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The Chase National Bank
of the City of New York
ALBERT H. WIGGIN, President
Alfred C. Andrews
Robert I. Bart
M. Hadden Howell
Alfred W. Hudson
William P. Holly
Wm. Boyce Thompson
Kenneth F. Wood
H. Wendell Endicott
William M. Wood
Arthur G. Hoffman 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
HOUSE MEMBERSHIP 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 214 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
$ 96, 297,585.69 U. S. Bonds and Certificates
17,882,550.00 Other Bonds and Investments
9,837.506.62 Banking House
1,500,000.00 Customers' Liability account of Accep
4,243,008.73 Cash, due from Banks and U.S. Treasurer. 42,981, 197.20 Interest earned..
$173, 267,790.98 LIABILITIES Capital Stuck
13,500,000.00 Undivided Profits
2,467, 177.78 Reserved; Taxes, etc.
$21,247,363.71 Unearned Interest,
357,616.50 Acceptances and Travelers' Checks.
5,796,903.42 Deposits, viz:Individuals
$112, 188,821.25 Banks
32,071,577.71 United States
$173,267,793.98 Seeking New Business on Our Record
OF NEW YORK
Founded 1824 BROADWAY AND CHAMBERS, FACING CITY HALL
organization with 50 years' exper
business, which offers you the unusual facil-
ern Office in charge of a Vice-President
Associated Mortgage Investors, Inc.
KINGMAN N. ROBINS, President
investment of the fund and its income is explained. The booklet is one of the best contributions made on this subject.
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, $3,157,000; 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 notés 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
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
MENTS 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.
100 YEARS OF COMMERCIAL BANKING
LOUIS G. KAUFMAN, President
RICHARD H. HIGGINS, 1st Vice-President
WALTER B. BOICE
ARTHUR T. STRONG
JAMES C. BROWER
H. F. MEEHAN
HENRY R. JOHNSTON
F. C. CAMPBELL
HENRY C. HOOLEY
Vice-Pres. and Cashier WELLING SEELY
WILLIAM S. WALLACE
E. J. DONOHUE
WALLACE T. PERKINS
GEORGE M. HARD
200 MILLION DOLLARS RESOURCES
GAINS BY CENTRAL UNION TRUST BRANCHES OF BROOKLYN TRUST
As compared with the corresponding days The Brooklyn Trust Company has experilast year the June 30th statement of the enced excellent results in the development Central Union Trust Company of New York of its branch office policy. Aside from its shows increase in deposits from $197,382,000 main office at 177 Montague street, Brookto $234,431,000, and an increase in aggre lyn, the company has an office in Manhattan gate resources from $242,651,000 to $276, at Wall street and Broadway, and offices in 916,000. This is one of the largest records the Bedford and Bay Ridge sections. of gains made by any bank or trust com The Bay Ridge branch, which was the pany in this city during the past twelve latest addition, has made an unusual record months. The strong position of the Central in building up a line of deposits of over Union Trust Company is further indicated $1,000,000 within less than ten months. This by the distribution of assets which include, office was opened July 18, 1921 in the recash on hand, in Federal Reserve bank and modeled building at 7428 Fifth avenue at due from banks and bankers amounting to 75th street, which is equipped with all $47,939,000; United States bonds, $34,643,- modern safe deposit facilities. 000; municipal bonds, $7,357,000; loans and The financial statement of the Brooklyn discounts, $153,273,000; bonds and other se Trust Company as of June 30th shows ag. curities, $19,374,000; acceptances, $8,876, gregate resources of $41,739,751, including 000. The capital is $12,500,000 and surplus cash resources, due from banks and demand $15,000,000. Undivided profits of $3,965,000 loans of $8,200,747; U. S. bonds and certifirepresent an increase of over $800,000 dur cates, $6,994,000; State and municipal bonds, ing the past year. The statement shows no $4,990,000; bonds and stocks, $12,889,000; rediscounts or bills payable.
bills purchased, $2,402,000; time loans, $1,
724,000; loans on bonds and mortgages, $2,George V. Drew, assistant secretary of the 636,000. Deposits total $35,831,000; capital Equitable Trust Company, has been made is $1,500,000; surplus, $2,750,000; undivided the manager of the Colonial Branch.
STATEMENT OF CONDITION OF THE
TITLE GUARANTEE AND TRUST
COMPANY OF NEW YORK CITY
as of June 30, 1922:
Another Columbia Trust Company Office
VOR the convenience of FOR
Park Avenue residents and business houses, we have opened a new uptown
$5,886,228.61 These are United States, State
and Municipal Bonds. Other Securities
6,263,337.55 These and the public securities are carried at valuations below
the market by $1,050,936.49. Bonds and Mortgages, .
14,513,016.55 These mortgages are our stock in
trade for sale to our clients. Loans and Discounts...... 22,846,088.53 These loans are payable on demand
or on certain due dates, with ample security protecting col
lateral loans. Accounts Receivable
1,023,228.80 Including accrued interest and
fees due for title insurance. Real Estate
2,950,522.10 Principally the five buildings
wholly used in our business. Cash on Hand and in Bank...... 10,480,365.33
Banking Office At Park Avenue and 48th Street
Here will be found complete banking service conducted on the Columbia Trust Company's established standards of courtesy and dependability.
The plan and furnishings of the office depart from the conventional bank traditions and include some new comforts and conveniences.
11,000,000.00 Undivided Profits
1,733,414.51 Due Depositors
39,672,617.68 All of the four items above are covered by cash in banks, bonds and mortgages, public and other
securities. Certified and Officer's Checks...... 2,483,471.73
Checks certified in the ordinary course of business and deducted
from amounts due to depositors." Dividends Declared
600,000.00 Payable July 1st from the earn
ings of 1922. Reserved for Taxes, Interest and Expenses
973,283.55 Set aside from earnings for taxes, interest and other expenses not yet payable.
IN FINANCIAL DISTRICT:
60 Broadway IN SHOPPING CENTRE:
5th Avenue & 34th Street IN PARK AVENUE SECTION: Park Avenue & 48th Street
IN HARLEM 125th Street at 7th Avenue
IN THE BRONX: 148th Street & 3rd Avenue Member of Federal Reserve System