The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1913-06-27

court records in several of the large
cities has revealed the fact that
MANY hundreds of millions of dol
lars worth of property, securities and
funds have been placed in the hands
of so-called confidential or family
advisors and have been lost through
needless litigation, incompetent man
agement or defalcation. Such mel
ancholy facts are not unknown In
our own state, although such deplor-
able losses are not brought to pub
lie notice in the newspapers
/ When such well-known men as
the late Chief Justice Fuller OF the
United States supreme court, Sena-
tor Stephen Elkins, Marshall Field,
P. A. B. Widener and many fothers,
in their wills appoint trust com
panies to manage and preserve their
estates for the welfare of their fam
lilies, it is easy to understand why
the trust companies have been sc
successful.
1t is we'll known fact that the
same careful IGNITION and precau
tions with which the large estates
are looked after is also given to the
small estates which are being rap
idly turned over to these institutions
/ Represents Stability.
AS executor and administrative the
, modern trust company represents
. stability and permanence. Unlike
, the individual executor or admins
traitor the trust company cannot alb
scond, cannot speculate with funds
, cannot go on vacations or render
: false accounts. The only assurance
which an individual gives is a pei
; sonal bond which often proves of nj
/ value in case of bankruptcy Th'
| trust company, on the other 'hand
e offers as protection it's large paid-il
[ capital and surplus together with TIN
y double liability of its stockholders
a In Minnesota trust company mus
e also deposit securities equal to one
e half of the capital with the stat
S banking department as a direc
pledge for the faithful Performance
: of trust duties.
s Trust funds will be invested i
l. only such securities which will hav
e the entire approval of the specis
Z committee on trust investments al
# pointed from the board of directors
t Such funds and securities will
# kept entirely separate from the al
il sets 'of the company. Special 81
i curities will be assigned and tram
fered to each given trust and tn
l. records and the accounts of the con
n, pany will show the names of tn
It respective trust to which those s
II curities belong 1t should be born
ID in mind that any person or bank {
le administrator who deposits funt
is with the Mankato Loan and Tru
lie company will not be required to flu
IS nish any bond whatsoever to Il
80 probate court This is due to IL
Of fact that the trust company hi
In deposited SO per cent of its capt.
ly with the state banking departmel
SIS as a pledge of good faith and Il
i'll safe-keeping of such funds.
,r- The company will handle only frs
be class real estate mortgages al
~ bonds; will buy and sell on re
sonable commission basis first-cla
he securities and repurchase these S
ed curities.
H. All the methods which are el
lis ployed by the trust company will
ng similar to those of a bank. At t
nd close of each days business and
MT short notice the trust company
in able to fully advise all persons
IS, terested as to the status of tru
nd accounts. Upon investigation it h
in been found that as executor and {
dis ministrator trust company not or
lie carries out all the instructions of
is will, but it preserves and usually
to creases the value of the estat
through wise investments, or throu
tie timely sale of securities or real