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OVELISTS and film writers are fond of portraying the "Wall Street Banker" as a man of austere mien framed by an eternal halo of cigar smoke. He sits at his desk grim, unyielding in his dignity, juggling elusive millions and manipulating the destiny of men and nations with about as much human emotion or compunction as a cuttlefish. There is no mistaking the type on the stage or in the pages of the latest "thriller." Somehow or other, he is never encountered in real life-least of all in the purlieus of Wall Street.

With this prelude we may pass on to "Bankers' Armistice Day" in New York on October 31st when the men who play the stellar rôles in the big banks and trust companies of New York, discarded their "austere mien" and donned the "knickers" of boyhood days. On the surface "Wall Street" looked and acted just as it does on every week day. But there was a mystical and seemingly concerted absence of the men higher up. Also, it was not hard to detect a contagious atmosphere of relaxation among Junior officers who held the fort and clerical forces.

Not many miles away, in the rolling hil country of Rye, swept by fresh breezes from the Sound, the "Bankers' Armistice Day' was being celebrated with a bloodless battle. The occasion was the annual golf tournament of the Bankers Athletic League of New York and the scene was the West chester-Biltmore Golf Course with its velvety greens and alluring perspectives. Sportive as a crowd of schoolboys playing "hookey" there were gathered nearly one hundred of New York City's leading bankers and trust company officials. The refinements of the game of "high finance" were displaced by the refinements of the game of golf, although some of the team scores turned in at the "nineteenth hole," were more suggestive of a monthly deposit statement and "intensive agriculture."

Nearly a score of New York's largest banks and trust companies were represented by the happy, carefree throng which gath

ered on schedule time at the first tee to attend the opening of the tournament. Each institution participated with a team of the best golfers from its official staff and board of directors. The prizes consisted of three handsome silver cup trophies; one donatel by Mr. Alvin W. Krech, president of the Equitable Trust Company, for the best team score; another offered by the Bankers' Athletic League for the best net score; and a third trophy offered by Percy H. Johnston, president of the, Chemical National Bank. for the lowest gross score.

The Guaranty Trust Company quintette of players captured the Krech trophy for the best team play with a plus score of 431. This team was composed of C. Boardman, manager; C. H. Sabin, C. R. Parker, C. M. Marvin and A. R. Jones. The Equitable Trust team came in a close second with a score of 407. The Equitable team consisted of J. I. Bush, S. Armstrong, R. E. Hanson, G. Meyer and W. J. Eck. The succeeding teams lined up as follows: Chase National, plus

Capital, Surplus and Profits

$3,066,735.53

340; Federal Reserve Bank, plus 309; New York Trust Company, plus 191; Central Union Trust Company, plus 102; American Express Company, plus 96; Farmers Loan & Trust Company, plus 41; Bank of America, minus 92; Chemical National Bank, minus 112; American Exchange National Bank, minus 195; Seaboard National Bank, minus 231; State Bank, minus 244; Cor-, poration Trust Company, minus 262; Columbia Trust Company, minus 286; Manufacturers Trust Company, minus 530.

R. C. James of the American Express was the "Sarazen" of the tournament turning in the best gross score, taking the Johnston cup. With a handicap of 4 Mr. James had a 79 for his net. The League trophy for the lowest net score was won by C. A. Corliss of the Chemical National Bank, who turned in a score of 81.

For the successful handling of the tournament warm praise was bestowed upon C. E. Reid, president of the Bankers' Athletic Association and his conferees, Messrs. John Bunke of the Fifth National Bank and Rob. ert Hamilton of the State Bank. Other members of the committee in charge of the contest were: James I. Bush, vice-president, the Equitable Trust Company; W. W. Hoffman, trust officer, National City Bank; Challen R. Parker, vice-president, the Guaranty Trust Company; Percy H. Johnston, president Chemical National Bank; F. N. B. Close, vice-president, Bankers Trust Company; H. S. Tenney, vice-president, New York Trust Company; C. H. Murphey, vice-president, United States Mortgage & Trust Company.

Henry M. Heath, vice-president of the Peoples Trust Company of Brooklyn, has been elected a trustee of the Brevoort Savings Bank of Brooklyn.

