Cleveland

Special Correspondence

DISCOUNTING ADVERSE FACTORS One of the most reassuring factors in the district which is embraced in the operations of the Federal Reserve Bank of this city, is the constant increase in employment and the favorable returns received from important industrial establishments. In banks and trust companies which have large numbers of wage earners as customers the savings accounts are increasing in volume and number. Here in Cleveland the lobbies of the leading trust companies present as animated a view as in times of pre-war prosperity.

Commenting on certain factors, such as strikes and labor adjustments, the Cleveland Trust Company says in its current "Business Bulletin:"

"There is much discussion in business circles as to whether or not evidences of improvement can continue, and opinion is not infrequently expressed that a relapse may take place this summer. There appears to be little ground for such fears. It is probable that there will be some slackening of improvement, with actual temporary declines in some lines during July and August. If this happens it will be quite normal, for midsummer has almost always been a period of slowing down in American business.

"Among factors which might be seriously effective in reducing business activity the existing coal and textile strikes, and the threatened railroad strikes are the most important. Nevertheless it now seems probable that solutions fo these difficulties will be found and that the improvement now under way will continue with no more than normal seasonal hesitation during the summer months. One important reason or believing that conditions will continue to improve is that the recent reports on agricultural conditions throughout this country indicate that the new crops are doing well and promise better than average yields."

William Tonks, vice-president of the Union Trust Company, has again been elected president of the Robert Morris Associates.

Charles Billings Gleason, one of the youngest bank officials in Cleveland, has been elected a vice-president of the Cleveland Trust Company.

Miss Clara Dombey recently assumed her duties of junior officer in charge of business done by women customers of the Union Trust Company of Cleveland.

ACCEPTANCE BANKS IN CLEVELAND DISTRICT

Of the more than 90 banks in this country that create acceptance credits, eight are in the Fourth Federal Reserve District. These banks and the amount of acceptances outstanding late in May are as follows:

Guardian Savings & Trust Company, Cleveland, $2,126,822; Union Trust Company, Cleveland, $1,856,724; Central National Bank Savings & Trust Company, Cleveland, $835,041; Cleveland Trust Company, $353,854; Huntington National Bank, Columbus, $150,000; Citizens' National Bank & Trust Company, Cincinnati, $100,000; Bank of Pittsburgh, N. A., $93,458; Fifth-Third National Bank, Cincinnati, -$84,000.

CLEVELAND BREVITIES

On June 23d, the Union Trust Company of Cleveland opened up its new branch office which is known as the 105th Pasadena office, in charge of Mr. "Laddie" Hayeds and J. H. Lackamp. Another new branch is the Lorain 93d office, in charge of Harvey Chappell.

The Union Trust Company of Cleveland advertising exhibit at the recent Milwaukee convention of the Financial Advertisers Association, was awarded the first prize.

John M. Gundry, senior vice-president of the Cleveland Trust Company has received the degree of master of arts at the commencement exercises of Northwestern University.

Governor Harry L. Davis has been offered the position of president of the new Ohio Trust Company, which is being organized in Cleveland with capital of $1,000,000 and surplus of $250,000.

A large new vault has been installed for the Commercial Savings Bank & Trust Company of Toledo by the York Safe & Lock Company.

Mr. F. H. Goff, president of the Cleveland Trust Company, recently completed the fourteenth year as executive head of the bank.

The Cleveland Trust Company has established a bureau of language translation for banks and business houses dealing extensively with foreign countries. The department is in charge of N. DeVasconcelles.

Announcement has been made of the appointment of I. I. Sperling as manager of publicity of the Cleveland Trust Company. Mr. Sperling is 25 and has been with the bank two years following a few years on the editorial staff of the Cleveland Plain Dealer.

FRED G. BOYCE, Jr., Vice-President

WILLS AND LEGAL PROFESSION
(Continued from page 18)

If this policy will operate as a solution, it surely ought to act as a preventive.

Publicity Program

If it is lawful for lawyers to act as executors and trustees, it surely should be lawful for trust companies to draw wills in the ordinary course of business, but to make the lawyer see this through a campaign of advertising is well-nigh impossible, because the lawyer's state of mind is much the same as the man who said, "I am perfectly willing to be convinced, but I would like to see the man who could convince me." From the very nature of the case, the lawyer does not want to be convinced. He wants it all for himself. Therefore the dictates of wisdom seem to be for us to educate the people in the real advantages and better business methods which they may obtain for the settlement of their affairs by the selection and appointment of the trust company.

