St. Louis Special Correspondence Food Control and the American Farmer After much academic discussion, after-dinner oratory and pamphleteering, intensive farming has become a reality in the great Mississippi Valley and Southwestern regions, at least. Under the combined stimulus of extraordinary high prices, labor shortage and world-wide demand for our surplus food stocks, the American farmer has made greater advances in the past year than during the entire previous decade in the application of scientific methods and employment of labor-saving machinery. Representatives of local banks and trust companies who have recently returned from the "rural confines" express themselves as confident that the United States will roll up unexpectedly large crops and food products this year when the final results become known. The price facFor alone has furnished sufficient incentive to armers to exert themselves to the utmost to coax every possible bushel of grain from the soil. He has found his banker most willing and ready to furnish credit if he asked for it. The country banks have been flush with surplus funds, a fact which has been very clearly brought out by the relatively large volume of excess reserves reported from the country National banks to the Comptroller of the Currency. But the most remarkable aspect of the agriI cultural situation, as viewed from this center, is the increased use of labor saving machinery. From the railroad car windows the traveler sees great gasoline-driven plows at work; sees tractors and even electric motors where but a few years horses tugged laboriously across the fields either in plowing or harvesting seasons. By this means the farmer has been able, to a considerable degree, to solve the famine in labor. By discarding old-fashioned methods and adopting intensive, scientific and economical ideas he has utilized acres which heretofore have been barren. The corn acreage is one-third larger than ever before known while other available strips have been used to produce oats, millet, alfalfa and other forage crops. Added to this there has been a boom in vegetable and truckgarden farming so that the final appraisal will doubtless show that the shortage in winter wheat will be more than offset by other crops. The subject of Government control of food is, of course, a mighty important one to the farm Government and Private Extension of Although the 230 farm loan associations chartered by the Federal Farm Loan Board up to July 1st applied for $12,000,000 and $100,000,000 additional loans have been applied for but not yet approved by the twelve Federal Farm Land Banks, there is no evidence that farmers wili cease to avail themselves of the facilities of private farm mortgage bankers and of farm loan departments of banks and trust companies. Some of these farm loan and mortgage departments of banks and trust companies have attained a degree of efficiency and expert service which can only be attained by years of experience. The Mississippi Valley Trust Company, of this city, for example, has a farm loan department which is a model of its kind and commands a wide and satisfied clientele. The Connecticut Trust and Safe Deposit Co. ORGANIZED 1872 Corner Main and Pearl Streets, HARTFORD, CONN. Capital, $750,000 Surplus, $900,000 The largest capital and surplus of any trust company in the State. The largest amount of trust funds held by any company in the State. BANKING DEPARTMENT MEIGS H. WHAPLES, President H. P. REDFIELD, Treasurer St. Louis of Yesterday and Today The Mississippi Valley Trust Company performs a real service in setting forth the wonderful development which has been witnessed in the business, financial and populative status of St. Louis within the past two or three decades. The facts are set forth in the last issue of "Service" the publication issued by that trust company. It is shown that in 1890 when the Mississippi Valley Trust Company first opened for business the population of St. Louis was only 480,000 as against 800,000 within the actual city limits today. Such corporate limits, however, have long ago ceased to be anything but a geographical expression and a tax assessor's boundary. By New York, Chicago, Los Angeles, Philadelphia and other important city standards St. Louis may by right embrace within its actual confines a rich tributary territory which would place this city far ahead of cities now ranked in its own class. As it is St. Louis has more inhabitants to a square mile than Cleveland, Philadelphia and Detroit. Bank clearings in 1916 were greater by six hundred millions than the combined clearings of Detroit and Cleveland. Twenty-six railroads now enter the city by way of its central terminal gateway and the Atchison, Topeka & Santa Fe will reach here about January 1, 1918. In 1890 combined deposits of 22 banks (trust companies were then only in embryo) amounted to $60,000,000 while the deposits of St. Louis banks and trust companies aggregated not less than $376,712,549 last May 1st. The Martial Spirit in St. Louis Although the scene of European combat is far removed the fact that this country is at war is brought home to the people of St. Louis by the khaki clad men in the streets, patriotic parades and demonstrations. For a day or two interest centered in the race-riots across the river in East St. Louis but the dominant determination is to help Uncle Sam put forth all TRUST DEPARTMENT ARTHUR P. DAY, Vice-President J. LINCOLN FENN, Secretary ALBERT T. DEWEY, Asst. Secy. CLEMENT SCOTT, Attorney his strength and resources to win the battle for civilization and permanent peace. Especially noteworthy is the large number of bank and trust company officials