T

HE twenty-seventh annual meeting of the Trust Company Division of the American Bankers Association in the spacious ballroom of the Hotel Commodore in New York, on Thursday, October 5th, attracted the largest attendance in the history of that organization. There were present many trust company officials who have never before participated in these annual meetings as well as representatives of National banks which have availed themselves of the privilege afforded by the Federal Reserve Act to establish trust departments. In the audience and on the platform were also the familiar and welcome features of members of the "Old Guard" of the Trust Company Division to whose loyal interest and efforts in the past the trust company fraternity as a whole is indebted for their unselfish and constructive labors in developing the highest

standards in trust company business. This year's meeting was, indeed, striking proof of the enduring friendships, the mutual feelings and kinship which animate trust company men throughout the country.

The steadily increasing importance of the trust companies of the United States in the banking and financial structure of thẻ nation was again emphasized by advance figures conveyed by President J. Arthur House through the courtesy of Mr. John W. Platten, president of the United States Mortgage & Trust Company of New York, based on the forthcoming 1922 edition of "Trust Companies of the United States," annually published by that company. This information revealed that the trust companies of the country gained $416,000,000 in resources during the year ended June 30, 1922, bringing aggregate resources to $12,739,000,000, which is approximately one-fourth of the combined banking power of the nation.

The proceedings of the annual meeting not only furnished evidence of the growing banking power of the trust companies, but also expansion of service and rapidly-spreading recognition of the fiduciary advantages provided through corporate trusteeship. The meeting was presided over by the president of the division, Mr. J. Arthur House, president of the Guardian Savings & Trust Company of Cleveland, who yielded the gavel, at its conclusion, after a year of notable admin. istrative accomplishments.

The feature of the program which commanded the most profound interest and which was happily attuned to the dominant "international spirit" that prevailed at the general convention, was the very able address on "Keeping Faith with Europe,"delivered 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 to 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 opposing the transfer of executive offices of the American Bankers' Association from New York to Washington. The proceedings of the Trust Company Division meeting are presented in full in the following pages: