The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-10-24
GIVES ADVICE FOR
BANKERS TOFOLLOW
Addison c. Harris Quotes
Scripture to Assembly
At Indianapolis.
TRUST COMPANY REPORTS.
THERE ARE NOW 220 NATIONAL
BANKS IN THE STATE AND 326
STATE BANKS AND TRUST
COMPANIES.

The trust company officials and
stockholders in their convention We'd
nesday at Indianapolis were given
some practical scripturai lessons by
Attorney Addison c. Harris, who made
one of the principal addresses of the
afternoon, on the topic, THE Benefit
of Trust Companies" Mr.. Harris is
a Wayne county man.
In supporting his points Mr.. Harris
quoted Scripture freely. He chose the
proverbs of Solomon.
"The good man leaveth an inherit
ance to his children" said the attor-
ney. Continuing, he said: The de-
mand for an improved method of pro-
lection of trust funds brought about
the modern trust company. 1t is en-
bowed with perpetuity. 1t can not
die or move away. Its surety is made
sure by it's capital and the individual
fortunes of it's stockholders"
Mr.. Harris thought the law might
we'll be amended so as to provide that
no person should own more than one
tenth of the capital stock of any trust
company in order that the failure of
one shareholder would not imperil the
security and also a Spectator or adj
venturer could not take up the stock
of a trust company and misapply the
funds in its charge to his individual
speculation and profit
Figures Presented.
President Royse said there are ntne-
ty-two trust companies authorized to
transact business in Indiana. The ag-
gregate resources of these companies
on Sept. so, 1907, was s55,239, 293
Attorney General Speaks.
James Bingham, attorney general OF
Indiana, interested the trust company
section with an address on the new
public depository law. He explained
the different sections of the law and
answered numerous queries. THE
Primary objects and purposes Of the
depository law are to make secure the
public funds of the state, counties.
municipalities and school corpora
TONS" said the attorney general, and
to exempt officials from liability on
account of loss of such funds deposit
ed by them in good faith in banks and
trust companies and tn secure to the
public the use thereof by distributing
them among the banks and trust COM
panies of the state after they are col
iected and until they are needed for
public expenditures; also as an Incl
dent thereto to secure to the respec-
tive counties, municipalities and
school corporations low rate of inter
est for the use Of such funds. But the
primary object is not to secure inter
est and no preference can be given TO
banks or trust companies offering a
rate of interest higher than that re-
quired by the act in question
The trust company section honored
Frank T. Roots, a prominent banker
of Connersville. by electing him to the
office of president Of the section.
Suggestions by Adams.
The convention of the Indiana Bank
ers' association opened Wednesday
forenoon. There was some disappoint-
ment that Governor Hanly could not
be present to deliver the address Of
welcome Charles V. McAdams, mem
Der of the Indiana Railroad commits
sion, welcomed the bankers instead
Mr. McAdams suggested some