Appointment of Trust Companies as

Trustees and Executors of Estates Surrogate Court records show a marked increase in the number of wills probated in which trust companies of New York City are named as trustees or executors. No published reports are required by the laws of this State as to the volume of trust funds confided to the management and custody of trust companies. It is known, however, that there has been a very substantial increase in the amount of trust funds now held by the trust companies of this. city. It is also significant that the practice of appointing some family confidant or legal adviser to act as sole trustee is rapidly diminishing because of the growing appreciation of trust company service and the economy of corporate administration of estates.

One of the latest important trust company appointments is that of the United States Trust Company as trustee of the estate of the late Col. Francis L. Leland, who was president of the New York County National Bank and who died March 28th. The Franklin Trust Company was named as executor and trustee of the estate of the late Richard Harding Davis, the widely known novelist and war correspondent. The estate is estimated to be about $250,000 and a special trust is created in behalf of the widow and daughter.

The Guaranty Trust Company will be associated with Cornelius J. Sullivan who has been appointed by the New York Supreme Court as the committee of the property of Mrs. Ida A. Flagler, to succeed the late Andrew J. Freedman. Mrs. Flagler was made the beneficiary of $2,000,000 in securities set aside by the late Henry M. Flagler. These securities consisted mostly of Standard Oil stocks and the fund now approximates $5,000,000.

Irving National Bank of New York

A gain of over six and a half million in deposits is shown in the May 1st report of the Irving National Bank of New York as compared with the previous statement of March 7th. Aggregate deposits are $86,464.578 with the net amount due to banks and bankers, $45,595.835 and individual deposits subject to check, $37.336,599. The capital stock is $4,000.000, surplus fund, $3,000,000 and undivided profits, $922,918. Resources now total $106,262,092, the principal items of which are: loans and discounts. $60.548.245; exchanges for Clearing House, $8,180.944; due from banks and bankers (net), $2,967,287.; due from Federa! Reserve Bank, specie and legal tender notes in vault, $15.743.867; short time securities. $3.945.165; tustomers' liability under letters of credit, $9,158,526 and customers' liability under acceptances, $1,812,960.

Mechanics & Metals National Bank

The May 1st official statement of the Mechanics & Metals National Bank of New York shows an increase in deposits during the period from Mar. 7th last of from $179.360.283 to $204,286,930. Aggregate resources have increased to $234.622,817 including loans and discounts of $101.584.731; cash and due from banks, $99.774.217; bonds, securities, etc.. $12,986.285: U. S. and other bonds to secure circulation and Postal Savings deposits, $6,043.372; customers' liability under letters of credit and acceptances, $9.773.446; banking house and other real estate. $4.460.342. Total deposits of $204.286,930 consist of $133,876,614 individual and $70.410.316 bank deposits., The capital stock is $6,000,000, stirplus and undivided profits, $9,522,012.

CAPITAL AND SURPLUS

$9,000,000

44 Court St., Brooklyn

on

Since Mr. Frank V. Baldwin assumed the office of president of the Hudson Trust Company last December the deposits of the company have increased from $4,729,316 reported on December 31, 1915 to $5,353,266 as of March 17, 1916 with aggregate resources the latest official date of $6,492,891. The capital stock is $500,000, surplus and undivided profits $620.976, the latter figure showing an increase of $20,000 since the first of the year. Under the capable and experienced management of President Baldwin the company is rapidly extending its activities and commanding new patronage

The officers and directors of the Hudson Trust Company are as follows: Frank V. Baldwin, president; Henry C. Strahmann, vicepresident; John Gerken, vice-president; Richard A. Purdy, secretary; James R. Edwards, treas

urer.

Directors: Frank V. Baldwin, Lynn H. Dinkins, Fred. H. Ehlen, John Gerken, Charles F. Holm, Clarence P. King, E. A. McAlpin, Richard A. Purdy, William P. Rinckhoff, Robt. H. Rountree, Paul B. Scarff, Dr. Gustav Scholer, Guy T. Scott, Henry C. Strahmann, Wm. Von Twistern.

New Trust Company Enterprises in

New York

The organization of new trust companies continue to be announced in various localities in the State of New York. The latest enterprise is the completion of preliminary plans for the organization of a new trust company in Buffalo to have a capital of probably $2,000,000. Norman A. MacDonald, cashier of the Citizens Bank, is mentioned as among the organizers. At. Kingston, N. Y., a new trust company is being organized by prominent business and professional men. It will be known as the Kingston Trust Company and will start with a capital of $150,000.

The New York State Banking Department announces that a certificate of organization has been issued to the Oneida County Trust Company of Utica, to have a capital of $250,The incorporators are: Thomas R. Proctor, Charles B. Rogers, George M. Weaver. Frederick S. Proctor. John J. Town, Otto A. Meyer and Francis W. Gilbert.

000.

A charter has also been granted for the organization of the Erie County Trust Company to be located in East Aurora. This company will have a capital of $100,000 and among the organizers are: Fay H. Ball, Charles W. Diemer and Frank D. Kelsey,

Due to active expansion of business and the need of more ample accommodation for patrons and employees the Columbia Trust Company has obtained, for its own use the office space in its building at New street and Exchange place formerly occupied by Weber & Heilbroner. The necessary alterations are being made. During the twelve months from March 19, 1915, to March 17, 1916, the combined resources of the Columbia Trust Company have increased from $73,326,000 to $100,246,000 while deposits have grown from $63,585,000 to $88,946,000. The company has capital of $2,000,000, surplus and undivided profits of $7.779,079.