In the last analysis, it is not the lawyer but the man who makes the instrument who really determines the appointment thereunder. Therefore he should be fully equipped with facts and given full information concerning these real advantages and better business methods which he obtains by the appointment of a trust company, so that when he goes to his lawyer's office, he is above the influence and persuasion of the attorney on this point, because then it is no longer an open question which the lawyer might decide, but it has resolved itself merely into a question as to which trust company shall be selected. When we have attained this point in our publicity program, the lawyers, who constitute merely an inconsequential unit of the public, will follow the people reluctantly perhaps-but they will follow, and trust companies will have solved the problem of wills and lawyers.

A. H. S. POST, President

Baltimore

Special Correspondence

BANKING LAW AMENDMENTS
PROPOSED

Bank Commissioner of Maryland, George W. Page, in his last annual report, advises of the following amendments to the State laws governing State banks and trust companies, which he has submitted to the Legislature:

Authorizing the Bank Commissioner to grant by special permit to any bank applying therefor, the right to exercise all powers and privileges which, by the general laws of the State at the time of said application, are conferred upon trust companies, subject to the requirements of the law as regards the capitalization of trust companies.

Providing that no branch or branches shall hereafter be established at any point in the State by any bank or trust company whose capital stock does not conform to the requirements as to the aggregate amount of capital stock as set forth in the law.

Repealing that part of Section 110 requiring trust companies to deposit certain securities with the State Treasurer.

A comparison presented by the Bank Commissioner shows that since June 30, 1910, the number of State banks and trust companies in Maryland have increased from 124 to 194; deposits, including bank balances have increased from $154,066,000 to $347,872,000 and aggregate resources from $186,443,000 to $415,364,000.

Milton Payne, secretary-treasurer of the American Hair Cloth Co., and assistant treasurer of the Woonsocket Machine & Press Co., has been elected chairman of the board of managers for the new branch in Pawtucket of the Rhode Island Hospital Trust Company of Providence.

Pittsburgh

Special Correspondence

OPPORTUNITIES FOR CO-OPERATIVE

BANKING EFFORT

In his annual address as retiring president of the Pennsylvania Bankers' Association, Mr. Alex Dunbar, of the Bank of Pittsburgh, N. A., directed attention to the progress achieved in establishing closer contacts between bankers and farmers as an evidence of the possibilities for greater service. He said:

"New opportunities for service are constantly opening to Pennsylvania bankers, both as individuals and as an organization, demanding mutual understanding and close co-operation with business, with commerce and with agriculture. Each economic group is essential to the success of the other, and every problem, every policy, should be approached with this spirit of understanding. In relationships so closely interwoven as business, banking, farming and professional life, none can hope for permanent advancement or gain at the expense of others.

"Through the unflagging efforts of our efficient Agricultural Committee much progress has been made this year in establishing a closer contact between the bankers and the farmers of the State. Pennsylvania ranks seventh in agriculture in the United States, and, if the splendid work of our Agricultural Committee, in co-operation with the Pennsylvania State College, the Department of Agriculture at Harrisburg, the Pennsylvania State Chamber of Commerce and other agencies be continued for the next five years, we shall move up to fourth place. With its nine millions of people largely industrial, Pennsylvania offers the greatest market in the world for its own food and dairy products."

PITTSBURGH BREVITIES

Mr. Homer D. Williams, president of the Carnegie Steel Co., has been chosen a director of the Union Trust Company of Pittsburgh.

At a special meeting of the stockholders of the Bank of Pittsburgh, N. A., on July 11, it was voted to increase the capital from $2.400,000 to $3,000,000 by the declaration of a stock dividend of 25 per cent. out of the undivided profits of the bank..

Conclusive arrangements have been made by the Peoples Trust Company of Pittsburgh for taking over the Homestead Bank, which was established in 1907.

Pittsburgh

FIDELITY TITLE AND TRUST CO.

341-343 FOURTH AVE.. PITTSBURGH.

ESTABLISHED 1886

Acts in all trust capacities Trust accounts managed aggregate more than $100,000,000

Capital, surplus and undivided profits $6,700,000. Handles checking accounts of corporations, firms and individuals.

