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ENERS

BRANCHES

OTTAWA

WINNIPEG

SASKATOON

VANCOUVER

YOUR CANADIAN AGENT

THE TORONTO GENERAL TRUSTS CORPORATION Was the first trust company in Canada. It is absolutely free from affiliation with other financial concerns and confines its operation to the duties of a corporate fiduciary.

With a complete and efficiently equipped organization and a long record of success, it is in a position to render satisfactory service for American Trust Companies in Canada.

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Head Office, Bay and Melinda Streets, Toronto
Total Assets under Administration exceed $120,000,000

THOSE DIFFICULT WAR DEBTS

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add to the benefits that would flow to us from the forgiving of these claims against our allies. England, for example, is not only our debtor, but has also herself loaned large amounts, aggregating about £1,113,251,178, to France and our other allies. These loans may fairly be said to have been made in large measure from the moneys (amounting to $4,196,818,358) she received from us. As a condition for our cancellation of England's war debt to us, we might reasonably ask in return that she cancel her claims against France and our other allies. And we may with reason hope to accomplish this result, for England has already given some evidence of willingness to forgive these loans. Thus we might free France almost entirely from the need to require payment of the German reparations in money and exchange, and thus prevent Germany from flooding the world with her goods."

The recently completed 1920 census figures show that there are 36,398,958 white residents in the United States of foreign birth or having one or both parents foreign born.

THE REVIVAL OF BUSINESS AND THE
DEMAND FOR MONEY

The Irving National Bank of New York says in its last business review: "Confidence being the ultimate human factor in any voluntary loan, the present revival of commerce and trade in the United States must ultimately intensify the need for liquid funds, particularly if wholesale prices continue to advance. The demand for capital hinges upon the prospective gains which borrowers have reasonable hopes of realizing. Whenever, through doubt or timidity, the spirit of enterprise slackens, liquid capital turns naturally to the security market for investment and particularly to seasoned bonds which bear a fixed rate of interest. This has been the situation for many months; not only individuals, but also many corporations have put their surplus funds into long-time or short-time securities. a movement that naturally has caused the values of these to be enhanced, and, conversely, the yield on current valuation to decline."

Julian W. Potter, vice-president of the Italian Discount & Trust Company of New York, has had the Order of the Cavaliere of the Crown of Italy conferred upon him by the Italian Government.

PROBATE COURT ACCOUNTING IN THE ADMINISTRA

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TION AND SETTLEMENT OF ESTATES

PRECAUTIONS TO BE OBSERVED BY EXECUTOR

NELL H. BRANTLY

American Security and Trust Company, Washington, D. C.

HE preparation of an account to be filed in the Probate Court, while practically the last work to be done by the Trust Department in the administration of an estate, except the actual distribution of the residue as set forth in account, is by no means the least interesting. It is the record of all the work done by those who have handled the estate, fitting together and dovetailing all transactions. And despite the fact that you know there is no possibility of a discrepancy, there is always a certain feeling of satisfaction, if you have done your part correctly, upon finding that, on the first balancing, your reconciliation sheet agrees with the ledger.

Inventory of Personal Estate, Money and Debts

First comes the Inventory of Appraised l'ersonal Estate, which is made by the court appraisers, and includes stocks and bonds, household effects, jewelry, books, etc.; next. the item shown in the Inventory of Money and Debts-notes, secured or unsecured, all cash on deposit or moneys due decedent, and rents and interest on notes and bonds to date of death.

It is on this latter point, the accrual of rents and interest on notes and bonds to date of death, and in including it as a part of capital, that an individual executor or administrator often fails in his accounting. Usually he treats all receipts after death as income, irrespective of the fact that part of them accrued before death. In some cases. this omission makes no ultimate difference. but in others it makes a great deal, as, for instance, where the capital is to form a trust fund.

The aggregate of these two inventories, together with the gains resulting from any sales, constitutes the capital of an estate. Out of the capital funds are paid all just debts of decedent, including expenses of last illness and burial, and expenses of administration. For his services the executor or ad

ministrator may claim a commission. the maximum amount under the District Code being 10 per cent.

Distribution of Estate

Distribution, when the decedent dies testate, is, of course, made according to the terms of the will. There is, however, one exception to this, and that is in the case of a legacy to any religious body, or for any religious purpose, when the decedent dies within thirty days of the date on which the will was signed. Under such circumstances, the legacy lapses and becomes a part of the residue.

If it is impossible for some reason to pay a legacy during the administration year-that is, within one year from the granting of letters testamentary-interest on such legacy at six per cent., dating from the expiration of the administration year, is paid out of income. Otherwise, the income is distributed to the residuary legatee or legatees. Dividends on stock specifically bequeathed do not constitute a part of the income, but go to the legatee. Nor are rents brought in as income unless the will so provides, real estate passing automatically under the law.

Ordinarily, the accounting at the end of the administration year is a final one. but where, in the interest of the estate, this is not practicable, the funds and securities remaining in the hands of the executor are set forth at the close of the account, and later the Deputy Register of Wills personally checks this report.

In the office of the Register of Wills, the Trust Department of this company has for years held the record for filing the most complete and accurate accounts of any company or individual in the District of Columbia.

Capital stock of the Wilmington Trust Company of Wilmington, Del., has been increased to $2.009,000.

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MAN

ANY people when they think of advertising have in mind a neat rectangle of type in a newspaper or magazine. It would be as logical when you think of a bank to have in mind a nest of safe deposit boxes. The advertisement in the newspaper is merely one of the visible manifestations of an underlying plan.

A specialist may well be chosen to lay out the plan; to determine first exactly what must be accomplished, and second, by what means. The complete advertising plan leads naturally into the preparation of copy along clearly defined lines. Each piece and each medium, whether the newspaper, direct mail, signboards, car cards, folders or miscellaneous items has its predetermined place and function.

