Speaking before the annual meeting of the Orange County Bankers' Association, at Goshen, N. Y., recently, Frederick W. Gehle, of The Mechanics & Metals National Bank, New York, urged an immediate adjustment of the Allied debts due the United States. and the German reparations, as an aid to the world's economic stability. Mr. Gehle said:

"Until the question of what nations are to pay one another is settled, there can be no stabilization of exchanges and no restoration of complete international confidence. The Allies owe the United States more than they can pay and more than we can afford to collect; Germany owes the Allies more than it can pay or they can afford to collect. Attempts to carry out the reparation terms have contributed to break down Germany's finances, and now, without sufficient gold, credit or trade balances, Germany is in a position where the Allies, in the interest of general prosperity, are compelled to consider adjustment of the indemnity to an amount that can be paid.

"As for the Allied debts to the United States, the time is here for a frank consideration of at least a partial cancellation. Foreign governments now owe the treasury of the United States, $11,700,000,000, adding unpaid interest to the original loans. How they can ever wipe out this debt is more than we can imagine. There is not enough available gold abroad, and were the nations which are our debtors to attempt paying with goods, they would disrupt our entire industrial and financial organism. We now produce more food and material than we ourselves require, and depend upon foreign markets to take the excess. If, to satisfy debts, foreign markets were to cease buying our surplus, and should seek yearly to sell hundreds of millions dollars more of goods in this country than they buy, there would be ahead of us a period of extreme demoralization.

"None of us of course want foreign nations to repudiate their debts; the example of that upon future credit relations, uational and personal both, would be demoralizing. The initiation in the discussion should come from the United States, and it would be a mark both of sound business sagacity and a generous heart were America to assume the leadership in seeking a basis for settlement.

"After all, there is a way of looking at this question that some of us up to the present have missed. Our soldiers fought in a common cause, so also did our dollars. In the months after our entrance into the war we were not able immediately to send trained troops into the field to help our Allies, and as a substitute we sent out dollars. Those dollars were expended to feed and equip French, Belgian, Italian and British soldiers who occupied places in the trenches that otherwise would have been occupied by American soldiers. Foreign soldiers held the line until our boys were able to take their places; many of them were killed.

"As a starting point for negotiations, then. would it not be feasible to suggest wiping out the debts incurred by foreign nations to maintain their soldiers in the places that would otherwise have been occupied by American troops? Had foreign soldiers not occupied those places, it is conceivable that the war would have been greatly prolonged, at a greatly increased cost to America in lives and money.

"Roughly stated, about 60 per cent. of our war advances were for strictly war purposes; the other 40 per cent. was for civil and other purposes and need not be considered in the moral scale as subject to cancellation. But the 60 per cent. represents obligations incurred to a not inconsiderable extent in our behalf. Hence a starting point might be made here, not alone because of international financial conditions, but also because of what it will mean in establishing our place in the respect, confidence and gratitude of the nations of the world."

M. H. GRAPE RESIGNS FROM UNION TRUST COMPANY OF BALTIMORE Mr. Maurice H. Grape, who is widely known in banking and trust company circles throughout the country, has resigned from the office of executive vice-president of the Union Trust Company of Maryland, in Baltimore, the resignation taking effect October 15th. Mr. Grape's decision to leave the Union Trust Company with which he has been associated since 1914, was prompted by a desire to enter other banking or commercial activities.

. Mr. Grape has had an exceptionally successful career in banking and trust company work. He started at the bottom and has had valuable experience in practically all departments of trust company business. He began his banking career with the Third National Bank of Baltimore. In 1903 he came to the Continental Trust Company of that city as teller and by his diligence worked his way up to vice-president. In 1914 he left the Continental Trust Company to accept the position of vice-president of the Union Trust Company of Maryland. At that time the deposits of the Union Trust Company were about half a million. Soon after Mr.

Grape assumed his duties the deposits of the Union Trust Company increased steadily and now amount to about $12,500,000.

The growth experienced by the Union Trust Company is largely attributable to Mr. Grape's executive abilities and success in building up bank business. He has been constant in his attendance at the annual meetings of the Trust Company Division of the American Bankers' Association with which he served as a member of the Executive Committee.

MANUFACTURERS TRUST BULLETIN

The Manufacturers Trust Company of New York is running a series of "Boost Your City" articles in its "Quarterly Bulletin." The first number of this series appears in the October issue of the bank's publication, and pertains to the Police Department of New York City. A complete outline is given of the departmental organization and a synopsis of the work of each branch. Similar articles are to appear in future numbers of the magazine regarding other de partments of our city government, such as Fire, Health, Charities and Finance.

