Board of Directors were scoundrels the public would probably know it. The favorable characteristics of the corporate fiduciary and its advantages over the individual in such capacity have been summarized many times in trust company advertising somewhat as follows: 1. Continued existence-the individual named as executor may die— a corporation has unlimited existence, and the maker of the will, therefore, is assured that the executor of his choice will be living and competent to act. 2. Financial responsibility-The members of the Board of Trustees and officers of a reputable trust company are men of proved responsibility, and the financial responsibility of the corporation is unquestioned. 3. Accumulated experience, special knowledge and training-The individual may act as executor once in a lifetime the corporate executor or trustee, whose business it is to act in such matters, is constantly accumulating experience which no single individual can hope to possess. 4. Accessibility-The corporate fiduciary is always ready to talk business at any hour of the business day at conveniently located offices. It doesn't go on a trip or vacation. 5. An impartial viewpoint-A corporate executor is not concerned in family disputes, and has no interests to serve except the execution of the plain directions in the will and the protection of the interests of the beneficiary. 6. Economy-The fees charged by a trust company are no more than those allowed to individuals; in most cases they are fixed by statute or determined by the courts. Because of the fact that trust companies are organized for these services, estates can usually be administered more economically. The expenses for a surety bond are eliminated when the trust company is selected in any fiduciary capacity, as the deposit of securities with the State Banking Department takes the place of a surety bond. It is argued that the appointment of a trust company does not mean the loss of personal interest which the maker of a will may desire in his family affairs. The trust company's officers can bring to those interested all the advantages that come from contact with an individual. The maker of the will can talk with these officers, explain his position to them, and place them in thorough sympathy with his ideas. He can bring them in touch with his family or with any of the beneficiaries of the will, so that his death may not cause his family the added difficulties of establishing connections with unknown agents. He may thus establish relations which, even when the executor's or trustee's duties have been discharged, may lead his beneficiaries, especially if they are women, to seek the advice and counsel of the trust company in business matters for years to come. Where desirable, an individual may be made co-executor or co-trustee with the trust company so that the individual desired for very personal reasons will not have to be burdened with the many details of trust administration and accounting. While it is a corporation that is made fiduciary, the officers of the trust company are natural persons with the same potential human sympathies and characteristics as any individual trustee would have. They are ordinarily family men, and in the majority of cases men of moderate means who are thoroughly familiar with the rigors and responsibilities as well as the pleasures of family life. In fact the trust officer, being a specialist or professional trustee, is likely to become more appreciative of the human relationships involved in trusteeship. Through experience, or by talent, he tends to develop a psychological background eminently qualifying him to perform the tasks of delicacy and tactful sympathy in connection with personal trusteeship. The humanness of the relationship between trustee and beneficiaries is not lost by naming a corporate fiduciary, but rather it is enlarged and developed through specialization, and in addition are obtained the advantages inherent in continuous trusteeship. BIBLIOGRAPHY The bibliography is presented in two parts: Part I is the General Bibliography, containing references of a general nature and consisting for the most part of books or monograms. The general bibliography is arranged alphabetically by authors, following the usual practice in this regard. Part II is the Bibliography of Periodical Literature, containing references to material relating directly to the trust company. The purpose of this bibliography of periodical literature is best served by an arrangement according to topics so that one interested in a particular subject may find all references on that subject in one place. Furthermore, under each topic the references are arranged chronologically so that the latest contribution on the subject may be readily found. The topics under which this part of the bibliography is arranged were determined empirically. In some cases it was found necessary to put several topics together due to the fact that, in general, articles relating to those subjects combined these topics. In other cases two or more topics were combined for historical reasons, for example the topics banking and supervision of trust companies are combined. Following are the topics under which the bibliography of periodical literature is arranged: 1.-Administration and Organization. 2.-Advertising. 3.-Banking and Supervision of Trust Companies. 4.-Bond Departments and Investment Banking. 5.-Community Trusts. -Corporate Agencies-Transfer Agent, and Registrar. 7.-Corporate Agencies-Others. 8.-Definition of Trust Company. 9.-Fees for Fiduciary Services. 