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while more recently the Royal Exchange Assurance Company of Liverpool, the Commercial Union Assurance Company of London, and some others, have entered the field. There is evidence, too, that the banks may undertake the transaction of formal trust business, The Union of London and Smith's having already done so.

EUROPEAN COUNTRIES.

The trust company idea cannot be said to have gained a foothold as yet in any company in continental Europe. The nearest approach to it is in Germany, where there are some companies of very recent origin which undertake certain trust company functions with regard to the handling of corporations. These have been organized by several of the large banking interests as auxiliary institutions. The first, and for some time the only one of these, The Deutsche Treuhand Gesellschaft of Berlin, was organized in 1890 by the Deutsche Bank and the banking-house of Jacob Stern at Frankfort-on-Main. Its business consists chiefly of corporate trust work the formation and reorganization of joint-stock companies, dealing in their shares, acting as agent for the redemption of dividend warrants, transfer agents, etc.

The mortgage banks of Germany and Austria, the Credit Foncier, Credit Lyonnais and other companies in France, and similar institutions in some other European countries, perform functions analogous to the lending and savings banking operations of the American trust company,96 but these are not peculiarly trust functions, and the institutions named do not partake of the distinctive features of the trust company.

96 See Proceedings Trust Company Section, A. B. A. 1896-1903, pp. 243-253, article by Charles F. Phillips on "The Business in Foreign Countries Analogous to That of Trust Companies in the United States"

BIBLIOGRAPHY.

BOOKS AND PAMPHLETS RELATING DIRECTLY TO TRUST COMPANIES.

COMPARATIVE STATEMENTS OF TRUST COMPANIES IN THE STATE OF NEW YORK, 1894-1904. New York: George W. Young & Co., 1905. pp 81. DIGEST OF LAWS RELATING TO TRUST COMPANIES OF THE UNITED STATES. New York: George W. Young & Co., 1905. pp 98.

A classified digest of State laws relating to trust companies. MODERN TRUST COMPANY, THE. F. B. Kirkbride and J. E. Sterrett. New York: The MacMillan Co., 1905. pp 309.

Up to the present this is the only general work on the subject published. Contains discussions of functions, methods of organization, duties of officers and employees, methods of accounting, departments of work, Stock Exchange rules, bibliography. Illustrated with forms.

PENNSYLVANIA COMPANY FOR INSURANCE ON LIVES AND GRANTING ANNUITIES, A SKETCH OF THE. Philadelphia: J. B. Lippincott Co., 1896. pp 168.

An historical and descriptive sketch of the oldest company in the United States now doing a trust business.

TRUST COMPANIES IN THE UNITED STATES. George Cator. Baltimore: The Johns Hopkins Press, 1902. pp 113.

One of the Johns Hopkins University Studies, and intended to give "a general outline of the subject". Contains historical sketches, discussions of functions, causes of development, State regulation, schedules of State laws.

TRUST COMPANIES OF THE UNITED STATES. New York: Published annually (since 1903) by The United States Mortgage and Trust Co.

Contains individual statistics of trust companies in the United States, Canada and Cuba. Gives for each company the statement of assets and liabilities, date of organization, quotations of stock, dividends, list of officers and directors.

TRUST COMPANY IDEA AND ITS DEVELOPMENT, THE. Ernest Heaton. Buffalo: The White-Evans-Penfold Co., 1904. pp 45.

Discusses the growth of the trust company idea, advantages and functions of trust companies, sketches of the progress of trust companies in the United States, Canada, Australia and other countries. TRUST COMPANY QUESTION, THE. Breckenridge Jones. St. Louis: The Mississippi Valley Trust Co., 1892. pp 24.

This was the first published pamphlet on the subject, and has not been excelled for a clear statement of the functions and advantages of the trust company, and of the differences between banks and trust companies.

THE CIRCULARS PUBLISHED BY VARIOUS TRUST COMPANIES furnish a good source of general information regarding the functions they exercise and the advantages they offer.

PROCEEDINGS, REPORTS AND PERIODICALS.

BANKERS MAGAZINE, THE. New York. Published monthly. $5.00 a year. Has a Trust Company Department, and contains numerous notes and articles regarding trust companies. Publishes annually the proceedings of the Trust Company Section of The American Bankers Association. For an historical study of the subject, the files of this magazine, which run back to 1846, are valuable.

BANKING LAW JOURNAL, THE. New York. Published monthly. $4.00 a year.

Has a Savings and Trust Department, gives legal decisions affecting banks and trust companies, with discussions of same.

BANKING PERIODICALS. In addition to those named here, most banking periodicals contain occasional articles relating to trust companies. BULLETIN OF THE AMERICAN INSTITUTE OF BANKING. New York. Pub

lished monthly. $2.00 a year.

Frequently contains articles on trust companies.

COMMERCIAL AND FINANCIAL CHRONICLE, THE. New York. Published weekly. $10.00 a year.

Contains occasional articles on trust companies, and weekly gives news items regarding same. Publishes annually the proceedings of The Trust Company Section of The American Bankers' Association. Good for statistics of New York trust companies.

COMPTROLLER OF THE CURRENCY, REPORTS OF THE. Washington. Published annually.

Beginning with 1875, these reports contain statistics of "Loan and Trust Companies", and frequently contain general information and discussions regarding same. Each report gives a resume of the statistics for the previous years.

FORMS COMPILED UNDER THE SUPERVISION OF THE TRUST COMPANY SECTION OF THE AMERICAN BANKERS ASSOCIATION. New York: Published by the Association, 1903. pp 30.

