OUR PRESENT OPPORTUNITY IN SOUTH AMERICA (Continued from page 686) the investment of capital in such ventures in South America today as there were in our great West fifty years ago. Great Britain gained her South American financial empire to a large degree through the construction, control and operation of public utilities, and we can take a long stride in the same direction by following her example. But let us not make the mistake of imitating the action without emulating the spirit. The British succeeded by putting not only their money into these enterprises, but their brains, their personalities and their directive genius. The Value of Direct Representation As this discussion relates to the direct investment of American funds in South America it concerns principally banks and other financial institutions which make loans and sell the resultant bonds to the public. In another way American capital is already flowing into South America in considerable volume. The copper mines of the, Andes and the nitrate and iron resources of Chile have been exploited to a considerable extent by American capital. The oil fields of Colombia, Venezuela, Bolivia and other regions are being developed by American companies. The meat packing industry of Argentina, Uruguay and Brazil is largely in the hands of the Chicago packing companies. In these the public is only indirectly interested, but it is worth noting that those who direct these industries consider South America a good field for the investment of their capital, and they have their representatives on the spot at all times. The writer believes that those large financial houses which are equipped to handle foreign loans would derive much benefit through properly qualified representatives permanently stationed in the principal strategic centers of South America such as Rio Janeiro, Buenos Aires and Santiago. These representatives could study the situation at first hand, become acquainted with the fiscal systems in vogue, acquire an understanding of the political and economic situations, cultivate the friendship of the people, and give a clearer understanding to those in authority at home. THE EASTERN TRUST COMPANY Head Office HALIFAX, CANADA The Company has organized Ten Departments: 2. Corporate Trust 7. Financial 4. Real Estate SOMETHING NEW IN TRUST COMPANY ADVERTISING The Mercantile Trust Company of St Louis has always been foremost among trust companies in publishing advertising of a virile kind and along original lines. The latest "departure" from conventional methods is the publication of half-page display advertisements in newspapers which dominate the page and which have been running every Monday and Friday for the last three months. These advertisements appear on "news feature" pages instead of on the financial pages. They compress within a single border the various types of service including investment, savings, trust, safe deposit, etc. On the opposite page appears a group of these advertisements which have called forth much favorable comment. The Not only are the different departments grouped within a single border, but also various phases of services in each department are featured from time to time. The advertisements emphasize the great variety of service provided by the trust company. illustrations used in the advertisements lend both dignity and attractiveness to the texts. Credit is due to Mr. Sam P. Judd, the publicity manager of the Mercantile Trust Company for the conception and development of this enterprising departure in trust company advertising. The savings banks of New York City hold $2,069,779,824.85 deposits, representing the accounts of 1,680,625 depositors. Frank J. Parsons, vice-president of the United States Mortgage and Trust Company, has been appointed a member of the Real Estate Securities Committee of the Investment Bankers Association of America. Thomas J. Connellan and Robert H. Delafield have been appointed assistant vicepresidents of the National City Company of New York. A NEW FEATURE IN TRUST COMPANY ADVERTISING For a period of three months the Mercantile Trust Company of St. Louis has been running newspaper display advertisements featuring the services of its various departments in the same border. These advertisements, some of which are shown in the above reproduction, have received wide and favorable comment. Established 1888 MINNEAPOLIS TRUST COMPANY Adequate facilities, large resources, efficient management and a record of 34 years of reliable Trust service place us in the front rank of Northwestern fiduciary institutions. 