The Mechanics and Metals National Bank of the City of New York ESTABLISHED 1810 Total Deposits (June 20, 1917)..... Irving National Bank of New York In publishing a statement of financial condition as of June 30, 1917, the Irving National Bank classifies its assets so as to convey at a glance the items which are immediately available and the schedules due from within 30 to 180 days. Under the classification of "immediately available" assets are cash in vault and with Federal Reserve bank amounting to $20,362,906; exchanges for Clearing House $6,616,433; with correspondents and loans and sharp call $27,288,722 eligible for rediscount with Federal Reserve bank, $27,948,046, making $82,216,110 or more than two-thirds of aggregate assets of $121,157,421, which could be commandeered without delay if necessary. Of the remaining assets there are loans and discounts due within 30 days amounting to $6,102,951; due from 30 to 90 days, $4,637,514; due 90 to 180 days, $14,863,172; due after 180 days, $784,593; short time securities $2,330,200; United States and other bonds, $4,929,596 and customers' liabi. ty for acceptances by this bank and its correspondents (anticipated $463,423) $5,293,282. Deposits of the Irving National are holding firmly during this period of readjustment to war-tin requirements with a total of $106,644,615. The capital is $4,000,000; surplus $3,000,000 and profits $1,414,106. Growth of Fifth-Third National of The latest official statement of The FifthThird National Bank of Cincinnati, O., shows some substantial gains in resources and deposits. Aggregate deposits of $25,637,240 embrace individual deposits of $12,902,621 and bank deposits of $12,227,908. Capital stock is $3,000,000; surplus and undivided profits, $1,624,595. Resources total $36,144,458 with loans of $19,205,604; cash, due from banks and the U. S. Treasurer, $8,123,593. The Fifth-Third National Bank has made a noteworthy record in serving its out-of-town bank and trust company correspondents. Its service is based not only upon the most complete facilities in handling Cincinnati and contiguous business but also because of the reciprocal and mutually satisfactory results. A group of banking houses composed of the Equitable Trust Company of New York, Chandler & Company, Inc., and Counselman & Company of Chicago have bought an issue of $2,400,000 6 per cent. bonds of the Republic of Bolivia, the proceeds of which are to be used in the construction of a railroad from La Paz, the principal city of Bolivia, into the Yungas Valley. PHILADELPHIA Is one of the greatest financial centres, and one of the best equipped Banks in the city is The Girard National Bank WITH RESOURCES OF OVER $80,000,000 Have You a Philadelphia Reserve Account? You need one to properly bandle your business E. F. FEICKERT ELECTED PRESIDENT OF THE STATE TRUST COMPANY OF PLAINFIELD, NEW JERSEY State Trust Company of Plainfield, N. J. The past twelve months witnessed the largest increase in the deposits of the State Trust Company of Plainfield since the organization of the company in 1910. During the year ending June 30, 1917, deposits increased from $1,076,312 to $1.688,983, affording convincing proof of the excellent service rendered by the State Trust Company. The capital stock is $100,000 with surplus and profits of $79,851. Included in the resources, totaling $1,869,167 are loans and investments of $605,702; railroad and other bonds, $798,590 and cash, $415,602. The company recently took possession of its elegant and exclusive new bank buildings. The official management is in the hands of: E. F. Feickert, who was recently elected president; M. C. Van Arsdale, vice-president; G. S. Clay, vice-president: C. B. Veghte, secretary and treasurer. In view of the strenuous efforts of the Government to obtain revenues from all possible sources there has been considerable speculation as to whether Congress would attempt to apply the Income Tax law to revenues derived from State and municipal securities. Counsel for the Investment Bankers' Association has advised members that Congress has shown no serious intention of extending the income tax to such securities. Southern Bonds Southern Municipal, Drainage, School or Road District Bonds are Write us for descriptive circular of high-grade Southern Bonds. Hibernia Bank @ Trust Co. New Orleans Resources over 28 Million "War Convention for American Bankers Obviously the subject of war financing and the attendant problems of carrying and distributing Government obligations as well as sustaining domestic banking relations upon a sound basis, are matters of dominant interest to bankers. The American Bankers' Association is therefore planning to hold