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INCORPORATED 1884

Mercantile Trust & Deposit Company

OF BALTIMORE
Capital, Surplus, and Undivided Profits, $5,000,000

We offer our services in any or all of the capacities properly exercised by Trust Companies, and will give the most careful attention and the benefit of our long experience to all matters

entrusted to our care. FRED G. BOYCE, Jr., Vice-President

A. H. S. POST, President

AMPLE FUNDS IN ST. LOUIS DISTRICT of land. A syndicate comprising the MisFOR LEGITIMATE BUSINESS

sissippi Valley Trust Company, the GuarThe outstanding feature of the financial anty Trust and the Bankers Trust Comsituation in this district, according to Chair panies of New York, and others, has purman Mc C. Martin of the Federal Reserve chased an issue of $3,000,000 State of South Bank of St. Louis, has been the excellent Dakota 434 per cent. Rural Credit bonds, liquidation in the South, particularly in Ar to be dated November 15, 1922, and due kansas. Numerous country banks have re November 15, 1942. duced their loans much more rapidly than was thought possible sixty days ago. Good BANKERS CLUB OF ST. LOUIS progress in the clearing up of loans of long At the recent annual dinner of the Bank

standing is general over the entire cotton ers Club of St. Louis, officers and directors · section. Elsewhere in the district the sit of the Federal Reserve Bank of St. Louis

uation remains much the same as thirty and its branches were guests of honor. Fesdays ago, save that the freer movement of tus J. Wade, president of the Mercantile wheat has increased the demand for credits Trust Company, was elected president; J. based on that commodity. Liquidation of L. Johnston, president of the Liberty Cenold live stock loans and new ones contracted tral Trust Company, vice-president, and about balance, but the demand from this John G. Lonsdale, president of the National source is still active. Some improvement Bank of Commerce, vice-president. in the demand for funds for general commercial purposes has taken place, and is re LIBERTY CENTRAL TRUST PUBLISHES flected in a firmer tendency in interest rates

PROPERTY CHART charged by the commercial banks. Withal A six page folder entitled “How is Propthere is a plentitude of funds for all legiti erty Distributed Where There is no Will ?" mate business requirements, and deposits has been published for free distribution by are holding their own in good shape. Sav the trust department of the Liberty Cenings continue their recent steady gains. tral Trust Company of St. Louis. The chart

shows how real estate and personal propMISSISSIPPI VALLEY TRUST COMPANY erty in Missouri will descend and be disBOND OFFERINGS

tributed when the owner dies intestate.. The Mississippi Valley Trust Company of St. Louis is offering a $400,000 first mort Officers and employees of the Mississippi gage 7' per cent. 15-year bond issue of the Valley Trust Company recently attended a Marblehead Lime Company, which the trust dinner and entertainment given in the Comcompany recently purchased. The Marble pany's building. head Company owns plants at Hannibal, The American Trust Company of St. Springfield, Kansas City and other Missouri . Louis has given the additional title of vicecities. The Mississippi Valley is also offer president to its treasurer, C. L. Sager, and ing on a 5.10 per cent. basis a $200,000 issue Ben S. Lang was elected a vice-president. of 6 per cent. certificates of indebtedness A Christmas bonus, based on a graduated of the Board of Mississippi Levee Com scale, has been distributed to employees of missioners, the official name of a levee dis the Security National Bank Savings & trict in Missouri embracing 1,750,000 acres Trust Company of St. Louis.

New Orleans

III Exporting Grain The largest of New Orleans' grain elevators is publicly owned, has a storage capacity of 2,600,000 bushels, and can load into ships 100,000 bushels hourly.

We have a special department for financing the exportation of grain, and cordially invite such business.

CLEVELAND TRUST COMPANY'S REVIEW

OF THE YEAR All the necessary conditions for a period of prosperity exist at the close of 1922, says the Cleveland Trust Company in its midmonth Business Bulletin for December. Crops are good. Interest rates are relatively low. Prices are rising and business profits are increasing.

“The present prospects are that business will continue to gain in profitable volume for some months to come," says the bank. “The duration of this period of prosperity cannot be definitely foretold. The time for business activity is here. It is the part of wisdom to take advantage of its opportunities, and to bear steadfastly in mind the realization that later on it will decline as definitely as it has increased. and probably more rapidly.

