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be charged with what the Reparations ComNOT BE CANCELED

missions may do. (Continued from page 366)

In Europe there can be no return to norobligations on the debtors, and those debtors malcy except by balancing national budgets have signed written promises to pay them. with all that that may imply-getting rid of Public advocacy on the part of Americans or drastically reducing the inflation in the for the cancellation of those debts cannot circulating media and at least showing a but embarrass the United States in its ne. marked tendency to return to a gold standgotiations with the debtors. If those debtor

ard, coming nearer to an adjustment of the nations repudiate those war debts to the

reparation question. Whether these things United States, or assert that the debts are

can be accomplished without the financial not morally due, then, in future, if those help of the United States or whether the nations ever had occasion to apply to the adjustment of the debts due to the United United States for loans in another war it is States can be used as a means of bringing likely that there would be very little public them about are questions that deserve the sentiment in the United States in favor of

best consideration of thoughtful Americans. granting the applications.

Belgium's debt to the United States is not large enough to be of great embarrassment

CHICAGO TITLE & TRUST COMPANY to her, and in my opinion can and in a reu

CELEBRATES 75TH ANNIVERSARY sonable number of years will be paid.

Three-quarters of a century ago the Chi

cago Title & Trust Company was founded in French Attitude on Reparations the partnership of two men: Edward A. In Germany, from a financial standpoint,

Rucker and James H. Rees, who were piothe situation is terrifying! The mark is

neers in the field of abstract making. From worth less than one three-hundredths of the

that partnership there eventually developed, pre-war gold value. The railroads are being

through succeeding generations the Chicago run by the government at a loss of 35,000, Title & Trust Company, which embraced a 000,000 marks this year. It is estimated merger of all title companies in Chicago in that Germany will have a deficit of over 1901. Today the company has thousands of 200,000,000,000 marks this year! The mark employees and stockholders and stands can never recover. Some other unit of value among the foremost title and trust comwill have to take its place.

panies in this country. Its policy of manThere is a great deal of talk in Germany agement and operation has always been one that France is trying to destroy Germany. of adherence to the three functions of ab On the other hand the French say that stracts, title guarantee politics and trust serynaturally they have no love for the Ger

ice. The company has no demand liabilities, mans, but that France is not interested so with assets over $16,000,000 exclusive of a much in destroying Germany as she is in very large volume of trust business. saving herself. France recognizes that at

Reposing in a stone room, behind high all hazards she must restore her devastated

grating, on one of the top floors of the tall areas, and must protect the people who were

Chicago Title & Trust Building, there are damaged by the war. They claim that as a

preserved six hundred so-called "Domesday result of the war between Germany and

Books of Chicago." These books contain the France in 1871, notwithstanding the fact

first and only remaining abstract records of that Germany was not invaded and no dam

early Chicago real estate transactions and age done to her property, yet she made

transfers. These books were the only records of France pay, about four times Germany's en: tire cost of the war. Now the French say,

the kind that survived the great fire of 1871.

There is probably no corporation in the "We won the war. Our expenses were over thirty or rorty billions of dollars, and we

United States confining itself to title and

trust business which is conducted along more are making no claims for this against Germany. All we ask Germany to do is to re

efficient and approved lines than characterstore the physical damage that she did in

izes the service of the Chicago Title & Trust France during the war;" and, the French

Company. The policies which should govsay that the fixing of this amount is not ern title insurance business and which are in left to the French alone, all the details, operation in this company were instructively amounts, etc., are in the hands of a Repara described in a paper by Harrison B. Riley, tions Commission, composed of representa president of the company, on "The Place of tives from the several allied nations. The Title Insurance in the Modern Business United States has no representative on that World," which appeared in the June, 1922, Commission and therefore cannot, in justice, 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

NATIONALT. 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,

LPAPER 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

urrent market rates; quotes spot and forward rates on application; buys and sells U. S. certificates, treasury notes and other short term Government securities and re

ISATIONS ceives funds repayable on demand, or at SAFETY fixed maturity against the security of bank

PARER) ers' acceptances or government obligations.

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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.


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 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.

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 tion offers developmental facilities for of G. Prather Knapp, author of "Public Savings Departments,

Commercial DepartRelations of the Trust Department” and ments, Safe Deposit Departments and Informer member of the Publicity Committee vestment Departments. Banks and Trust Trust Company Division, A. B. A.

Companies all over the United States and

Canada have been testing this CorporaIn addition to this new service for Trust tion's abilities for more than thirteen years, Departments, the Bankers Service Corpora 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.”

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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.


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 prefesed 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 Conpany, 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


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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