New-York tribune., 1909-09-16
TALK OF CENTRAL BANK
DITTSION OF OPINION 1T
CHICAGO.
Work Of Trust Company and Clear
ing House Sections Discussed
IN Contention.


chicago Sept l5-Twe great divisions of la hiking
scf'virv the trust company and the clearing house
o-c1rie the attention of the delegates 10 the con-
,-arrion of the American Bankers Association here
to-dsy. separate meetings OF each section were
he'd
I.u-inr the day IT was whispered among the dele
e=tes that the central bank dea suggested in the
annual address o. the president, George NJ Rey-
rfolds was disanproved bE many in the convention
The Delegates who arc opposed 10 the central ban
a5ea chary making definite statements con
.erning possible de~elopments. but there WAS
feeling that an interesting situation would present
itSsf should sction irdorsirc the plan sought.
Al the bankers who would be quoted however.
expressed themselves in favor Of the plan.
Walter Wilson, Cirr Controller and local banker
said
an strongly In favor Of the central bank pisn
md believe that the campaign of education which
-ss outlined by President Taft in his Boston speech
-rl have good result / believe tlst before long
the people Uln Il aroused that they viii force
congress 70 act"
7 r Forgan. president of the National City
Bank also tavo-s the plan
presume that Il Viii take much time and ecu
csuor make rhe politicians see The need Of This
Plan ard ths lsymen VIII have 70 Re taught what
it means" h= said But President Taft mas started
good T7ork. and hope i viii he kept up"
FoR SAFETY or ESTATES
Before rhe trust oompany section The principal
address EaS made bN Daniel :. ReuSen. Of The
New York bar author Of q treatise on the law of
dece5ert estates. who spoke on The t-Siortern
Administration Of Wealth The safety of the es-
rsfe ne declared, VAS the first consideration. and
for that reason argued the integrity and bust
rsss ability OF executor. whether personal or =
trust company. was Of the greatest importance.
He said in conclusion.
Generally speaking and without specifying par.
iIgl-sr si}luatons % or IestaHentary conditions The
pfsl 'esutts seem 10 nave h+en aJtalned IN posi-
rnoriem administration Of substantial estates by
pary and tie iestator's counsel, Something's alone
sn1 sor1etles Joined with one or more Of the tes-
eonsI responsibility and indiTidual discretion
This Is not merely a personal view. II is the
opinion q MANY persons including some OF the
inducement for counsel act Il they know thar
ne! @ aLe 10 nave the cooperation OF nrst class
for receiving and paying out money, making in
counts and otherwise handling multitude of de-
tails more or less burdensome 10 an individual
scutors and trustees the fact remains that admin
tStration Of property after death depends primarily
caanneL givns or Withholding such directions
he has the power. he must accept the responsi-
selects his executors and trustees carefully. re
EXPECT satisfactory results. but not otherwise
ness raetbo6s and ssii,a-i1r he PI'.ni y sels he
hind the corporate name with the qualities which
For positions OF trust. render no greater ser
ice to Itself snd 10 the Interests Il IS 10 serve
~ sound viii and the advantages OF corporate
administration after death.
WORK OF TRUST COMPANIES.
The address OF Edward T. Perine. president Of
ne Audit Company Of New York. also held the
attention of the trust company section. lie said:
IN al the figures which have been summarized
ing ~ The fact that panic conditions have been
know that with only slight Increase in the num-
nave reached ne .naportant total Of SS5s5ooo ooo
an Increase o. s654 900 900 for the year % per
-7sars. which IS au increase of u per cent.
The address vas replete with statistics showing
fhe condition of the trust companies represented ~
fhe meeting
President Jackson of lie trust company section
said in his annual address that in tho thirteen
ears of the seciions life the wisdom it's exist
Nnce had been amply justified He said It had
membership of nearly ono thousand companies
representing resources Of S00.gloG0
We must remcmDer.' lie continued that every
company bearing 'he lord 'trust in its name is
admitted membership: a scrutiny as careful
IS may be had in such large organization is do
'oted 20 the stsrding OF the applicant, and while
an earnest effort is made 10 bring 10 legitimate
institutions no welcome Is extended to companies
frsnsacring bus- ess foreign TO our field"
The committee or protective laws reported that
rs efforts 10 protect the word 'trtist TO prov idc
for efficient state supervision and place in the
% q banks condition had been particularly active
The afternoon was spent IN discussing problems
relative 10 trust companies. among which were
The limitations of the functions OF a trust com
pany, the duties and responsibilities Of Trustees
under corporate mortgages and mortgages as
Investments for savings funds Of a trust company"
Members from different parts Of the country took
different views most Of the questions. explain
lng that the laws Of the states differed greatly
that uniformity in practice would not be prac-
ticabe
y. P. Mcintosh, president Of the Guardian Saw
ings and Deposit Company Of Cleveland. was
elected president Of the trust company section,
and Oliver G. Fuller. president OF the Wisconsin
Trust Company. OF Milwaukee was elected first
'ice-prcsident The following were elected 20
places the executive committee of the section:
h X. Boisot. vce-president OF the First Trust and
Savings Bank. Chicago; John D. Mckee, vice.
President Of the Merchants Trust Company San
FRANCISCO; Charles J. Bell. president OF the Aneri-
esn Security and Trust Company, Washington; r.
H. Coz, president Of the Cleveland Trust Company
sno Edwin Chamberlain, vice-president Of the San