1921, The Bankers magazine, Volume 102,
Page 870, Equitable Trust Company Basketball Team,
June, 1921, The Bankers magazine, Volume 102,
Main Banking Room from the Officers' Quarters at the Head Office of The Equitable Trust Company of New York, 37 Wall Street
Equitable Trust Company of New York Head Office 37 Wall Street
Equitable Trust Company Celebrates Fiftieth Anniversary
PRESIDENT Alvin W Krech and the trustees of the Equitable Trust Company of New York were entertained by the officers of the company at a dinner held in the University Club Tuesday evening April 19 1921 in commemoration of the fiftieth anniversary of the company's birth.
A handsome silver loving cup was presented to Mr Krech by the officers. A number of the company's trustees gave interesting reminiscences of the earlier days of the institution. Addresses were delivered by the following: Alvin W Krech, Charles B. Alexander, Albert B. Boardman, Charles Hayden, Hunter S. Marston, James C. Donnell, Arthur W. Loasby, and Heman Dowd. Edward T. Jeffrey was toastmaster.
In a brief review of the company's history President Krech outlined the really remarkable progress of this company and its phenomenal growth.
The Equitable Trust Company was chartered April 19 1871 by special act of the New York State Legislature, under the name of the Traders Deposit Company with an authorized capital of $50,000, of which $16,000 was paid in on May 27 of the same year when the company was organized and proceeded to business.
On April 2 1902, the paid in capital stock was increased to $1,000,000, and
Income Tax Department at the Main Office
the corporate name of the Deposit Company was changed to its present title and its activities were extended to include every bank and trust function authorized by the state banking laws. In 1909 the Equitable in accordance with the spirit of the progressive institutions of the period conducted a series of important mergers resulting in a tremendous growth and the centering in
Officers Quarters, Trust Department at the Main Office
Executive Offices Bond Department Fifth Floor 37 Wall Street New York
this company of wide and diversified connections. Since 1912 the company has continued to make rapid strides in size and prestige.
The story of the growth of the Equitable is a business romance. In 1902 the officers and clerical force numbered about twenty three. To-day there are approximately 1151 officers and employees in New York alone. The foreign branches, offices and correspondents of the company cover all parts of the world.
In the year 1903, the capital of the company was increased to $3,000,000, its surplus in that year was $8,500,000, its undivided profits $540,000, and its dividend rate nine per cent. annum. In 1917 the capitalization was increased to $6,000,000; the company surplus at this time was $10,500,000; undivided profits $1,843,000, and the annual dividend rate 21.45 per cent per annum. In 1919 the capitalization was again increased to $12,000,000; the total surplus at this time being $14,500,000. The company paid annual dividends of twenty five per cent in 1918 and 1919, and twenty per cent in 1920. Dividends are now being paid at the rate of four per cent quarterly.
Since 1912 the home office of the Equitable Trust Company has been located at 37 Wall Street.
Local offices are also maintained at 222 Broadway, known as the Colonial office, and at Madison Avenue and Forty fifth Street, known as the Uptown office.
The former has been occupied since 1912, and the latter since September 1918, succeeding the former Uptown office at 618 Fifth Avenue.
The Uptown office is located in the heart of the rapidly growing uptown financial center. This organization is a complete banking institution in itself. It includes every department of general banking trust foreign exchange and investment service.
Officers Quarters at the Uptown Office
The Equitable has a highly developed system of correspondent banks throughout the world, numbering about 11,000. This year several important branch offices have been established in the United States and direct wires installed to Philadelphia, Chicago and Atlanta. A San Francisco office is now being established to facilitate the Company's Pacific Coast business.
The new Philadelphia office of the In 1920 he was correspondent of resigned in May the Equitable in Company is located in the Land Title Building, Broad and Chestnut Streets. Alan W Pease, Philadelphia representative in charge of this office, is a graduate of John Hopkins University, Baltimore. His early business training was secured in the services of the Crowell Publishing Company and the Curtis Publishing Company. He entered the banking business in 1918, becoming a member of the new business department of the Guaranty Trust Company of N. Y. appointed Buffalo that Company. He resigned in May 1921, to represent the Equitable in Philadelphia.
The Chicago office of the company has its offices in the National Life Building, 29 South La Salle Street. Donald L. DeGolyer, who is in charge of the Chicago organization, has been associated with Chicago financial institutions since 1908.
The Atlanta office of the company is located at 10 Edgewood Avenue. Turner C. Trippe the manager of this office, has had wide experience in southern bank and investment matters. He was formerly associated with the Atlanta Trust Company as manager of its bond department, and subsequently as treasurer. In addition to its offices in Paris and London, agencies have been established in Mexico City and Shanghai. The Shanghai office recently has been taken
Uptown Office Madison Avenue at 45th Street
over by the Equitable Eastern Banking Corporation, a subsidiary of the Equitable Trust Company, which has been organized to take care of the Far Eastern business of the company.
Mr Krech closed his address with the following statement" "This week the Equitable Trust Company of New York celebrates the fiftieth anniversary of its birth. Founded in April 19, 1871, as the Traders Deposit Company, the Equitable has built for itself a distinctive place in the life of New York and the nation.
"Old in years but youthful in spirit, conservative in management but progressive in ideas, mindful of tradition but unafraid to pioneer, great in resources but not too great to lose the human touch, never confusing dignity with aloofness, and conceiving of bank service as public service---this is the Equitable of today.
"As we begin our second half century we are proud of our record of honorable useful service in national and international finance, and of the intimate place we occupy in the lives and every-day affairs of our depositors."
The Equitable's product for sale is service; service to individuals, business firms and corporations and to dealers and banks, both foreign and domestic. Its charter, organization and resources enable it to handle practically every kind of financial transaction and perform every variety of trust service.
To the individual the Equitable
Colonial Office 222 Broadway
offers a wide range of service acting as depository for checking accounts, facilitating travel abroad, and in the United States, encouraging and fostering saving and investing, safekeeping securities and other property, in the building of estates during life and in acting as executor, administrator, trustee, guardian or conservator after death.
It offers service in looking after insurance taxes, rents and the collection of income. It offers service in expert advice and judgment in every variety of financial relationship or transaction.
To the business firm or corporation the Equitable offers the same variety and scope of service extended to individuals. It finances exports and imports, makes collections on all parts of the world, collects credit information on domestic and foreign firms for customers, discounts bills, makes loans and performs every other bank service possible in domestic and foreign business. It acts as fiscal agent in the payment of coupons, interest and principal, as trustee for corporate bond issues, as registrar and transfer agent in corporate stock issues, and handles railroad, public utility and industrial reorganizations.
To the individual and to the business concern the Equitable can be friend and adviser in every step requiring financial guidance.
To banks the Equitable offers special service based upon personal, rather than routine impersonal attention, and enabling them to better serve their own customers. Service depends upon equipment, ability, enterprise and integrity, and Equitable Service is built upon these things. Its policy is always to get and keep business only on a strictly service basis. This institution has always adhered to the old-fashioned belief that service performed should be equal to or greater than service promised. Throughout the entire organization the word service retains all of its old time meaning.
Willingness to adopt every progressive means for business expansion and use of the most modern methods has resulted in the Equitable's passing in the last five years many much older and better-known institutions.
The company is continually making the name "Equitable Trust Company" and its service better known throughout the United States and attracting new customers for every department of the institution from the great mass of potential bank, investment and trust service users in New York.
A particularly interesting newspaper advertising campaign is now being conducted in New York supplemented by a general magazine campaign.