SUCCESS OF THE INTERNATIONAL ACCEPTANCE BANK

The International Acceptance Bank of New York has demonstrated the success which attends the operation of an organization under efficient management in developing the field of international financing and credit. In the first place its policies are determined by men of experience and lifelong knowledge of international banking requirements. Secondly, the organi ation has the active co-operation of a board of directors which enlists some of the ablest men in American finance, banking and business. At the head of the executive staff are Paul M. Warburg, chairman; Daniel G. Wing, president of the First National Bank of Boston, as vice-chairman, and F. Abbot Goodhue, as president.

A condensed statement under date of June 30th shows total resources of $60,966,157, which embraces customers' liability for acceptances, less anticipations, $25,630,645; customers' liability under letters of credit, $5,318,692; acceptances of other banks, $2,343,021; U. S. Government securities, $12,340,107; cash on hand and due from banks, $4,991,151; stockholders' uncalled liability, $5,000,000; collateral loans, $3,369,580; other bonds and securities, $4,051,767. Subscribed capital and surplus is $15,250,000 with $10,250,000 capital paid in; undivided profits, $1,188,933 and $27,327,000 acceptances outstanding.

The board of directors includes some of the foremost men in the American banking trust company and business world. Matthew G. Brush, president of the American International Corporation, New York, was recently elected a director of the board which is composed of the following: Newcomb Carlton, president Western Union Telegraph Company, New York; Emory W. Clark, presi

dent First National Bank in Detroit, Detroit; Walter E. Frew, president Corn Exchange Bank, New York; F. Abbot Goodhue, president; Robert F. Herrick, Herrick, Smith, Donald & Farley, Boston; L. Nachmann, vice-president; John T. Pratt, New York; Lawrence H. Shearman, W. R. Grace & Company, New York; William Skinner, William Skinner & Sons, New York; Philip Stockton, president Old Colony Trust Company, Boston; Chas. A. Stone, Stone & Webster, Inc., Henry Tatnall, vice-president Pennsylvania Railroad Company, Philadelphia; Felix M. Warburg, Kuhn, Loeb & Company, New York; Paul M. Warburg, chairman of the board of directors; Thos. H. West, Jr., president Rhode Island Hospital Trust Company, Providence; Daniel G. Wing, president First National Bank of Boston.

RECORD PRODUCTION OF MOTOR CARS

Production of motor cars, both for passenger and commercial use, continues at record volume, according to the figures published by the General Motors Corporation. Preliminary combined sales in Juue of the American and Canadian passenger and commercial car manufacturing division of General Motors totaled 68,000 cars and trucks. While this indicates a slight decrease as compared with the months of March, April and May, the comparison with the corresponding month last year shows an increase of about 20,000 cars.

For the first six months of the present year the output of cars and trucks by General Motors aggregated 395,593 as against 206.788 for the same period last year. The preliminary figures for June include Buick, Cadillac, Chevrolet, Oakland, Oldsmobile passenger and commercial cars and G.M.C. trucks.

HARRY H. POND.

AUGUSTUS V. HEELY..

DEWITT HUBBELL...... Vice-Pres., Sec'y and Treas.

Asst. Sec'y-Treas. H. DOUGLAS DAVIS....Asst. Sec'y and Trust Officer RUSSELL C. DOERINGER. ...Assistant Treasurer

NEW TRUST BUSINESS REPORTED BY CANADIAN TRUST COMPANIES The Montreal Times reports the following new fiduciary appointments in behalf of corporations and individuals, announced by various trust companies in Canada.

The Montreal Trust Company was appointed trustee for the $1,750,000 bond issue of the West Kootenay Power and Light Company.

The Royal Trust Company was appointed trustee for the $550,000 bond issue of Stewart Terminals, Limited.

The Montreal Trust Company has been appointed transfer agents and trustees for the bond holders for the $100,000 bond issue of the Pan-Orpheus Company, Ltd.

Individual Estates

The Waterloo Trust and Savings Company was appointed executor of the estate of James Scott of Waterloo who left an estate of $50,000.

The Toronto General Trust Corporation has been granted probate of the will of Mrs. Mary E. H. Godard, Toronto, who left an estate valued at $46,218.

The Canada Trust Company has been granted probate of the will of Ven. Archdeacon James B. Richardson of London, who left an estate of $68,621.

The Toronto General Trusts Corporation has been granted probate of the will of Edward Leadley, Toronto, who left an estate valued at $58,565.

