should be introduced to the trust officer, who should take the time to thoroughly explain the advantages offered by the company.

A proper proportion of the newspaper advertisements of the company should be devoted to the work of the trust department, and be educative in character. In all advertising devoted to this department, it should be shown that the charges made by the trust company do not exceed those made by individuals, and are often smaller. Unless this is done, the claims made for superiority of services and security may lead to the impression that the fees are correspondingly higher.

For the reason already suggested, that the performance of fiduciary work by other than natural persons is in most communities a new thing, special importance is attached to getting a start in such business. No one thing will so influence the people of a community towards using the trust company for such duties as the knowledge that some of their prominent fellow citizens are already doing so. It is therefore of prime importance to thoroughly--but wisely and carefully-advertise the fact when an important trust has been handled. This can be done in news items as well as by paid advertisements. If, for example, The Blank Trust Company is acting as assignee of Doe and Roe, the public is interested in the progress of the work, and the press will be glad to have frequent news items regarding it. Such publicity will impress upon the Lainds of the public the fact that trust companies, and The Blank Trust Company in particular, act as assignees. So if John Smith has appointed The Blank Trust Company executor of his will, the more widely the fact is known the better. The fact that the late Marshall Field of Chicago chose trust companies as executors of his will and custodians of the vast funds left by him in trust, weighs more with most people than any number of arguments on the subject.

A natural source of trust work at the beginning is from the directors and stockholders of the company. Some of them can be approached on the subject directly; others can be influenced indirectly by filling them with information on the subject and setting them to work to interest others, a process which will readily suggest to them that they might themselves make use of the trust department. While from one point of view trusts so received are not as good for advertising purposes as those received from outsiders, they carry much weight as evidences that the directors of the company display absolute confidence in the solidity and facilities of their own institution, about which it is presumed they have inside information.

In many communities it is feasible to have published in the local papers, Sunday or other, "feature" articles treating of the progress of the trust company as a quasi-public institution, and explaining its work and the advantages which it offers.

Most companies make a practice of preparing wills free of charge. in cases where they are made executors of same. An advertisement on the subject gives a good chance to discuss the importance of making

wills, and to call attention to the fact that the company acts as executor and trustee.

It is of great importance to cultivate the friendship of the legal fraternity. While it is true that the trust company is gaining some of the business that has been handled largely by members of the bar, it is true on the other hand that they must and do employ legal counsel themselves and are creating business for lawyers. The amount of competition between the two, both present and prospective, has been greatly overestimated in some quarters. The purely legal business taken over has simply been transferred from attorneys not connected with the company to attorneys in the employ of the company; while much of the business in question is technical and clerical rather than legal, and involves work which the lawyer who devotes himself to the practice of his profession is often glad to be rid of. Arrangements are often made that the trust company administering an estate shall retain the services of the lawyer chosen by the family interested in the estate; and it is customary when a lawyer brings business to a trust company for the latter to employ him as attorney in any matter connected with such business which may require special legal services.

New companies will do well to be patient about the growth of the trust department, remembering that its progress is naturally slow, and that its business is cumulative, like that of the lawyer or the doctor,the greater the amount of work successfully done the easier it will be to obtain new business. It is a matter of building up a reputation,-a process which requires time.

PREPARATION OF ADVERTISING COPY.

The preparation of copy for the various advertisements requires a peculiar skill. Natural qualifications for such work are required as a basis, and must be supplemented by careful study of the principles of advertising and of the work of the best advertising writers. The work can not be done by following fixed rules, but some conclusions drawn from the practical experience of advertising men afford useful guides.

The copy should be adapted to the medium used. Different kinds of copy are required for newspaper, magazine, circular and street car advertisements. The newspaper advertisement will be read by busy people and will usually be seen but once, the life of the newspaper being not over twenty-four hours. All that can be given is a single impression, which should be as strong as possible. The reader must get the impression quickly and easily, if at all. The magazine advertisement will be read by people having more leisure, and may partake more of the "reasonwhy" style. In the circular or booklet still more detail may be given. A card in a street car offers space for a very few words, a single impression; but it may be read a number of times by the same persons.

The copy should be adapted to the space used. It should never crowd the space.

The copy should be adapted to the reader. It must be couched in words and terms that he understands. If addressed to the busy man, it must be brief; he will not read long explanatory matter. But others may want to read reasons and arguments, and too great brevity is a mistake in advertisements addressed to such persons. Advertisements addressed to the general reader must not be so long as to repel the busy reader, nor so brief as to be hard to understand. Perhaps the weakest point of the average writer of financial advertisements is a failure to understand the viewpoint of the general reader and to learn his wants and his attitude. The average man does not understand the banking or trust company business; it is a mystery to him-simple as it may seem to an insider. He would be greatly interested in a magazine or Sunday newspaper article explaining the details of the business in a frank and straightforward manner--written in plain English and not in clearinghouse phraseology. He would appreciate a booklet from his trust company giving such information.

The wording of the advertisement should have the ring of sincerity, honesty, frankness; and it must be backed up by performance.

The literary style used in the copy must be interesting, catchy; but never witty, frivolous or over-original. Parting with his money or delegating his business never impresses a man as a humorous procedure; the "cute" financial advertiser disgusts him. The sentences should be short, crisp, clear; the words good, common short English words, avoiding superlatives and technical terms. The test of a good advertisement is that it attracts attention, interests and convinces. It must leave the reader in a pleasant frame of mind-never scold, preach or antagonize. A fundamental principle in copy-writing is to treat one point at a time. If the reader digests that one point, the advertisement has been a marked success. The next advertisement may add another point. The copy should be addressed to just one person-the reader. He should be made to feel that his business is wanted.