115 South Fifth Street, Minneapolis, Minnesota EMPLOYEES' CONTEST NETS OVER A MILLION The Commerce Guardian Trust and Savings Bank of Toledo, Ohio, recently increased its deposits by $1,113,886, and gained 1,960 new accounts as the result of an account-securing contest conducted by employees. Because of the increasing number of banks and trust companies which are falling in line in encouraging such contests it may be interesting to describe a number of new features introduced in the Toledo campaign. Ten teams of ten employees each were organized. A bank officer captained each team to lend official support to the drive. The length of the contest was limited to one month to avoid a slump in interest. Included in each team were two directors and finally the teams were divided into two groups styled the "Reds" and the "Blues," under the generalship of First Vice-Persident E. H. Cady and President R. B. Crane, respectively, with Chairman of the Board Spencer D. Carr given the honorary title of "Field Marshal." The campaign was inaugurated with a dinner, at which the employees listened to stimulating speeches and suggestions as to approaching their prospects. Under the direction of Advertising Manager George M. Ellis, a carefully planned publicity campaign was developed to aid the drive. On the walls of the savings department there appeared a contest clock and a "thermometer" to register the progress of the teams or groups. Public interest was also enlisted by a window display which featured a race track with miniature grandstand and red and blue automobiles on the track to record the daily standing of the two armies. Crowds gathered daily before the window to follow the progress of the contest and interest was stimulated by means of newspaper advertising. The goal was set for $500,000. When the results were finally tabulated on November 20 it was found that 1,960 accounts had been gathered in with initial deposits of $1,113,886. Subsequent calculation showed that it cost in prize money, advertising expense and other outlays an average of $1.22 for each account. GUARANTEE TRUST CO. APPOINTED CO-EXECUTOR Under the will of the late Mrs. Alice Tobey Jones of Brockton, Mass., who descended from one of the old Pilgrim families, in which bequests amounting to $1,113,000 are made for charities and care of animals, the Guaranty Trust Company of New York is appointed executor and trustee in association with John Hall Jones. Mrs. Jones was a descendent of Governor Bradford and inherited the bulk of her estate from an uncle. The amount disposed of by the will is estimated at $2,500,000, all of which except a $50,000 bequest to her husband, is divided into various trusts. Eleven trusts, disposing of $855,000, gives the income to friends and upon their death the principal goes to the Bide-A-Wee Home Association of New York. Another series of twenty-two trusts disposes of $258,750, the income of which goes to other friends and relatives, upon whose death the principal goes to the Massachusetts Society for Prevention of Cruelty to Animals, and to constitute a fund to be called the Alice Tobey Jones Fund. The income from another trust of $250,000 is to be devoted to the maintenance of the Tobey homestead which is to be eventually converted into a hospital to be endowed with the principal and the residue of the estate amounting to $1,000,000. James L. Fisher has been elected cashier of the Salisbury Office of the Wachovia Bank and Trust Company of Winston-Salem, N. C. Authorized to act as Executor Under Will, Administrator, Curator, Assignee, Receiver, or in any Fiduciary Capacity. Receives Deposits subject to Check, Savings Accounts, Certificates of Deposit, and pays interest on all classes of accounts. Capital and Surplus $325,000.00 CAPITAL INCREASE FOR PLAINFIELD TRUST COMPANY At a special meeting of the stockholders of the Plainfield Trust Company of Plainfield, N. J., held December 15th, a 66 2/3 per cent. stock dividend was declared, payable to stockholders of record on that date. The effect of this dividend distribution will be to increase the capital stock from $300,000 to $500,000, thereby giving the company a combined capital, surplus and profits of over a million dollars. With total resources of over nine millions, this progressive institution will start the New Year in an exceptionally strong financial condition and the increase in its working capital will enable it to further extend its activities. The company, which was organized in 1902 with a capital of $100,000, has been successful from the start and this is the second time that the growth of the business has warranted an increase in capital. This success is attributable not only to the high type of banking and trust service which the institution has rendered to the community in which it is located, but is also due, in large measure, to its exceptionally strong board of directors, which is composed of the following representative business men: Henry M. Cleaver, manager Niles-BementPond Company, Pond Works, Plainfield; Frederick Geller, attorney and counsellor-atlaw, New York; Arthur M. Harris, retired, Plainfield; Augustus V. Heely, vice-president the Farmers' Loan & Trust Company, New York; DeWitt Hubbell, secretarytreasurer the Plainfield Trust Company; Edward H. Ladd, Jr., Ladd & Wood, bankers, New York; Charles W. McCutchen, retired, Plainfield; Harry H. Pond, vice-president The Mechanics & Metals National CONQUEROR COMPANY