New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-17
TRUST COMPANY MANAGEMENT.

SECRETS THAT OUGHT TO BE TOLD-EXrRACrs FROM
TIE CHATTER QUOTED FOR THE STATE CON-
TRoILER's BENEFIT.
The publication of the list of bonds and
mortgages winch THE TRIBUNE OF Monday contained
has given great deal OF dispute among the rus-
tees the Brooklyn Trust Company who are unable TO
explain the deficiency which exists between the records
in the Registers Office and their own books 1t Is not
unlikely that some mistakes may have crept into THE
TRrBUsE's report. Compelled to take the Registers
books il NAV have enumerated bonds and
mortgages which are already Cancelled. But no
alternative was left it; 1t had TO take
the best authority afforded it, 1t will publish soon the
list OF the securities amounting according to the state
ment OF the Brooklyn Trust Company, to $4,000. In
this list there may appear to the officers of the Trust
Company many errors, and this Is unavoidable, on ac-
eount OF the necessity of trusting to persons who
nerbaps not as well informed themselves. The in
formation OF TIE TRIBUNE leads to the belief that
great many men have borrowed rom the TRUST COM
pany much larger amounts than II would De Wiling 10
acknowledge publicly, and amountsiwhich have since
been made good by the men who would Do seriously
involved by the publication OF the actual truth TIE
TRIBUNE will defer for reasonable time the publica-
ton OF this important table, in the hope that the mana
gers of the Trust Company will recognize the necessity
Of explaining TO the people and to their depostors the
actual condition OF this concern
IL will be tho duty OF the next Legislature TO consider
the proprety Of repeating the charter OF the Brooklyn
Trust Company for violation OF Its provisions and Tor
generally the part OF its directors
section ls provides no loan shall be made directly
or Indirectly ID any officer" This provision
appears to have been dead letter from the day the
Company incorporated In fact the chief business
of the Company OF late appears to have been the loan
ing OF money 10 directors to enable them to carry on
their reckless outside specuations There Is another
nroyison OF the charter which needs to be looked AFTER
ntafn ~
follows
SEC 8 In all cases where application shall be
made TO any Court of this state to Surrogate hay
my tha animal income OF whose estate shall er
coed the sum of $780, the said Court shall nave power To
ein and he soid sn rrogate ION the application Of
the minor of the age Of upward. and on the app-
cation the friends OF the minor under the age OF IA
years a. now provided oy sa the es9se Of
infant and every Court into which moneys may DC
may order direct the Same To DO deposited with the
said Company
IL not known what extent Surrogates and Courts
have hitherto been the habit OF directing the money
Of minors and ltgInts be deposited in this Trust
Company but a. all the courts OF Kings County are
alleged to be more less in the interest OF tho Brook
IGN Ring the probability that this Ring concern has
heen the recpent OF larger share OF the FUNDS EN-
braced in tho section There is another seetion OF the
Charter which gives the Controller OF the state super
yisory power over the managemement vi the company
which 1t will be well for Controller hopAiuS " eAoio'
without delay. II Is as follows
SEC 20. The Board OF Trustees shall exhibit an
puay 20 thu Controller Of the state on such day as ne
shall appoint full statement OF their Affairs IN sneh
form and verified In such manner az he shall direct rue
CONTROLLER should il be deemed proper, may refer slch
statements 10 referee. with directions to make tu
and thorough Investigation into the affairs ana manage
neu of the Company aud To report his opinion In rela
ton the ability and integrity win whlcn lts htlis
are conducted the prudence aud safety Of It's invest
mens the leeurty offered ~ those by whoE ia engage
ments are held and tho advantage derived by the pup
he from its operations. The expense ot every such in
yestgaton made. shall be betrayed by tho Company
IN such sum Controller shall certify to be reason
| able aud Just.
WLothos tho Board Ok Trustees OK the Company have