Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-10
MEETING Of SECTIONS
Continued from First Page.)

certain sense OF proprietorship and pride
~ Washington, which is admitted to be
the most beautiful city in America. and
Will be stu further beautiied wheN the
plans which the District Commissioners
have In hand are fully developed and car
ried out
Washington is rich in historical interest;
her galleries and public buildings contain
the portraits, and her parks the statues, of
Aiustr1ous statesmen. soldiers and sailors.
VINO have been such important factors in
Shaping our past history, and. while justly
proud OF those great men and Of their
achievements We have reason to congratu-
late the country. and in view OF more re-
cent events, the whole world, upon the
personnel of our present administra ton,
whose executive head Is a man endowed
not alone with remarkable physical force
and courage, but that higher. attribute,
great moral courage A man of mental
ity so virile, distinctive and illuminating
that Its influence Is felt not only in this
country, but throughout the world A man
OF strong convictions, with the courage Of
his convictions, quick to see the right, and
prompt to act without fear or favor, maxi
Ing new presidents whenever occasion de-
mands, enjoying to an eminent degree the
confidence of the whole people, irrespective
OF party. with the result that, as a nation,
we are harmonious and prosperous at
home and respected abroad.
Country's Material Development.
The material development of this coun-
her factories and her natural resources are
putting forth their products in such guam
titles as to excite the admiration of the
world. Along with this development must,
and has naturally come. more extensive
development Of our financial necessities and
institutions, and in no direction has this
been more marked than in the trust COM
panies, whose rapid growth has brought
them prominently into public notice. Much
has been said and written of late about
placing the trust companies under federal
supervision. The Honorable Secretary OF
the Treasury, in his last report to Con-
gress, recommended legislation that would
enable trust companies to incorporate I'M
der federal laws. While l do not care at
this time to express an opinion on this sub
ject, do want to go on record as advo-
eating frequent and rigid official examina-
tons. whether state or federal.
There should be no theory about admin
istering affairs of trust companies, other
than that which applies to every business
namely, the administering them upon the
broad, deep principles of conservatism,
honor and integrity.
THE citizens Of Washington have dem
onstrated their faith and confidence In
trust companies to a greater degree than
have those of any other city in the entire
country, for. according to the reports of
the controller of the currency, the deposits
of the trust companies of Washington ex
coed those of her national banks by about
20 per cent. Surely the members of the
trust company section of the American
Bankers Association have fallen among
friends, and on their behalf l thank you
and those you represent for your most cor
dial, hospitable and gracious welcome
Annual Reports.
The report of the secretary for the year
showed that the expenses of the organi-
cation for the past year had been 81 24O.34
and that there remained s21654 in the
treasury.
AT the close of the fiscal year, August
81. 1904, $3.50 members had paid their
dues, but, owing to Withdrawals and IL
sixty-eight were dropped
from membership leaving 49S. One hun
dred and forty having been added to
present membership is 63s, the largest
in the history of the section
me annual report of the executive
committee was then read by Mr. Festus
j. wade, chairman of the committee and
president of the Mercantile Trust Com
pany of St Louis, Mo. The report dealt
with the problems trust companies meet
with In their daily business, and impor-
tant recommendations were made
one of the most important reports of
the day was presented by Mr.. Clark Will
iiams of New York, vice president of
the section from the committe on pro
tective laws. His committee was APP
pointed at the last meeting of the sec
ton, and it was charged with carefully
examining the protective laws, with the
IDEA or securing enactment of laws pro-
Vfd1ng for state supervision.
IL was further endeavored to secure
In Inherent states the enactment of laws
prohibiting the use of the word trust"
in the title of any corporation not a
moneyed corporation.
Considered by States.
as the work possible of accomplishment
IN one year was necessarily limited, ii
seemed wise 10 your committee to direct
It's attention to the states having the larger
number of trust companies" said Mr. Will
iams. On the basis of the last accurate
list or the trust companies of the country
as OF July l, 1904, there were Twenty-Five
states having more than ten trust COM
pantes. OF these states twenty-one have
laws providing for supervision, which. with
put rev exceptions. are thorough and salts
factory.
In four states there is no supervision of
trust companies, although in several cases
periodical reports must be made to the
state.
ION the basis of the last accurate list of
trust companies above referred to- in the
tWenty-one states having laws providing for
state supervision there were 751 trust com
pan1es and of these 452 are members of
the section. In the four states having no
supervision there are 112 trust companies
and 81 members of the section Seventy
SIX per cent of the trust companies of the
country We're under state supervision.
AS to the restriction of the use of the
word trust nine states now have laws pro-
WONG for such restriction.
In the case of five of these states this
law was passed at the recent meetings of
their respective legislatures There were
3l6 trust companies in these nine states, of
which 207 are members of the section. The
laws enacted. in almost every instance.
have been along the lines suggested, and In
several cases the exact wording of the bin
recommended by your committee has been
used"
Classification of Decisions.
The report of the committee on the classt
fcation of legal decisions relating to safe
deposit companies, ETC., was presented in
printed form and was not read The pres
ertation of the report having finished the
business program Mr. L. E. Anderson of
the Mercantile Trust Company of ST. Louis
was introduced to read a paper on the
Benefit of Real Estate Department to
Trust Company" Mr.. Anderson said a real
estate department of trust company is
not only of benefit to all the other DEPART
ments of the trust company, but is a pay
Ing business of itself. No trust company
should be without u real estate department.
he said.
A comprehensive statement of the growth
and present status of trust companies in
the United States was then presented by
Mr.. Edward T. Perrine, general manager
OF the Audit Company of New York The