JOPLIN, DISTRICT Bank, New York; Charles. A. Reed, attorney and counsellor-at-law, Plainfield; Frank H. Smith, president Lawrence Portland Cement Company, New York; John P.. Stevens, J. P. Stevens & Company, commission merchants, New York; Samuel Townsend, president Peoples Bank & Trust Company, Westfield, N. J.; Cornelius B. Tyler, Tyler & Tyler, attorneys, New York; Lewis E. Waring, vice-president Wharton & Northern R. R. Co., New York; and Orville T. Waring, retired, Plainfield, N. J. The executive management of the institution is in the hands of O. T. Waring, president; Augustus V. Heely, vice-president; Harry H. Pond, vice-president; DeWitt Hubbell, secretary and treasurer; F. Irving Walsh, assistant secretary-treasurer; Adele H. Kirby, assistant secretary-treasurer; H. Douglas Davis, assistant secretary and trust officer, and Russell C. Doeringer, assistant treasurer. Observing its custom in previous years the United States Mortgage & Trust Company of New York is distributing an artistic calendar for 1923. The subject of the illustration is the presentation to Congress of the captured flags from Yorktown at the end of the Revolution. The subject lends itself to attractive color work which Percy Moran has carried out most successfully. This historical incident is based on the capitulation of the British army under Lord Cornwallis, which was signed at Yorktown on October 19, 1781, and when the regimental colors of the enemy were delivered to Colonel Hamilton of the American army. The illustration depicts the scene of the presentation of the captured standards at Philadelphia to Thomas McKean, as president of the Con gress. NEW JERSEY LAWS AFFECTING BANKS AND TRUST COMPANIES The following bills have been enacted during the year by the legislature of New Jersey affecting transfer of property and other provisions having relation to banks and trust companies: (1) An amendment to the act concerning the investment of moneys and the retention of investments in certain cases, and provides the kind of mortgage that may be used for participation certificates in which any fiduciary may invest funds, etc., and also provides for the proper method of accounts, records, etc., to be kept by the corporation or individual issuing such participation certificates. (2) An act allowing receivers, assignees, guardians, committees, trustees, executors and administrators to include in the lawful expenses of executing their trusts such reasonable sums paid for safe deposit box rentals for the safekeeping of securities of the trust as may be allowed by the court. (3) An act concerning trust companies, etc., and permits the members of the examining committee appointed by the board of directors to employ certified accountants to assist them in making such examination. (4) An amendment to the act concerning banks and banking, to make the State Banking Act conform with the Trust Company Act by including in it the limitation as to the amount of loans secured by mortgage upon lands. (5) An amendment to the act to tax the transfer of property of resident and nonresident decedents, etc., by providing that whenever a foreign executor, administrator or trustee shall desire to transfer stock in a New Jersey corporation owned by a nonresident decedent, it shall and may be lawful for the Comptroller, of the Treasury of this State to issue a waiver for the trans fer of said stock upon such foreign executor, administrator or trustee, paying to the Comptroller of the Treasury an eight per centum tax, based upon the full value of the said shares of stock or property. If, after said transfer, it shall be ascertained by the Comptroller of the Treasury that the said stock on property was not liable to said full eight per centum tax, said Comptroller of the Treasury shall by his check pay to said executor, administrator or trustee the amount overpaid to the State Comptroller. (6) An amendment to the act to tax the transfer of property of resident and nonresident decedents, etc., by fixing a straight tax of five per centum on property passing to religious and charitable associations or organizations, or to a father, mother, brother or sister, or the wife or widow of a son or the husband of a daughter of the decedent. The present rate of tax and the present $5,000 exemption are retained on property passing to any child or children, husband, wife, or the issue of any child or children of a decedent. The tax on all others receiving property than those included above is increased from five per centum to eight per centum. (7) An amendment to the act concerning promissory notes, bills of exchange and notaries public by fixing a uniform fee of two dollars for the protesting of promissory notes, bills of exchange, drafts or checks, and a charge of ten cents for each notice made and served, with the addition of the cost of postage if sent by mail. Paul Corkell, until recently Associate Judge of the Probate Court, has been elected trust officer of the South Side Trust & Savings Bank, Chicago. |