who have sons in the army or navy. For example, the sons of Mr. and Mrs. Breckinridge Jones have either received their commissions or are preparing to join the colors as officers. Reid Jones, the eldest of Mr. Jones' sons, has already received his commission as a captain in the United States Engineers' Reserve Corps. He is a graduate of the mechanical engineering course of Cornell University and recently completed a $2,000,000 contract in San Antonio, Tex., in building the terminal for the M. K. & T. Dan W. Jones, the youngest son of Mr. Breckinridge Jones, who was in the employ of the Mississippi Valley Trust Company until his departure for Newport, R. I., is serving as a gunner's mate in the coast patrol service of the "Mosquito Fleet" of the U. S. Navy. John Charles Colwell, Jr., stepson of Mr. Jones, has received his appointment as second lieutenant in the regular U. S. Army. Kent C. Colwell is in the Officers' Reserve Corps at Fort Meyer, near Washington. Festus J. Wade, Jr., the only son of Festus J. Wade, president of the Mercantile Trust Company has entered a preparatory school for Annapolis and the latest advices were that he has joined an American Ambulance Corps. The St. Louis Union Bank lists its resources at $39,516,545.95. Its time deposits are given at $10,434,190.68, while its demand deposits are stated at $22,787,298.22, making a total of $33,221,488.90. Mercer County Trust Company has been incorporated at Princeton, Mo., with a capital of $25,000 to take over the assets and deposits of the Bank of Princeton. George T. Mullinax is president; G. M. Bristow, vice-president, and A. B. Lowry, cashier. Transacts a General Trust and Banking Business. We invite correspondence or Something New in Financing Conventions It is rarely that contributors to funds for the entertainment and accommodation of National coventions receive dividends or a return of part of their subscriptions. The financial management of the recent annual convention of the Associated Advertising Clubs at St. Louis was so well carried out, however, under the direction of Mr. Festus J. Wade, president of the Mercantile Trust Company of that city in association with the Advertising Club of St. Louis and the Convention Board that the contributors to the convention fund have received a windfall in the way of a return of 11.653 per cent. of the amount of their contributions. In addition St. Louis obtained nation-wide publicity which might be valued at millions of dollars because of the generous amount of attention given by newspapers to the proceedings of the convention. Also the thousands of "live-wire" publicity delegates carried away with them a better appreciation of the progressive qualities of St. Louis as a great business and financial center. The demand deposits in the Mississippi Valley Trust Company are $13,764,192.50 and the time deposits $2,168,838.62, with savings deposits of $5,304,955.73, making a total of $21,237,986.85. Resources total $29,922,684 with loans of $16,527,315; cash and exchange, $4,928,870. St. Louis Brevities At a recent meeting of the directors of the Mercantile Trust Company an extra dividend of 2 per cent. was declared, in addition to the regular semi-annual dividend of 9 per cent. St. Louis's Liberty Loan subscription amounting to $86,134,000, or over $6,000,000 in excess of the allotment for this district, was largely due to the energetic campaign made by the banks and trust companies of this city. The local banks and trust companies also contributed very substantial amounts in connection with the $100,000,000 American Red Cross fund. The Mercantile Trust Company reports resources of $39,698,555.29, with demand deposits of $14,937,223.26 and time deposits of $13,524, 807.30. Trust Company Service for Enlisted Men A timely booklet has been issued by the Security Trust and Savings Bank of Los Angeles describing its special services for soldiers and sailors. It calls attention to the necessity of enlisted men protecting their dependents by preparation of wills, the members of the Los Angeles Bar Association having promised their co-operation with the company to write wills for soldiers and sailors without charge. The company also offers special facilities for the savings of men who are with the colors and for safekeeping of valuables. LATEST STATEMENTS OF ST. LOUIS TRUST COMPANIES 685,400 100 131 110 120 All quotations as of April 5, 1917. *Deposits in St. Louis Union Bank. Corrected by A. G. Edwards & Sons, 410-412 Olive St., St. Louis and 38 Wall St., New York. Pittsburgh Special Correspondence Penalizing Industrial Efficiency Since the war in Europe has resolved itself largely into successive blasting operations with victory sure to crown the side which can assemble the most prodigious stores of metal, explosives and artillery it naturally follows that industrial efficiency is even more essential than well trained armies or a preponderence of man power. This lesson has been brought home and is appreciated by our French and British allies. Industrial inefficiency is largely responsible for the inability of Russia to carry out its original design to march across the Prussian border to Berlin. Unless a new light breaks in upon Congress and the various boards and bureaus at Washington who all seem to be at sixes and sevens the industrial efficiency of this country will be seriously hampered by arbitrary policies of price fixing and indiscriminate application of the tax on excess profits. Practically the prevailing motive of price fixing discussion at Washington appears to be to penalize industrial efficiency. In other words the manufacturers and plants engaged in producing war