Larger Offices for Union Trust Company

The Union Trust Company which has been in business more than half a century, reports marked gains in both the financial and trust departments. During the twelve months to March 17 the deposits of the Union Trust Company have increased from $68,256,976 to $80,480,066 with combined resources up to $89,322,415. The company's capital stock is $3,000,000, surplus fund, $4.500,000 and undivided profits, $665.335.

Owing to this growth in business the Union Trust Company recently leased the second floor of the Century Building at 72-74 Broadway and 9-11 New street which will be connected with its own building and serve to provide larger quarters for the executive officers and clerical forces.

Improvement in the Mortgage Loan
Market

Commenting on the effect of the general revival in business and greater activity in building operations on the general real estate loan market President Clarence H. Kelsey of the Title Guarantee & Trust Company of New York says:

"There is plenty of money for good mortgages, and the great trouble with the mortgage companies now is to get good mortgages. The supply of these will improve as the market picks up and becomes more active. The record shows that more deeds and mortgages are being recorded in all the boroughs of Greater New York this year than for the corresponding period last year, and while this comparison is against very low figures, it indicates what has been stated above-that the market has turned the corner and is commencing to improve."

Advertising creates business only when placed before the prospect in the right way; at the right time. Personal advertising is very effective advertising, especially when a useful and practical article is selected. The Bates Calendar is particularly adapted for this kind of advertising, being especially designed for that purpose. It is new in principle, beautiful in design and fit for the finest desk. In the first place, it is loose-leaf; second, a leaf is to be pulled out each day; and third, a turn of the reverse screw underneath the stand once a week raises the calendar so that today's leaf is always flush with the sides, and in point of appearance, it does away with the unsightly stubs of torn-off leaves and is always trim and attractive, as shown in the illustration.

It is made in solid brass, brush finish, and the underside construction is so that it will not scratch the desk; it is also produced in mahogany, rubbed down to a beautiful finish, or in quartered oak, light finish, making a handsome, practical addition to the desk. Nothing has ever been produced in desk calendars that will so please men desiring harmony in their desk fittings. The name and advertisement of the company using this advertising. medium may be etched at the head and foot of the calendar, and if desired, additional advertising data may be printed on each leaf.

THE BATES CALENDAR

By means of this calendar the advertiser is enabled to place his advertisement before a prospect on his desk every day in the year, and be assured that it will not be consigned to the waste paper basket. The Equitable Trust Company of New York has distributed many thousands of these calendars with excellent results. The calendar is an invention of Mr. A. E. Bates of New York City and it is manufactured and sold by the Rockwell Printing Company of Hoboken, N. J.

Fred W. Travold has been appointed an assistant manager of the foreign department of the Guaranty Trust Company. Hugh A. Duncan has been appointed an assistant secretary.

Philadelphia

Special Correspondence

Money Rates and the War

The phenomena of persistent low money rates in the face of "capacity production" and constantly increasing activity in practically all lines of business would be hard to explain on any other ground than that of uncertainty caused by the war in Europe. This feeling is not relieved any by the grim prospect, now seemingly near and then again remote, that this country may be drawn into the conflict by the controversy over submarine warfare. It is only fair to state, however, that Philadelphia bankers refuse to be stampeded by scareheads in the newspapers and that there is a strong faith that the United States will have no occasion to draw the sword except to restore order along the Mexican border. Even the threat of a break with the de facto Carranza government occasions no anxiety except for the natural regret that good American lives may have to be sacrificed.

There is perhaps no other financial center where the anomaly of unprofitable money rates and brisk business is more marked than in Philadelphia. A study of individual and combined reports of National banks and trust companies clearly shows that there is common agreement not to tie up funds in long term commitments. The banker prefers to have his funds within easy call so as not only to be prepared for any radical change in the general situation but also to take advantage of any marked upturn in the money market. Beyond doubt the Federal Reserve system is a contributory factor in keeping down money rates There is not only the reduction in reserve requirements but also the assurance that ample supplies of currency are available in case of need by converting acceptable paper into Federal Reserve notes. Another influence is the fact that cash payment it being made for the tremendous volume of exports for munitions and supplies to Europe. Sound banking judgment is also opposed to giving any encouragement to stock market manipulation. On the principle that "an ounce of prevention is better than a pound of cure" the banks and trust companies eschew everything that smacks of the speculative and thereby place themselves in a position to face the future with calm assúr

ance.

Strong Reserve Position of Banks and Trust

Companies

The reduction in surplus reserves reported during the past few weeks by New York Clearing House institutions held forth a promise of

higher rates for money. So far as the cash reserve position of Philadelphia banks and trust companies indicate there is little prospect of early relief, however. Although some of the banks are fairly well loaned up and near the limited of legal reserves the combined excess holdings were still over $34,000,000 at the end of the first week in May. Some of the banks have withdrawn from the market as buyers of commercial paper and there has been a stronger demand for the kind of bonds which meet conservative banking requirements

Increased Dividend Rate for Shareholders of Franklin National Bank

Due to steady growth and increased volume of business the directors of the Franklin National Bank, at a recent meeting, increased the annual dividend rate from a semi-annual basis of 8 per cent. to 10 per cent., thus making the annual rate 20 per cent. on capital of $1,000,000. At the same time the directors added the sum of $250,000 to surplus. Surplus and net profits are $3,630.465 and deposits $47,049,307.

The officers of the Franklin National Bank are as follows: J. R. McAllister, president; J. A. Harris, Jr., E. P. Passmore. vice-presidents; J. Wm. Hardt, cashier; J. C. Frankland. E. E. Shields, asst. cashiers.