General conditions in this section are sound, but the trade is a little uncertain of the future. During the past year the volume of business was heavy, yet profits were small. Collections have been rather slow during the year but showed some improvement toward the close, especially in the cotton section of the South.

The year 1913 could not be called a prosperous one for trust companies and banks in this section. While most of them have been holding their own, their progress has not been up to past records. The demand for money during the whole year was exceptionally heavy and rates were high. Balances in bank, as a rule, were low, but this was caused by the fact that larger corporations and business interests were unable to borrow their requirements and were forced to draw on their reserves. This naturally caused a decrease in deposits in banks and trust companies, especially the trust companies, as these institutions, as a rule, handle the reserves of business houses and corporations. This shrinkage, however, is only temporary and will be restored with the improvement of business conditions.

At the present time it looks as if money conditions will change materially for the better early in the year. This will have a tendency to increase business, as quite a number of business enterprises have been hampered by the want of capital. Another point to be considered as favorable to future conditions is the fact that the tariff question has been adjusted, although it is a

little early to determine its results. The income tax has been in force for several months, but the only result revealed so far is that it has imposed a heavy. burden upon the trust companies and banks of the country. The banking and currency bill, which goes into effect shortly, while perhaps not the best bill that could have been passed, the general principles of it being good, will no doubt have a tendency to restore confidence to the general public, as well as all business interests.

During the year 1913 Baltimore did the largest export business in its history, most of it having been in grain, and this line alone showed an increase over 1912 of 15,000,000 bushels.

From all information gathered from the different lines of business in Baltimore, it looks as if it will enjoy a very prosperous year in 1914, as a better feeling is noticeable in all lines of trade.

Baltimore Brevities

Baltimore bank clearings for 1913 were $1,967,560,763, as compared with $1,942,795 353 the previous year.

The directors of the Mercantile Trust & Deposit Company recently declared the regular 6 per cent. semi-annual dividend, and an extra dividend of 2 per cent., making a total of 15 per cent. for the year. The company also added a comfortable sum to undivided profits.

Cleveland

Special Correspondence

Cleveland-A Bright Spot On the Map Cleveland bankers and business men seem to have observed the homely injunction about "sawing wood" during the past year, and did not permit cross-currents of doubt and sentimental uncertainty interfere with their plans. The banks and trust companies gained the largest volume of new business in the history of the city. Trust companies obtained a large number of new savings accounts and report total assets of $168,000,000. Total resources of National banks amount to $110,244,220. Savings banks reported deposits of $85,000,000. There were no failures during the year and one new trust company opened for business, the First Trust and Savings which has already acquired $2,001,000 deposits subject to check, and $1,977,000 trust deposits. Bank clearings advanced steadily.

The leading trust companies, such as the Cleveland Trust Company, Guardian Savings & Trust Company, Citizens Savings & Trust and Superior Savings and Trust Company have all rendered excellent accounts of earnings and increases to stockholders.

Guardian Trust and Savings Acquires

New Building

Rapid increase in business has rendered it necessary for the Guardian Savings & Trust Company to seek new and larger quarters. Its present building, which was erected in 1905, although a model banking home, which is exclusively occupied by the various departments, is too confined. The company has, therefore, obtained possession of the New England Building on Euclid avenue, and a lease on the ground. The deal involves about $2,000,000, and is one of the biggest real estate operations recorded in the city. The Guardian has also turned over to the owners of the New England Building the Ball Building on Euclid avenue, which it acquired some time ago. The New England Building, however, offered a better site. It has a frontage of 129 feet on the north side of Euclid avenue with

depth

of 250 feet to Vincent avenue and a rear frontage of 127 feet. The building is sixteen stories high in front, and it is proposed to increase the rear two stories to the front height. The Guardian will make extensive alterations when it takes possession.

State Institutions and the Federal
Reserve System

A number of conferences have been recently held by banking authorities with a view of securing amendments to the State banking laws at the special session of the Legislature to enable State banks and trust companies to secure membership in the new Federal Reserve bank system if they so elect. Inasmuch as this act gives National banks fiduciary powers it is proposed to secure an amendment extending the authority of trust companies to act as administrators and trustees of estates. At present they can only act as executors. The limitations regarding ownership of stock in other corporations and investments of capital will also be removed. Other amendments will also be introduced to perfect the State banking system.

Equitable "Group Insurance" Plan
Adopted

Both the Cleveland Trust Company and the Society for Savings have recently adopted the "group insurance" plan provided by the Equitable Life Assurance Society of the United States. This plan has been fully described in an article by Mr. Rosenfeld, assistant to the president of the Equitable Life, which appeared in TRUST COMPANIES Magazine, August, 1912. The insurance includes all employees from office boy to the executive officers. In the case of the Cleveland Trust Company the total of the policies amount to $250,000.

Cleveland Strives for a Regional Bank

Under the leadership of Col. J. J. Sullivan, as chairman of a special Clearing House committee, active efforts were made to secure the establishment of a regional bank in this city under the operation of the Federal Reserve bank system. It is pointed out that Ohio is now the sixth State in the Union in relation to size of banking power. The aggregate resources of Ohio banks and trust companies are $1,171,151,460.

