WE RECEIVE ACCOUNTS OF BANKS, Bankers, Corporations, Firms or Individuals on favorable terms, and shall be pleased to meet or correspond with those who contemplate making changes or opening new accounts. Through its Trust Department, the Bank offers facilities as: Trustee under Corporate Mortgages and Indentures of Trust; Depositary under re-organization and other agreements; Custodian of securities and Fiscal Agent for Corporations and Individuals; Executor under Wills and Trustee under Testamentary Trusts; Trustee under Life Trusts. FOREIGN EXCHANGE DEPARTMENT INDUSTRIAL DEPARTMENT OF NEW YORK TRUST COMPANY The Liberty Industrial Corporation, the common stock of which is owned by the New York Trust Company, is to be liquidated, and the corporation's affairs will be conducted in the future by the industrial department of the New York Trust Company. Notice that $1,000,000 in preferred stock outstanding has been called for redemption on July 1st at 105 and accrued dividends has been mailed to all preferred stockholders. The business of the corporation as such will be wound up and the remaining surplus distributed to the common stockholders. The New York Trust Company will take over the staff and the equipment. The Liberty Industrial Corporation resulted from consolidation of the Liberty Securities Corporation, formerly owned by the stockholders of the Liberty National Bank, and the industrial department of the bank. It succeeded to the combined business of the securities corporation and the industrial department at the time of the merger of the Liberty National Bank and the New York Trust Company on April 1, 1921. The corporation, since its formation, has paid 8 per cent. dividends on preferred stock in addition to earnings for common stock. WITHDRAWALS FROM CLEARING By the recent action of the Brooklyn Trust Company, the Peoples Trust Company and the Nassau National Bank, the New York Clearing House Association is now without membership of any Brooklyn bank or trust company. The withdrawal of these three institutions followed the announcement of the New York Clearing House Association pro- . viding for the adoption of a new and lower schedule of interest payments on accounts. Such reduction was agreed upon at a meeting of the Association and became effective July 1. Under the new schedule the maximum rate members are permitted to pay on daily balances is 24 per cent. The Brooklyn institutions in common with others in Manhattan had previously allowed from 2 to 3 per cent. interest on larger balances. The withdrawal of the Brooklyn trust companies and banks is based upon the policy that larger rates of interest are justifiable on larger accounts. Such withdrawals from the Clearing House will not interfere with their clearing operations which will be transacted through the Federal Reserve Bank of New York. -MORTCAC AN organization with 50 years' exper ience in the Farm Mortgage Banking business, which offers you the unusual facilities of its Eastern Home Office through which you can keep in close touch with your farm mortgage investments, and the unexcelled service in the field of its Western Office in charge of a Vice-President and negotiating all loans through its own salaried employees, located at branch field offices. Particulars on request, without obligation. Associated Mortgage Investors, Inc. Spokane, Wash. KINGMAN N. ROBINS, President ROCHESTER, NEW YORK Lewistown, Mont. Calgary, Alta. U. S. MORTGAGE & TRUST COMPANY Active and prosperous conditions are reflected in the June 30th statement of the United States Mortgage & Trust Company of New York. Assets total $74,933,000, and include among the more important items, cash on hand, in Federal Reserve and other banks, $10,861,000; Clearing House exchanges, $5,157,000; U. S. Government securities, $21,373,000; other stocks and bonds, $3,210,000; demand loans, $2,321,000; time loans, $19,160,000; bills and notes purchased, $7,873,000; mortgages, $3,933,000. Deposits total $63,730,000. The capital is $3,000,000; surplus, $3,000,000, and undivided profits, $1,110,000. The United States Mortgage & Trust Company of New York has issued an exceptionally well executed booklet on the subject of Voluntary Trusts. It emphasizes the flexibility of such instruments in settling an independent income upon a wife; providing funds for education of childen, dowry for daughter; capital to enable son to enter business when he reaches a certain age, and for contribution to charitable or philanthropic institutions. The manner in which the maker of a voluntary trust may elect to retain as much or as little authority over the investment of the fund and its income is explained. The booklet is one of the best contributions made on this subject. BANK OF THE MANHATTAN COMPANY Substantial progress is revealed in the June 30th statement of the Bank of the Manhattan Company of New York. Resources aggregated on that date $230,346,000, including loans and discounts of $92,621,000; cash on hand and in Federal Reserve Bank, $20,920,000; U. S. Government Bonds, $15,640,000; other securities, $17,787,000; due from banks, $7,955,000; exchanges, $56,036,000; commercial credits, $8,176,000. Deposits total $198,289,000. The capital, is $5,000,000; surplus $12,800,000 and undivided profits, $4,777,000. METROPOLITAN TRUST CO. ADVANCE- John F. O'Meara has been appointed an assistant secretary and Charles H. Caldwell assistant treasurer of the Metropolitan Trust Company of New York. Mr. O'Meara has been the personal secretary of Samuel McRoberts, president of the company, for some years, and Mr. Caldwell was promoted from chief clerk. GAINS BY CENTRAL UNION TRUST As compared with the corresponding days last year the June 30th statement of the Central Union Trust Company of New York shows increase in deposits from $197,382,000 to $234,431,000, and an increase in aggregate resources from $242,651,000 to $276,916,000. This is one of the largest records of gains made by any bank or trust company in this city during the past twelve months. The strong position of the Central Union Trust Company is further indicated by the distribution of assets which include, cash on hand, in Federal Reserve bank and due from banks and bankers amounting to $47,939,000; United States bonds, $34,643,000; municipal bonds, $7,357,000; loans and discounts, $153,273,000; bonds and other securities, $19,374,000; acceptances, $8,876,000. The capital is $12,500,000 and surplus $15,000,000. Undivided profits of $3,965,000 represent an increase of over $800,000 during the past year. The statement shows no rediscounts or bills payable. George V. Drew, assistant secretary of the Equitable Trust Company, has been made the manager of the Colonial Branch. BRANCHES OF BROOKLYN TRUST The Brooklyn Trust Company has experienced excellent results in the development of its branch office policy. Aside from its main office at 177 Montague street, Brooklyn, the company has an office in Manhattan at Wall street and Broadway, and offices in the Bedford and Bay Ridge sections. The Bay Ridge branch, which was the latest addition, has made an unusual record in building up a line of deposits of over $1,000,000 within less than ten months. This office was opened July 18, 1921 in the remodeled building at 7428 Fifth avenue at 75th street, which is equipped with all modern safe deposit facilities. The financial statement of the Brooklyn Trust Company as of June 30th shows aggregate resources of $41,739,751, including cash resources, due from banks and demand loans of $8,200,747; U. S. bonds and certificates, $6,994,000; State and municipal bonds, $4,990,000; bonds and stocks, $12,889,000; bills purchased, $2,402,000; time loans, $1,724,000; loans on bonds and mortgages, $2,636,000. Deposits total $35,831,000; capital is $1,500,000; surplus, $2,750,000; undivided profits, $271,994. |