Trust Companies

A MONTHLY MAGAZINE DEVOTED TO TRUST COMPANY, BANKING AND
FINANCIAL INTERESTS OF THE UNITED STATES

11. XXXII

Entered at the New York Post Office as Second Class Mail Matter

January, 1921

TABLE OF CONTENTS

Number One

A YEAR OF UNEXAMPLED OPPORTUNITY

Restoring Economic Balance and Sound Standards

Must Finance Foreign Trade

Fortifying Credit and Banking Structures

Progressive Credit and Currency Deflation

The Bankers' Problems

Standardizing Stock Transfer Requirements

Agitation for Central Bank

Defining Practice of Law"

Government Finance, Public Debt and Tax Revision

FORECASTS FOR 1921 MADE BY LEADING AMERICAN BANKERS AND ECONOMISTS

INCREASING STRENGTH OF FEDERAL RESERVE AND CREDIT POSITION

W. P. G. Harding, Governor, Federal Reserve Board.

EFFECT OF READJUSTMENTS ON TRUST COMPANY BUSINESS

E. D. Hulbert, President, Merchants' Loan & Trust Company of Chicago, and President, Trust

Company Division, A. B. A.

CONSTRUCTIVE TASKS CONFRONTING AMERICAN BANKERS

John S. Drum. President, American Bankers' Association.

PROFITING FROM THE LESSONS OF POST-WAR READJUSTMENTS

Charles H. Sabin. President, Guaranty Trust Company of N. Y.

INFLUENCE OF FEDERAL RESERVE POLICIES ON PRICES

David Friday, Professor, University of Michigan.

URGENT NEED OF MACHINERY FOR FINANCING FOREIGN TRADE

13

John McHugh, Chairman, Organization Committee, Foreign Trade Financing Corporation.

PRICES AND BUSINESS WORKING BACK TO NORMAL RELATIONS

Oliver C. Fuller, President, First Wisconsin National Bank and First Wisconsin Trust Company.

CONDITIONS GOVERNING INTEREST RATES AND MONEY MARKET

Edward O. Stanley, Third Vice-President, Title Guarantee & Trust Company of New York.

WHAT IS HAPPENING TO THE TRADE ACCEPTANCE?

Lewis E. Pierson, Chairman of Board, Irving National Bank, N. Y.

THE CLINCH OF THE DEAD HAND

Virgil M. Harris, LLD., Trust Officer, National Bank of Commerce in St. Louis,

BLAZING NEW TRAILS FOR CONSTRUCTIVE TRUST COMPANY SERVICE

L. H. Roseberry, Vice-President, Security Trust & Savings Bank, Los Angeles.

PRESENT BASIS AND PROSPECTIVE SECURITY PRICES

Thomas Gibson, Author of "Pitfalls of Speculation," etc.

SIMPLIFICATION OF FIDUCIARY INCOME TAX FORMS

A. M. Sakolski, Ph.D., Equitable Trust Company of New York.

EFFECT OF FEDERAL INHERITANCE TAXES ON PROPERTY TRANSFERRED

VOLUNTARY TRUSTS

15

18

19

23

26

29

32

UNDER

Frederick Vierling, Vice-President and Trust Officer, Mississippi Valley Trust Company, St. Louis.

INVESTMENT OF TRUST FUNDS.

Orrin R. Judd, Trust Officer, Columbia Trust Company of N. Y.

POINTS OF CONTACT BETWEEN AMERICAN AND CANADIAN TRUST COMPANIES

Edwin Cassidy, Secretary, National Trust Company of Toronto.

IS AMERICA "A NATION OF ECONOMIC ILLITERATES?"

Oswald W. Kanuth, Secretary, National Bureau of Economic Research.

SUCCESSFUL OPERATION OF THE PERMANENT CHARITY FUND IN BOSTON

Charles M. Rogerson, Secretary, Committee of the Permanent Charity Fund, Inc. of Boston.

LAUNCHING OF THE NATIONAL TRUST COMPANY PUBLICITY CAMPAIGN

F. H. Sisson, Vice-President. Guaranty Trust Company of N. Y.

ARTISTIC POSTERS IN SELLING TRUST COMPANY SERVICE.

Harry E. Martin, Assistant Advertising Mgr., The Guardian Savings & Trust Co. of Cleveland.

REMEDIAL POSSIBILITIES UNDER REVENUE ACT OF 1918 AS APPLIED TO TRUSTS

Frederick A. Thulin of the Chicago Bar.

FAMILIARIZING TRUST COMPANY EMPLOYEES WITH FORMS AND METHODS

J. E. Wright, Advertising Manager, Fidelity Title & Trust Co., of Pittsburgh.

LEGAL DECISIONS AND DISCUSSION

New York Security and Banking Situation

Philadelphia Business and Financial Survey

New England Prepares for Business and Industrial Recovery

Business and Banking Situation in Middle West.

Real Estate Mortgage Loan Situation in_Missouri

SPECIAL CORRESPONDENCE FROM LEADING CITIES, INCLUDING NEW YORK, PHILA-

DELPHIA, BOSTON, CHICAGO, ST. LOUIS, CLEVELAND, LOS ANGELES, ETC.

Annual Subscription, $5.00