The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-10-20

joyment of their landed estates and to
the legitimate pleasures which a large
cosmopolitan capital like London af-
fords.
In America. an ever increasing num-
Der are learning this lesson. Their
greatest problem is to find a suitable
custodian for their wealth, to whom It's
cares and responsibilities may be safely
delegated.
If. however. the American man of
wealth does not wish to retire nom
business but, with his characteristic and
inexhaustible energy, prefers, for the
mere pleasure of achievement, to con-
tinue to add to his accumulated means,
he is yet confronted by the possibility
of disability through diseases or in
death. Unless he is strangely indiffer-
ent, he cannot be unmindful of the ques-
ton as to the ultimate disposition OF his
inherited or acquired possessions Ii
blessed by the ties of blood with fam
lily, either lineal or collateral, ne finds
that he has become ind of human
providence to a dependent group, Tor
the members of which. in varying de-
grees of duty, it is his pleasure TO -ex-.
tend protecting and helping mana.
He must recognize his children, Who
have been educated in the schools, Gull
tivated by travel and refined in taste
through social customs and manners,
have in a sense claims upon him, anu
that there are few greater hardShipS In
life than those sudden reversals or for
tune where a child. reared in luxury, Is
suddenly called upon to face unaccuS-
toned poverty.
Sooner or later. the obligation must
be discharged to make wise disposition
of his fortune, and as nothing is more
tinue, and as nothing is more certain
than that the question Whom shall [
constitute my executor or trustee? Shall
it be my eldest son? Frequently he is
.,f 20 60I
Shall it be one of the juniors? Such
preference is apt to excite jealousy and
bitterness and lead to unhappy disSen-
Sions. A trusted and experienced friend?
He may not survive, and in any event
his availa bility may alter through
changed conditions and circumstances
when it is too late to recall the trust.
legal counsellor? His ability and
character may both be great, but the
uncertainties of life surround him as
they do other men. be he ever so COM
petent and faithful. If provision is to
be made for children and grandchildren,
a long tenure of office in the trustee is
of great Importance and if any or all of
the fund to be transmitted is to be de-
voted to public charities, a permanent
trustee then becomes inevitable More
over, there always exists the possibility
of malfeasaRce and betrayal, the sins of
omission and commission, whereby for
tunes are too often dissipated and lost.
This problem which. to thoughtful and
conscientious men is a grave one, the
trust company, in its legal capacity as
administrator, executor or guardian or
trustee, is established to solve. Enjoying
perpetuity, it is not subject to the vicis-
STUDIES of death Controlled by the linn
itations and provisions of it's charter, it
is kept by the strong hand of the law
within the limits of conservative opera
tons. Presumably managed by a COM
petent board of directors. the benef1c1-
aries of the trust have the advantage of
the collective :. isdom of the experienced
man, and in financial matters, in
multitude of experienced counsellors
there is safety" Inspected by independ-
ent officers of the state. any wrong do
ing by the officers of a trust company
cannot long remain undiscovered Pos
sessed of ample capital, the beneficiary
is guaranteed against loss through err
rors or willful dishonesty. Moreover, the
trust company in managing many es-
tates, can do so with an economy not
possible to individual trustees. Tn
doubtedly there are often advantages in
having as trustee an attorney, who has
advised the donor in the lifetime, and
whose peculiar knowledge of the estate
is valuable but, as has been stated such
management in the nature of things
cannot be long enduring, but its adVan-
tages can be secured by uniting the
family counsellor with the trust COM
pany, as so-trustees. In this manner
both the special benefits of corporate
mana cement and those of an individual
trustee can be secured
/ submit. therefore. that the burdens
of the rich would be sensibly relieved
If due regard were had to the advan-
tages offered by the trust company
This brings me to a closer considera-
ton of what the trust company should
be in it's character, capital and methods
of business, to enable L to discharge
with ezal and fidelity the high duties
imposed upon it in its fiiuciary capac-
ity as trustee. Its capital should be
adequate to its responsibilities It's
officers and directors should be men of
experience and with a single mind de-
voted to the institution they serve. Its
corporate work. whether exclusively re-
lating to its trust business or not.
should be of a dignified character and
free from hazard. Around the trust