a so-called "War Convention" at Atlantic City during the week of September 24th at which the speakers will be the men who have been most prominent in national life and in the conduct of war finances. Technical banking problems will not be ignored, however. It is probable that the delegates will seek a clear definition as to the stand of the Association on the subject of "par" check collection although country bankers may continue the effort to bring about a restoration of exchange charges in dealings with the Federal Reserve banks. The Financier as a Fortnightly The Financier, the well-known New York financial publication, appears in a new and attractive garb as a fortnightly publication. The editorial management announces that this change in policy is in recognition of the demand among bankers and investors for a medium which will not only carry the current news but which will assemble the best and most practical banking and investment thought of the country. Corporate Executors and Trustees "When You Leave the World Behind" is the title of an exceptionally well written booklet issued by the trust department of the Security Trust & Savings Bank of Los Angeles. The author is Claude M. Davenport who recently tendered his resignation as publicity manager of the Bank of Italy to establish an independent bank and trust company publicity organization. In rendering specialized advertising service Mr. Davenport has the advantage of many years of practical training and a natural aptitude for developing his arguments forcefully and in an engaging style. The booklet prepared for the Security Trust and Savings Bank deals with the subject of writing wills and the "obvious advantages of appointing a responsible trust company, instead of individuals, as trustee or executor." It is designed to impress upon the man of family the obligation to clearly set forth his testamentary instructions. Henry M. Atkins has been appointed assistant secretary of the Columbia Trust Co., N. Y. Charles J. McDermott, president of the Brooklyn Bar Association, and trustee of the Hamilton Trust Company of Brooklyn, has been elected a director of the Metropolitan Trust Company of New York. A Very Effective Trust Company Advertisement So many heirs and beneficiaries of estates or trust funds suffer on account of the losses and faithlessness of individual executors and trustees that trust companies are justified, as a matter of duty and public service, in dwelling with particular emphasis in their advertising on the safety and responsibility of trust company administration of estates and execution of trusts. The advertisement, reproduced herewith, is what may be termed "live publicity" and reflects credit upon the wide-awake methods of the publicity department of the Security Trust and Savings Bank of Los Angeles. DOCUMENTS IN $2,000,000 WILL CASE VANISH Exeter Starting Lees Bag Centering partan Paper Didn't these headlines, which recently ap peared in a Los Angeles daily, suggest to you that to make certain your estate will be spared the possible loss of valuable documents and securities the only safe and sure method to follow is to name a strong, conservative Trust Institution such as the Security Trust & Savings Bank as your Executor? In addition to the absolute safety afforded your property, if entrusted to our management, your estate and those who are to receive benetherefrom will secure not only the combined wisdom and experience of a staff of experts in this particular held of service, but their peranal and friendly counsel and advice. You are invited to consult the offices of our Trust Department, without cost or obligetion, concerning any matter of a trust nature. SECURITYTRUST SAVINGS BANK The oldest and largest Savings Bank in Southern California. SECURITY CORNER Fifth and Spring EQUITABLE BRANCH First and Spring A VERY EFFECTIVE TRUST COMPANY ADVERTISEMENT Proof of excellent and safe service is contained in the June 30th statement of the Security Trust & Savings Bank showing total resources of $58,121,374, representing an increase of approximately $4,000,000 since the previous official report, with deposits amounting to $54,556,880; capital, $1,800,000; surplus and undivided profits, $1,761,794. The allied Security National Bank reports under same date total resources of $6,730,798. W. T. Kemper Elected Chairman of Combined Kansas City Banks W. T. Kemper, former president of the Commerce Trust Company of Kansas City, whose energetic administration made that institution one of the most successful trust companies in the West, has returned to the active banking fold. With the recent co-ordination of business relations, following the merging of stock