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WHY THE EUROPEAN DEBT SHOULD NOT BE CANCELED

(Continued from page 366) obligations on the debtors, and those debtors have signed written promises to pay them. Public advocacy on the part of Americans for the cancellation of those debts cannot but embarrass the United States in its negotiations with the debtors. If those debtor nations repudiate those war debts to the United States, or assert that the debts are not morally due, then, in future, if those nations ever had occasion to apply to the United States for loans in another war it is likely that there would be very little public sentiment in the United States in favor of granting the applications.

Belgium's debt to the United States is not large enough to be of great embarrassment to her, and in my opinion can and in a resonable number of years will be paid.

French Attitude on Reparations

In Germany, from a financial standpoint, the situation is terrifying! The mark is worth less than one three-hundredths of the pre-war gold value. The railroads are being run by the government at a loss of 35,000,000,000 marks this year. It is estimated that Germany will have a deficit of over 200,000,000,000 marks this year! The mark can never recover. Some other unit of value will have to take its place.

There is a great deal of talk in Germany that France is trying to destroy Germany. On the other hand the French say that naturally they have no love for the Germans, but that France is not interested so much in destroying Germany as she is in saving herself. France recognizes that at all hazards she must restore her devastated areas, and must protect the people who were damaged by the war. They claim that as a result of the war between Germany and France in 1871, notwithstanding the fact that Germany was not invaded and no damage done to her property, yet she made France pay about four times Germany's en tire cost of the war. Now the French say, "We won the war. Our expenses were over thirty or forty billions of dollars, and we are making no claims for this against Germany. All we ask Germany to do is to re store the physical damage that she did in France during the war;" and, the French say that the fixing of this amount is not left to the French alone, all the details, amounts, etc., are in the hands of a Reparations Commission, composed of representatives from the several allied nations. The United States has no representative on that Commission and therefore cannot, in justice,

be charged with what the Reparations Commissions may do.

In Europe there can be no return to normalcy except by balancing national budgets with all that that may imply-getting rid of or drastically reducing the inflation in the circulating media and at least showing a marked tendency to return to a gold standard, coming nearer to an adjustment of the reparation question. Whether these things can be accomplished without the financial help of the United States or whether the adjustment of the debts due to the United States can be used as a means of bringing them about are questions that deserve the best consideration of thoughtful Americans.

CHICAGO TITLE & TRUST COMPANY CELEBRATES 75TH ANNIVERSARY Three-quarters of a century ago the Chicago Title & Trust Company was founded in the partnership of two men: Edward A. Rucker and James H. Rees, who were pioneers in the field of abstract making. From that partnership there eventually developed, through succeeding generations the Chicago Title & Trust Company, which embraced a merger of all title companies in Chicago in 1901. Today the company has thousands of employees and stockholders and stands among the foremost title and trust companies in this country. Its policy of management and operation has always been one of adherence to the three functions of abstracts, title guarantee politics and trust service. The company has no demand liabilities, with assets over $16,000,000 exclusive of a very large volume of trust business.

Reposing in a stone room, behind high grating, on one of the top floors of the tall Chicago Title & Trust Building, there are preserved six hundred so-called "Domesday Books of Chicago." These books contain the first and only remaining abstract records of early Chicago real estate transactions and transfers. These books were the only records of the kind that survived the great fire of 1871.

There is probably no corporation in the United States confining itself to title and trust business which is conducted along more efficient and approved lines than characterizes the service of the Chicago Title & Trust Company. The policies which should govern title insurance business and which are in operation in this company were instructively described in a paper by Harrison B. Riley, president of the company, on "The Place of Title Insurance in the Modern Business World," which appeared in the June, 1922, issue or TRUST COMPANIES.

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DISCOUNT CORPORATION

One of the most important agencies in helping to establish a broad discount market for acceptances is the Discount Corporation of New York which is handling an increasing volume of acceptances. Its financial statement of September 30th shows aggregate assets of $92,321,167; surplus and undivided profits of $2,248,250. Acceptances discounted and United States Treasury certificates held by the corporation amounted to $75,098,990; U. S. Treasury and Victory notes at par, $14,059,350; cash and due from banks, $1,623,261. Loans payable and deposits as of September 30th amounted to $20,751,023. The turnover of the corporation during the past 36 months exceeded $4,600,000,000.

The facilities of the Discount Corporation of New York are available to banks and trust companies throughout the United States. It discounts approved bankers acceptances and trade acceptances with bank endorsement at arrent market rates; quotes spot and forward rates on application; buys and sells U. S. certificates, treasury notes and other short term Government securities and receives funds repayable on demand, or at fixed maturity against the security of bankers' acceptances or government obligations.

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CHANGE OF CONTROL OF COMMERCE TRUST COMPANY OF KANSAS CITY According to a recent announcement from Kansas City, Mo., the officers of Theodore Gary & Company have purchased the stock of Chairman William T. Kemper and of President J. W. Perry, of the Commerce Trust Company of Kansas City, Mo., involving a change in management. The presidency of the Commerce Trust Company has been tendered to Walter S. McLucas, who was formerly associated with the company and left some time ago to accept the position of vice-president of the National City Bank of New York.

