New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-05
BETTER FINANCE METHODS.
RESULT OF BISHOP PoTTER's WARNING.

RECOMMENDATIONS OF A SPECIAL COMMITTEE
AS TO THE CONTROL. OF CORPORATE FUNDS
OF THE PROTESTANT EPISCOPAL CHURCH.
In the annual journal OF the Protestant Epis-
copal Diocese OF New-York attention Is drawn
to a matter OF peculiar interest TO the members
OF the Church. The subject is which re-
ceived deep attention at the last convention or
the diocese. but to which comparatively little
public notice has been drawn. The reference
4. to the care and management Of the funds OF
the corporation and societies for which the do
cese Is directly and Indirectly responsible The
question was regarded OF such Importance that
Immediate action was taken upon II by the con-
yention following various suggestions by Bishop
Potter.
In his annual address the Bishop felt himself
constrained 10 speak Of the growing Importance
and graver aspects OF the interests which were
involved in the proper OF corporate FUNDS
and voiced delicatey worded warning that had
immediate effect on the convention IN the
course Of his comments Bishop Potter said
A few years ago. in Il charge on the duties o.
wardens and vestrymen pointed OUT me suSch as
the trustees and guardians OF corporate propery;,
The time has come whe' Is Psl ' Necessity 81
such concerted action by the convention az s,,
recognlze the especial .pd gnardIanship Of all
money or the property given to God for the work
Of His Church In TINS diocese am Constrained to
say that methods in this connection are open
more than once In most disastrous and | fear II
must sometimes be owned dlshohorlne .e-urIa,
There is too often great looseness unpardQnan,
careessness irresponsible action and conspicuous
incompeency. 1t IL an evil IN when Inere u yn
intent hut the effects Of which have been 10 I'M,
pair confidence TO chill generous imPuseT c anu
not be too ended. and II Is the pialn guy
OF this convention to take such action IN te ma, a.
most scrupulous guardianship. and then then
wlsest employment for the various ends TOT WIN"
they were contributed
As a consequence Of the Bishops critical re-
marks. n committee was Immediately appointed
on the motion Of George Macculloch Miller 70
consider the matter and report thereon at
SUBSEQUENT session. In addition to Mr.. Miller
| the committee comprised J. Perpont Morgan.
| William Watts Sherman George Copper ana
| the Rev DR. w K. Huntington. In compre-
hensive report the committee recommended that'
| in order To carry out the suggestions OF Bsnop
! Potter. the corporations and societies referred
to should arrange and contract with trust
company OF assured responsibility and standing
for the following service:
a The custody and safekeeping Of the money
and securities representing capital, w M dre en-
ton OF a committee OF the corporation or sOcIsty
| 10 which such capital belongs 90 Inc conecuolI
| and disbursement OF income under regulations 70
| be agreed upon between such trust company ana
| the society corporation 70 which such ihcons
for the corporation society contracting with IT,
The committee recommended also that the
, custom should be adopted Of requiring TWO
formally authorized signatures to checks ana
drafts and that securities should always stand
in the corporate name OF the corporation or So
| ciety 10 which they belonged
The recommendations were at once adopted oy
the convention. and their effect VIII be 10 pre-
| vent the results TO which Bishop Potter called
| sharp attention