The Washington herald., 1907-08-25

avenue and Fifteenth street stands the
slightly structure of the National Savings
and Trust Company. While comparatively
plain, in red brick and brown stone, with
mansard roof towering high above other
structures on New York avenue. It is fit
companion of the newer banking struc-
lures with which it is surrounded on the
Wall Street OF Washington"
This building occupies one Of the most
slightly business corners OF the CITY, and
its big clock, white by day. brilliantly
lighted by night. invites the eye Of the
pedestrian more often than any other
structure up town. It Is a combined bank
and Office building. and has long been the
home Of some OF the most prominent bust
ness men and firms Of the city.
II the average man were asked what
constitutes the difference between a trust
company and a national bank, he might
be unable 10 give an adequate answer.
The real difference consists in the fact
that the modern trust company carries on
most OF the business Of a national bank
and has numerous other features beside
II embraces at least three functions
which the national bank does not possess
"a savings bank. safe deposit depart
ment, and trust department.
All Under the Same Roof.
These forms Of business are carried
on under the same roof, by the same
officers, with the usual functions Of the
bank This combination Of financial
interests under highly specialized
management is the otEgTOT7th OF mod
ern business methods and that prin-
ciple in American finance which pro-
duces economy or mana cement by a
combination Of capital and effort The
trust company usually has larger cap
ital than the bank, and handles a much
wider range of business.
The National Savings and Trust
Company is a fit illustration Of this
enlarged financial institution It Of
fers It's customers banking facilities OF
the usual type: It offers a transfer de-
partment, a safe deposit department.
and a trust department, which unites
the functions OF the bank with the in
corpOrated trustee The secret, IL there
is one, Of the amazing growth OF trust
companies in Washington and else
where in this country is that this kind
Of financial institution not only does
one Of these things well, but does them
all better than they can be done sep
arately
Pays Interest on Deposits.
This institution receives deposits and
pays interest upon them; collects notes
and loans money on real estate and all
other approved securities; it issues let
tiers of credit and sells foreign exchange;
it acts as executor. administrator, cog
mittee or guardian of estates: Il acts as
assignee. receiver, and trustee under
appointment by the courts or az the re-
quest of corporations or individuals
While the trust department is an essen
tiaI part Of the institution and under
the same management. the supervision.
control. and accounts are kept separate
from its other business.
Trust funds and investments are han
died separately and kept apart from the
assets OF the company and in the names
Of the persons, firms. or corporations en-
paid TO suit the convenience of patrons
The company acts as attorney and agent
for women, minor children. aged persons.
or those inexperienced in the ways Of
business.
One of the large departments Of the
business is its safe deposit and storage
feature. special vaults being provided
for the care and safety Of valuable pa
pers. silverware. and other vaIuables
Customers are provided with keys to
their safe deposit compartments and may
have access to them during all business
hours.
In it's banking department this COM
pany receives deposits in any amount
not less than 10 cents. and allows inter
est on all amounts not less than IS.
Supervised by COmptroIIer.
Under the law Of Congress. this insti-
tuition is required five times each year
to make a sworn statement Of its actual
financial condition to the Comptroller Of
the Currency, which must be published in
the local daily papers. Not less than
twice each year a careful examination
of its books and papers. including its
aminer. acting under instructions from
the United States Treasury Department.
in point Of history, the National Saw
Ings and Trust Company dates from 1861.
when IL was chartered by special act Of
Congress. to do a safe deposit business.
In 1870. by another act Of Congress, a
savings bank was added. The institution
was incorporated and reorganized under
~ % rfn ! AZ rs-Tsf nh ffTq.a
it took the name OF the National Safe
Deposit Company Of Washington. This
company Immediately absorbed the Ma
tional Savings Bank. which was organized
in 1870, and which, at the time OF the
merger, was operated under practically
the same management as the trust COM
pany. The certificate of the Comptroller
Of the Currency. respecting this company,
was filed April TO- 1891. The following
year, in February, the company changed
its name 10 the present designation. The
prosperity of the company has been con-
tinuous and conspicuous during its entire
history.
Its Capital and Surplus.
The capital OF the company is 81. 10000.
divided into 10000 shares. with a par
value of 500 each. The shares are now
seiilnS on tHS " washington StOCh Ia
change at about S1So a share. The COM
pany's undivided profits are $4,000. and
the deposits on July were over ,000,
and the number of depositors more than
=, 600
The officers u the company are:
Thomas r. Jones. president; F. Francis
Riggs, vice president; William D. Hoover.
second vice president and trust officer:
George Howard, treasurer; Charles E.
Nymaa. secretary; Frank W. Stone. as
sistant treasurer. Executive committee
Thomas r. Jones. William D. Hoover, z,
Francis Riggs. Woodbury. Blair, and VIII
lam " Cox