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of the City of New York

Capital, Surplus and Profits $27,000,000

nothing by charging that this spirit proceeds from malevolence and testifies a disordered state of mind. We ought to recognize that it largely represents sincere wish to improve conditions. History teaches that blind effort to obstruct such movements has often produced momentary disaster, but never prevented ultimate advance. The world is too old, and ought to be too wise, to resort to such tactics now. Rather, its best intelligence should be given to open minded co-operation in every earnest project of inquiry and analysis which looks to the general betterment. Thus will its most capable leaders help guide society away from pitfalls and dangers, while keeping it moving on the upward path. I count the men of your profession as among such leaders; and I know that whoever can effectively impress you with the full importance of the duty I am suggesting, will find satisfaction in the prompt and eager response which will come to him. Most sincerely yours,


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President of the Rockefeller Foundation, who addressed the

A. B. A. Convention on “Public Health Assets"



Detroit, Michigan

Capital, Surplus, and Undivided Profits, $5,000,000


DIRECTORS John H. Avery,

Benton Hanchett, Director, Detroit Belle Isle & Windsor Pres., Bank of Saginaw; Director, MichiFerry Co.

gan Sugar Co. William T. Barbour,

Oren S. Hawes, President, Detroit Stove Works; Director, Lumber Mfgr.; Director, Merchants NaPeoples State Bank

tional Bank Thos. J. Bosquett,

Richard P. Joy, District Manager, Aetna Life Insurance President, National Bank of Commerce; Co., Accident and Casualty Depts.

Director, Packard Motor Car Co. McPherson Browning,

Wm. R. Kales, Vice-President

Vice-Pres., Whitehead & Kales Iron Arthur H. Buhl,

Works; President, Kales Stamping Co. President, Buhl Sons Co.; Director, Parke, Sidney T. Miller, Davis & Co.

Miller, Canfield, Paddock & Perry, AttorEdward H. Butler

neys; Director, Detroit Savings Bank President, Detroit Fire & Marine Insur Fred T. Murphy, ance Co.

Vice-Pres., Pacific Lumber Co.; Director, Lawrence K. Butler,

Peoples State Bank Vice-President

John T. Nichols, James Couzens,

Attorney; Vice-Pres., Nichols & Shepard President, Bank of Detroit David S. Carter,

Daniel L. Quirk, Jr., Director, Detroit Savings Bank; Director,

President, First National Bank, Ypsilanti D. & C. Navigation Co.

Horace H. Rackham, Joseph J. Crowley,

Director, Bank of Detroit Vice-Pres.-Treas., Crowley, Milner & Co.;

Charles M. Roehm, Director, First National Bank in Detroit President, Roehm & Davidson; Director, James E. Danaher,

National Bank of Commerce Timber Lands

Walter Scotten, James E. Davidson,

Vice-Pres., Scotten-Dillon & Co. Vice-Pres., American Shipbuilding Co., Allan Shelden, Pres., Peoples Commercial & Savings Bank, Director, Detroit Union R. R. Depot & Bay City

Station Co. Charles A. Dean,

Charles P. Spicer,
President, Pittmans-Dean Co.; Director,

Detroit Savings Bank
Samuel T. Douglas,

Edward D. Stair,
Douglas, Eaman & Barbour, Attorneys;

Pres., Detroit Free Press; Director, First Director, Central Savings Bank

National Bank in Detroit Walter L. Dunham,

Thomas C. Starret, Vice-President, Dime Savings Bank

Timber Lands John M. Dwyer,

Henry G. Stevens, Chairman of the Board, Peninsular Stove Secretary, Stevens Land Co.; Trustee,

Company; Director, Detroit Savings Bank Iron-Silver Mining Co. Juiian H. Harris,

Ralph Stone, Beaumont, Smith & Harris, Attorneys



J. ARTHUR HOUSE President, Guardian Savings and Trust Company of Cleveland, who presided at the last annual meeting of the Trust Company Division, A. B. A: as retiring president



Trust Company Division



Officers elected for ensuing year:

standards in trust company business. This President: Theodore G. Smith, vice-presi year's meeting was, indeed, striking proof of dent Central Union Trust Company, New the enduring friendships, the mutual feelYork.

ings and kinship which animate trust comFirst Vice-President: Evans Woollen, presi

pany men throughout the country. dent Fletcher Savings and Trust Company, Indianapolis, Ind.

