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LONDON JOINT CITY AND
MIDLAND BANK LIMITED

CHAIRMAN:
The Right Hon. R. McKENNA

JOINT MANAGING DIRECTORS:
F. HYDE

E. W. WOOLLEY

Subscribed Capital

£38,117,103 Paid-up Capital

10,860,852 Reserve Fund

10,860,852
Deposits (Dec. 31st, 1921). - 375,117,092
HEAD OFFICE : 5, THREADNEEDLE STREET, LONDON, E.C. 2

OVER 1,600 OFFICES IN ENGLAND AND WALES
OVERSEAS BRANCH : 65 & 66, OLD BROAD STREET, LONDON, E.C. 2
Atlantic Offices : “ Aquitania BerengariaMauretania"

AFFILIATED BANKS: BELFAST BANKING CO. LTD. THE CLYDESDALE BANK LTD. OVER 110 OFFICES IN IRELAND

OVER 160 OFFICES IN SCOTLAND

GAINS SHOWN BY UNITED STATES

TRUST COMPANY An increase of $5,942,000 in deposits is shown in the June 30 financial statement of the United States Trust Company of New York as compared with the return made March 10th of the present year, bringing total deposits to $55,682,870. Resources of $74,939,369 represent a gain of $6,079,000 as compared with March 10th. The chief items of resources are: Cash on hand, in Federal Reserve Bank and due from banks, $10,376,642; public securities, $3,518,950; private securities, $9,235,310; U. S. Treasury notes, $4,000,000; loans, $37,446,955; bills purchased, $4.940,328; bonds and mortgages $3,913,294; real estate, $1,000,000.

The capital is $2,000,000; surplus fund, $12,000,000, and undivided profits, $4,021,867, the latter account also showing a substantial gain in the last three months.

IRVING NATIONAL BANK STATEMENT

In the character and distribution of assets the June 30th financial statement affords evidence of the strong position of the Irving National Bank of New York. Resources aggregate $292,492,601, the main division of which are: Cash resources, including cash in vault and with Federal Reserve, exchanges, call loans, etc., $159,530,000; other loans and discounts, $89,477,000; United States obligations, $5,657,000; short term securities, $14,730,000; other investments, $6,843,000 and acceptances, $15,653,000. Deposits of $243,388,000 represent a gain of eight millions since the first of the year. Capital is $12,500,000; surplus and undivided profits, $11,066,000.

Solomon A. Smith, president of the Northern Trust Company of Chicago, has been elected a director of the Elgin National Watch ComJiany to succeed the late A. C. Bartlett.

W. D. Hord has been appointed sales manager in the bond department of the FifthThird National Bank of Cincinnati.

The Jenkintown Trust Company of Jenkintown, Pa., succeeded on July 1st to the business of the Jenkintown National Bank.

The First National Bank of Grant City, Mo., is to be liquidated and will be succeeded by a trust company.

The Valley Savings Bank and Trust Company of Chillicothe, Ohio, has increased its capital from $100,000 to $150,000.

IMPORTANT DECISION OF INTEREST TO TRANSFER AGENTS

TRANSACTIONS INVOLVING PROPERTY OF MINORS The recent decision of the Supreme Court, June 26, 1922. Liability was sustained on New York County, in the case of Casey v8. the ground that the plaintiff, not being of Kastel et al., brings forcibly to the attention age, was not bound by her contract with Kasof transfer agents and of dealers in securi tel and that all persons participating in the ties the dangers attendant upon transactions conversion of the certificate were liable. involving property of minors, where duly The court says: "Under the circumstances constituted guardians have not been ap the possession of all of the defendants on pointed and are not dealt with. The property March 14, 1918, was tortious, and the exercise involved in this case is a certificate of stock by them of illegal dominion over plaintiff's of the United States Steel Corporation, property constituted a conversion, and this