The Frost National Bank of San Antonio, Texas, reports resources of $9,838,626; deposits, $6,328,354; capital, surplus and undivided profits, $1,706,197.

The Merchants National Bank of Worces ter, Mass., reports resources of $28,872,000; deposits, $24,959,000; combined capital, surplus and undivided profits, $2,680,293.

TWENTY-FIRST ANNIVERSARY OF CENTRAL TRUST CO. OF ILLINOIS General Charles G. Dawes, chairman of the board and founder of the Central Trust Company of Illinois in Chicago, recently was the recipient of numerous congratulatory tributes on the occasion of the twenty-first anniversary since the organization of that company. It was formed in 1902 soon after Mr. Dawes had relinquished the office of Comptroller of the Currency under McKinley. The company started with four millions of capital and one million surplus. By 1906 the capital was $4,500,000; surplus and undivided profits, $1,750,000 and total resources, $56,558,000. The present capital is $6,000,000, surplus and undivided profits, $3,840,000; deposits, $79,947,000 and resources $92,336,000.

Although the success of the Central Trust Company of Illinois is a noteworthy performance in banking and trust company development, General Dawes did not neglect his duties as patriot and citizen. During the World War he was chief supply officer on the staff of General John J. Pershing. After the war he gave his time to organizing the National Budget system.

A feature of the recent anniversary was the presentation to L. D. Skinner, senior assistant cashier, by General Dawes and his other friends in the Central Trust, of a beautiful token watch, suitably engraved. Mr. Skinner opened the books for the Central Trust at the beginning of business July 8, 1902, and retires on this anniversary from the banking business.

The Oneida County Trust Company reports resources of $3,547,300; deposits, $2,788,930; capital, $250,000; surplus and undivided profits, $494,289.

CONTROLLING FACTORS IN ESTATE

MANAGEMENT

One of the most clever contributions to trust company publicity is a booklet recently issued by the Chicago Title & Trust Company. The personal curiosity of the recipient is aroused by the imprint of his or her name on the introductory page with the script, "A memorandum to Mr.

on Our handling of Trust funds." The text is crisp and to the point. It sets forth that while the statutes of Illinois prescribe how trust funds should be invested when not otherwise provided for by will, deed or other instrument, experience has shown that something more is necessary to protect the beneficiary.

The policies which govern the trust govern in the handling of trust funds and are dictated by safety, by returns and taxability, according to the size of the estate, persons who are beneficiaries and tax laws; if an estate is small, with no income tax to consider, the trust company favors first mortgages on Chicago real estate, passed on by experts and where value of security must be twice the value of the mortgage. In the case of a large estate the investment is selected with a view to taxability of income under constantly changing income tax laws. Furthermore the trust company is as much concerned with the scientific conservation of the corpus of the estate as with obtaining maximum income. The Chicago Title & Trust Company has assets of over $17,000,000 with no demand liabilities.

William H. Fletcher and J. B. Anderson have been appointed assistant Federal reserve agents of the Federal Reserve Bank of Cleveland.

The Lima Trust Company of Lima, Ohio, plans to construct an eight-story building, to cost about $700,000.

Mr. Harold A. Lawrence has joi ed the staff of the foreign department of the FifthThird National Bank of Cincinnati.

A syndicate headed by the Guardian Savings and Trust Company of Cleveland, and including A. B. Leach & Company, Inc., and the Detroit Trust Company, has purchased the new issue of $1.000,000 First Joint Stock Land Bank of Cleveland 5 per cent. farm loan bonds, dated May 1, 1923, and due May 1, 1953.

Your Rhode Island Business

can best be handled by Rhode Island's only state-wide banking institution. Collections and other banking business can be attended to promptly and effectively. The combined strength of Branch Offices situated in every important commercial center throughout the state and adequate resources ensure unexcelled service. Correspondence invited.

Industrial Trust Company

Member Federal Reserve System
PROVIDENCE

The important position occupied among leading trust companies of the United States by the Commerce Trust Company of Kansas City, Mo., is emphasized in the June 30th statement. This shows aggregate resources of $105,453,737, including loans and discounts of $46,342,974; stocks, bonds and other securities, $5,082,335; United States bonds and certificates, $19,099,293; cash and sight exchange, $26,192,678 and bank premises, etc., $2,483,000. The deposits total $82,228,919. Capital is $6,000,000; surplus and undivided profits, $2,289,295. Associated with A. F. Adams, chairman, and W. S. McLucas, president, in the executive management, is an able staff of officials. The growth of the company has been pronounced since Mr. McLucas resumed his connection.

