less than $1,000,000; (2) replies of trust companies with assets from $1,000,000 to $5,000,000; (3) replies of trust companies with assets from $5,000,000 to $10,000,000; and (4) replies of trust companies with assets over $10,000,000.

TABLE IV

SMALLEST ACCEPTABLE TRUST FUND

(Compiled from replies by trust companies and national banks to Question I, in answer to the question: "How small a trust fund are you willing to accept?")

SMALLEST DESIRABLE TRUST FUND

(Compiled from replies by trust companies and national banks to Question I, in answer to the question: "How small a trust fund do you actually desire or seek?")

Specified size of smallest desirable trust fund

ANY SIZE $ 100

Total number of corporate fiduciaries replying

Over
$10,000,000

7122153

6

36

1

3

1

8

1

17

69

26

10

2

3

14

2

218

The questions are suggested: "What percentage of trust companies are willing to accept trust funds as small as $1,000,

or as small as $5,000, etc.?" and "What percentage of the trust companies are actually finding trust funds desirable as small as $1,000, or as small as $5,000, etc.?" In order to present the answers to these questions, two additional tables are presented: Table VI-Percentage of trust companies willing to accept trust funds as small as specified amounts, and Table VII—Percentage of trust companies actually desiring or seeking trust funds as small as specified amounts. In Tables VI and VII, the replies "any size" were ignored due to the vagueness of such a reply.

TABLE VI

PERCENTAGE OF CORPORATE FIDUCIARIES WILLING TO ACCEPT TRUST FUNDS AS SMALL AS SPECIFIED AMOUNTS

PERCENTAGE OF CORPORATE FIDUCIARIES ACTUALLY DESIRING OR SEEKING TRUST FUNDS AS SMALL AS SPECIFIED AMOUNTS

Finally, taking the replies from all trust companies and trust

departments of national banks as a group, a summary is presented in Graph IV.

Of all the trust companies and national banks replying, only sixteen indicated that they refused trust funds smaller than $20,000. It must not be assumed that these are all trust companies located in the populous and wealthy centers, for in some

GRAPH IV

PROPORTION OF CORPORATE FIDUCIARIES ACCEPTING SMALL TRUST FUNDS Compared with the proportion of corporate fiduciaries that actually desire and seek small trust funds

$500 $1,000 $5,000 $10,000 $20,000 $30,000 $40,000 $50,000 $100,000 Percentage of replying corporate fiduciaries accepting trust funds as small as-

Percentage of replying corporate fiduciaries desiring or seeking trust funds as small as-

cases they are not. Similarly those which indicate that the smallest trust fund actually sought is $50,000, or other unusually large amounts (unusually large in relation to the other replies) are not always institutions located in large financial centers. It may be said, without betraying the confidential nature of the returns, that in nearly every case the limits set by the larger

institutions were relatively low, a number of them replying "any size." It may be said likewise that of the twenty-five trust companies and two national banks replying that funds smaller than $30,000 are not sought or desired, five of them are located in one or another of the cities of New York, Chicago, Detroit, Philadelphia, and Boston. On the other hand, one or two of them are located in cities so small that to name the city would be almost equivalent to naming the trust company to those who are familiar with the situation there.

Perhaps the most extraordinary thing about the tabulation of these replies is the large number which accept trust funds as small as $100. A considerable number of those who named this quantity said that they had graveyard or cemetery trusts as small as that-and one said as small as $50 for this purpose. But more remarkable still is the reply of three of them that they actually desire or seek trust funds as small as $100, and these are not all small trust companies as might be supposed at first thought, but they range in size from assets under $1,000,000 to one with total assets of over $200,000,000.

From the results of this question, the generalization may almost be made that the more experienced a trust company is the less does it regard the mere size of the trust fund as of first importance, but always has an eye to other features of the trust and to collateral advantages which may be gained by the acceptance of small trust funds. The following is a list of comments appearing among the replies, which throws considerable light upon the business psychology underlying the determination of a policy with reference to small trust funds:

Any size if not burdensome.

Any size left by will.

Any size, small funds good feeders for other business as well as large

ones.

Have one as low as $7.00.

Feel that a trust company is a quasi-public institution.

Have accepted as low as $5.00 in connection with others.

Expect minimum annual fee of $25 (which is the fee on a $5,000 trust fund).

Expect a minimum fee of $50 on all voluntary trusts, but accept any

Any size if the trust will return a profit.

Even $50. Small trust funds can be placed in savings account under short form of trust agreement dictated to suit the case.

Trusts should not be refused because the anticipated profit is not enough.

We have no limitations as to the amount of a trust fund, preferring to consider each case as it is presented, and being guided in our acceptance or rejection of it by the character of the trust, especially the type of assets, giving particular thought to the difficulties of administration, responsibilities, and expense.

Any size from a reputable attorney, the idea being to stand well with the profession.

None refused-under $10,000 discouraged.

...

We are the only trust company in . . . and therefore feel it our duty to accept any reasonable trust.

All trusts have an advertising value. court order. We cannot well refuse the pointment of the large ones.

Many trusts are given us by small ones and hope for ap

We take any trust account we can get because they are good feeders for our other business.

Any size large or small. Probably not much profit in the funds under $10,000; but they often lead to other business and the handling of small ones is a part of the service due to the public.

We never make it a point to discriminate as to the size of the trusts which come to us, for two reasons: a.-We believe that small accounts can in a great many instances be handled on a profitable basis, and that the person who has a small amount of money is entitled to as good service as the one who has a large amount. In many cases, it is of course of greater importance to a person having a small amount that his funds shall be carefully safeguarded than it is to a man of large interests. b.-A great many small accounts are the result of people intrusting their funds to us when they are interested in other larger funds which may be in our hands.

Special and Unique Services of Trust Companies. One way in which trust companies have expanded is in offering special services to their clients, partly for advertising purposes, and perhaps sometimes in the belief that they are developing a new type of profitable business. The pioneers among trust companies must venture on new ground in order to test it out for the benefit of the progress of all trust companies, who may profit by the experiences of the pioneers. There is a limit,