The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1893-07-20
TRUST COMPANIES.
What They are and the Business Du-
ties They Perform

/ 1t is propable that some of our read
| ers may not fully understand just
| what TRUST Company" is, and what
| its functions are. For the benefit
of such few words Of explanation
| may be in order
| In the first place it may be explain
ed that Trust Company has nothing
whatever to do with the combinatio
OF firms and corLoratic rs i &c: tain
| TRUSTS" the object of which are to
| control the production Of certain
| commodities, to lessen competition
| and to maintain prices. For instance
| the "Whiskey Trust" is an organiZa-
| tion which has acquired, by purchase
or lease, mostof the distilleries in the
| country, which produce neutral spir-
its or high wines, and by operating
| them all under one management, the
competition among them has been
done away with and prices advanced.
In the sugar market che Sugar Trust
has formed combination among re-
| liners with the same object and re-
suit. So with the Cordage Trust, the
Lead Trust. the Cotton Seed Oil
Trust, etc, in the several lines of pro-
duction indicated by. the different
names.
A trust company is corporation to
trusted. A guardianship is a trust;
recelyerShip is a trust; truSteeShip
for married woman is a trust, etc,
and it is because the business of the
companies run in such lines and be-
cause they execute trusts that they
are called "trust companies"
Corporations of this kind have eX-
listed for many years in England, and
for a generation in the East, but it is
they have been established in the
South and West. Their rapid growth
within that time indicates the need
which existed for them, and their
ability to fill sthe need and to render
useful service.
The business of trust company,
epitomiZed, is to act as executor, adj
ministrator, guardian, assignee, trus-
tee, receiver committee of lunatics,
financial agent, etc.
1t is not always easy to find private
individuals possessing the proper abil-
ity and character, who are able to
give the needful attention, and
are willing to execute such trusts.
Usually, such people have their own
business to attend to, and sometimes
they are sick and absent, and then
the trust may suffer. The individual
trustee, guardian, executor, etc, may
remove, may prove incompetent or
unfaithful, or may die. These en-
barrassing contingencies may be avoid
ed by employing trust company of
high character to stand in such fiduc-
larry relations, A corporation never
dies, and can act continuously to the
close of the trust. Its location is fix
ed and well known, and Spunsible
and skilled officers and clerks are
always at their post tc attend to
business.
Its paid-up capital securely invest
ed in ffrSt-claSS bonds and real estate
mortgages offers security Of the best
kind.
AS The business of trust company
is to attend to such business, it may
reasonably be expected to devote more
time, act with greater regularity,
keep more accurate accounts in the
management of trusts and have a
more constant and vigilant supervis-
ion over details than is usually posi-
bic with person whose private inter
ests and emplOyments call his atten-
ticn away in different directions.
1t is worthy Of remark that no
trust company proper, doing a legiti-
mate trust business, has failed.
The Wachovia Loan and Trust
Company, now building handsome
building W tn fire and burglar proof
vaults, doing business at No. 2I1
Main street. Winston. n. c., is the
first of its kind in the State and is
doing a good business. They do a
banking business, receive money sub
ject to check or on deposit with inter-
est or in their savings fund. Call and
see them and they will explain the pc
culiar features of their business.