FIFTIETH ANNIVERSARY OF BANK OF BUFFALO BRANCH OF MARINE TRUST COMPANY

Apropos of the celebration of the fiftieth anniversary year the Bank of Buffalo Branch of the Marine Trust Company of Buffalo enters upon a new phase in its history. The ornate building occupied by the branch on one of the most important squares in Buffalo's business center, facing North Division street, from Main to Washington streets, is to be extended to take in the entire site. The original building was made from designs by McKim, Mead and White, and is one of the architectural features of the city. Co-incident with the fiftieth anniversary celebration, the Bank of Buffalo Branch has also taken over bodily the business of the City Trust Branch of the Marine Trust Company. The City Trust Branch was formerly the City Trust Company and one of the oldest trust companies in Buffalo.

The Bank of Buffalo Branch, which was formerly the Bank of Buffalo, has a record which is closely intertwined with the financial and business growth of the city. It had only three presidents, S. S. Jewett, John N. Scatherd and E. C. McDougal. In 1920 the Marine Trust Company and the Bank of

Buffalo were merged, the latter, at that time, having deposits of $40,000,000 and capital of $2,500,000, giving the Marine Trust Company deposits of over $100,000,000. Soon after Mr. E. C. McDougal, whose administration had brought such success to the Bank of Buffalo, was elected president of the Marine Trust Company, which position he occupies today. Mr. McDougal practically began his banking career with the Bank of Buffalo which he entered in 1879 as messenger. In 1896 he came its president.

ASSISTANT

TRUST OFFICER OF
HIBERNIA

The board of directors of the Hibernia Bank & Trust Company have elected D. Allen Johnson, assistant trust officer, to succeed A. P. Smith, Jr., who recently resigned to become assistant treasurer of the Hibernia Securities Company. Mr. Johnson is a native Louisianian. After eighteen months in the Government service during the war he took up the practice of law, and in the latter part of 1919 became associated with the Interstate Trust and Banking Company, from which he resigned in 1921, when he was employed by the Hibernia Bank in their trust department.

CONTINENTAL

AND COMMERCIAL BANKS OF CHICAGO

A study of the June 30th statements of the Continental and Commercial National Bank of Chicago and the Continental and Commercial Trust and Savings Bank reveals the strong and liquid position of these affiliated institutions. Together they have aggregated resources of over half a billion$541,664,517, in exact figures. Their combined deposits amount to $464.060,970. The invested capital is over $55,000,000. The National bank reports resources of $421.246,925 with loans, acceptances and securities of $253,143,541; cash and due from banks, $108,244,023; U. S. bonds and Treasury notes, $32,604,698. Its deposits of $359,660,914 embrace $214,565,000, individual deposits and $145,095,000 bank deposits. Capital is $25,000,000; surplus, $15,000,000 and undivided profits, $5,041,630.

The Continental and Commercial Trust & Savings Bank has total resources of $120,417,000 including time loans of $21,218,000; demand loans, $14,573,000; bonds and securities, $50,022,000; cash and due from banks, $34,603.000. Deposits total $104, 400,000. Capital is $5,000,000; surplus, $5,000,000 and undivided profits, $4,251,000.

GOOD BUSINESS AHEAD

Louis G. Kauffman, president of the Chatham and Phenix National Bank of New York expresses faith in the future of business. He said recently:

"There are doubtless many grave questions on the business horizon which will bear watching on the part of bankers and executives responsible for the prosperity of the country. But in the main there is nothing to cause business interests any undue anxiety. It is safe to say that all danger of money stringency has been permanently removed from possibilities threatening business here. Our highly organized monetary-credit system is now on such an effective basis that, so far as it is humanly possible to see, all dangers of business retardation, from the banking viewpoint, are forever removed."

The board of directors of the Bankers Trust Company of New York recently elected Frederick S. Bale, who has been assistant to the president, a vice-president. E. S. Chappelear, who has been auditor, was appointed to the newly created position of controller, and H. L. Simms was appointed auditor.