"Crops are bigger this year than they were in 1921, and they are selling at higher prices. Nevertheless, the amounts that the farmers now receive are almost universally lower than they were during the five years from 1916 through 1920. The result is that while the farmers are better off than they were last year, their purchasing power is so much less than they have become acsustored to, that there is widespread disconielit in nearly all the sgricultural sections.

"Consumers of iron and steel have begun a substantial buying movement for 1923 delivery. The pressure for prompt shipments has increased and as a result the operations of steel works have expanded to fully 80 per cent. of capacity for the first time in over two years. The demand for steel is particularly heavy from the automobile industry and from railroad car builders. Preparations for an active year in motor car building are seen in large orders being placed for sheets for bodies and pig iron for castings. Some automobile plants have asked steel mills to double the tonnage of sheets contracted for delivery in the closing weeks of the year. Part of the explanation of this active demand for sheets is to be found in the increasing popularity of closed automobiles."

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Hibernia Bank & Trust Co.

New Orleans, U. S. A.

ST. LOUIS BREVITIES Ed. Mays, president of the Missouri National, Bank, has been elected president of the Trust Company of St. Louis County at Clayton.

The Bankers Bond and Investment Company has been organized in St. Louis with a capital of $320,000, to deal in government and municipal securities and finance building operations.

The Community Fund of St. Louis has been organized to centralize charitable contributions and effort. Judge Thomas C. Hennings, vice-president of the Mercantile Trust Company is one of the principal factors in the movement.

The First National Company, affiliated with the First National Bank in St. Louis, announces that H. H. Kelso has joined the staff of its Mortgage Loan Department.

CONDITION OF ST. LOUIS TRUST COMPANIES

Surplus and
Capital Profits Deposits

Sept. 15, 1922 Sept. 15, 1922 American Trust Co....

.$1,000,000.00 $386,446.54 $9,856,622.71 Liberty Central Trust Co...

3,000,000.00 1,247,584.14 34,356,203.69 Mercantile Trust Co..

3,000,000.00 7,363,011.65 50,036,338.29 Mississippi Valley Trust Co..

3,000,000.00 5,221,243.44 27,648,678.52 North St. Louis Savings & Trust Co.

100,000.00 156,586.58 2,563,373.44 Southside Trust Co...

200,000.00 85,322.01 2,490,701.57

now

Cleveland

opening of the latest new office at Woodland

avenue and East 55th street. On December Special Correspondence

1st the 49th branch office was opened at

Madison avenue and W. 97th street. CLOSE OF ACTIVE BANKING YEAR

The trust department of the Cleveland Cleveland bank and trust company man has experienced exceptional growth during agements may look back upon the record of

the year

closing. Although quite a 1922 with gratification and encouragement number of very large estates and trusts for the future. The "Cleveland banking have been committed to the custody of the spirit" is essentially one of intensive devel company, the volume has been especially opment of new business. This applies to increased by the large number of moderate commercial, savings, trust and pther de sized estates. New features of service have partments. The net result is that Cleveland also been inaugurated in the trust and othhas perhaps the second highest volume of er departments. The sixth annual volunteer savings deposits per capita of any city in

"booster campaign" is now in progress at the United States. Thrift and the advan the Cleveland Trust Company, conducted tages of having a savings account, of be; by the Cleveland Trust Club, composed of longing to Christmas clubs, of creating liv employees of the company. The campaign ing or life insurance trusts and the neces runs from November 25th to January 4th sity of writing wills, are doctrines which and the quota mark has been set at $1,326,are being preached through newspapers, lit

000. erature and by word of mouth.

Mr. R. J. Frackelton, president of the As the year draws to a close the business- Chandler & Price Co. has been named the getting spirit grows even more pronounced. sixtieth director of the Cleveland Trust Several of the larger trust companies are Company. conducting employees contests which means that groups of employees are vying with

UNION TRUST COMPANY OF CLEVELAND each other to bring in accounts. Over $2,000,000 of Christmas savings funds have

As one of the largest trust companies in been distributed by Cleveland banks and

the United States, the Union Trust Comtrust companies and the campaign has been

pany of Cleveland is steadily, improving its at white heat for next year's clubs. A

position, adding new features of service and large percentage of Christmas savings funds,

extending its influence throughout this part instead of being taken out for gifts or lux

of the country. Resources of $270,000,000 uries, are being turned back into regular

and deposits of $226,000,000 represent but savings accounts. Likewise, the competi

a portion of the business and responsibilition has also been strong among various fi

ties of this organization. For example, durnàncial institutions to make record returns

ing the. ten months of 1922 the Union Trust in connection with the Cleveland Community

was appointed trustee for new bonds and Chest which has filled its coffers to the ex

note issues of 49 corporations, making total tent of $4,500,000 for next year's community outstanding issues for which the Company is needs. Deposits of Cleveland State banks

acting as trustee over $306,766,000 and total and trust companies, aggregated $620,000,000

authorized bond and note issue, $516,537,000. several months ago and promise to reach an

