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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
"Aquitania Berengaria" "Mauretania"

Atlantic Offices:

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AFFILIATED BANKS:

BELFAST BANKING CO. LTD.

OVER 110 OFFICES IN IRELAND

THE CLYDESDALE BANK LTD.

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.

Solomon A. Smith, president of the Northern Trust Company of Chicago, has been elected a director of the Elgin National Watch Company 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.

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.

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, New York County, in the case of Casey vs. Kastel et al., brings forcibly to the attention of transfer agents and of dealers in securities the dangers attendant upon transactions involving property of minors, where duly constituted guardians have not been appointed and are not dealt with. The property involved in this case is a certificate of stock of the United States Steel Corporation.

It appears that Elizabeth Browne Casey entrusted a certificate standing in her name for shares of the United States Steel Corporation to Philip F. Kastel. The certificate stood in her maiden name, Betty Browne. In January, 1918, she married and was then 19 years of age. She testified at the trial that Kastel asked her to loan the stock to him. On March 14, 1918, she delivered it to him, endorsed in blank. Kastel ordered the sale of the certificate through the firm of E. E. Reid & Company. This company, not being a member of the Stock Exchange, placed an order for the sale of the stock with the firm of Johnson & Woods, who sold it to the firm of DeCoppet & Doremus. DeCoppet & Doremus delivered it to the United States Steel Corporation, which canceled the certificate and issued a new certificate to three individuals designated by DeCoppet & Doremus. No inquiry was made as to the genuineness of Betty Browne's signature, each firm relying upon the guarantee of the previous firm in the transaction.

The court took notice of the fact that a rule of the Stock Exchange requires that to constitute a good delivery of a certificate of a married woman, endorsement of her husband is also required. Kastel reported that he had sold the stock and had realized $11,000 on the sale. He gave Betty Browne $1,500 and gave her a note for $12,500. Kastel made two additional payments, one of $2,100, and another of $900, making in all a total payment of $4,500. Attempts to secure further payments were unsuccessful. Action was brought by the plaintiff's guardian ad litem against Kastel, United States Steel Corporation, and members of the firm of Johnson & Wood. A trial by jury was waived and Judge O'Malley decided in favor of the plaintiff, his opinion being printed at length in the New York Law Journal for

June 26, 1922. Liability was sustained on the ground that the plaintiff, not being of age, was not bound by her contract with Kastel and that all persons participating in the conversion of the certificate were liable.

The court says: "Under the circumstances the possession of all of the defendants on March 14, 1918, was tortious, and the exercise by them of illegal dominion over plaintiff's property constituted a conversion, and this notwithstanding Kastel's transferees were without knowledge of the fact of infancy and innocent of Kastel's unlawful act. Having taken part in the disposal of the plaintiff's property, they are not relieved because they acted under the apparent authority of Kastel, because he had no actual authority to dispose of it (Hollins vs. Fowler, 7 E. & I. App., 757; Ely vs. Ehle, 3 N. Y., 506; Milligan vs. Brooklyn Warehouse Co., 34 Misc., 55, 59; McCombie vs. Davies, 6 East, 536; Fine Art Society vs. Union Bank of London, 17 Q. B. D. 705; Spackman vs. Foster, 11 Q. B. D., 99; Gordon VS. London City & Midland Bank, 1 K. B., 1902, 242; Same vs. Same, App. Cases, 1903, 242), and the cancellation of the certificate by the defendant corporation without right or authority was in itself an act of conversion (Olds vs. Chicago Open Board of Trade, 33 Ill., App. 445. )

"I find no merit in the contention that the only persons who can be held liable in an action of this kind are the broker with whom the plaintiff dealt, and the persons in whose hands her property is found. All of the defendants, and those not parties, who participated in effecting the sale, exercised hostile dominion over the property and aided in depriving the plaintiff of her stock (McCombie vs. Davies, supra) Full legal protection to the plaintiff would seem to require that she should have the right to proceed against any and all persons concerned in the series of events that deprived her of her property. This seems to be the view taken in Hollins vs. Fowler (supra). Otherwise she might find herself remediless by reason of the insolvency of the person with whom she dealt, as is the apparent situation in the case at bar, or by reason of her inability to locate the present holder of her property.

* "In reaching the foregoing conclusions I have not been unmindful of the urgent.con

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 new. 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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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 Hollins vs. Fowler (supra). it is within the province of the Legislature to alter the law if resulting 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 (Downing vs. Stone, supra), a valid sale may always be made through a general guardian, and a bona fide purchaser is thus protected (Field vs. Schiefflin, 7 Johns Ch. Rep. 150, 153; Thomas vs. 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 leaves 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, $43,996,000; 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 Savings 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 undivided 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. <

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COST OF ACCOUNTS IN SMALL BANK (Continued from page 66)

an individual depositor? It is true that he may tell others about the treatment received, and the collateral influence will do your bank some harm. The only answer is that all education and enlightenment is a slow process, but invariably not ultimately it works for the benefit of all. It is the basis of human progress, public education, and is the corner stone of our form of government. Fear of the results of education and enlightenment can only lead backward.

The country bank account is as valuable as the figures show it to be, and you can figure it as accurately as you please. The value of an individual, firm or company account depends upon the percentage of profit that it will earn. The field is open for competition, you can determine whether or not your expenses are proportionately too great or too small, and the action to be taken as a result of such calculations is a matter that can be placed well within the scope of good banking practice.

The Home Trust Company of Derby, Conn., is having extensive alterations made to its banking building. Charles N. Downs is president and treasurer of the bank.

VAULTS OF THE NEW YORK FEDERAL RESERVE BANK

The New York Federal Reserve Bank, in its new building, has made arrangements for the largest vaults ever constructed. There will be three vaults, one above the other, and each vault will have an immense main entrance and an emergency entrance. This contract was awarded to the York Safe & Lock Company which also constructed the splendid vaults of the Federal Reserve Banks of Boston, Philadelphia, Pittsburgh, Chicago and Buffalo.

The combined area of the vaults will be approximately half an acre. In the vault doors, which are of solid construction, are incorporated all the most modern protective features against mob attack or against burglarious attack of any kind.

The Maiden Lane Branch of the Chase National Bank of New York is now located on the ground floor of 75 Maiden lane, occupying approximately 4,000 square feet.

The directors of the Mechanics & Metals National Bank of New York at a recent meeting declared the regular quarterly dividend of 5 per cent. and an extra dividend of 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 a 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 ANGLOCALIFORNIA 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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