The steadily increasing importance of the

trust companies of the United States in the Chairman Executive Committee: Lucius banking and financial structure of thė naTeter, president Chicago Trust Company. tion was again emphasized by advance figMembers of Executive Committee for

ures conveyed by President J. Arthur House three year term, expiring 1925:

through the courtesy of Mr. John W. Platten, Frank W. Blair, president Union Trust Company, Detroit, Mich.

president of the United States Mortgage & Edward J. Fox, president Easton Trust Trust Company of New York, based on the Company, Easton, Pa.

forthcoming 1922 edition of "Trust ComWm. S. Miller, vice-president the Northern panies of the United States," annually pubTrust Company, Chicago, Ill.

lished by that company. This information Gilbert T. Stephenson, vice-president

revealed that the trust companies of the Wachovia Bank & Trust Company, WinstonSalem, N. C.

country gained $416,000,000 in resources durThomas H. West, Jr., president Rhode ing the year ended June 30, 1922, bringing Island Hospital Trust Company, Providence, aggregate resources to $12,739,000,000, which R. I.

is approximately one-fourth of the com

bined banking power of the nation. THE twenty-seventh annual meeting of The proceedings of the annual meeting

the Trust Company Division of the not only furnished evidence of the growing

American Bankers Association in the banking power of the trust companies, but spacious ballroom of the Hotel Commodore also expansion of service and rapidly-spreadin New York, on Thursday, October 5th, at ing recognition of the fiduciary advantages tracted the largest attendance in the history

provided through corporate trusteeship. The of that organization. There were present meeting was presided over by the president many trust company officials who have never of the division, Mr. J. Arthur House, presibefore participated in these annual meetings dent of the Guardian Savings & Trust Comas well as representatives of National banks

pany of Cleveland, who yielded the gavel, at which have availed themselves of the privi

its conclusion, after a year of notable admin. lege afforded by the Federal Reserve Act to istrative accomplishments. establish trust departments. In the audience and on the platform were also the familiar

The feature of the program which comand welcome features of members of the

manded the most profound interest and "Old Guard" of the Trust Company Division

which was happily attuned to the dominant to whose loyal interest and efforts in the

"international spirit" that prevailed at the past the trust company fraternity as a

general convention, was the very able adwhole is indebted for their unselfish and dress on "Keeping Faith with Europe,"delivconstructive labors in developing the highest ered by Mr. Alvin W. Krech, president of




The Equitable Trust Company of New York, whose eminent position in the trust company field and familiarity with affairs abroad imparted added significance to his conclusions. Because of the menacing situation in Turkey and the Near East, particular interest also attached the address by former United States Ambassador to Turkey, Mr. Henry Morgenthau. An instructive paper on "Hazards and Liabilities in the Conduct of Safe Deposit Business" was also presented by Vice-president Waldron H. Rand, Jr., of the Commonwealth Trust Co. of Boston.

The constructive work of the Division was set forth in the various reports presented in behalf of Committee on Publicity, Committee on Staff Relations, Committee on Cooperation with the Bar, Committee on Community Trusts and the Committee on State and Federal Legislation. The meeting alse', by unanimous vote, endorsed a resolution op. posing the transfer of executive offices of th: American Bankers' Association from New York to Washington. The proceedings of the Trust Company Division meeting are presented in full in the following pages:

Eyaxs WOOLLEN President. Fletcher Savings and Trust Company of Indianapolis, who was elected Vice-President of the Trust

Company Division, A. B. A.


LUCIUS TETER President, Chicago Trust Company of Chicago who has been elected Chairman Executive Committee of the Trust

Company Division, A. B. A.Ş

EDWARD J. Fox President, The Easton Trust Company of Easton Pa., who has been elected a member of the Executive Committee of

the Trust Company Division, A. B. A.

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