material which, by intelligent economy, by introduction of improvements and by re-investing profits have developed the greatest productive capacity, are to be visited with the most stringent requirements as to profits they may obtain and likewise will have to bear the heaviest burden of the excess profits tax. It is well known that the United States Supreme Court decided not to make any decision in the anti-trust suits against the U. S. Steel Corporation and the International Harvester Company until after the war in order not to interfere with the efficiency of those big organizations during the war. This is a clear admission that these corporations are precisely the type of organizations which produce the best results. Loyal Support by Pittsburgh Banks and Following closely upon the successful drive for Liberty Loan subscriptions the banks and trust companies of Pittsburgh bestirred themselves to put this city well forward upon the honor role in connection with Red Cross contributions. Payments for war bonds have caused no inconvenience to the local banking situation but have had the salutary effect of increasing rates for money-a result not altogether displeasing to the banker, especially if his deposits keep on increasing. Considerable interest just now centers upon the time of issue and interest rate of the next war loan. FIDELITY TITLE AND TRUST COMPANY 341-343 Fourth Avenue Capital, Surplus and Undivided Profits Solicits checking accounts Makes loans on approved collateral Acts in all Trust Capacities Proposed New Building for Union Trust Company Preliminary work is under way for laying the foundation of the new home of the Union Trust Company, which, when completed, is expected to be the handsomest and most modernly constructed bank building in this city. The building will be constructed of granite and marble. It will be five stories in height and so constructed as to give the appearance of a single story. It will cover approximately 17,000 square feet, fronting 140 feet in Diamond street and 120 in Wood. The Safe Deposit & Trust Company has been appointed depository for securities pledged by banks against Government deposits in connection with Liberty Loan operations. The Potter Title & Trust Company has issued an instructive booklet on "How to Become an Investor." The Pittsburg Trust Company issued a booklet to its patrons descriptive of the investment phases of Government bonds, describing methods of instalment, payment, etc. George D. Edwards, vice-president of the Commonwealth Trust Company, has been appointed treasurer of the Medical Protective Committee of Allegheny County, which is an auxiliary of the National Defence Association. 32nd YEAR OF SERVICE Mercantile Trust & Deposit Company OF BALTIMORE Capital, Surplus, and Undivided Profits, $4,695,402 Largest capital and surplus of any financial institution in Maryland, or any Southern State. We offer our services in any or all of the capacities properly exercised by Trust Companies, and will give the most careful attention and the benefit of our long experience to all matters entrusted to our care. FRED G. BOYCE, Jr., Vice-President Baltimore Special Correspondence Imperative Need of Maintaining Railway Bankers and investors generally doubtless share the sentiment which is entertained in local financial circles that the interstate Commerce Commission, in denying to the railroad the full 15 per cent. increase in freight rates, pursued a policy which is both short-sighted and bound to seriously involve the already grave transportation problem. Baltimore has taken the lead in organizing the National Association of Owners of Railroad Securities, the first call for which was sent out by S. Davies Warfield, president of the Continental Trust Company of this city, who has been elected president of the organization. Since the ground plan of this association was laid at the conference in this city on May 23d it has developed to national and most influential proportions with a full staff of officers, State vice-presidents, advisory and local committees, all co-ordinated for the prime purpose of affording holders of railroad securities a fair hearing. The association had its representatives and counsel at the hearings before the Interstate Commerce Commission on the 15 per cent. rate increase and they ably presented arguments in behalf of the great army of direct holders, savings depositors, in A. H. S. POST, President surance policy holders and others who have a common interest in preserving the credit basis and value of railroad stocks and bonded debts. The situation for the railroads is rendered extremely delicate because of the necessity of competing with Government bond issues and high prices of industrial securities in bidding for needed capital. Operating expenses this year call for at least $570,000,000 more expenses than in 1916. Baltimore Brevities A committee appointed by the Maryland Bankers' Association is considering ways and means to reconcile the items in financial reports of State banks and trust companies with official reports required of member banks of the Federal Reserve system as a means of paving the way for State institutions desiring to join the national system. William H. Grafflin, director of the Union Trust Company and trustee for a number of years of the Johns Hopkins Hospital, died recently at Cuttyhunk Island, off the coast of Massachusetts, where he had gone for a visit. A handy and clear analysis of the Federal Reserve Act, with all amendments made by Congress and signed by President Wilson, June 21, 1917, has been published in book form by the Fidelity Trust Company. CONDITION OF BALTIMORE TRUST COMPANIES |