In addition the Company acts as registrar even higher peak before the close of the year.

and transfer agent for outstanding issues of In brief, Cleveland bankers look forward to

preferred stock amounting to over $350,000,a prosperous year to come.

000 with authorized issue of $532,972,000. Outstanding common stock issues for which

the company is acting either as transfer ACTIVITIES AT CLEVELAND TRUST CO. agent or registrar amount to over $18,000,000

The Cleveland Trust Company will com with authorized issues of $28,172,000. Equally plete one of the most successful years in its impressive are the individual trust and eshistory under the efficient guidance of Pres

tate holdings of the company. ident F. H. Goff. The last official statement The new building of the company which of the company, rendered several months will be one of the largest bank and office ago, showed aggregate resources of $174,785, buildings in the world is rapidly assuming 000, an increase of over 11 millions since structural form. It will be 20 stories in June 30th. On January 15th next the chain height, having 1,315,000 square feet floor of branches operated by the company will space, covering 95,000 square feet of land, be rounded out to fifty in number with the containing 18,600 tons of steel.

TRUST COMPANY BROADCASTS ORGAN

RECITAL Two thousand fetters of appreciation were received recently from radio fans by WJAX, the Radio Broadcasting Station of the Union Trust Company of Cleveland as the result of a single radio concert—the Cleveland Public Auditorium organ recital, given by Edwin Arthur Kraft, the well-known Cleveland organist, upon the evening of November 28th. The letters come from all sorts of people and all sorts of places. They came in by the bundle. Perhaps the top one was from Nova Scotia and the bottom one from Providence, and in the middle there would be scattered letters covering twenty different states. Here is a sample, for in. stance:

Tuinucu, Cuba. "The broadcasting of the organ recital in the new public auditorium of Cleveland was 80 wonderful last night as to leave us without words to express our admiration. . With my amplifier the organ was heard over a mile from my house. In the house it shook the windows and walls just as though the organ, with every stop out, was in the house."

Several things were responsible for this deluge of letters. In the first place, the Cleveland Public Auditorium organ is one of the finest in the world. In the second place, organ music is of such character that it comes through exceptionally well by radio, and in the third place, the broadcasting station of the Union Trust Company is * an exceptionally powerful one and was able to reproduce the music of the Cleveland Public Auditorium organ in a manner commenşurate with its high quality. The Union Trust Company is planning to broadcast Cleveland Public Auditorium organ recitals often during the coming season.

mercial National Bank and the American Danking & Trust Company, two of this city's first financial concerns, were recently merged.

The National Bank of Elyria, Ohio, and the Lorain County Savings and Trust Company have merged and will be known as the Lorain County Savings and Trust Company, with a combined capital of $500,000 and a surplus of a like sum. .

A depositors' dividend of one-half of one per cent. has been declared by the Locomotive Engineers' Co-operative Bank of Cleveland in connection with a shareholders' dividend of 4 per cent. The depositors have this year received a total of 4 per cent. in dividends in addition to interest compounded quarterly.

Five hundred and fifty women employed in banks and trust companies attended a meeting held recently in Cleveland under the auspices of the American Institute of Banking.

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THE WORLD'S NEED OF CAPITAL

Some interesting statistics are given in the current "Guaranty Survey," issued by the Guaranty Trust Company, dealing with increase in capital requirements throughout the world, as follows:

The degree to which the capital needs of
the world, have increased is suggested by the
aggregate new offerings in the two leading
investment markets. The first half of 1922
has seen offerings nearly double those for
the whole year 1913.
COMBINED OUTPUT OF NEW CAPITAL IN