The Commerce Trust Company represents a combination of the National Bank of Commerce and of the Commerce Trust Company which was effected about a year ago. The combined resources gave the Commerce Trust Company resources and deposits exceeding those of any other bank in Kansas City. The latest statement shows resources of $101,816,000 and deposits of $84,447,000.

The Bankers Trust Company of New York points with justifiable pride to the fact that its latest study "French Public Finance" was used as a basis for discussion at one of the recent conferences in London on reparations between Lloyd George and M. Poincaré, the prime minister of France.

FIRST WISCONSIN NATIONAL BANK Noteworthy gains are shown in the September 15th statement of the First Wiscon sin National Bank of Milwaukee, of which Oliver C. Fuller is president. Aggregate resources are $93,684,946, with deposits of $77,684,000. The capital is $6,000,000; surplus, $3,000,000, and undivided profits, $1,849,579, with reserve accounts of $1,313,410. The associated First Wisconsin Trust Company shows total resources of $5,594,632; deposits, $1,647,208; reserve accounts, $1,054,430; due as executor, administrator, etc., $1,194,530. Capital is $800,000; surplus, $700,000, and undivided profits, $198,463.

Herman F. Wolf recently resigned as vicepresident of the First Wisconsin National Bank after completing fifty years of active banking service.

The Southern Trust Company is being organized at Louisville, Ky., with capital of $200,000. Casselberry Dunkerson will be president; A. C. Dulaney, vice-president and manager.

The Wachovia Bank and Trust Company of Winston-Salem, N. C., announces with deep regret the death of Mr. W. F. Snider, who was cashier of the Salisbury office,, and who had been associated with the company since 1902.

New Business for the Trust Department

The Bankers Service Corporation announces a specialized service for the

development of trust relations through

Customer Cultivation
Mailing List Building
Educational Booklets
Newspaper Copy

This department is under the supervision of G. Prather Knapp, author of "Public Relations of the Trust Department" and former member of the Publicity Committee Trust Company Division, A. B. A.

In addition to this new service for Trust Departments, the Bankers Service Corpora

tion offers developmental facilities for
Savings Departments, Commercial Depart-
ments, Safe Deposit Departments and In-
vestment Departments. Banks and Trust
Companies all over the United States and
Canada have been testing this Corpora-
tion's abilities for more than thirteen years,
and every customer is a reference.

The Bankers Service Corporation
19 & 21 Warren St., New York City
Write for "Public Relations of the Trust Department."

APPOINTMENTS AS TRANSFER AGENT,
REGISTRAR AND TRUSTEE

Among the latest announcements of the appointment of trust companies and National banks of New York City as transfer agent, registrar and trustee under corporate indentures, are the following: :

The Guaranty Trust Company of New York has been appointed transfer agent for` stock of the Utah Securities Corporation, consisting of 350,000 shares of capital stock. par value $100; transfer agent for the prefered stock of the Garland Steamship Corporation, consisting of 66,000 shares, par value $20.

The Empire Trust Company has been appointed transfer agent for the Continental Mines, Limited, Titan Iron & Steel Company, Inc., United States Stores Corporation and Cardinal Petroleum Corporation; registrar of the common stock of the Technicolor, Inc. and trustee for the United States Stores Corporation and Bishop's Service, Inc.

The Metropolitan Trust Company has been appointed registrar of $3,625,000 first preferred stock of the Ohio Public Service Company, par value shares $100 each.

Bankers Trust Company has been appointed transfer agent for preferred and common stock of D. G. Dery Corporation.

The New York Trust Company has been appointed transfer agent of the preferred

stock of the Autocar Company; trustee under indenture securing $4,000,000 of D. G. Dery Corporation first mortgage 20-year 7 per cent. sinking fund gold bonds, 1942.

The American Trust Company has been made transfer agent and registrar of the common stock of the General Gasoline Company of Denver, Colo.

Guaranty Trust Company of New York has been appointed registrar for the 7 per cent. cumulative preferred stock of the Bangor & Aroostook Railroad Company, consisting of 34,800 shares, par value $100.

NEW UPTOWN OFFICE FOR NEW YORK
TRUST COMPANY

The New York Trust Company has acquired the four-story and basement building at the southeast corner of Fortieth street and Madison avenue, formerly the residence of General Horace Porter, which will be remodeled and occupied as new up-town office for the company. The building is attractive in architectural outline. Banking quarters will occupy the lower floors.

The State Bank of Chicago has been appointed executor of the will of the late Daniel B. Scully, who left an estate estimated at over $2,000,000.

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ATTRACTIVE NEW BUILDING JUST COMPLETED FOR THE HARTFORD-CONNECTICUT TRUST COMPANY OF HARTFORD, CONN.

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