The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-09-15
New York Man Speaks on Ad.
ministratiOn of Wealth.
TRUST COMPANY DAY.
Much Time Is Devoted to Their
Consideration.
Growth of Clearing House Sys-
tenn Is Noted.

| chicago, sept. 15.-TWo 1mportanG
divisions of the American Bankers
association. the trust company section
an dthe clearing house section met
| today in place of session of the
main convention. Open discussion of
details of the financial problems to be
met in the trust companies ana
clearing houses occupied much of the
| time
In the trust company section Daniel
s. Remsen of the New York bar, was
scheduled to speak On the Post Nor
tenn Administration of Wealth and in
the clearing house section different
systems of clearing house work in
various states were considered.
Those not actively engaged in the
section work prepared for a trip to
Gary, Ind, to visit the steel works.
At the clearing house section meet
ing the report of the secretary OF this
branch of the American Bankers as
sociation, which is CARRYING on a Wig
orous campaign advocating the ap-
pointing of clearing house examiners
was read.
THE advantages of this pIan," the
report ran, have been clearly set
forth In many ways. 1t is conceded
that the adoption of the plan would
put banking on a higher plane and
would be of lasting benefit to the pub
lie. The campaign carried on by the
ment in favor of this movement and
is developing day by day.
Clearing house cities in which
examiners are now in vogue are as
follows: Chicago, Philadelphia, st.
Louis, San Francisco, Minneapolis, st.
Paul, Kansas City and st. Joseph, Mo-,
the cities of Philadelphia and ST.
Joseph lately having fallen into line.
The section has now under con-
sfderation the working out of plan
for uniform Y0afhnd nf -
weekly exchanges by all the associa-
lions or the country and feels conf
dent some system of accounting may
be evolved which will be generally
put into force.
The section has also started to do
all IN Its power to suppress the busf-
ness known as note kiting' by giving
publicity to this business carried by
socalled brokers'
Trenchant paragraphs from the ad-
dres of Edward T. Perrin, president of
the Audit company of New York. held
the attention of the trust company
section.
I'm all the figures which have been
summarized" said Mr. Perrin, there Is
none more satisfying. none more con-
yincing of the fact that panic condi-
tions have been superseded by an era
OF real prosperity, than to know that
With only slight increase in the num-
Der of trust companies, the total de-
posits for. 1903 have reached the import
ant total of billions, 567 millions of
dollars, an increase of 654 millions for
the year, or % per cent and an in
crease of 1 billion. 206 millions for the
five years which is sn increase of 81
per cent"
The address was replete with statis-
tics showing the condition of the varf-
Gus trust companies represented at the
section meeting.
President Jackson OF the trust COM
Pany section, said in his annual ad-
dress chat in the 13 years of the sec
Eons' existence the wisdom of its ex-
istence had been amply justified. He
said it mas a membership OF nearly 1000
companies representing resources OF
81 COO 100000.
I'VE must remember" he continued.
that every company bearing the word
trust in its name Is not admitted to
membership; a scrutiny as careful as
may be had in such a large organiza-
ton is devoted to the standing of the
applicant, and while an earnest EFFORT
Is made to rbring to us legitimate in
stitutious, no welcome is extended to
companies transacting a business for
eign to our field"
Daniel s. Remsen. of the New York
lar, speaking on the above subject
delivered most interesting address to
writing of Wills and the carrying out
IF their purposes he said:
Death Is the great conveyancer. To-
lay we own our property, tomorrow
It fulhils the conditions upon which
and trust deeds depend. 1t
lets In operation the law in intestate
and gives effect to wills.
Thus in our own country property to
he value of billions of dollars passes
.ach year under some form of post
nortem administration. In all such ad-
trust companies have q
peculiar interest.
I'm the preparation Of no legal docu-
nent Is the inaccurate use or location
4 word or phrase more serious than
n q will. Under the most favorable
conditions every person experiences
:ficulty in writing the Englis language
o as to convey his exact meaning be-
ord the possibility of a misunderstand-
Eg or double reading. In testament
ary writing this difficulty is increased
en- fold for the writer must look into
he future and prepare an instrument
which is to deal with such conditions
IS time may bring to the testator. his
amily and estate.
Americans do not appreciate th1
alue of constructive law. American
awyers and law schools need more to
timulate English patience and perse-
erance in the preparation o. legal doc
ments Their attention is riveted upon
he remedial at the expense of the con-
tructive While in case of disaster the
roper handling Of wreck is as nee
ssary in law as at sea. constructive
aw Is of equal IL not greater public
tilfty for it insures peace and pros
eritv and in the case OF Wills, pre-
enfs disruption of families and q
l,inous waste OF assets Constructive
! W should receive more attention than
! has in the past and law schools
sw as well as masters OF the remedial
x~fu