OVER 110 OFFICES IN IRELAND

OVER 170 OFFICES IN SCOTLAND

UNION OF CINCINNATI ACQUIRES BANK The Union Savings Bank and Trust Company of Cincinnati has acquired, by purchase, the assets and business of the Hamilton County Bank which adds two branches to the chain of six branches conducted by the company in various sections of Cincinnati. The arrangements for the purchase were made by President Charles A. Hinsch within several days after his return from Europe. Advisory boards have been named for the two new offices acquired through the purchase, composed largely of directors of the Hamilton County Bank. E. H. Matthews, who was president of the Hamilton remains as chairman of the advisory board of the Woodburn avenue branch with M. C. Greife, formerly cashier, as manager.

The acquisition of the Hamilton County Bank with its branch will materially increase the resources and deposits of the Union Savings Bank and Trust Company which is allied with the Fifth-Third National Bank through joint ownership of stock. The Hamilton County Bank had resources of $1,925,000 and deposits of $1,634,000, while the statement of the Union Savings Bank & Trust Company, prior to the absorption, reported total resources of $25,029,000 and deposits of $20,095,000.

SUBSTANTIAL DEPOSIT GAINS BY LAND

TITLE & TRUST

A comparison of recent statements of the Land Title & Trust Company of Philadelphia with reports of six months and a year ago reveal some notable gains in deposits. In the past six months deposits show an increase of $2,772,000. Taking the report of last June 30th as a basis there is shown an increase of $4,142,189, as compared with the return for a year previous June 30, 1921. The total deposits on June 30th last aggregated $18,349,739, with capital of $3,000,000; surplus and undivided profits of $10,553,564. Combined resources amounted to $32,603,649 with loans and discounts of $18,004,357; investments, $4,077,891; real estate, furniture, etc., $5,578,000; lawful reserve, $2,361,230; checks and other cash items, $1,034,090; cash on hand, $685,729 and other resources $850,520. The Land Title & Trust Company has also experienced marked growth in the volume of its trust business under individual and corporate trusts.

The American Trust & Safe Deposit Company is the name of a new trust company which has opened for business in Chicago. It is affiliated with the American Bond and Mortgage Company.

Liberty Trust Co. of Newark,N. J.

We invite correspondence

EQUITABLE

TRUST COMPANY OF WILMINGTON, DEL.

The recent 66th semi-annual statement of the Equitable Trust Company of Wilmington, Del., shows combined assets of $5,988,700, including cash on hand, and due from banks, $684,870; stocks, bonds, mortgages and loans, $4,465,165; office building, etc., $440,000; mortgages held as security for outstanding mortgage certificates, $214,500 and letters of credit, $148,982. Deposits total $4,105,906. Capital is $500,000; surplus, $500,000; undivided profits, $300,000, and special reserve fund, $150,000. The company has trust funds amounting to $15,950,313.

H. S. A: STEWART

Henry S. Atwood Stewart, senior vice president and a director of the Fidelity Title & Trust Company of Pittsburgh, died recently at his home in that city after a short illness. Mr. Stewart was born at Steubenville, O., on December 5, 1846. His business career began in McConnellsville, Pa., where he entered the oil business, then in its infancy. Later he became connected with the freight department of the Panhandle Rail

road. In 1867 Mr. Stewart went to Pittsburgh, where he engaged in the manufacture of burning and lubricating oil under the firm name of the H. S. A. Stewart Company. In 1874 he sold this business to the Standard Oil Company, whose employ he entered. Ten years later (1884) Mr. Stewart turned his attention to the real estate field, and for more than 20 years was a successful operator and builder. In 1904 he was elected a vice-president of the Fidelity Title & Trust Company, of which he had been one of the incorporators when it was organized in November, 1896, and of which he had been one of its first directors.

HIBERNIA BANK & TRUST COMPANY OF NEW ORLEANS

General improvement in business is reflected in the Sept. 15th statement of the Hibernia Bank and Trust Company of New Orleans. Resources aggregate $48,669,000, with loans and discounts of $26,901,000; U. S. securities, $3,720,000; other bonds and stocks, $5,193,000; cash on hand and with banks, $8,791,000. Deposits total $42,761,191. Capital is $2,000,000; surplus, $2,500,000, and undivided profits, $247,920.