The Standard Trusts Company WINNIPEG, MANITOBA (With Branches in all the Four Western Provinces) Any American Trust Company needing prompt fiduciary service on behalf of themselves or their clients, who have interests in Canada, will receive it through us. As investors we have large lists of Mortgages to offer, bearing 7% to 8% on City and improved Farm Lands. We have in our service in each Province qualified land inspectors and are in a position to make reliable valuations of Farm and City properties. We have also, on behalf of Estates, excellent Farm lands for sale at low prices and on easy terms. Capital, $1,000,000.00 References: Any Chartered Bank in Canada Rest, $600,000.00 Capital $10,000,000.00 Surplus and Undivided Profits $13,616,017.89 Aggregate Resources over $200,000,000.00 President, STEPHEN BAKER UPTOWN OFFICE MAIN OFFICE First Vice-President, RAYMOND E. JONES 31 Union Square, New York City 40 Wall Street, New York City QUEENSBORO OFFICE Transfer Agent of the State of New York Since 1818. Member of the Federal Reserve System. THE New York Trust Company offers to cor- Special conveniences are offered to those engaged Long experience, covering the entire field of trust The New York Trust Company Capital, Surplus & Undivided Profits $27,500,000 Member Federal Reserve System & N. Y. Clearing House Association PHILADELPHIA -the "Workshop of the World" Philadelphia, the third largest city of the United States, and the nation's second greatest port, is America's and the world's greatest manufacturing center. For about a century the Girard Trust Company has been intimately associated with Philadelphia's commercial and financial progress. Corporations and Individuals desiring Philadelphia connections are invited to avail themselves of the Banking, Trust, Real Estate and other facilities of this Company. Trust Companies A MONTHLY MAGAZINE DEVOTED TO TRUST COMPANY, BANKING AND Vol. XXXVII November, 1923 Number Five TABLE OF CONTENTS Frontispiece-GOVERNING HEADS OF ENGLISH-SPEAKING NATIONS Democratization of Wealth and Industry. The Branch Bank Muddle. Mellon's Tax Reduction Program and the Bons. Selling Life Insurance Trusts. Mutual Banks Seeking Trust Powers. Hershey's $60,000,000 Trust Estate. HANDLING TRUST INVESTMENTS SCIENTIFICALLY A. F. Young, Vice-President, Guardian Savings & Trust Co., Cleveland. MODIFYING OR DISTRIBUTING THE BURDEN OF INHERITANCE TAXES RELEASING CAPITAL AND ENTERPRISE FROM ARBITRARY RESTRAINTS ALARMING SHRINKAGE OF ESTATES CAUSED BY DEATH DUTIES SUGGESTED AMENDMENTS TO FEDERAL RESERVE ACT (Brief submitted by New England William H. A. Johnson, Assistant Secretary, Continental & Commercial Trust & Savings Bank, BENEFITS OF REAL ESTATE TITLE INSURANCE Albert L. Grutze, Trust Officer, Title & Trust Co., Portland, Ore.' DERIVATION OF LAWS GOVERNING WILLS AND PROPERTY BANK COLLATERAL-ITS VALIDITY AND VALUE Thomas C. Hennings, Vice-President, Mercantile Trust Co., St. Louis. J. M. Broughton, Attorney-at-Law, Winston-Salem, N. C. W. H. Steiner. ASCERTAINING THE BORROWER'S FINANCIAL STATUS PRACTICAL COOPERATION IN CREATING LIFE INSURANCE TRUSTS (Letter to Life Insurance Frederick Vierling, Vice-President, Mississippi Valley Trust Co., St. Louis. John E. Potter, President, Potter Title & Trust Co., Pittsburgh. LIQUIDATION OF FARM MORTGAGE LOANS AND INDEBTEDNESS FOREIGN MARKETS VITAL TO AMERICAN PROSPERITY Frederick W. Gehle Vice-President, Mechanics & Metals National Bank, New York. LEGAL DECISIONS AND DISCUSSION Refinements of Trusteeship Developed by Union Trust Company, Detroit Minneapolis Trust Company Celebrates 35th Anniversary. Discussion at First Regional Trust Company Conference GOVERNING FACTORS IN SECURITY MARKETS Thomas Gibson. National vs. State Bank Development in Pennsylvania Proposed Trust Officers Association in Massachusetts Genuine Prosperity in Ohio PAGE χχίν 545 555 560 565 569 575 579 583 589 595 597 603 609 611 615 621 624 625 627 633 636 655 660 667 669 675 679 Development of Trust Business in California SPECIAL CORRESPONDENCE FROM LEADING CITIES INCLUDING PHILADELPHIA, BOS- Annual Subscription, $5.00 660-679 Single Copics, 50 Cents Open Monday Evenings until 8 o'clock Our services in all matters of banking and trust are cordially placed at your disposal. Correspondence promptly attended to. UTICA TRUST & DEPOSIT COMPANY GENESEE & LAFAYETTE STS. EAST SIDE BRANCH BLEECKER & ALBANY STS. The Real Estate Title Insurance and Trust Company of Philadelphia 523 CHESTNUT STREET BROAD STREET OFFICE THE OLDEST TITLE INSURANCE COMPANY IN THE WORLD Capital, Surplus and Profits $5,400,000.00 Incorporated in 1876, this Company has issued over 322,000 policies of title insurance and has accumulated information which enables it to execute work with unequaled accuracy and promptness. Executes trusts of every description. DANIEL HOUSEMAN, Becomes security for persons acting in fiduciary capacities. Receives money on deposit and allows interest. Buys and sells real estate and assumes the management thereof. OFFICERS FRANCIS A. LEWIS, President JOHN H. FAIRLAMB, Assistant Treasurer Assistant Manager Title Department DIRECTORS FRANK H. MOSS Member of the Philadelphia Clearing House Association HENRY M. DU BOIS |