EASTERN TRUST COMPANY OF
HALIFAX, CANADA

The Eastern Trust Company with head office in Halifax, and one of the pioneer trust companies in Canada, established in 1893, has experienced the success which is the consistent result of conservative and approved policies. The original paid up capital of $26,400 has been increased to $1,000,000. The reserve which amounted to $12,000 in 1903 has grown to $350,000. Net profits have increased from $979 at the end of the first year to $133,511. The amount of estates held in trust increased from $41,860 in 1893 to $1,938,000 in 1903; to $12,978,000 in 1913 and at the close of the last year aggregated $30,079,517. Besides its main office in Halifax the Eastern Trust Company conducts flourishing branches in St. John, N. B.; Charlottetown, P. E. I.; St. Johns, Newfoundland and in Montreal.

A so-called "Archives Building" of classic Greek design has been constructed for the Old National Bank and the Union Trust Company of Spokane, Washington. The structure will be used for storing of old transfer records and other documentary matter which has been accumulating with the growth of busi

ness.

Los Angeles

Special Correspondence

TWO HUNDRED MILLION DOLLAR BANK MERGER

A merger of Pacific-Southwest banks, involving resources of approximately $200,000,000, headed by The First National Bank of Los Angeles, the Los Angeles Trust & Savings Bank and the First Securities Company, of which organizations Henry M. Robinson is president, became effective July 1st.

The twenty-four cities containing banking institutions affected in this merger are as follows:

Alhambra.-Alhambra Savings and Commercial Bank.

Carpinteria.-Branch of Commercial Trust & Savings Bank, Santa Barbara.

Catalina Island.-Avalon Branch of Los Angeles Trust & Savings Bank.

Fresno.-Fidelity Trust & Savings Bank. Glendale.-Glendale Avenue Branch, and Brand Boulevard Branch of the Los Angeles Trust & Savings Bank,

Guadalupe.-Branch of Bank of Santa

Maria.

Hanford. The Farmers and Merchants National Bank; Hanford Savings Bank. Hollywood.-The First National Bank of Hollywood; Hollywood Savings Bank.

Huntington Beach.-Branch of Los Angeles Trust & Savings Bank.

Huntington Park.-Branch of Los Angeles Trust & Savings Bank.

Lindsay.-Lindsay National Bank. Lompoc.-Branch of Commercial Trust & Savings Bank, Santa Barbara.

Long Beach.-The City National Bank. Los Alamos.-Branch of Bank of Santa Maria.

Los Angeles.-The First National Bank of Los Angeles; Los Angeles Trust & Savings Bank, with twenty branches in the city of Los Angeles; First Securities Company.

Orcutt.-Branch of Bank of Santa Maria. Oxnard.-First National Bank; Oxnard Savings Bank.

Pasadena.-Union Trust and Savings Branch of Los Angeles Trust & Savings Bank.

Redlands.-The First National Bank of Redlands; Savings Bank of Redlands.

San Pedro.-Marine Branch of Los Angeles Trust & Savings Bank.

Santa Barbara.-Commercial Trust & Savings Bank.

Santa Maria.-Bank of Santa Maria. Tulare.-National Bank of Tulare; Savings Bank of Tulare.

Visalia. First National Bank of Visalia; Producers Savings Bank.

Under the form of the merger, the stock of all of these institutions is pooled and beneficial certificates are issued to all present stockholders, giving to each a pro rata ownership in all of the merged institutions.

Following the merger plan, it is announced that all merged banks will operate under the name of the Los Angeles Trust & Savings Bank, with the exception of the First National Bank of Los Angeles and the First National Bank of Hollywood. The latter 'will be taken directly into The First National Bank of Los Angeles and will operate as the Hollywood agency of The First National Bank of Los Angeles.

In working out this consolidation no banks have been bought out. Each bank goes into the merger on an even basis of actual book value of its stock, and, as a result, it is stated that no one set of stockholders has benefited at the expense of others, the whole plan being based upon the setting up of an equitable partnership between the various banks merged-a partnership in which local officers and local boards of directors will still control local business. There will be no changes in the personnel of officers and employees in the various cities.

Following the merger, it is announced that the First Securities Company will parallel in the field of investment the banking service to be rendered throughout the Pacific-Southwest by the merged institutions. The First Securities Company will furnish underwriting assistance to sound California enterprises of good management and proven earning power, and will recommend to investors good securities which have first been carefully investigated and are deemed worthy of investment by the banks' own funds.

In creating this merger no effort has been made to achieve "bigness." The plan has been to unify some of the best banks of the Pacific Southwest occupying key positions in the various districts, in order that more complete financial assistance may be given the marketing of the various seasonal crops of the Southern California territory from Fresno south to the Mexican line, and to provide the necessary financial machinery for the upbuilding of this territory upon balanced lines.