The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-02

companies in Indiana, large estates in this
State, city and county were handled by at
torneys and other individuals. The men
who organized the older trust institutions
saw that there was a need here for trust
institutions for the one purpose, if for no
other, of handling large estates. And those
companies which were organized first had
such a large success and such an extensive
clientage in the handling of estates and
trusts that other trust companies were or
ganized for the same purpose. But it was
seen about the time the fourth company
was launched that there was not enough
business in the way of the management of
estates in Indianapolis and Marion county
for all the companies and so various of the
trust Institutions began to look about for
other fields of activity.
Out of this condition grew the savings de-
partment of the trust companies. The saw
ings bank business of Indianapolis has had
enormous growth since the trust companies
established savings bank departments. An
officer of the Indiana Trust Company,
which does as large a savings bank bust
ness as any institution in Indiana, stated
yesterday that a conservative estimate of
the number of people in this city who have
savings accounts with the several trust
companies is 5000. 1t is estimated that the
deposit i'm the savings departments Of the
several companies will amount to no less
than 100000.
''Women are the best savers" said an
officer of one of the trust companies. They
may not save so much money as men, but
they are more regular in putting money
away for a rainy day, and Of the thousands
of people who have savings accounts in
the trust companies 1 should say that
more than half are women. No people are
better savers than the Germans"
BIG BOND ISSUES.
Floating large loans and bond issues is
another line of business the trust COM
panies OF Indianapolis have engaged in ex-
tensively for several years. Among the
larse transactions of this kind carried to a
successful end was the floating of $325,OOO
Atlas engine works bonds by the Indiana
Trust Company, the sale of 100000 of the
Brown Ketcham iron works stock by the
Union Trust Company, and the floating of
5000 Indiana Hotel Company bonds by
the Central Trust Company.
The trust companies of Indiana are under
close supervision of the auditor of state,
d
and the courts. Following are the pro-
visions of the trust company act, as amend
ed several times since its passage in 1893:
Amy such corporation shall be subject at
all times to the further orders, judgments
and DEGREES of any court of record from
which 1t shall have accepted any trust, ap-
pointment or commission as to such trust,
and shall render to such court such item
ICED and verified accounts. statements and
reports as may be required by law, or as
such court shall order in relation to such
particular trust. 1t shall render to the
auditor of state full and detailed annual
account of its condition on or before the
first day of April. in each year, and a con-
densed statement of such annual account
shall be published by said corporation in a
public newspaper, printed and published in
the County in which its principal place of
business is located. and if none, then in
such newspaper as the auditor of state may
direct.
1T shall be the duty of such public ex-
aminer, once in every six months to make
an examination of the books property,
affects [effectsl and liabilities of such cor
poration, and he shall have the power to
examine any of its officers or employees,
under oath. touching any of the affairs of
said corporations; and in the event of his
inability to act in the premises. the auditor
of state may discharge and perform all the
duties of the public examiner in relation to
such corporation'