Fiduciary Bank

Wall Street must have its wisecrack. "High finance" was the weak but prevalent pun heard last week when Fiduciary Trust Co. opened for business on the 30th floor of No. i Wall St. But other bankers pre- pared to watch Fiduciary's course with deep interest. Distinctly it is a new departure in banking. The idea for Fiduciary Trust was conceived by the law firm of Root, Clark & Buckner and the investment counsel firm of Scudder, Stevens & Clark which, formed in 1919 as the first purely professional investment adviser, now spends $400,000 a year in research, handles some $325,000,000 in funds. Representatives of both firms are on the bank's board. Fiduciary Trust will specialize in trust business and estate administration, will do commercial banking (although it accepts checking accounts), will vend no securities. "Continuity of independence and policies, Specialization and Research" are the three characteristics it calls distinguishing. To Root, Clark & Buckner and to Scudder, Stevens & Clark, the bank will be a big client, also one to whom they can send much business. Chairman of Fiduciary Trust which starts business with $1,000,000 capital, is Pierre Jay, great-great-grandson of the great John Jay, first Chief Justice of the U. S. Banker Jay is neat, cordial, mentally meticulous He went to Groton and Yale (1892), was made Bank Commissioner of Massachusetts. His biggest accomplishments in Massachusetts were the segregation of thrift accounts in commercial banks and the drafting of the first Credit Union Law (governing mutual small loan associations). When the Federal Reserve Bank of New York was founded in 1914 he was made its chairman, held the position until 1926. He was recently Deputy Agent General for Reparation Payments at Berlin. Banker Jay takes his work seriously, served no liquor in his home while he was in the service of his Government. Under him as president is Daniel W. MacCormack who organized and directed Irving Trust's big receivership department, for five years was a member of the U. S. mission charged with straightening out Persian finances.

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