It appears that Elizabeth Browne Casey notwithstanding Kastel's transferees were entrusted a certificate standing in her name without knowledge of the fact of infancy and for shares of the United States Steel Cor innocent of Kastel's unlawful act. Having poration to Philip F. Kastel. The certificate taken part in the disposal of the plaintiff's stood in her maiden name, Betty Browne. property, they are not relieved because they In January, 1918, she married and was then acted under the apparent authority of Kastel, 19 years of age. She testified at the trial because he had no actual authority to disthat Kastel asked her to loan the stock to pose of it (Hollins vs. Fowler, 7 E. & I. App., him. On March 14, 1918, she delivered it to 757; Ely vs. Ehle, 3 N. Y., 506; Milligan vs. him, endorsed in blank. Kastel ordered the Brooklyn Warehouse Co., 34 Misc., 55, 59; sale of the certificate through the firm of McCombie vs. Davies, 6 East, 536; Fine Art E. E. Reid & Company. This company, not Society vs. Union Bank of London, 17 Q. B. being a member of the Stock Exchange, D. 705; Spackman vs. Foster, 11 Q. B. D., placed an order for the sale of the stock 99; Gordon vs. London City & Midland with the firm of Johnson & Woods, who sold Bank, 1 K. B., 1902, 242; Same vs. Same, it to the firm of DeCoppet & Doremus. De App. Cases, 1903, 242), and the cancellation Coppet & Doremus delivered it to the United of the certificate by the defendant corporaStates Steel Corporation, which canceled tion without right or authority was in itself the certificate and issued a new certificate

an

act of conversion (olds vs. Chicago to three individuals designated by DeCoppet Open Board of Trade, 33 Ill., App. 445.) & Doremus. No inquiry was made as to the "I find no merit in the contention that the genuineness of Betty Browne's signature, only persons who can be held liable in an each firm relying upon the guarantee of the action of this kind are the broker with whom previous firm in the transaction.

the plaintiff dealt, and the persons in whose The court took notice of the fact that a hands her property is found. All of the derule of the Stock Exchange requires that to fendants, and those not parties, who particiconstitute a good delivery of a certificate of pated in effecting the sale, exercised hostile a married woman, endorsement of her hus dominion over the property and aided in deband is also required. Kastel reported that priving the plaintiff of her stock (McCombie he had sold the stock and had realized vs. Davies, supra) Full legal protection to $11,000 on the sale. He gave Betty Browne the plaintiff would seem to require that she $1,500 and gave her a note for $12,500. Kas should have the right to proceed against any tel made two additional payments, one of and all persons concerned in the series of $2,100, and another of $900, making in all events that deprived her of her property. a total payment of $4,500. Attempts to se This seems to be the view taken in Hollins cure further payments were unsuccessful. vs. Fowler (supra). Otherwise she might Action was brought by the plaintiff's guard find herself remediless by reason of the inian ad litem against Kastel, United States solvency of the person with whom she dealt, Steel Corporation, and members of the firm as is the apparent situation in the case of Johnson & Wood. A trial by jury was at bar, or by reason of her inability to locate waived and Judge O'Malley decided in favor the present holder of her property. of the plaintiff, his opinion being printed at • "In reaching the foregoing conclusions I length in the New York Law Journal for have not been unmindful of the urgent.con

MEN.18303

new.

Representative of New York-Old and New

The New York Life Insurance and Trust Company occupies a unique position in New York. Its Trustees elect their own successors and no change in ownership of its stock can bring about undesirable changes in its business policy. The Trustees are thoroughly representative of New York-old and

Some are descendants of men who originally incorporated the Company in 1830; all are representative of those prominent in New York financial and legal affairs, just as has been the case since 1830.

The present Trustees are: Frederic W. Stevens, Stuyvesant Fish, Edmund L. Baylies, Columbus O'D. Iselin, W. Emlen Roosevelt, Cleveland H. Dodge, Thomas De ny, Lincoln Cromwell, Paul Tuckerman, Howard Townsend, Alfred E. Marling, Moses Taylor, Edward M. Townsend, Edward J. Hancy, Henry Parish, Nicholas Biddle, William M. Cruikshank, Stephen P. Nash, Lewis Spencer Morris, Joseph H. Choate, Jr., and Edwin G. Merrill.

