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and president in 1898. He has been a member of the Chicago Clearing House Committee and his co-operation was especially valued during periods of general crisis.

A remarkable gain of $22,000,000 in deposits is shown by the Merchants Loan & Trust Company from November 25, 1914 to December 31, 1915, making the aggregate on the latter date $72,774,523, with total resources of $85,489,876, capital stock $3,000,000, surplus fund $7,000,000 and undivided profits $909,922. At the annual meeting of the stockholders of the Merchants Loan and Trust Company, the following members of the retiring board of directors were reelected: Frank H. Armstrong, Enos M. Barton, Clarence A. Burley, Henry P. Crowell, William A. Gardner, Edmund D. Hulbert, Chauncey Keep, Cyrus H. McCormick, Seymour Morris, John S. Runnells, Edward L. Ryerson, John G. Shedd, Orson Smith, Albert A. Sprague 2d and Moses J. Wentworth.

Continued Growth of The Plainfield Trust

Company, Plainfield, N. J.

Annual comparison of the deposits of the Plainfield Trust Company tells a truly progressive story. The December 31, 1915 statement showed deposits of $5,879,455 as compared with

$4,359,156 at the close of 1913 and $3,812,904 on December 30, 1911. Total resources, according to the last official report, amount to $6,296,423 which includes railroad and other bonds of $1,231,444, having a market value of $1,246,595; bonds and mortgages $1,138,231; demand and time loans and bills purchased $2,702,443, cash and reserve $1,108,908. The capital stock is $100,000, surplus and undivided profits $304,888.

Following are the officers of this thoroughly equipped and capably managed trust company: O. T. Waring, president; Augustus V. Heely, vice-president; J. Herbert Case, vice-president; DeWitt Hubbell, secretary and treasurer; F. Irving Walsh, assistant secretary-treasurer; A. H. Kirby, assistant treasurer.

Statement of Seaboard National Bank A very marked gain in deposits of from $29,773,927 to over $48,000,000 during the past year is shown in the December 31st official statement of the Seaboard National Bank of New York. Total resources on the latter date amounted to $53,260,588. The capital is $1,000,000, surplus fund $2,000,000 and undivided profits, the last item representing an increase of $37.781 after payment of dividends.

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AN EXCELLENT YEAR FOR TRUST COMPANIES

OF BALTIMORE

IMPORTANT INCREASE IN EXPORTS

MAURICE H. GRAPE

Vice-President Union Trust Company of Baltimore and Member Executive
Committee of Trust Company Section, A. B. A.

On the whole, Baltimore should be very well satisfied with the way it was treated during the past year, and has reason to look back on 1915 as a year of large expansion and gratifying results. Financial, industrial and commercial business has alike shared in this prosperity.

While the war is deplorable, it has helped the industrial and commercial situation in this locality to a great extent. The total clearings of the Baltimore banks for the year 1915 were $1,833,648,997, as compared with $1,831,664,827 for the preceding year. While this increase is only $1,984,170 greater than the previous year, it must be remembered that in 1914 the bank clearings represented largely a liquidation in many directions, while for the past year business has been on an expanding scale. This shows that Baltimore has kept pace with all other sections of the country in the upward strides made in trade and industrial advancement.

Baltimore has gathered in about $60,000,000 in war orders in addition to the immense amount of grain exported to be used by the countries at war. The export of this commodity through this port during the year 1915 eclipsed all former records, and bids fair to hold a record for many years to come. total aggregates about 90,000,000 bushels, an amount which will hardly be exceeded by any of its Eastern rivals, and is about double the amount handled in 1914.

The

Baltimore, like other export cities on the East coast, has been under an embargo on export grain and other merchandise for some weeks. This, however, has not checked the outgo, as the supply in the elevators was drawn on to meet the orders which the exporters had in hand. The steady outward flow has lessened the strain on the railroads and elevators and the embargo may be lifted at any time. In December last, the Western Maryland Railway Company completed an elevator, and this will tend to facilitate the handling of grain through this port. This gives three of the Trunk Lines entering Baltimore, namely, the Baltimore and

Ohio, Western Maryland and the Pennsylvania, excellent elevator facilities at this port.

The Custom House records for the year 1915 show that exports amounted to $129,000,000, and in 1914 to $106,000,000. In addition to these figures, there was exported from this port foreign merchandise, including grain from Canada, to the value of about $13,000,000.

There have been three State banks chartered in the city during the past year, but they have not added very materially to the banking capital as their capitalization is small in each case.

The year 1915 has been an excellent one for trust companies, and all of them have shown a marked gain. This is largely due to the surplus funds that accumulated during the liquidation of securities last year and have been waiting re-investment, which funds were loaned at a fair rate of interest. Also a number of issues of securities have had a marked increase in value, and with the active market that has existed a large amount of them have been disposed of at a profit.

