New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-24


York CITY the trust companies which have been
organ zed within the last few years have achieved
an extraordinary success. As knowledge Of them
snrcads there has been a constant and rapid IN
crease in their business. Their popularity has
been extended as the public has learned what
they really were whom they served and the
many advantages they had to offer The trust
company is corporation formed for the purpose
of accepting and executing such trusts as may
be lawfully committed to IT, OF acting as trustee
and OF receiving deposits Of moneys and other
personal property: of issuing obligations, and OK
leaning money on real or personal security.
OF the fOrty-cieht trust companies doing bus-
ness in the State Of NewYork, thirty-two belong
to New York City twon.y-four being located IN
the Borough Of Manhattan and eight in the Bor-
ough of Brooklyn. The combined capital OF the
forty eight institutions is $34 $50 0)p while the
gross surplus fund is $50 3oH1.
On the morning Of July |, 1898 the combined
resources represented a total Of $521 oS4 5:s3
These figures represent the important relations
which the trust companies have with the indi-
yiduals corporations. courts and public officers
Of the great Empire State and its grea. metrop-
oils. When it is remembered that nearly three
fourths OF this business is carried on within the
limits OF the metropolis. the prominence OF local
cant
ONE BRANCH OF THE BUSINESS.
These companies pay interest on $,?CIo9oO
which goes to show the extent TO which they are
used for purposes Of deposit or the hUmer-
Gus New-YOrk trust companies one mas cap
ital of s. 100000 several of S2OoUW" ana from
that down to $'O0.0OO. There is one New-York
company with a capital OF $2,OOO,ouO and sur
plus Of $lO,OUO0O0
In full exclamation of the powers of a trust
company 1t may be said that II can be your
banker receiving your money on deposit sub
ject to check. on certificates of deposit win
interest 1t can receive your securities or other
property giving you receipt therefor. and col
lecting and sending you the interest thereon. II
can receive and hold property subject to the or
der of two or more persons or Tin escrow to
lie delivered to another upon the fulhlment OF
certain conditions. 1t can be your general fiscal
agent TO manage your property. both real and
personal making leases and attending to repairs
thereof and collecting interest and rents Tor
you II can furnish you with letters o. credit
when you go abroad. or buy or sell foreign ex-
change for you While at home. 1t can invest the
property which you have accumulated Tor your
family in the safest yet most profitable manner
giving you the benefit Of The combined WISDOM
OF experienced fnancers. 1t can have your VIII,
assignment OF application for receNership drawn
by it's counsel without cost to yon where the
company is appointed executor, assignee or re-
csiyer.
OTHER FUNCTIONS.
II can be your guardian curator when you
are under age your agent or trustee when you
are grown if you are sane. and your committee
or guardian II you are not; your assignee II your
bankruptcy is voluntary. and your receiver II /"
is involuntary: your most valuable friend whhe
YOU live. and your executor administrator Or
tcstamentary trustee when you die
The advantages OF having trust company
manage property as trustee. executor OF sua'"
ian are set forth in the following extract taken
from the prospectus Of one o. New-i orks ieao-
irg companies:
The trust company which has capitai OF
81 600 600 and a surplus OF S5oOoOo has guar
antee fund of that amount for the ia''hfui GUS
tody and mana cement OF the property intrus'eo
to it,
Every trust company in the state or New
York is under the jurisdiction OF the State Bank
ing Department and bank examiner IS re-
ouired by law to regularly examine each year
IN 10 its condition, conduct and affairs generaily
Yet the relations Of this examiner are most
strictly confidential TO the institution All IN
formation Of estates which is gained 10y such
examination is known only TO the examiner no
particulars in regard thereto being even written
down Accordingly additional security u
gained yet without publicity But. further a"
estates are within the jurisdiction and control
OF the Supreme Court OF the State
RESTRICTIONS BY LAW.
"A trust company is limited by law as to the
character OF its investment OF trust funds. II
has q reputation FOR skill and fidelity when