The Trustees believe that the policy of specializing in Personal Accounts and Personal Trusts makes the Company unusually valuable to the New York of 1922.

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W YORK

OLD

COMPANS

AGE

EDWIN G. MERRILL, President

HENRY PARISH, First Vice-President 52 WALL ST.

NEW YORK

tention of the defendants that great hardships must be borne by persons who deal innocently with the property of infants. But as I view the decisions, the same hardships are usually imposed upon any person who unlawfully, though innocently, deals with property of which another has been tortiously deprived. In either case the law seems to disregard such hardships; and, as suggested by Mr. Justice Blackburn in Holins vs. Fowler (supra), it is within the province of the Legislature to alter the law if résult. ing hardships and inconveniences become too great.

"Nor will this rule deprive an infant of the right to dispose of personal property, as urged by defendants' counsel. She may always make manual delivery, in which case her contract is merely voidable. If upon disaffirmand of such sale her vendee and those who take through him may be held in conversion, as claimed by the plaintiff's counsel (Doroning vs. Stone, supra), a valid sale may always be made through a general guardian, and a bona fide purchaser is thus protected (Field vs. Schieflin, 7. Johns Ch. Rep. 150, 153; Thomas Ts. Bennett, 56 Barb., 197, 201 .."

CORN EXCHANGE BANK OF NEW YORK

The June 23d statement of the Corn Exchange Bank of New York shows total deposits of $208,137,000. Assets aggregate $227,439,000, which leares a surplus of $19,302,000 over deposit liabilities. Among the chief items of assets are: Cash, $34,820,000; checks on other banks, $18,473,000; U. S. Government securities, $76,219,000; demand loans, $19,674,000; bonds, $25.818,000; time loans, $13,996,000; bonds and mortages and real estate, $4,037,000; banking houses, $4,399,000. The bank has a chain of fifty branches. FIRST NATIONAL AND FIRST TRUST OF

CHICAGO Combined resources of $357,569,000 and deposits of $285,806,000. are shown in the half yearly statements of the First National Bank and the affiliated First Trust and Sayings Bank of Chicago. The First National has resources of $240,240.000 with deposits of $189,513,000; capital, $12,500,000; surplus, $12,500,000, and undirided profits, $4,163,000. The First Trust has resources of $117,328,000; deposits, $96,293,000; capital, $6,250,000; surplus, $6,250,000, and undivided profits, $2,173,992.

INTERNATIONAL TRUST CO.

Surplus $2,000,000

45 MILK STREET Upham's Corner 115 SUMMER STREET

Hyde Park
Field's Corner
BOSTON, MASS.

Roslindale
Capital $2,000,000
BANKING DEPARTMENT

SAVINGS DEPARTMENT
TRUST DEPARTMENT

REGISTRAR & TRANSFER DEPT.
FOREIGN DEPARTMENT

OFFICERS

CHARLES G. BANCROFT, President HENRY L. JEWETT, Vice-President and Secretary

GEORGE W. SHEPHERD, Asst. Treas. THOMAS W. MURRAY, Vice-President

THOMAS F. MEGAN, Assistant Secretary B. FARNHAM SMITH, Vice-President

LAWRENCE S. BEARSE, Asst. Treas. A. FRANCIS HAYDEN, Vice-President

CHARLES D. M. BISHOP, Asst. Treas. CLIFFORD B. WHITNEY, Treasurer

JOSEPH J. CARSON, Asst. Treas. A. EDWARD GARLAND. Assistant Secretary

A. E. SMITH, Asst. Treas. HOWARD NORTON, Assistant Secretary

RICHARD CHAPMAN, Asst. Treas.