Lewis P. Smith and William H. Thomas have been elected directors of the City Bank Trust Company, Syracuse, N. Y.

THE FUTURE OF MONEY RATES The prospective course of interest rates for money and capital is interestingly discussed in the last monthly letter of The Mechanics & Metals National Bank of New York, as follows:

"Ever since the autumn of 1920, the country has been in a period of constantly increasing money supply. There are many indications that, this period has practically run its course; if these indications are correct, it is logical to look for a slight turn in interest rates. There is still an abundance of available credit, but the opinion is nevertheless growing that money rates have passed their lowest point of the present movement, and that the tendency will now be toward slightly higher levels. Conditions warrant no striking upward movement of rates.

"Were we in a position to base conclusions on the shortage of real capital throughout the world, it would be reasonable at this time to say that the rate of interest for permanent investment would soon make its effect felt in advancing rates for permanent and temporary funds alike. With the outlet for investment in so many countries blocked, we cannot for the present consider the world as a unit in either an investment or money market sense, and, of course, with money market rates in the United States influenced by the tremendous accumulation of foreign gold, it must be acknowledged that the rate of interest for temporary employment of floating resources is not likely to be carried to any immediately high levels. In the long run, the rate of interest on investment funds must govern the money market rate, and if next year any semblance of order comes in the world's financial affairs, the relationship of the two may begin to manifest itself in a new light."

Since the reorganization of the New York Stock Transfer Association two years ago a great deal of progress has been made in standardizing practice and methods of han dling stock transfers and registration of securities. The questionnaires issued to members at frequent periods and subsequently adopted by the Association have been published in previous issues of TRUST COMPANIES and form the basis of approved practice for transfer men generally. These standards have proven exceptionally valuable to trust companies and fiduciaries in connection with transfers of decedent estates.

The latest questionnaire No. 7, recently adopted by the Association, is presented herewith:

No. 1. Would you accept the guarantee of a stock exchange firm to assignments of securities presented for transfer after that firm has been absorbed, consolidated or merged with another stock exchange firm? Answer. No.

No. 2. Do you accept assignments of securities with the signature to the assignment guaranteed by an out-of-town bank or trust company not having a New York correspondent?

Answer. No.

No. 3 If the will of a decedent leaves his entire estate to his wife, and if, before the estate is settled, the wife should die, leaving, by will, her entire estate to her child, would you transfer shares of stock recorded in the name of the husband direct to the child, or would you insist that it first be transferred to the estate of the wife?

Answer. The stock should be transferred to the estate of the wife:

No. 4. What is your procedure when requested to transfer shares of stock from the maiden name to the married name of a stockholder?

Answer. The assignment of the shares should be executed by the stockholder signing thus: Jane Smith Doe, formerly Jane Smith," or "Jane Smith, now Jane Smith Doe." Signature should be verified. No stock transfer tax stamps required. No. 5 When a person has changed his name by legal procedure, i. e. Ordenstein to Orden, and it is desired to transfer shares of stock from the old name to the new name, what do you require?

Answer. Decree of Court authorizing change of name. The stock certificate should be endorsed thus: "John Orden, formerly John Ordenstein," or "John Ordenstein, now John Orden." Signature should be guaranteed. No transfer stamps required.

No. 6. Do you insist that the date on a sales ticket, with transfer tax stamps attached, accompanying shares of stock for transfer, shall be subsequent to the date of assignment of the shares or would you accept a sales ticket dated a few days prior to the date of assignment?

Answer. Should require that the sales ticket bear the same date or a date subsequent to the date of assignment.

No. 7. Would you accept an assignment of securities registered in the name of Smith & Brown, signed thus: "Smith & Brown, by James Smith," and if not what would you require?

Answer. Yes, if convinced that the firm is partnership and that the person who signed is a member of such firm.

No. 8. When shares of stock are recorded in the names of joint tenants with right of survivorship and not as tenants in com mon, and one of the joint tenants is deceased, do you consider, it necessary to have a release of the shares by the fiduciary of the estate of the decedent? Answer. No, unless the laws of the specific State require it.