opened about May 1 on Madison Avenue, between
Thirty-ninth and Fortieth Streets.

The foreign business of the Bank shows a gratify¬
ing increase in volume and in profit. On December
18, 1926, our office formerly maintained at Copen¬
hagen was transferred to Berlin.

The services of our Trust Department are being in¬
creasingly availed of by the customers and other
friends of the Bank, and this Department continues
its healthy growth.

The number of stockholders is 6,534, the average
holding being about 38 shares.
 

10