DIRECTORS CECIL Q. ADAMS

HENRY F. HURLBURT, JR. SAMUEL G, ADAMS

HENRY L. JEWETT
JAMES A. BAILEY

WM. J. McGAFFEE
CHARLES G. BANCROFT

WILLIAM A. MULLER
ELMER J. BLISS

PATRICK A. O'CONNELL
EDWIN P. BROWN

JAMES J. PHELAN
MORGAN BUTLER

NEIL W. RICE
FRED L. CHILDS

GARRET SCHENCK
HENRY V. CUNNINGHAM

AARON L. STRAUSS
WENDELL ENDICOTT

EDMUND H. TALBOT
OLIVER M, FISHER

LOREN D. TOWLE
WALTER B. HENDERSON

HERBERT F. WINSLOW
MEMBER OF FEDERAL RESERVE SYSTEM

COST OF ACCOUNTS IN SMALL BANK VAULTS OF THE NEW YORK FEDERAL (Continued from page 66)

RESERVE BANK an individual depositor? It is true that he The New York Federal Reserve Bank, in may tell others about the treatment received, its new building; has made arrangements for and the collateral influence will do your bank the largest vaults ever constructed. There some harm. The only answer is that all edu will be three vaults, one above the other, and cation and enlightenment is a slow process, each vault will have an immense main enbut invariably not ultimately it works for trance and an emergency entrance. This conthe benefit of all. It is the basis of human tract was awarded to the York Safe & Lock progress, public education, and is the corner Company which also constructed the splenstone of our form of government. Fear of did vaults of the Federal Reserve Banks of the results of education and enlightenment Boston, Philadelphia, Pittsburgh, Chicago can only lead backward.

and Buffalo. The country bank account is as valuable The combined area of the vaults will be as the figures show it to be, and you can approximately half an acre. In the vault figure it as accurately as you please. The doors, which are of solid construction, are value of an individual, firm or company ac incorporated all the most modern protective count depends upon the percentage of profit features against mob attack or against burthat it will earn. The field is open for com glarious attack of any kind. petition, you can determine whether or not your expenses are proportionately too great

The Maiden Lane Branch of the Chase Naor too small, and the action to be taken as

tional Bank of New York is now located a result of such calculations is a matter that

on the ground floor of 75 Maiden lane, occucan be placed well within the scope of good banking practice.

pying approximately 4,000 square feet.

The directors of the Mechanics & Metals The Home Trust Company of Derby, National Bank of New York at a recent Conn., is having extensive alterations made meeting declared the regular quarterly divi. to its banking building. Charles N. Downs is dend of 5 per cent, and an extra dividend of president and treasurer of the bank.

2 per cent.

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APPLYING "IGNITION" TO THE SAVINGS

HABIT Success in business or professional pursuits is the result of vision and the determination to attain definite goal. Too many people go through life seeing no further than the daily grind. There is lacking the faculty of mental detachment from immediate environment which opens up new vistas, stimulates hope and gives new impulse to ambition. Nearly all men who have risen above the dull average or common lot owe their achievement to the fact that they nourished a set goal in their hearts and to whom disappointment or reverse only meant greater incentive.

These reflections are prompted by a new creed to which an ever increasing number of banks and trust companies have subscribed. It is the doctrine contained in the simple slogan coined about a year ago by Mr. Harvey Blodgett of St. Paul—“Double Your Savings, It Can Be Done."

It condenses a world of sound philosophy and its psychological appeal becomes quickly apparent to anyone who stops and thinks a minute of its suggestive force.

The traveler who has occasion to visit different cities, large or small, is impressed

by the number of banks and trust companies which herald this slogan in their windows, lobbies and conspicuous places in the shape of attractive decalcomanias in gold, maroon and black. When Mr. Blodgett first conceived the idea of urging a national campaign by banks and trust companies with this slogan as a keynote he was enthused over its possibilities. That was a year ago. In the interim the results have not only justified his expectations, but have demonstrated the truth of the slogan that it is possible to double savings in from three to five years instead of a generation which has been the rate of growth of the nation's savings.

RALPH P.' ANDERSON JOINS ANGLO

CALIFORNIA TRUST COMPANY Ralph P. Anderson has become advertising manager of the Anglo-California Trust Company, of San Francisco. This bank, called "The City-Wide Bank," has six complete banks in San Francisco, and also has branches of its bond department in New York, Los Angeles and Oakland.

Until recently, Mr. Anderson was advertising manager of Stephens & Co., a California bond house. He was previously associated with the Sacramento-San Joaquin Bank.

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