ENGLAND AND THE UNITED STATES
Year Amount Year Amount

(Millions of Dollars*)
1911
2,521
1920

5,617
1912
3,032
1921

5,565 1913

2,583 6 mos., 1922 4,933

* £ converted at $5. OHIO BREVITIES

"With the greatly augmented domestic deEarly in 1923 the Lake Erie Trust Com

mand for capital in England, it is not surpany, now being organized in Cleveland by

prising that foreign borrowers have looked Mr. J. Horace Jones and associates, is ex

to the American market. Funds sent to forpected to open for business at Euclid avenue eign countries in the last two and one-half and E. 16th street. A considerable part of years have aggregated $1,605,000,000 for the stock being offered to create $1,000,000

America, against $404,000,000 for the United capital and $250,000 surplus has been sub Kingdom. Nevertheless England, in transscribed.

mitting $253,000,000 overseas in the first six The First Savings Bank and Trust Com months of the current year, doubled the pany of Ravenna, O., has acquired the en. twelve months' record for 1921 and returned tire business of the Ravenna National Bank. to practically the pre-war capital exporting

William L. Allendorf is the new president basis. Figures for the corresponding half of the Commercial Banking & Trust Com year were $326,000,000 in 1911, $292,000,000 pany of Sandusky, Ohio, into which the Com- n. 1912, and $285,000,000 in 1913."

Pittsburgh

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Special Correspondence BANKING YEAR IN PITTSBURGH From the standpoints of earnings, turnover in volume of business and gain in accounts, the Pittsburgh banks and trust companies have every reason to review the year 1922 with satisfaction. The varying tides in the industrial situation did not appear to have any deterrent influence on banking. Increased savings reflect full employment as well as a wider spread of thrift. The combined deposits of the National banks, trust companies and State banks of this city have touched the $700,000,000 mark, indicating an increase of over $20,000,000 since last June. Of the aggregate of $699,814,000 deposits reported in response to the last call the National banks hold $344,591,000; the trust companies, $228,736,000 and the State banks, $126,487,000. The year has been one of sound trust company progress in banking as well as in fiduciary and investment departments.

Acts in all trust capacities
Trust accounts managed
aggregate more than

$100,000,000

Capital, surplus and undi-
vided profits $6,700,000.
Handles checking accounts
of corporations, firms and
individuals.

PITTSBURGH BREVITIES Alexander C. Robinson, president of the Peoples Savings & Trust Company is celebrating the fortieth year of his active association with the banking business in Pittsburgh by making a tour of the world. Prior to his departure he was presented by the employees of his company with a steamer rug and binoculars.

George W. McNulty has becume associated with the trust department of the Tarentum Savings & Trust Company.

Shareholders of the Pennsylvania Trust Company, formerly the South Side Trust Company of Pittsburgh, have approved an increase in capital from $300,000 to $400,000.

The Bank of Pittsburgh, N. A., has declared an extra dividend of 3 per cent.

President John E. Potter presided at the recent annual banquet given to employees of the Potter Title and Trust Company of Pittsburgh.

The Brotherhood Savings & Trust Company is being organized by laboring interests in Pittsburgh with, proposed capital of $500,000 and surplus of $50,000.

The Pittsburgh Trust Company has issued a suggestive pamphlet entitled "Before Investing Ask Your Banker."

J. A. McCormick, vice-president of the Chicago Trust Company has been elected a member of the board of the Independent Pneumatic Tool Company.

CONDITION OF BALTIMORE TRUST COMPANIES

Surplus and

Undivided
Name

Capital Profits as Deposits Par Bid Asked An viv.

of Sept. 15, As of Sept. 15,
1922

1922 Baltimore Trust Co....

$1,000,000 $2,372,909 $13,397,159 50 150 155 16 Colonial Trust Co... 300,000 136,545 1,631,567 25

34 Commerce Trust Co...

750,000 313,660 1,172,721 50 58 62 6 Continental Trust Co...

1,350,000 1,623,945 7,551.530 100 170 180 12 Equitable Trust Co..

1,250,000 1,033,352 16,107,175 25 4142 4614 8 Fidelity Trust Co..

1,000,000 2,010,388 14,462,549 100 295 300 15 Maryland Trust Co..

1,000,000 505,405 9,389,587 100 128 130 5 Mercantile Trust and Deposit Co. 1,500,000 3,650,141 16,823,338 50 235 250

20 Safe Deposit & Trust,

1,200,000 3,575,998 22,040,582 100 500 600 30 Security Storage & Trust Co...

200,000 201,489 961,463 100 225 250 10 Title Guaranty & Trust Co..

400,000 277,489 7,251,529 100 270 300 10 Union Trust Co... 550.000 619,628 12,537,542 50 1024

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