MR. HECHT HONORED AS MOST CONSTRUCTIVE CITIZEN OF NEW ORLEANS

Rudolf S. Hecht, president of the Hibernia Bank & Trust Company of New Orleans, has been honored as New Orleans' most constructive citizen by being awarded the Times-Picayune loving cup for having accomplished the greatest good for the city of New Orleans during 1922.

Mr. Hecht received this honor principally because of his services as president of the Board of Port Commissioners, which is an honorary office and carries no remuneration. In this capacity he has depoliticalized the Dock Board; and by his policies has helped to establish New Orleans as one of the most progressive ports in the world. He also rendered the city invaluable service in conceiving the plan for financing the construction of the New Orleans Industrial Canal which connects the Mississippi River with Lake Pontchartrain, and provides almost unlimited wharf facilities for manufacturing and other enterprises.

In addition to his work on the Dock Board, Mr. Hecht also was the outstanding figure in the reorganization of the New Orleans Railway and Light Company, and is now chairman of the board of that body. Pe also was instrumental in organizing the

Mississippi Shipping Company, which gives New Orleans its first direct service to the east coast of South America.

Other activities with which Mr. Hecht has been intimately identified and which have characterized his service to the community have been the organization of the Federal International Banking Company of which he is a director, and the refinancing of the New Orleans City Debt to which as member of the Board of Equalization he gave several years of close study. Practically all of Mr. Hecht's work for his adopted city has been unselfish and altruistic in its nature, without any hope of reward or compensation, and it is this fact more than any other which influenced the committee in designating him as New Orleans' leading citizen.

At a recent meeting of the board of directors of the Hibernia Bank and Trust Company of New Orleans, a dividend of six per cent. per share was declared for the quarter ending June 30th. An additional dividend was voted the employees. This dividend is based upon a sliding scale dependent upon the length of time the employee has been with the bank and is 3 per cent. of a varying amount of the yearly salary.

EFFECTIVELY ESTABLISHING A FAMILY ESTATE

The Brooklyn Trust Company, in actively developing life insurance trust business. believes that one of the first essentials is to enlist the cordial co-operation of the members of the life insurance profession. In a statement recently issued by the company the following "pointers" are submitted which may be employed by life insurance men in selling insurance in larger than average amounts:

"When effectively presented the life insurance trust plan will appeal to two distinct groups of individuals: First, to those whose incomes are seriously affected by a high rate of surtax and who therefore would welcome a proper plan for materially lowering the rate. And, second, to that larger group of men whose income is so largely absorbed by necessary expenses that their reserve fund for the future financial protection of their family grows slowly-hasn't yet reached a desirable figure, and reasonable expectations are discouraging as to adequate final accomplishment.

"In the first group, income received from investments coming on top of a comfortable business or professional income, is subject to surtax up to 50 per cent., whereas if all or part of the securities which produce this income were set aside under a trust agreement the income from same would be reported the same as the sole income of an individual thereby reducing the rate.

"To illustrate briefly-the surtax on an income of $200,000 amounts to $70,960, but the surtax on two separate incomes of $100,000 each, would be $44,920 showing a saving of $26,040. Other illustrations which can be easily computed for various sized incomes which are affected by surtax of from 10 per cent. to 50 per cent. will show that the saving which can be made under a life insurance trust plan are alone sufficient to pay the premiums on a policy of substantial amount.

"The other group having much smaller incomes and finding the accumulation of an estate a slow process, should welcome an opportunity to adopt a plan which assures to their family immediately, in case of sudden death, perhaps a greater financial benefit than could reasonably be expected if full life expectancy were reached and individual effort resulted most fortunately.

"Especially does the plan impress the man of middle age who has by careful management already accumulated a small reserve fund and whose business income is probably

sufficient for his family's comfort, but to whom the realization often comes that if his support should suddenly be withdrawn, the little he has saved and invested, would not produce a commensurate income for his family's needs.

"If such a man lives 20 or 25 years more retains his business position, and carefully adds something each year to his reserve fund he may possibly acquire a sufficient family estate but it is the immediate protection which is assured by the life insurance trust that is the strong appeal-all doubt is removed as to what size estate will be left. A certain definite minimum amount is at once sure which will be increased each year by dividends on the policy and accepted by the trustee in the form of additional paid up insurance. Such trusts may be revocable or irrevocable if revocable they are effective in reducing the income tax of the makerbut if made irrevocable they not only secure relief from income taxes but can be drawn so that the principle of the trust fund is freed from inheritance taxes.

"The Brooklyn Trust Company will act as trustee for such trusts where the principal of the trust fund is $10,000 or larger. Our fee is so small that in most cases it is completely offset by the savings effected in taxes -viz $25 per annum for $10,000 and pro rata in multiples of $5,000 for larger amounts."

The Guaranty Trust Company of New York announces that Mr. William H. Hamilton has been appointed an assistant vicepresident of the company. He will serve at its Fifth Avenue office, Fifth avenue and 44th street. Mr. Hamilton was formerly an assistant secretary of the company at the Brussels office.

Arthur M. Davison has been elected president of the Union Trust & Savings Bank of Flint, Mich.

Fred W. Ellsworth, vice-president, Hibernia Bank & Trust Company of New Orleans, was one of the principal speakers on the program of the South Carolina bankers' convention at Greenville recently.

Mr. John S. Rossell, president of the Security Trust & Safe Deposit Company of Wilmington, Del., was one of the active members of the committee in charge of the unveiling on July 4th of the Cæsar Rodney statue in Wilmington, which commemorates his historic ride from Dover to Philadelphia to break the deadlock and vote for the adoption of the Constitution.

ADVERTISING AMERICA

Edwin Bird Wilson is not only one of the ablest authorities in this country on financial and bank advertising, he is also an outspoken and courageous citizen when occasion requires. In his recent address on "Advertising America" before the Baltimore Advertising Club, he pursued a new and vigorous line of advertising thought in connection with public and international relations. His subject was divided into four classifications: (1) official utterances of representatives of the Government; (2) declarations of trade as implied in multitude of transactions and voices, in our dealings with the outside world; (3) expression of feeling and political sentiment from a hundred millions of American hearts and (4) the printed periodicals, the Fourth Estate.

Mr. Wilson presented a strong argument for a larger interpretation of this country's ideals in making peace and liberty secure throughout the world following our pledge in the Great War. He asked the pointed question whether American trade is making friends abroad or giving the impress of dollar grabbing, conscienceless traders? As regards the "Fourth Estate" Mr. Wilson, visioned the trend toward truth in advertising.

The American people pay Charlie Chaplin and Harold Lloyd approximately a million dollars a year. President Harding receives $75,000 a year.

George W. Davidson, president of the Central Union Trust Company of New York has been elected a director of the Rock Island Railroad.

George A. Coulton of the Union Trust Company of Cleveland has been elected a director of the Peerless Motor Car Company.

The Old National Bank of Fort Wayne, Ind., reports resources of $8,975,000; deposits, $7,236,000; capital, surplus and undivided profits of $1,025,000.

Stagnant Items

Arrival drafts can often be put away in

the pouch and forgotten.

The system at the "U & P" does not

permit this to happen,
however. Every-day
attention is the rule
for all drafts entrusted
to our care.

UNION & PLANTERS
BANK & TRUST
COMPANY
UP
Memphis our wing

Tenn.

TRUST COMPANY ADVERTISING WITH A "REAL PUNCH"

Sometimes display newspaper advertising by banks and trust companies is a waste of money and of white space. That criticism cannot be applied to the full page display newspaper advertisements which the Union Trust Company of Detroit has been putting out. One-half the page is devoted to linedrawn illustration which always tells a story of its own in touching a human chord. Each advertisement is complete in itself. For example, a recent advertisement pictured an elderly man sitting at his window with the following line in bold-faced type underneath:

"So, Unafraid, He Faced the Setting Sun."

He had made provision for his declining years and for the protection of his family by creating a living trust and selecting a responsible trust company. Another advertisement pictures the "Nephew from Hoboken" attended by a grim-looking lawyer. The husband had made no will and left an estate hardly sufficient to support his wife. The wayward son of a brother, long dead, turns up to claim one-half of the estate under the intestacy laws of Michigan.