Lawyers Title & Trust Company CAPITAL AND SURPLUS $9,000,000 Member of The New York Clearing House Association 160 Broadway, New York 44 Court St., Brooklyn RECEIVES DEPOSITS subject to check or on certificate, allowing interest thereon. ACTS AS TRUSTEE, Guardian, Executor, Administrator, Assignee, or Receiver, Nearly 50 Per Cent. Deposit Gain by The Broadway Trust Company of New York, which is the only State chartered institution in this reserve district having membership in the Federal Reserve system, experienced an exceptionally successful year. Deposits increased during 1915 from $16,213,000 to $23,245,624 and new business represents about 3,700 additional accounts. Resources total $27,010,435; with capital $1,500,000 and surplus and undivided profits of $922,539, the latter item representing an increase of $47,300. Deposit Gains by New York Trust Company A comparison of the official reports of the New York Trust Company as of December 24, 1914 and December 31, 1915 exhibits an increase of $31,749,000 deposits making the total on the latter date $76,648,724 with an increase in resources from $60,344,432 to $93,107,390, including cash in office and banks, $19,432,122; loans on collateral, $46,967,713 and stocks and bonds at market value, $14,505,045. The capital stock is $3,000,000 with combined surplus and undivided profits of $11,247,084. L. G. Kaufman, president of the Chatham & Phenix National Bank, has been elected chairman of the finance committee of the General Motors Company. Frederic E. Gunnison J. Lawrence Marcellus Edgar J. Phillips William Schramm Gates W. McGarrah Elected President New York Produce Exchange Bank Following the acquisition of stock control in the New York Produce Exchange Bank by interests associated with the Mechanics & Metals National Bank, the president of the latter, Mr. Gates W. McGarrah was also elected president of the New York Produce Bank at the recent annual meeting. John R. Wood was elected vice-president; T. B. Nichols, cashier, and C. M. Tompkins, assistant cashier. Two new members were elected to the board of directors, namely: William H. Childs, president of the American Coal Products Company and Charles S. Sargent, Jr., a member of the banking firm of Kidder, Peabody & Co. It has been stated that the Mechanics & Metals National Bank will consider absorbing the Produce Exchange National Bank, which has a number of well established branches, as soon as the Fedcral banking law is amended so as to directly authorize the acquisition of domestic branches by National banks. Harold J. Dreher, assistant cashier of the Marshall & Ilsley Bank of Milwaukee, Wis., and a former president of the American Institute of Banking, has been elected an assistant cashier of the National City Bank of New York. ABSTRACT Of Reports of the Trust Companies of New York City at the close of business on the 31st day of December, 1915, as shown by their official statements to the Superintendent of Banks. Metropolitan Trust Co. U.S. Mortgage & Tr. Co.. BOR. OF BROOKLYN. 4,014,000 9,253,600 78,600 1,263,700 21,712,800 1,010,600 320,200 3,414,500 1,558,400 191,400 6,126,900 2,198,300 586,000 1,005,700 320,700 247,200 60,200 16,200 29,500 1,868,600 500 1,300,400 444,600 428,200 468,800 1,390,300 480,200 1,131,400 148,900 1,198,200 102,500 16,625,800 2,507,900 670,700 46,297,000 6,110,100 13,308,000 233,000 4,739,200 1,083,000 2,369,700 1,050,500 11,365,900 1,223,600 11,926,100 3,603,800 6,407,300 525,700 2,181,800 452,500 1,600,200 634,400 823,500 63,200 2,478,800 901,900 30,500 29,300. 30,300 18,600 837,000 1,627,400 485,700 7,095,500 528,000 1,128,800 65,000 6,250,200 2,002,400 78,700 574,700 90,000 3,073,900 236,700 210,000 1,040,800 235,500 6,630,600 1,577,400 3,710,500 932,600 929,500 131,600 1,454,000 4,279,100 1,364,200 627,400 1,232,700 478,200 5,157,700 2,266,500 3,224,600 2,761,800 5,776,300 22,500 1,943,900 305,200 1,021,100 352,600 1,696,500 697,800 1,513,800 131,400 908,300 276,800 2,370,500 111,000 411,300 33,600 7,700 70,000 13,000 434,800 1,058,600 231,900 101,000 169,300 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 30 Trust CompaniesAggregate, Sept. 25, 1915. 107,829,000 302,763,700 39,030,600 63,662,200 8,779,200 638,408,700 179,904.600 248,593,900 Increase. Decrease. Decrease. Decrease. Increase. Increase. Increase. $20,469,400 $478,300 $578,800 $142,500 $187,363,500 $36,361,800 $43,729,600 NOTES PERTAINING TO RESOURCES. $60,011,600 $133,759,800 $9,631,200 $72,527,900 57,097,200 114,711,800 24,475,100 ........ Increase. Increase. Decrease. $2,014,400 $19,048,000 $14,843,900 *New Col. a Includes: Customers' liability on acceptances, $3,147,700; Interest, $1,578,100. b Includes: Foreign bills of exchange and foreign accounts, $23,904,600; Customers' liability on acceptances, Includes Customers' liability on acceptances, $1,000,000; interest, $1,267,900. d Includes: Customers' liability on acceptances. $4.616 300 Foreign avchanwa SK HVT 400 $97,672,800 126,377,900 Decrease. $28,705,100 1,320,657,000 Increase. $77,178,000 $228,072,900 NOTES PERTAINING TO LIABILITIES. Increase. $352,590,500 Increase. $5,489,300 $366,199,300 Includes: Acceptances of drafts a $3,147,700; d $1,000,000. b Includes: Mortgage trust bonds, $7,977,500. c Includes: Acceptances of drafts, $38,369,300; Foreign acceptances, $2,965,400. e Includes: Acceptances of drafts, $4,616,300; mortgages on real estate owned, $2,000,000. Includes: Domestic and foreign acceptances, $1,390,800. g Includes: Mortgages on real estate owned, $222,000. h Includes: Annuities, $2,266,400. 176,251,800 Increase. $47,339,600 1,622,154,200 68,191,400 1,911,633,900 Increase. PHILADELPHIA PERMANENT IMPROVEMENT REFLECTED IN ACTIVITIES OF PHILADELPHIA BANKS AND TRUST COMPANIES Special Correspondence Although conclusions may vary as to the basis or permanent nature of the particular brand of prosperity which this country is enjoying at the beginning of the year 1916 there can be no doubt that the substantial improvement in local business and banking conditions will stand the test of close scrutiny. The average Philadelphia banker, like the proverbial Philadelphia lawyer," is shrewd and inclined to apply himself diligently to a correct solution of the tangible problems that arise in the course of business from day to day. He does not yield to vague and conflicting notions as to what will happen in the future. At the same time he is taught by experience and innate conservatism to cut his cloth neither too short or too long. That is why there is no feeling of apprehension in this city as to what might happen to the economic map when the terrific conflict in Europe comes to an end, as it must sooner or later. Precedent may furnish no reliable guide as to the problems and dislocations caused by the war, but the philosophy of the counting room and the ethics which spell safety in bank and trust company management are not, necessarily, subject to change. A study of local business and financial developments during the past eventful year fails to reveal any weak spots. The excellent reason is that sound banking judgment has been uniformly used in extending lines of credit, in keeping resources fairly liquid and in correctly appraising the factors which determine commodity and investment values. The cold figures show that the directing and executive heads of our strong banks and trust companies have not been carried away by speculative flurries in "war stocks." They have been content with the rôle of spectators so far as the manipulations of "war stocks," staged in Wall Street during the past year, are concerned. Progress here has been wholesome and orderly. In fact the banks and trust companies of Philadelphia have never been in a position of such strength as at present. The banking power of Philadelphia has attained the highest figure in local financial history. Toward the close of the last year the combined banking resources of banks and trust companies aggregated $1,202,531,920. The increase in deposits during the year amounted to $152,000,000, of which the National banks were credited with $95,210,350 and the trust companies with $61,737,237, making the total for both groups $888,965,504. The biggest problem confronting the bankers was that of finding profitable employment for this large volume of funds. It is significant that the heavy demand for funds during the last two months of the year brought the excess reserves of Clearing House banks down to $22,108,000, which is still $8,000,000 greater than a year ago and as compared with $6,386,000 at the close of 1913 when the legal reserve basis was 25 per cent. That funds are still abundant was shown by the fact that this year-end demand failed to bring about any appreciable advance in money rates. Twelve months ago call rates commanded 41⁄2 per cent., declining to 4 per cent. in February, to 31⁄2 in April and subsequently ruling at 3 per cent. Many new records were established during the past year. Bank clearances were in unprecedented volume, exceeding the figures for 1914 by more than $1,200,000,000. Sales of stocks exceeded the total for 1914 by nearly 4,174,000 shares. Bond transactions were considerably |