughout the State for a period of five years: 1. Debentures, notes and collateral trust bonds issued by New York State corporations or corporations located outside the State. 2. Bonds secured by a mortgage upon property located outside the State of New York. Seaboard National Bank of New York During the period from March 7th to May 1st, 1916, the deposits of the Seaboard National Bank of New York increased from $55.858,874 to $60,142,883 with combined resources on the latter date of $64,051,176. Loans and discounts are $38,732,589; securities other than U. S. bonds, $2,920,904; net amount due from Federal Reserve Bank, $4,969.993; exchanges for Clearing House, $9,870,159; coin and certificates $5,468,005; legal tender notes, $717. 180. The capital stock of the Seaboard National Bank is $1,000,000, surplus fund, $2,000,000 and undivided profits, $860,544 Mr. Seward Prosser, president of the Bankers Trust Company has been appointed chairman of the Red Cross Campaign Executive Committee, by Ex-President Taft as chairman of the National Red Cross Executive Committee, to secure the Metropolitan district's apportionment of a million members. New York City Financial " Preparedness" for War or Peace Once more a break with Germany has been averted by an exchange of diplomatic briefs between Berlin and Washington and the Wilson Administration is free to devote major attention to the menace on the Mexican border. Although responsible financial judgment is confident that this country will continue on the neutral side-lines so far as the European strife is concerned there is an undercurrent of distrust that matters may become critical at any time so long as the war lasts and submarines cruise the seas for prey especially in view of the conditional demands contained in the German reply regarding action on the British blockade. It is a fact, however, that Wall Street has become somewhat callous to either threats or war or the fugitive mutterings of peace overtures which emanate from Berlin, Rome and Washington. For the time. being the official military reports from the various theaters of the European war, the deadlock at Verdun, the ill-fated Irish rebellion with its aftermath of executions and other bulletins from across the water are crowded off the front pages of newspapers and the possibilities of "intervention" in Mexico share first place with Presidential campaign prospects in the estimation of leader writers.. Wall Street's resignation to the alternative of war or peace is not due to lack of appre ciation of the unusual character of the times in which we live when unexpected events take place with startling suddenness. It is grounded rather in a supreme faith in the unassailable status of American business and finance. This conclusion seems to receive confirmation from the trend of security prices and the comparative assurance of the market during and after the momentous days when the fate of our relations with Germany seemed suspended by a very slender thread. There were symptoms of nervousness and a considerable break following the Sussex sinking. But the situation could not be compared in any way with that which was created when the news of the Lusitania disaster was sent across the cables barely more than a year ago. Then there was a feeling of panic not only in regard to the outcome of our relations with Germany but also the ability of American finance and business to safely withstand the ordeal of a departure from peaceful pursuits. Although prices of industrials and active stocks on the New York exchange ruled very much higher during the recent crisis than a year ago the market not only maintained a strong footing but scored net gains. The break following the torpedoing of the Lusitania carried the average price of 50 active stocks from 73.36 to 64.14 on May 10th last year. The best evidence that the element of inflation has been weeded out of the stock market on account of the boom in "war brides" last fall may be obtained from the course of prices during the past four weeks. From the low average point of 8.91 for 50 leading stocks the market has rallied since so that on May 15th these same shares registered an average of 87.50 as compared with the high range of 91.87 this year in January and the extreme high of 94.13 October 22d, last year during the height of the war stock craze. Since that time the industrial issues have become intrinsically stronger because of exceptional earnings and application of such profits to capital account and permanent improvements. In recognition of continued expansion of domestic business and the strength of our economic position generally the standard as well as railroad issues have advanced. On May 15th the average price of 40 bonds listed on the New York Stock Exchange was 87.cg which is within a fraction of the highest average attained this year on February 4th' and less than 5 points below the highest average in 1913. This change in attitude is almost entirely due to the remarkable improvement in business, industrial and financial affairs during the past year. Guaranty Service XXI Profits for Banks With the rapid development of foreign trade in this country, there is a tendency on the part of exporters and importers to transfer balances from their local banks to banks in shipping centers in order to secure the benefits of foreign banking facilities. We have an arrangement whereby local exporters and importers can finance their foreign shipments through their local banking institutions, thus enabling them to transact practically all of their banking business at home, and conserve in their local institutions the banking funds of the community. We shall be glad to correspond with banking institutions who would be interested in giving consideration to such an arrangement. A copy of our booklet, "Greater Guaranty Trust Company of New York THE SEABOARD National Bank of the City of New York cordially and earnestly solicits accounts, active or dormant, from trust companies throughout the SURPLUS AND PROFITS, $2,865,000 Money Rates Unaffected by Reduction of as Although the surplus reserves of the New York Clearing House institutions have decreased from the high record of $224,000,000 reported last September to $88,787,280 shown by the weekly statement of May 15th last, the money market has indicated no response to the decrease in supply of available cash resources. The steady decline in excess reserves over legal requirements during the past few weeks may be accounted for in a measure by the withdrawal of balances due to the payment of the fourth installment of reserves to the Federal Reserve banks. Although the interior banks are well supplied with cash exceptionally large balances have been carried for out-of-town banks in this city. The principal reason that the great activity in business and industry has failed to make any appreciable impression upon the rate for money is that large profits have enabled corporations to practically finance themselves. It is the general expectation that the surplus reserve cannot be much further reduced without a hardening of rates. However, the inquiry for time loans continues on a moderate scale with six months' loans at 34 per cent. Call loans at one time went down to 11⁄2 per cent., although most transactions are placed on a 2 per cent. basis. Commercial paper sales showed no increase with the bulk of the business for the best notes at 34 per cent. Comparisons with a year ago in the weekly statements of the Clearing House institutions and the trust companies reveals some interesting changes. During the year from May 15, 1915 to May 13, 1916 the net deposits of the Clearing House institutions increased from $2,481,239,000 to $3,507,113,000; loans increased from $2,440,465,000 to $3,356,578,000; aggregate reserve from $573,941,000 to $663,146,000, while, due to the increased deposits the excess re An increase of $36.642,000 in deposits is shown by the Chase National Bank of New York during the time elapsing between the two last official calls making total deposits on May Ist, $271.472,572, of which $129,209.385 consist of individual deposits and $151.558,773 bank deposits. The capital stock is $5,000,000, surplus, $5,000,000 and net profits, $5.369,705. Combined assets are $311,114,107 with cash resources of $161,532.556; time loans on collateral, $59,970,973; bills discounted, $32,270,247; bonds and stocks, $42,364,842. George La Monte & Son, manufacturers of the so-called "National Safety Paper," which is in general use among banks and trust companies for checks, drafts, etc., announce removal to new offices at 61 Broadway. |