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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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BRANCHES OTTAWA WINNIPEG SASKATOON VANCOUVER

A. D. LANGMUIR,

W. G. Watson,
General Manager

Ass't General Manager
Head Office, Bay and Melinda Streets, Toronto

Total Assets under Administration exceed $120,000,000

THOSE DIFFICULT WAR DEBTS

(Continued from page 12) 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 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 The recently completed 1920 census figures Italian Discount & Trust Company of New show that there are 36,398,938 white resi York, has had the Order of the Cavaliere dents in the United States of foreign birth of the Crown of Italy conferred upon him or having one or both parents foreign born. by the Italian Government.

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PROBATE COURT ACCOUNTING IN THE ADMINISTRA

TION AND SETTLEMENT OF ESTATES
PRECAUTIONS TO BE OBSERVED BY EXECUTOR

NELL H. BRANTLY
American Security and Trust Company, Washington, D. C.

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THE preparation of an account to be ministrator may .claim a commission, the

filed in the Probate Court, while prac maximum amount under the District Code

tically the last work to be done by the being 10 per cent. Trest Department in the administration of an estate, except the actual distribution of

Distribution of Estate

Distribution, when the decedent dies the residue as set forth in account, is by no testate, is, of course, made according to the means the least interesting. It is the record of all the work done by those who have

terms of the will. There is, however, one ex

ception to this, and that is in the case of a bandled the estate, fitting together and dovetailing all transactions. And despite the fact

legacy to any religious body, or for any rethat you know there is no possibility of a

ligious purpose, when the decedent dies withdiscrepancy, there is always a certain feeling

in thirty days of the date on which the will of satisfaction, if you have done your part

was signed. Under such circumstances, the morrectly, upon finding that, on the first bal

legacy lapses and becomes a part of the resi

due. ancing, your reconciliation sheet agrees vith the ledger.

If it is impossible for some reason to pay

a legacy during the administration year-that Inventory of Personal Estate, Money and is, within one year from the granting of Debts

lett.r's testamentary-interest on such legFirst comes the Inventory of Appraised acy at six per cent., dating from the exl'ersonal Estate, which is made by the court piration of the administration year. is paid appraisers, and includes stocks and bonds, out of income. Otherwise, the income is household effects, jewelry, books, etc.; next, distributed to the residuary legatee or legathe item shown in the Inventory of Money tees. Dividends on stock specifically beand Debts-notes, secured or unsecured, all queathed do not constitute a part of the intash on deposit or moners due decedent, and come, but go to the legatee. Nor are rents Fents and interest on notes and bonds to date brought in as income unless the will so proof death.

vides, real estate passing automatically unIt is on this latter point, the accrual of der the law. rents and interest on notes and bonds to Ordinarily, the accounting at the end of date of death, and in including it as a part the administration year is a final one, but of capital, that an individual executor or where, in the interest of the estate, this is not administrator often fails in his accounting. practicable, the funds and securities remainl'sually he treats all receipts after death as ing in the hands of the executor are set forth income, irrespective of the fact that part of at the close of the account, and later the them accrued before death. In some cases, Deputy Register of Wills personally checks this omission makes no ultimate difference. this report. but in others it makes a great deal, as, for in In the office of the Register of Wills, the stance, where the capital is to form a trust Trust Department of this company has for fund.

years held the record for filing the most comThe aggregate of these two inventories, to plete and accurate accounts of any comspiker with the gains resulting from any pany or individual in the District of Cosales, constitutes the capital of an estate. lumbia. Out of the capital funds are paid all just debts of decedent, including espenses of last (apital stock of the Wilmington Trust illness and burial, and expenses of adminis Company of Wilmington, Del., has been intration. For his services the executor or ad creased to $2.000.000.

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MANY

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 chos 80 center upon the kind of apen to lay out the plan; to deter- proach and style of appeal which mine first exactly what must be experience has shown will inaccomplished, and second, by Auence the public to the action what means. The complete ad- desired, and influence them in vertising plan leads naturally into sufficient numbers to make the the preparation of copy along project profitable. clearly defined lines. Each piece

Upon a correctly devised puband each medium, whether the licity plan and efficient execution newspaper, direct mail, sign- of its details, the banker depends boards, car cards, folders or for success in building his busimiscellaneous items has its pre ness. We are treating his probdetermined place and function. lems in a series of folders, part

one of which is now ready. We It is imperative in bank adver

shall be glad to send Folder No. 1 tising to plan ahead, consider

upon request and put your name the methods by which to appeal, on our mailing list to receive the the means that are usable, and others in the series.