control of the Southwest National Bank of Commerce and the Commerce Trust Company of Kansas City, Mr. Kemper has been elected chairman of both institutions. He will continue his duties as receiver of the Kansas City, Mexico & Orient Railroad which is rapidly reaching the point of complete reorganization and rehabilitation under his direction. The stock of the Southwest National Bank and of the Commerce Trust Company is now in a common ownership and while both institutions are conducted separately and have their own executive and office staffs, the recent arrangements provide for a closer co-operation and improved facilities for patrons of both banks. Mr. Kemper as chairman of the two boards will work in conjunction with J. W. Perry, president of the National bank and W. S. McLucas, president of the Commerce Trust Company in directing affairs. New directors have also been added to the boards of the Southwest National and the Commerce Trust Company. It was also recently announced that R. P. Brewer, president of the First National Bank of McAlester, Okla., and one of the ablest bankers in Oklahoma, has been elected a vicepresident of the Southwest National. The consolidation of stock interests of the two banks gives Kansas City one of the largest banking institutions in the United States with combined resources of $94,113,860. Why America Fights One of the most stirring and graphic recitals of the causes and provocative factors which forced this country into the war was a speech delivered recently by Secretary of the Interior Franklin K. Lane. Under the title "Why America Fights" the Minnesota Loan & Trust Company has reproduced this speech in booklet form and has distributed copies widely throughout Minnesota and the Northwest. The Minnesota Loan & Trust Company is deserving of special credit in giving circulation to such facts as a means of stimulating loyalty and support to the Government. The National City Company of New York is offering to investors a new issue of $2,500,000 Southern California Gas Company, first mortgage 6 per cent. bonds, yielding 6 per cent., dated November 1, 1910, and due November 1, 1950. George I. Skinner Heads New York Banking Department Probably no incumbent of the important office of Superintendent of the New York Banking Department has been called upon to face greater responsibilities than those which confront Mr. George I. Skinner who has formally taken up the duties of head of that department, succeeding Mr. Eugene Lamb Richards who has completed his three years' term. Superintendent Skinner has had the advantage of 20 years of continuous association with the department during 14 years of which he was First Deputy Superintendent. The duties of Superintendent are not new to him owing to the fact that he was Acting Superintendent for a period of three and a half months during the height of the panic in 1907: Market and Fulton National Bank With capital and surplus amounting to $3,107,772 the Market and Fulton National Bank of New York reports under date of June 20th total deposits of $12,865,788, the latter showing but slight change since the May 1st returns, notwithstanding the general tendency of bank, de-, posits to decline in connection with heavy war financing. Resources total $16,202,583 with loans and discounts of $8,730,546; cash items, $4,397,828; U. S. bonds, $555,000, and other bonds and stocks, $1,879,276. National City Company Security Offerings The National City Company of New York with branches in all the important cities of the country has experienced remarkable success in creating a nation-wide investment clientele. This is not only due to the variety of its offerings, meeting every requirement of different classes of investors, but also because of the extreme care with which securities are selected for public offering. The July list is characteristic of the policy of selecting securities which combine the most attractive returns with the maximum of safety. Herbert K. Twitchell Elected President of the Chemical National Bank Herbert K. Twitchell, vice-president of the Chemical National Bank, has been elected president of that institution, succeeding the late Joseph B. Martindale. Mr. Twitchell, who is in his fifty-second year, was born in Weybridge, Vt. As a young man he worked for the Travelers' Insurance Company of Hartford, Conn., and for several banks in that city.. He came to New York in 1889 and accepted a position with the Chase National Bank, which he held until 1907, when he became assistant cashier of the Chemical National Bank. He was elected vice-president of the bank in 1911 and a director in 1912. Mr. Twitchell is also a director of the Bankers Trust Company. |