It is imperative in bank advertising to plan ahead, consider the methods by which to appeal, the means that are usable, and

so center upon the kind of approach and style of appeal which experience has shown will influence the public to the action desired, and influence them in sufficient numbers to make the project profitable.

Upon a correctly devised publicity plan and efficient execution of its details, the banker depends for success in building his business. We are treating his problems in a series of folders, part one of which is now ready. We shall be glad to send Folder No. 1 upon request and put your name on our mailing list to receive the others in the series.

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SOME OF THE BEST MEDIUMS FOR BANK AND TRUST

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COMPANY ADVERTISING*

FOLLOW-UP AND DIRECT SOLICITATION

ARTHUR D.BEBIAN

Advertising and Publicity Director, The Equitable Trust Company of New York

HE number of people who buy and read a publication determine the commercial value of the advertising space in that publication. Quality of circulation and the location of circulation are also factors of prime importance, but they are factors which the advertiser must select according to his requirements. The selection of the best and most suitable advertising mediums becomes primarily a question to be determined by the markets we wish to reach.

Any organization about to launch an advertising campaign, should, in my opinion, first determine its most logical and profitable market, and then seek the mediums best covering that market. If we are, for instance, seeking business in Greater New York, or in the Metropolitan District, the Metropolitan dailies should, in my opinion, claim at least two-thirds of our appropriations for space. If we are seeking National business, the better grade of general and banking magazines are our logical mediums. I would not regard it as good business for a bank doing a purely local business to advertise in a medium whose circulation was scattered over the entire country. But should a bank be seeking new connections of a National or international character there is no medium more suitable than the better grade of financial or general magazine.

Magazine and Newspaper Rates

In the general magazine field, among publications most frequently utilized by banks and investment organizations, we find the cost per page of space ranging from $1.69 to $4.86 per thousand of circulation. In the newspaper field, taking the New York City dailies, as an example, we find the cost per page ranging from $4.75 to $27.23 per thousand of circulation.

Two-thirds of the important New York

Address delivered before Trust Company Section, New York State Bankers' Association.

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trated circulation certainly appear to be the best buy. Billboards and car cards are excellent mediums to round out a local campaign for their circulation is concentrated and they offer excellent display possibilities. I intend to dwell particularly upon the importance of follow-up work and personal solicitation for I believe that banking institutions, as a rule, do not attach sufficient importance to this work. Good follow-up work and personal solicitation are just as essential in a well rounded advertising campaign as the publications vou utilize and the copy you prepare.

Layout of Illustration and Copy

With our typewritten copy, we usually furnish rough pencil layouts, indicating size and style of illustrations, and placement of type masses. We also designate the styles of type to be utilized, etc. These preliminary precautions often save us considerable money in composition charges, as they lessen the chances for a misunderstanding.

The advertising of booklets on timely topics is usually productive of inquiries in good volume whether published in magazines or newspapers. I cite as a good example of this, the advertising recently placed by my organization describing a very timely booklet, entitled, "Currency Inflation and Public Debts," by Professor Seligman, with a prefatory note by our president, Alvin W. Krech. In advertising this booklet we utilized only a moderate amount of space in magazines and newspapers.

Example of Effective Booklet Publicity We secured not less than 4,000 inquiries for this booklet from widely diversified sources and from very high types of firms and individuals. These inquiries were carefully classified and assigned to our branch offices according to the territories in which they originated. The inquiries were then sent to each branch and correspondent office manager with a form letter to be utilized as a follow-up. A second follow-up letter was subsequently forwarded. Inquiries originating in our main office territory were turned over to our New Business and Bond Department representative.

Contact Through Bond Department

I have found that our Bond Department offers one of the best means of establishing contact with a prospect. Probably the best way of illustrating this fact is through the citation of a specific instance.

The prospect requested a copy of our booklet, "Currency Inflation and Public Debts,"

which was duly forwarded to him. About one week later he received from us a copy of our General Service booklet, outlining in a way easily comprehended by the layman, the many helpful services of a trust company. The introductory paragraph of this booklet reads as follows:

"Many bank depositors, both individuals and business firms, fail to get the most out of their banking connections because of their unfamiliarity with banking services and terms. This booklet has been prepared to help you understand the various forms of service in terms of your own business and private affairs.

"We want you to look upon us not just as a big bank, but as a friend, sincerely interested in your success. We can help you develop your business, invest your sarings safely and profitably, build your estate, relieve you of the care of its management and, finally, take upon our shoulders the protection of your estate for the benefit of your family.

"Our Service is a very human thing. It lies beyond the teller's or loan clerk's window-in the friendship and knowledge and experience of our officers; and their capacity and desire to help you will be limited only by the extent to which you take them into your confidence."

Each important function of our bank is described in this booklet in a brief and nontechnical way. This man read our booklet with interest and later when a representative of our Bond Department called upon the man he was in a receptive mood, and on the second call purchased $12,000 worth of bonds; not long afterward he himself sug gested that we take care of his securities and mortgages under the terms of our safekeeping service. Recently this man opened a substantial account with us which he intends to build up as a fund for the erection of a new building to house his business. This instance which is only one of many that I might cite shows the important part played by the follow-up work and it also illustrates well the importance of advertising some specific service to attract the interest of the reader.

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THE MANUFACTURERS TRUST CO. The Manufacturers Trust Company of New York and Brooklyn reported on June 30th total resources of $54,723,000: deposits of $49,158,000; capital, $2,500,000; surplus and undivided profits, $2,634,086. The company conducts five offices in Brooklyn. two in Manhattan and one in Queens.

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