Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1903-10-26
{. J. BIeELoW PRESIDENT OF
NATIONAL ASSOCIATION.
Efforts to Prevent and Detect Crimes
Constitute the Main Expenditures
of the American Financiers' Or
ganization-Lyman J. Gage Tells Of
Good of Trust Companies.

San Francisco, Oct. 22.-Secretary
Branch's report to the American
Bankers association yesterday
showed a paid membership of 1865;
that 1,139 new members were added
during the year; $500 were lost
! through failures and Withdrawals.
The executive committees report
showed that the main item of expense
of the association arises from the eff
/ fort to prevent and detect crime.
A resolution favoring the money or
/ der system for banks was approved.
The proposed constitutional amend
ment providing for a plan OF the as
ISOLATION bonding its own employees
was defeated.
Reports of other committees were
read. L. p. Hillyear of Macon, Ga,
delivered an address on Money Orders
of the Bankers Association.
The nominating committee decided
to report the following:
President-E. ]. Bigelow, Milwau-
kee.
Vice president-E. F. Swinney, Kan
sas City.
Members of the executive commit
tee. r. Mitchell, Minnesota; H. r.
Dennis, South Dakota; w. X. Coffey,
Wisconsin; William Livingston, Mich
igan.
Gage Lauds Trust Companies.
Lyman ]. Gage, former secretary OF
as follows:
I'm this country we have not well
learned the lesson of content with
reference to an acquired competence.
The American business man seldom
retires. He prefers to struggle on in
the harness and to carry his financial
problems to the inevitable end, not as
general rule from considerations OF
class, men VINO nave not merely with
rich more generous or less avariciOus)
but from the sheer joy of achievement
and the fascination which the con-
fiict of business life has for him. In
England they have learned better than
we to be content with a competence,
TO relieve ones self of the burden of
wealth and to devote ones energies to
other purposes than the mere increase
of the burden. In other words, there
| is in England a pronounced leisure
class, me who have not merely with
drawn themselves from business but
] who will not even be burdened with
the care of their own possessions and
who leave it either to family solicitors
or to- fduciary corporations. Thus
freed from the burden, they find time
to devote themselves to the politics of
their country, the pursuits of litera-
ture, the cultivation of art, the enjoy
ment 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
its cares and responsibilities may be
safely delegated. Sooner or later, the
obligation must be discharged to make
and as nothing is more certain than
that he cannot himself continue, and
as nothing is more certain than that
the question Whom shall l constitute
my executor or trustee? Shall it be
my eldest son? Frequently he is OIL
all the family the least qualified.
Shall is be one of the juniors? Such
preference is apt to excite jealousy
and bitterness and lead to unhappy
dissensions. A trusted and ex.
perienced friend? He may not sur
vive, and in any event his availability
may alter through changed conditions
and circumstances when it is too late
to recall the trust. A legal cOunsel
or? His ability and character may
both be CRATE, but the uncertainties
of life surround him as they DO other
men, be he ever so competent and
faithful. If provision is to be made
for children and grandchildren, a long
tenure of Office in the trustee is or
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 pos.
sibility of malfeasance and betrayal,
/ the sins of omission and commission,
whereby fortunes are too often dis.
sipated and lost. The trust company,
in its legal capacity as administrator,
executor or guardian or trustee, is es-
tablished to solve this problem. En-.
joying perpetuity, it is not subject to
the vIcissitudes of death. Controlled
by the limitations and provisions of
its charter, it is kept by the strong
hand of the law within the limits of
conservative operations. Presumably
managed by a competent board of