Cleveland Brevities

S. M. Bond, president of the Root & McBride Company, has been elected a director of the Guardian Savings & Trust Company, to fill a vacancy.

Ben T. Bole has been elected a director of the Cleveland Trust Company to fill a vacancy. Mr. Bole is president of the Hollenden Hotel Company.

BARRON, MCKAY, FRIERSON & MOFFATT Attorneys-at-Law.

1001-2-3-4-5-6-7 Union National Bank Bldg. Columbia, S. C.

Members of firm: Chas. H. Barron, Douglas McKay, J. Nelson Frierson, Thos. H. Moffatt, M. G. McDonald.

References: H. A. Kahler & Co., 49 Wall St., New York; The Pullman Company, Chicago; Equitable Mortgage and Trust Co., Baltimore; Southern Express Company, Atlanta, Ga.; Carolina Bond and Mortgage Co., Columbia, S. C.; Union National Bank, Columbia, S. C.; National Loan and Exchange Bank, Columbia S. C.

CANADA. Toronto.

BICKNELL, BAIN, MACDONELL &
GORDON.

Barristers, Solicitors, etc.

Lumsden Building, Toronto.

James Bicknell, K. C., Alfred Bicknell, James W. Bain, K. C., A. McLean Macdonell, K. C., M. L. Gordon, Henry C. Fowler. H. E. McKitrick, D. A. MacRae.

General Solicitors for Imperial Bank of Canada. Counsel for Canadian Bankers' Association. Cable address, "Bicknell, Toronto." References: Imperial Bank of Canada, Toronto, Ontario; Central Trust Company of New York; Commercial Trust Company, Philadelphia.

BLAKE, LASH, ANGLIN & CASSELS, Barristers, Solicitors, etc. Canadian Bank of Commerce Bldg., Corner King and Jordan Streets, Toronto. Members of firm: S. H. Blake, K. C.; Z. A. Lash, K. C.; W. H. Blake, K. C.; A. W. Anglin, K. C.; T. D. Law, Walter Gow, Miller Lash, Glyn Osler, R. C. H. Cassels, George H. Cassels, J. F. Lash. Solicitors for: National Trust Company, Ltd., Canadian Bank of Commerce, etc. Cable address, "Blakes,"

Toronto.

MALONE, MALONE & LONG, Barristers, Solicitors, Notaries, Conveyancers. Toronto General Trust Bldgs., corner Yonge and Colbourne Sts., Toronto, Can.

Members of firm: E. T. Malone, K. C.; A. L. Malone, E. G. Long.

Solicitors for the Toronto General Trusts Corporation, The Central Canada Loan & Savings Company, The Imperial Life Insurance Company of Canada, The Provident Investment Company.

CASGRAIN, MITCHELL, MCDOUGALL
CREELMAN,

Commissioners for all the Provinces.

Canada Life Bldg., Montreal, Can. Members of firm: Th. Chase-Casgrain, K. C., Victor E. Mitchell, K. C., A. ChaseCasgrain, Errol M. McDougall, J. J. Creelman, Gilbert S. Stairs, Pierre F. Casgrain. Cable address, "Montgibb."

Solicitors for The Royal Trust Company, Pullman Company, American Locomotive Company, United Shoe Machinery Company, Canadian Consolidated Rubber Company, Limited, Ames Holden McCready, Limited, Furness, Withy & Company, Limited, British Maritime Trust Limited.

NORTHWEST TERRITORY.

Calgary.

LOUGHEED, BENNETT, MCLAWS & CO., Barristers, Solicitors, Advocates, etc. Hon. J. A. Lougheed, K. C.; R. B. Bennett, K. C., M. P.; W. H. McLaws; J B. Roberts; J. R. Black; D. M. Stirton; C. H. Lougheed; A. Hanna; H. Lillie. Cable address: Loughnett, Calgary, Solicitors for: Bank of Montreal; Canadian Bank of Commerce; Merchants Bank of Canada; R. G. Dun & Company; Royal Trust Company; Union Trust Company: Hudson's Bay Company; Massey Harris Company; Canada Life Assurance Company; etc., etc.

Ready Money Clubs

The Wachovia Bank and Trust Company of Winston-Salem. N. C., has inaugurated so-called "Ready Money Clubs" which have become popular, and an incentive to thrift. Weekly deposits are required and depositors are divided into three classes.

The latest statement of the Wachovia Bank & Trust Company shows total resources of $9,398,879, capital of $1,250,000, surplus and undivided profits of $454,116 and deposits of $7,094,000. Col. F. H. Fries, former president of the Trust Company Section of the American Bankers' Association, is president.

Columbia-Knickerbocker Trust Co. The management of the Columbia-Knickerbocker Trust Company of New York City have reason to feel gratified with the showing of progress made during the past year. The recent official statement showed aggregate assets of $64,166,992 with $5.733,918 cash on hand, $6,473,413 cash in banks and exchange and $27,105,000 in loans. Capital stock is $2,000,000, surplus and undivided -profits $7,153,742 and-deposits $54,089.632.