is a matter which has had a great deal of attention in conventions such as this. We are fortunate in having with us today one who has had a close touch and contact with the European situation, and who knows some of its problems; and I take great pleasure in introducing Mr. Alvin W. Krech, president of the Equitable Trust Company of New York, who speaks upon the subject, 'Keeping Faith with Europe.' Mr. Alvin W. Krech." Mr. Krech prefaced his address with an allusion to the large attendance at the convention and said: "We are all going back again to our desks in a few days to the ordinary duties and responsibilities of our occupation. Among those duties and responsibilities is the rather doubtful privilege of having to advise our clients and correspondents and the public generally with regard to investments, we will say, or to the difficult task of mapping out their business policies with due regard to the economic political money market conditions of the times. "Whether we will or no, we know that that is among our rather doubtful privileges. Our advice is honest, I am sure our advice is always honest. Sometimes it is followed and once in a great while it is sound. Now, we have this question come to us perhaps oftener than anything else for some time past. Is there coming to this country a repercussion of the distressing conditions in Europe, and if so, in what shape may it come, and how can we be best prepared to meet it? In other words, have we a jolt coming and if we have to take that jolt, how can we best take it?" (NOTE: Mr. Krech's able presentation of the European situation and the economic as well as ethical obligations devolving upon the United States, appears on page 361 of this issue of TRUST COMPANIES Magazine). As an added and timely feature of the program, President House next introduced Mr. Henry Morgenthau, who was United States Ambassador to Turkey prior to and during the war, and who returned recently from a a visit to Europe. The address of Mr. Morganthau attracted profound interest because of his familiarity with the Near East and his discussion of the pending crisis in the Dardanelles growing out of the Turco-Grecian war, which threatened not only to reawaken hostilities in the Balkans, but also to create dissension between the foremost Allied powers in Europe. The president introduced as the next speaker, Waldron H. Rand, vice-president of the Commonwealth Trust Company of Boston, who presented an instructive paper on "The Growing Hazards and Liability in the Conduct of Safe Deposit Business." (Mr. Rand's paper appears on page 383 of this issue of TRUST COMPANIES Magazine.) At the conclusion of Mr. Rand's address the chairman recognized Mr. Francis H. Sisson of New York, who introduced the following resolution, which was unanimously carried: "Whereas, the President of the Division has reported to this Committee that the quesion of the removal of the offices of the American Bankers Association to Washington, D. C., has been again referred to a committee of which he is a member, and "Whereas, heretofore the Trust Company Division through its Executive Committee and by action of its convention has expressed definite disapproval of such removal, therefore be it "Resolved, that this committee reaffirms at this time its disapproval and recommends to the members of the Division that at the convention to be held on Ocober 5, 1922, similar action be taken." President House then introduced Mr. Sisson, as chairman of the Committee on Publicity, who spoke as follows: UNDER THE OLD TOWN CLOCK" 23 years of financial service Fidelity National Bank and Trust Company Capital and Surplus, Three Million Kansas City, Mo. TRUST COMPANY EFFICIENCY B ECAUSE of its stability, excellent organization of trained trust company executives, strong directorate and ample capital and surplus of $10,000,000.00 with no deposit liabilities, the ST. LOUIS UNION TRUST COMPANY is in a position to offer an unexcelled trust company service. In addition to being the oldest Company in Missouri, with the largest trust business, the St. Louis Union Trust Company is authorized to act in any part of the state and will gladly co-operate with the hore administration in handling Missouri property. ST. LOUIS UNION TRUST CO. BROADWAY and LOCUST TRUSTEE FOR ST. LOUIS COMMUNITY TRUST TELLING THE STORY OF THE TRUST COMPANIES TO THE NATION RESULTS OBTAINED FROM NATIONAL PUBLICITY CAMPAIGN FRANCIS H. SISSON Chairman of Committee on Publicity of the Trust Company Division, A. B. A., and Vice-president of the Guaranty Trust Company of New York Τ HE advertising matter and bulletins exhibited in this hall tell the story of trust companies and spread their message of service to the best advantage that your committee has been able to devise. I have in mind, therefore, to present to you simply some of the facts which have attended the National Publicity Campaign conducted for the trust companies of the United States and to outline some suggestions for carrying on the work, if in your judgment that is desirable. During the year 1921 in which we started the campaign, the trust companies contributed $67.430 to its maintenance, and of that amount $188 was carried over to 1922. In the year 1922 the sum of $47,000 has been contributed by the companies to the campaign, of which $11,000 remains unexpended. The results we have secured from this campaign have been summarized briefly by the president in his report to you, but perhaps a little elaboration might also be of interest. We received altogether in inquiries at our central office something like ten thousand letters. Many inquiries were made of individual trust companies, of which we have no record. We used national periodicals in telling the story of the trust companies, with circulation of about five million, which as periodical publishers compute, means about twenty millions of people were reached with our message. The first year we distributed ninety-eight thousand booklets to those who subscribed to the campaign, and sixty-three thousand leaflets and pamphlets of various sorts. This last year, for the current year, we have distributed about fifty-two thousand booklets and about forty-seven thousand leaflets. But this work in that particular field of course has been limited by the number of subscribers and by the amount of their demand being eral reasons. In the first place, that as an agency for spreading understanding of corporate service in the trust field, of corporate executorships and trusteeships, etc., we serve a splendid purpose by spreading this campaign of education in breaking down misunderstanding and opposition, in making selfish opposition unprofitable and unresultful, and better than that, of spreading the knowledge of corporate service to the point where we constantly increase the business resulting from that understanding. We believe that we are serving a worthy end in advising the American people of the service we have to render, and we welcome participants in that field of service enthusiastically. We feel disposed to compliment greatly, and with all the appreciation we can voice, the advertising that has been done by many of our great companies, particularly in our larger cities, in the spreading of this story of service, and in the education of the public concerning the goods we have to offer. I think that there is nothing that I need. to add in detail, but just to call your attention to the fact that in many States in the Union we face conflicts with the Bar; in many States in the Union we face competition with those who we feel are not so well qualified to serve in these capacities as are the organized trust companies; and that everywhere we face an especial ignorance of the quality of service which well organized trust companies can render along all the lines of fiduciary service, which we can constantly attack, and in the dissemination of knowledge concerning these services secure a constantly increasing volume of business. Appeal to Public Service The field is so vast, the opportunity is so great that every dollar we can spend intelligently in that field must be returned many fold to those who are prepared to render the service which we advertise. The old English banking ideal that it was undignified to advertise any form of service of this character has been so long lost sight of that I need hardly make an appeal to that point. I am willing to state my own deep conviction which I am sure is shared by many here and perhaps all, that any service that is helpful to human beings, that any service that is honest, that any service that helps ameliorate the conditions of life or to sim When You See I think of the the right-hand Personal Trusts TRUST COMPANY OF NEW YORK In the Singer Building plify the conditions under which we must live is salable and advertisable with complete dignity and self-respect. And the trust companies have entered that field of selling their services, individually and collectively, with what I believe is dignity of approach and quality of service, which commands the utmost respect. If by any chance we ever depart from those high standards and those proper ideals we would be glad to be criticized and I present them to you only as the standards by which we are guided and in some measure the promise of the results which we hope to attain. And so, Mr. President, with this brief conclusion, I ask for the support of the Trust Company Division in our further campaign which we hope to wage more intensively next year, and if we could by any chance secure that far-off ideal of one hundred per cent. co-operation, I am sure it would be with lasting results to the great service which we all hope to render and profit to those who render it. |