The Pittsburg Trust Company announces the resignation of Bert H. Smyers as vicepresident and trust officer, to take effect July 1. Mr. Smyers has been connected with the trust company since its incorporation. He will resume the practice of law, but will continue with the trust company for six months in an advisory capacity.

BRANCHES - in.

LOS ANGELES

ALHAMBRA

ALTADENA

ATASCADERO

CARPINTERIA

CATALINA ISLAND

EL CENTRO

FRESNO

GLENDALE

GUADALUPE

HANFORD

HOLLYWOOD

HUNTINGTON PARK

LEMOORE

LINDSAY

LOMPOC

LONG BEACH

LOS ALAMOS

OCEAN PARK

ORCUTT

OXNARD

PASADENA

PASO ROBLES

PINE KNOT

REDLANDS

SAN FERNANDO

SAN LUIS OBISPO

SAN PEDRO

SANTA ANA

SANTA BARBARA SANTA MARIA

SANTA MONICA

TULARE

VENICE

VISALIA

WHITTIER

WILMINGTON

I

WM. RHODES HERVEY, Executive Vice-President Trust Department

CONTEST FOR SECURING SAFE DEPOSIT

BUSINESS

The Liberty Central Trust Company of St. Louis recently staged a new kind of employees' contest for business. The prizes, instead of cash payments, consisted of various vacation trips for the winners. Free transportation was offered to points as far west as the Pacific Coast, to Yellowstone Park, Colorado, Michigan, etc. Provision was made so that winning employees could remain at home if they desired and use the money for other purposes.

Another feature of the contest was that it was limited to securing new business for the safe deposit department. A total of 161 safe deposit customers was secured, making a total of 813 safe deposit customers brought in during three contests within a period of 18 months. Previous contests included new business for the banking, savings and trust departments and have been very successful.

The Home Trust Compan of Kansas City, Mo., has purchased and absorbed the business of the Central Exchange National Bank.

SYMPOSIUM ON THE FARMERS'
PROBLEMS

The Spokane & Eastern Trust Company of Spokane, Wash., renders a very timely and excellent service in printing in book form for general distribution a series of letters received from bankers and other authorities from all over the country. These letters were received by W. T. Triplett, secretary of the Northeast Group Two of the Washington Bankers Association in answer to queries propounded by a member for discussion at the annual meeting. Responses are published from A. C. Miller of the Federal Reserve Board, Arthur Reynolds, George Woodruff, C. S. Moody, F. W. Ellsworth, George E. Roberts, Secretary of Agriculture H. C. Wallace and others. The consensus of opinion seemed to be that the farmers' problems will yield most readily to co-operation in marketing products; study of costs by farmers; moderately higher prices for products and stabilization of conditions in Europe. The view is also expressed that much of the trouble with farmers is due to bad indgment in contracting debts.

YOUR

TELEPHONE_THE VOICE OF
YOUR BUSINESS

Although this is the era of 100 per cent. efficiency-plus there are many executives in business corporations and in banks and trust companies who do not appreciate the power of salesmanship that resides in the proper use of the telephone. It is impossible to calculate the actual amount of business which is transacted over the telephone. In banking and trust company operation the telephone is the most indispensable and valuable agency, not alone of communication, but also in initiating and practically closing business transactions of all kinds.

A surly, strident response to a telephone call is often the cause of turning away business. A pleasing, courteous and obliging voice at the receiver is often the means of new introductions of business or banking clients. How many bank or trust company managements have given attention to the possibilities of turning away or attracting business because the voice at the telephone is either repellent or inviting.

The Blodgett Press, conducted by the Harvey Blodgett Company of St. Paul, have

just issued a booklet entitled, "Your Telephone The Voice of Your Business," written by Pauline Dunstan Belden, which should be read by every bank or trust company executive and distributed to every member of the staff who comes in telephonic contact with customers or the public. The writer shows that the telephone is a big power in creating house personality, how tact must be exercised and what tact means. The chapters on telephone salesmanship, on telephone ethics, training the house operator, technique and efficiency are most revealing as to the need of what might be termed a sound "telephone morale" in every business or banking organization. The Blodgett Press is prepared to provide these books in quantity at nominal cost.

Alexander Seymour Duncan, who was formerly chairman of the board of the Manufacturers Trust Company, died recently at his home in Brooklyn at the age of 72.

The Bankers Trust Company of New York has been appointed transfer agent for the capital stock of American Motor Body Corporation.