The market value of all trust company stocks has advanced greatly during the last year, and are in great demand, but the stock of other banking institutions has not made any material advance, but prices have been generally maintained. Two trust companies have paid extra dividends to their stockholders, and some others yet to act or their dividend are expected to do the same.

The trade situatio.. n Baltimore ends the year satisfactorily, and here is no falling off noted in the volume of business being done by the wholesale houses. The retail business in most lines has been large, especially during the fall and holiday season. Reference should be made to the industrial development under way at Curtis Bay and Canton, on the water front at Baltimore. In the Curtis Bay district alone, large manufacturing concerns have been built or are in the course of construction, the estimated cost of this development being about $20,000,000.

THE NEW YORK TRUST COMPANY

26 BROAD STREET

NEW YORK

Capital, $3,000,000

Surplus and Profits, $11,250,000

Designated Depository in Bankruptcy and of Court
and Trust Funds

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RALPH STONE ELECTED PRESIDENT OF THE DETROIT TRUST COMPANY

SUCCEEDS ALEXANDER MCPHERSON TO THAT OFFICE

Announcement of the election of Mr. Ralph Stone as president of the Detroit Trust Company of Detroit, Mich., is of interest to members of the trust company fraternity throughout the United States. Few names have been more prominently associated with the intelligent discussion and promotion of high standards in the management of trust companies than that of Mr. Stone. In his addresses before the Trust Company Section and in the articles from his pen, which it has been the privilege of TRUST COMPANIES to present from time to time, he has showed a thorough and broad grasp of the essentials of trust company administration. His experience in responsible public offices, prior to becoming associated with the Detroit Trust Company, rendered his views and suggestions of particular value.

Mr. Stone succeeds Mr. Alexander McPherson as president of the Detroit Trust Company, the latter resigning that office in conscquence of the provisions of the Clayton Act relating to interlocking directorates. Mr. McPherson will continue as chairman of the board of the First and Old Detroit National Bank. His retirement is a source of regret to directors, officers and patrons of the Detroit Trust Company which he helped to establish in 1901, having occupied the presidency from that time up to December 21st without interruption. Under his administration the Detroit Trust

Company has attained an eminent position among the trust companies of the United States as an institution which represents the highest type of development in the exercise of fiduciary functions. Mr. Stone became associated with the Detroit Trust Company in 1901, the year of its organization, as assistant secretary. On January, 1903 he was elected secretary and a director. Several years later the directors created an additional vice-presidency and elected Mr. Stone to that position. His experience and intimate grasp of every department qualify Mr. Stone particularly for the office of president and afford assurance that he will carry on the successful and conservative policies which characterized the Detroit Trust Company since the beginning. The capital of the company was increased in 1911 from $500,

000 to $1,000,000, and with surplus of $1,000,000 and undivided profits of $966,964, the combined capital funds amount to $2,966,964, according to the last official report. Aggregate resources at the same time amounted to $10,139,111. The company administers, in addition, a large volume of funds and estate property in its various fiduciary capacities.

Mr. Stone was born in Wilmington, Del., November 20, 1868. He graduated from Swarthmore College, Pennsylvania, in 1899, with the degree of bachelor of arts, and then took up the study of law under Hon. Anthony Higgins, United States Senator from Delaware. Soon after he came to Michigan and entered the law department of the University of Michigan from which he graduated in 1892 as an LL.B. While at the university he was editor-inchief of the Michigan Law Journal and he was also a president of the Western College Press Association. After being admitted to the practice of law, Mr. Stone was associated for a year with General Byron M. Cutcheon, a prominent lawyer of Grand Rapids. For three years Mr. Stone was secretary of the Michigan State Bar Association, and was made an honorary member of the New York State Bar Association.

In 1893 Mr. Stone first became associated with trust company work as trust officer of the Michigan Trust Company of Grand Rapids which position he occupied until 1898 when he resigned to become private and military secretary of the late Hazen S. Pingree, the Governor of Michigan. In the course of his confidential duties he was able to render exceptionally valuable service to the State of Michigan. He was appointed to investigate and take measures to collect from the United States Government the Michigan Spanish war claim. While performing this duty Mr. Stone discovered the date at Washington relating to Michigan's Civil War claims and in the settlement of which, in connection with the Spanish war claims, more than $750,000 was turned over from the United States into the Michigan treasury. On resigning his position as secretary to Governor Pingree on January 1, 1901, Mr. Stone became a State bank examiner. In May of the same year, however, Mr. Stone resigned to accept the posi

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