The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-25
WORK OF TRUST COMPANY
now SECRETARY OF THE INSTITU-
TION SPENDS HIS DAY.
The Various Duties He Is Called Upon
TO Discharge While He Is
ut His Desk.

Won TO see for Yourself that things do not
run quite as smoothly and as much like
clockwork in a trust company as you think
they do. Why, every night when l get
ready to go home / arrange my desk with
a view TO the next days work. l usually
awake pretty early in the morning. and
the first thing do is TO map out in my
mind just how will do the work of that
day. But when l get 10 my office something
is sure to happen to disrupt my nicely
laid plans entirely. But come and see
how IL is for yourself"
The visitor thought over the invitation
until his curiosity to watch the workings
OF a great financial institution for a day
overcame his fear that he might become
a nuisance III doing so. Accordingly he
presented himself to the secretary of the
company at an early hour yesterday morn
ing and was cordially invited to have a
seat and be at ease"
At $3.50 the secretary touched a button
on his desk. and, as if by magic, a young
woman appeared In the doorway OF his
apartment. shorthand notebook in hand
Then began the dictation Of a letter that,
under ordinary conditions. would not have
consumed more than five minutes, but be-
fore the Yours truly" was reached a
caller Interrupted the proceedings. The
stenographe- was dismissed temporarily
and the secretary affably inquired the ma
ture of his callers business.
The caller desired to sell the company a
block of bonds and nearly half an hour was
occupied in discussing the transaction.
The secretary examined a list of the bonds.
the dates of their respective maturlties,
the rate of interest. looked TO see where
they were payable, read a complete de-
scription of the securities-whether they
were municipal, county, gravel-road or
any other kind of bonds-and inspected a
financial statement of the county munich
pality or corporation issuing them. Then
the secretary consulted a little, black,
leather-covered book which contains tables
ascertained what amount the securities In
question would net an investor and how
much he could afford to bid for them.
AS the bono seller bowed himself out
the secretary placed his finger again on the
push button, intending to summon his
amanuensis TO complete the letter begun a
interposed. While he was answering this
call another visitor stepped into the Of
flee.
CLIENT WANTED ADVICE.
This time it was a client Of the trust
company that wanted to be advised of a
wise investment for some surplus cash he
happened to have. From a drawer in the
big rosewood desk was produced a list of
the securities handled by the company,
and these were carefully gone over by the
secretary with his client and a selection
finally made after much explanatory talk.
The securities on that list" said the sec
rotary after his client had withdrawn,
ARE all gilt edged. A trust company dare
not handle any other kind, for its reputa-
ton Is as delicate as that of a woman
quite as easily destroyed"
The long-delayed letter was at last COM
pleted, but not until a new visitor made
his appearance and was politely requested
to 'be seated just a moment while / finish
this dictation."
When the business OF this new caller
was stated the secretary's guest for a day
began to realize that his host had spoken
truly when he declared his life to be filed
with variety. The caller wanted to nego-
tate q loan on a first mortgage placed on
improved real estate. This mans business
could not be completed at one visit. since
he was obliged TO fill out an application
for the loan, giving a full description of
the property to be mortgaged, and leave
the application with the company until
one OF its agents could make a personal
inspection of the property. After this in
will call upon the applicant to furnish us
an abstract of title showing that he actual
ly owns the property desired to be mort
gagged. after which the abstract will be ex-
amined by our general attorney. If the
attorney. approves the abstract the loan
will probably be made. A majority OF
these applications. however. are rejected,
the security not being deemed sufficient.
AS a rule trust companies do not loan to
exceed 20 or 60 per cent. of the value of "a
piece of property, anyway. They must
guard the funds in their keeping with the
utmost care. These companies as a general
rule do not loan money on opera houses.
hotels. churches or on unimproved prop
erty. Occasionally this rule is broken in
the Gaze OF a man who owns a piece Of
real estate on which he desires TO build a
house. In such case we sometimes make
the loan. but always insist that the money
be deposited with US. TO be by us paid out
on estimates furnished by the architect
as the work on the structure progresses"
ANOTHER DEPARTMENT.
The next caller had business thai drew
attention to still another department of
the great Institution. He wanted TO open
a savings account. When he had gone.
the secretary said. THAT was a deposition
of small savings. the kind We most en-
courage. In fact. we never take deposits
exceeding 5000, except subject to special
conditions. All kinds and conditions OF
men. and women too. avail themselves of
the advantages offered by depositing their
savings with such companies. We have
accounts of clerks. business men. washer
women. ~newsbOys. and bootblacks. The
star patron of a trust company. however,
is the fair sex. They seem to particularly
enjoy the sense of solidity that comes with
a growing account in the savings depart
n.ent of a trust company, for the account
uoeS sio" al d Soou rate, since interest al
the rate OF 3 per cent. is compounded semi
annually on all these deposits"
Here the secretary turned TO greet with
his customary cordial smile a man who
wanted the company to act as admins
traitor of a relatives estate. The visitor
was asked a number Of questions, such as
Ibid the decedent die leaving a will OF
not?' 'Who are the heirs p Where Is the
property located?' What does il consist
Off" and so on, and when the secretary
became satisfied that everything was
regular he an official OF the
trust department and directed him TO ac-
company the visitor to tho courthouse &c
attend TO the details of having the com
Pany appointed administrator of the es-
tate. we once had an estate 10 settle
said the secretary 20 his guest. 'for which
there were thirteen heirs. and no one OF
these was on speaking terms with any OF
The rest. 80 you can imagine we had a hare
time settling up the estate. We finally
managed TO effect a settlement that wa:
satisfactory to all parties concerned
A quick and successful dash for luncheon
was made before another customer came
After the meal was dispatched the secre.
tary and his guest returned to the Office
and the brsy official again made an attack
upon the pile Of mail that Law opened or
the desk before him. This aoccupation wa,
soon broken by the entrance or a client
that had an insane relative OF whom y,
wished the company 10 become guardian
a minor that needed a guardian, and n.
thought the trust company would Jus
about I'LL the bill"
ACTING AS GUARDIAN.
Speaking OF the function of a trust com
pany i'm acting as guardian OF an insan,
person the secretary said: I'VE have man,
We have to see that the insane person il