10.-Fidelity Insurance. 11.-Historical and General. 12.-Life Insurance and Insurance Trusts. 13.-Investment of Trust Funds and Investment Trusts. 14.-Lawyers and Trust Companies. 15.-Safe Deposit and Savings Departments. 16.-Real Estate, Title Insurance, and Escrows. 17.-Trusts and Agencies, General. 18.-Trusts, Corporate. 19.-Trusts and Agencies-Personal. 20.-Trusts and Agencies-Taxation. 21.-Trust Accounting (Income and Remainderman, etc.). 22.-Wills. The principal sources of material on the subject are two: (1) Trust Companies, a financial magazine issued monthly and devoting practically all of its space to problems relating to trust companies; and (2) Proceedings, of the national association of trust companies, which is divided into four main sources as follows: a.-Proceedings, Trust Company Division, of the American Bankers' Association, b.-Proceedings of the Mid-Winter Trust Conferences, which represent conferences of all trust company officials in the United States held annually in New York City; c.-Proceedings of the Mid-Continent Conferences, which represent annual conferences of trust company officials in the states of Alabama, Arkansas, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, South Dakota, Texas, Tennessee, and Wisconsin. d.-Proceedings of the Regional Trust Conferences, which represent annual conferences of trust company officials in the Rocky Mountain and western states. I GENERAL BIBLIOGRAPHY (References are arranged alphabetically by authors) Alfaro, R. J. "New Fideicommissum," Bulletin of the Pan American Union, Vol. 59 (June, 1925), pp. 543-51. "American State Papers," Finance, Vol. 4, pp. 397-459. List of factories and incorporations in the United States, 1800-20. Ames, James B. A Selection of Cases on the Law of Trusts, 2d edition, Vol. I. Cambridge: Harvard Law Review Publishing Association, 1893. Annual Reports, Comptroller of the Currency of the United States. Bank of the Manhattan Company, New York. Trust Department. The Biography of an Idea . . . Trusteeship Ancient and Modern, 2d edition, 1925. Barnett, George E. State Banks and Trust Companies since the Passage of the National Bank Act. National Monetary Commission, 61st Congress, 3d Session, Senate Document No. 659. Washington, 1911. Berthold, Fernow. Calendar of Wills, 1626-1836. Compiled and edited under the auspices of the Colonial Dames of the State of New York, and published by the Society, New York, 1894. Bingham, Robert F., and Andrews, Elmore L. Financing Real Estate. Cleveland: The Stanley McMichael Publishing Organization, 1924. Birrell, Augustine. The Duties and Liabilities of Trustees. London: Macmillan and Company, 1896. Bogart, G. G. Handbook of the Law of Trust (Horn Book Series), St. Paul: West Publishing Company, 1921. Bowditch, Nathaniel I. A History of the Massachusetts General Hospital. Boston: Printed by John Wilson & Son, 1851. Bradford, A. W. Reports of Cases in the Surrogate's Court of the County of New York, Vol. I (New York, 1872). Brady, John Edson. Digest of the Banking Law Journal, 2d edition, 18891919. New York: The Banking Law Journal, 1919. Cator, George. Trust Companies in the United States. Johns Hopkins University Studies in Historical and Political Science. Series XX, Nos. 5-6. Baltimore: The Johns Hopkins Press, 1902. Collections of the New York Historical Society for the Year 1896. New York. Abstract of Wills, City of New York, 1754-1760, Vol. V. Printed by the Society in 1897. Comparative Statements of Trust Companies in the State of New York, 18941904. New York: George W. Young & Company. Conyngton, Knapp and Pinkerton. Wills, Estates and Trusts. In two volumes. New York: The Ronald Press Company, 1922. Corpus Juris. A complete and systematic statement of the whole body of the law as embodied in and developed by all reported decisions, edited by Wm. Mack, LL.D., and Wm. B. Hale, LL.B. New York: The American Law Book Company, 1915. Cruise, William. A Digest of the Laws of England Respecting Real Property. New York: Collins & Hannay, 1827. A Digest of the Law of Real Property. In seven volumes, edited by Simon Greenleaf. Boston: Charles C. Little & James Brown, 1849. Cushing, Harry A. Voting Trusts. New York: The Macmillan Company 1915. Davis, John P. Corporations. A Study of the Origin and Development of Great Business Combinations and of their Relation to the Authority of the State. New York: G. P. Putnam's Sons, 1905. Dean, Sidney. History of Banking and Banks from the Bank of Venice (1171) to the Year 1883. Boston: Pelham Studios, 1883. Dewing, Arthur Stone. The Financial Policy of Corporations. New York: The Ronald Press Company, 1922. Diffenderffer, Frank Ried. A History of the Farmers' Trust Company of Lancaster. Lancaster: Published by the Farmers' Trust Company of Lancaster, Pennsylvania, 1910. Digest of Laws Relating to Trust Companies of the United States. New York: George W. Young & Company, 1905. Documents relating to the Colonial History of the State of New Jersey. First Series, Vol. XXXII, Calendar of New Jersey Wills, Administrations, etc., Vol. II, 1751-1760. Edited by A. van Doren Honeyman of the Committee on Colonial Documents. Somerville, N. J. The Union-Gazette Association, 1924. Dunbar, Charles F. The Theory and History of Banking, 4th edition. Dunn, Robert W. American Foreign Investments. Cleveland: Sanford & Viking Press, 1926. Eardeley, William A. Surrogate Records at Jamaica, New York. Queens County, Long Island, New York. Copied 1905 by Mr. Eardeley, P. O. Box 91, Brooklyn, N. Y. (Vol. II of series copied in 1918.) |