Contains about forty forms for the use of trust companies. The selections were good, but some of the forms have since been materially improved upon. The Section now keeps at its office (5 Nassau St., New York), a collection of forms contributed by its members.

LAW SOCIETY, THE: PROCEEDINGS TWENTY-NINTH PROVINCIAL Meeting, 1903. London, England.

Contains, pp 234 to 264, a paper on Trustee Companies by Robert C. Nesbitt. Describes the trustee companies of Australia and the Public Trust Office of New Zealand, and discusses somewhat analogous institutions in England.

NEW ZEALAND OFFICIAL YEAR BOOK, 1898. Pages 454-462 contain a discussion of the Public Trust Office, with statistics.

NEW ZEALAND, STATISTICS OF THE COLONY OF, 1903. Gives statistics of the Public Trust Office, 1886-1904.

PRINTED FORMS. Published by The Savings Bank Section of The American Bankers' Association. New York, 1906.

A book of forms used by savings banks, taken from samples submitted and used by members. Contains about 600 forms, arranged under the following headings:---Deposits, Withdrawals, Signature and Index Cards, Bond and Mortgage Loans, Depositor's Ledgers, Loans, Miscellaneous Notices and Advices, Passbooks.

SAFE DEPOSIT COMPANIES, THE LEGAL RIGHTS AND DUTIES OF. A pamphlet containing the reports of special committees of 1904 and 1905 of The Trust Company Section of The American Bankers Association. Published by the Association, New York, 1905. Besides discussion of the matters indicated by its title, the work includes practical suggestions as to rules and other matters, and some thirty forms.

SAVINGS BANK SECTION OF THE AMERICAN BANKERS ASSOCIATION, PROCEEDINGS OF THE. Published annually by the Association, New York. Contain much that is useful for the savings departments of trust companies.

STATE BANKERS' ASSOCIATIONS, PROCEEDINGS OF. These often contain papers regarding trust companies. They are usually published in local banking periodicals.

STATE BANKING DEPARTMENTS, REPORts of. In States which are strong in trust companies, these reports often contain instructive matter, in addition to statistics. Those of New York are especially useful. See also those of Massachusetts and Pennsylvania. TRUST COMPANIES. New York. Published monthly. $3.00 a year.

A magazine published monthly since March, 1904, devoted exclusively to trust company matters. Contains leading articles on various subjects of interest to trust companies, with news items. There are many valuable articles in its files.

TRUST COMPANY SECTION OF THE AMERICAN BANKERS' ASSOCIATION, PROCEEDINGS OF TIE. Published annually since 1896 by the Association, New York.

Contains the valuable papers and addresses delivered at the meetings, with stenographic reports of the discussions, lists of officers

and members. The proceedings for the years 1896-1903, inclusive, have been published under one cover.

TRUST COMPANY SECTION, PENNSYLVANIA BANKERS' ASSOCIATION, PRO

CEEDINGS OF THE.

These are included in the Proceedings of the annual meetings of The Pennsylvania Bankers' Association since 1901.

ARTICLES IN PERIODICALS.

(NOTE.-With a few exceptions, this list does not include articles in the periodicals named in the preceding list, for which their indexes should be consulted. An exception is made of the Bulletin of The American Institute of Banking [referred to below as Bulletin], because it does not publish an index.)

ADVANTAGES OF TRUST COMPANIES, THE. W. C. Miller. Bulletin, Oct. 15, 1905, p 550.

AUSTRALIAN TRUST COMPANIES. C. E. Cowdery. Trust Companies, Vol. II, p 676.

BANKS, THE, AND THE TRUST COMPANIES. The Nation, Vol. LXXIV, pp 362-3, May 8, 1902; Vol. LXXXII, p 132, Feb. 15, 1906. (Editorials.)

BONDS AS INVESTMENT SECURITIES. Annals of The American Academy of Political and Social Science, Vol. XXX, pp 193-427.

A group of papers under the following headings:-The Proper Basis for Bond Accounts When Held for Investment, by Charles E. Sprague; The Valuation of Bonds on an Income Basis, by Charles E. Sprague; Bond Redemption and Sinking Funds, by C. M. Keys; The Value of a Bond Department to a Bank or Trust Company, by George B. Caldwell; Tables of Bond Values-Theory and Use, by Montgomery Rollins; Essential Recitals in the Various Kinds of Bonds, by Andrew Squire; Organization and Management of a Bond House, by William Foley; Bond Salesmanship, by William Foley; Selling American Bonds in Europe, by Charles F. Speare; Methods of Accounting and Auditing in a Bond House, by Charles S. Ludlam; Bonds as Additional Banking Reserve, by William C. Cornwell; Railroad Bonds as an Investment Security, by Floyd W. Mundy; Electric Interurban Railway Bonds as Investments, by Edgar Van Deusen; Real Estate Bonds as an Investment Security, by George A. Hurd; Industrial Bonds as an Investment, by Lyman Spitzer; The Physical Condition of a Municipality Issuing Bonds, by Harry E. Weil; Municipal Bond Issues Explained, by Harry E. Weil; Protection of Municipal Bonds, by Park Terrell; Classification and Description of Bonds, by F. A. Cleveland; Bonds in Their Relation to Corporation Finance, by F. A. Cleveland.

CONTROL AND SUPERVISION OF TRUST COMPANIES, THE. Frederick D. Kilburn. Annals of the American Academy of Political and Social Science, Vol. XXIV, pp 27-42. July, 1904.

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