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SOME OF THE BEST MEDIUMS FOR BANK AND TRUST

COMPANY ADVERTISING*

FOLLOW-UP AND DIRECT SOLICITATION

ARTHUR DEBEBIAN
Advertising and Publicity Director, The Equitable Trust Company of Now York

T*

City newspapers, however, are under $6.00 per thousand of circulation, and when we consider that the average display bank advertisement occupies less than one-quarter page of space, we are purchasing adequate newspaper space at less

than $1.50 per thousand. The rates per thousand in Buffalo, Rochester, Syracuse and Albany newspapers are approximately the same.

Follow-Up and Solicitation For the bank whose business is largely local, the local newspapers having a concen

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 medjums 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 $1.86 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 d-litored before Trust Company Section, · New York State Bankers' Association.

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trated circulation certainly appear to be which was duly forwarded to him. About one
the best buy. Billboards and car cards are week later he received from us a copy of
excellent mediums to round out a local cam our General Service booklet, outlining in a
paign for their circulation is concentrated way easily comprehended by the layman, the
and they offer excellent display possibilities. many helpful services of a trust company.
I intend to dwell particularly upon the im The introductory paragraph of this booklet
portance of follow-up work and personal so reads as follows:
licitation for I believe that banking institu "Many bank depositors, both individ.
tions, as a rule, do not attach sufficient im uals and business firms, fail to get the most
portance to this work. Good follow-up work out of their banking connections because
and personal solicitation are just as essen of their unfamiliarity with banking serr-
tial in a well rounded advertising campaign ices and terms. This booklet has been pre-
as the publications you utilize and the copy pared to help you understand the rarious
you prepare.

forms of service in terms of your OICH Layout of Illustration and Copy

business and private affairs. With our typewritten copy, we usually

"We want you to look upon us not just furnish rough pencil layouts, indicating size

as a big bank, but as a friend, sincerely and style of illustrations, and placement of

interested in your success. We can help type masses. We also designate the styles of

you develop your busine88, invest your sartype to be utilized, etc. These preliminary

ings safely and profitably, build your exprecautions often save us considerable

tate, relieve you of the care of its managemoney in composition charges, .as they les

ment and, finally, take upon our shoulders sen the chances for a misunderstanding.

the protection of your estate for the beneThe advertising of booklets on timely

fit of your family. topics is usually productive of inquiries in

"Our Serrice is a very human thing. It good volume whether published in magazines

lies beyond the teller's or loan clerk's win. or newspapers. I cite as a good example of

douin the friendship and knowledge and this, the advertising recently placed by my

experience of our officers; and their caorganization describing a very timely booklet,

pacity and desire to help you will be limentitled, "Currency Inflation and Public

ited only by the extent to which you take Debts," by Professor Seligman, with a pre

them into your confidence.". fatory note by our president, Alvin W. Krech.

Each important function of our bank is In advertising this booklet we utilized only

described in this booklet in a brief and nona moderate amount of space in magazines

technical way. This man read our booklet and newspapers.

with interest and later when a representative

of our Bond Department called upon the Example of Effective Booklet Publicity

man he was in a receptive mood, and on the We secured not less than 4,000 inquiries second call purchased $12,000 worth of for this booklet from widely diversified bonds; not long afterward he himself suysources and from very high types of firms gested that we take care of his securities and and individuals. These inquiries were care. mortgages under the terms of our safekeepfully classified and assigned to our branch ing service. Recently this man opened a suboffices according to the territories in which stantial account with us which he intends to they originated. The inquiries were then build up as a fund for the erection of a new sent to each branch and correspondent office building to house his business. This instance manager with a form letter to be utilized which is only one of many that I might cite as a follow-up. A second follow-up letter shows the important part played by the folwas subsequently forwarded. Inquiries origi low-up work and it also illustrates well 'the nating in our main office territory were importance of advertising some specific serr. turned over to our New Business and Bond ice to attract the interest of the reader. Department representative. Contact Through Bond Department

THE MANUFACTURERS TRUST CO. I have found that our Bond Department The Manufacturers Trust Company of offers one of the best means of establishing New York and Brooklyn reported on June contact with a prospect. Probably the best 30th total resources of $54,723,000; deposits way of illustrating this fact is through the of $49,158,000; capital, $2,500,000; surplus citation of a specific instance.

and undivided profits, $2,634,086. The comThe prospect requested a copy of our book- pany conducts five offices in Brooklyn, two let, "Currency Inflation and Public Debts," in Manhattan and one in Queens.

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