The copy for advertisements in periodicals should be changed frequently; in the newspapers, daily. This holds the interest of readers and creates the impression that the company is alive.

Timeliness is a telling point. Bank-books for Christmas presents should not be advertised in July. A robbery offers a splendid opportunity for an advertisement on the folly and danger of keeping large sums of money in the house or on the person; a fire, for a discussion of the advantages offered by the safe deposit department; a defalcation by an executor, for a demonstration of the usefulness of the trust company in fiduciary capacities. A few live companies produced some telling advertisements for their safe deposit departments immediately after the San Francisco disaster.

Of the inducements or talking points available for trust company advertisements, the strongest is undoubtedly that of the solidity of the company and the security afforded to depositors. No inducements will attract people to an institution which they do not believe to be safe. Facts tending to show solidity are ample capital and surplus, large

assets, proportion of assets to liabilities other than capital and surplus, careful investments, reserve, well-known and substantial directors, trusts from courts, state or municipal deposits, state supervision, an up-to-date system of accounting, the confidence of numerous depositors. Frequent and thorough audits, either by a regular auditing department or by out side audit concerns provide an excellent talking point for solidity.

Next to safety, ability and desire to give capable service is usually the best talking point. A high rate of interest is, as a rule, not a good advertising point. There is apt to be a suspicion that the high rate of interest is paid at the sacrifice of security. Nevertheless, there are exceptions to the rule. In banking-by-mail business, Pittsburg and Cleveland banks have secured large deposits partly because of their four per cent. Interest rates on savings accounts. Where the interest rate is used as an inducement, it is of prime importance to show why it is possible to pay such rates without sacrifice of safety.

Among other inducements which may be made the subjects of advertisements, are convenience of location, attractive building or offices, special conveniences for customers, especially for ladies, advice about business matters, opening of the office one evening a week. A series of strong advertisements may be written on the different functions of the company, treating one at a time. The maxims of Benjamin Franklin and others, with brief comments, provide good material for educational publicity.

THE TYPOGRAPHICAL MAKE-UP OF THE ADVERTISEMENT.

The typographical make-up of the advertisement should be made the subject of careful study, for it largely determines whether the reader will notice the advertisement at all. It must be different from the surrounding matter-set off by itself. On the average page, this may be accomplished by means of a suitable border and a white space between the border and copy. If the page is pretty well filled with bordered advertisements, however, more individuality and distinctiveness will be obtained without the border. As a rule, there should be a caption or catch-line which stands out distinctly, to appeal to interest or curiosity. The face and size of type for use in the caption and in the body matter, as well as the border and general make-up, should be dictated by the advertiser, and the proof should be seen and corrected. It is wise to allow the printer ample time. The advertisement should have a good position on a page apt to be read by the people whom it is desired to reach. It should be given plenty of room; if the copy crowds the space, the latter should be increased or the copy be rewritten. It is economy to pay for enough blank space to give a good setting.

There is an advantage in always using a distinctive style of type or border or an emblem-something which will readily give individuality to all of the company's announcements. To insure getting just the make-up that is desired many companies use electrotypes which they own and distribute to the papers as needed. The cost is slight and no chances are taken of poor judgment or serious errors.

CHAPTER XIV.

EXAMINATIONS, AUDITS AND OTHER MEANS OF SAFEGUARDING THE BUSINESS.

ORTUNATELY, the tendency of the day is toward the surround

FORT

ing of the trust company business with every reasonable safeguard. This tendency is due not only to the increasing public demand for such safeguards, but also to a truer appreciation on the part of directors and officers of the sacredness of their trust, and to the realization that it is good business policy to use every means of inspiring confidence in institutions whose success is built upon confidence as a corner-stone. For the safeguarding of the business of trust companies every argument applies that has force in the case of banks, and additional arguments are found in the wider scope of the business and in the increasingly important trusts that are committed to their care. The parties interested in the matter include the general public, the stockholders, and the employees. Of the general public, the depositors and the beneficiaries of the trusts are of course most directly interested; but inasmuch as trust companies constitute an important part of our financial system, and because the failure of such a company vitally affects the interests of many persons who have had no direct dealings with it, all the people have a right to demand that in the conduct of the business reasonable precautions be adopted. The stockholders have their money invested in the company and are the first to suffer in case of failure; they have valid reasons for requiring satisfactory protection of their interests. The employees, including the officers, are entitled to every possible protection against excessive temptation.

Aside from the restrictions and limitations upon the business imposed by the laws under which trust companies operate, the possible safeguards include examinations, audits, care in the selection of officers and other employees, and the adoption of an accounting and administrative system which leaves the fewest possible loopholes for dishonesty or bungling management.

ACCOUNTING AND ADMINISTRATION.

Of these a well-considered and carefully planned system of accounting and of administration is fundamental. Recent years have seen great progress in this respect, but there is room for much more. Many companies are still using systems which invite error, mismanagement and fraud; and doubtless some will continue to use them until failure comes or until a competent accountant or auditor is employed who shall point out the weak places. Among recent cases of banks and trust companies ruined by defalcations have been several in which stealings of hundreds