The Development of Trust Companies in the United States

Date

Description

1843 May 31, 1843. Philadelphia & Reading R. R. Co., £225,000, $600,000, due

1860, 6%. Three individual trustees.

Source

Catalogue,1 p. 120.

1844 Jan. 16, 1844. Philadelphia & Read- Catalogue, p. 120. ing R. R. Co., $1,500,000, due 1860,

6%. Three individual trustees.

1845 May 1, 1845. Little Miami Railroad Catalogue, p. 82. Company, $200,000, due 1855, 7%.

Three individual trustees.

1845 July 10, 1845. Madison & Indianap- Catalogue, p. 86.
olis Railroad Co., $50,000, due 1850,
7%. One individual trustee.

1846 Mar. 10, 1846. Morris Canal & Bank-
ing Co., $700,000. . . . Three individ-
ual trustees. [These bonds were cer-
tified by the trustees-"Upon the
margin of each bond is a certificate,
signed by these three trustees, whereby
they certify that the bond is included
in the mortgage upon the canal, which
had been executed to them in trust for
the bondholders" quoted from the case
cited as source, p. 675 of 1 Stockton (9
N. J.), 667.]

The Morris Canal &
Banking Co. et al., ap-
pellants, and Samuel F.
Fisher, respondent, 1
Stockton (9 N. J.), 667.

1846 July 11, 1846. Madison & Indianap- Catalogue, p. 86. olis Railroad Co., $100,000, due 1853,

7%. One individual trustee.

1847 May 1, 1847. Philadelphia & Read- Catalogue, p. 120. ing Railroad Co., $2,000,000, due 1856,

6%. Three individual trustees.

1847 Sept. 28, 1847. Winchester & Potomac Catalogue, p. 161. Railroad Co., $120,000, due 1867, 7%.

Three individual trustees.

1848 Aug. 3, 1848. Philadelphia & Reading Catalogue, p. 120. Railroad Co., $1,500,000, due 1860,

6%. Three individual trustees.

1849 Jan. 9, 1849. Philadelphia & Reading Catalogue, p. 120. Railroad Co., $1,500,000, due 1860,

6%. Three individual trustees.

1849 Jan. 30, 1849. Hartford & Providence Catalogue, p. 66. Railroad Co., 1/3d of construction ex

penses, due 1857, 7%. Several individ

ual trustees.

1 Catalogue of Railroad Mortgages, op. cit.

1849 Mar. 1, 1849. New York & Erie Rail- Catalogue, p. 103. road Company, $4,000,000, due 1859,

7%. Three individual trustees.

1849 Mar. 9, 1849. Columbus & Xenia Catalogue, p. 46. Railroad Co., $300,000, due 1859, 7%.

One individual trustee.

1849 July 11, 1849. Vermont & Massachusetts Rd. Co., $1,100,000, due July 1, 1855. Three individual trustees.

1849 July 30, 1849. Catawissa, Williamsport & Erie Rd. Co., $1,000,000, due July, 1870, 6%. Two individual trustees.

Chester W. Chapin v. Vermont & Massachusetts Rd. Co., 74 Mass. (8 Gray) 575 (1857). Catalogue, p. 228.

1849 Aug. 25, 1849. Hartford, Providence Catalogue, p. 67. & Fishkill Railroad Co., 11⁄2 of construc

tion expenses, due date not stated, 7%.

Several individual trustees.

1849 Oct. 15, 1849. Norfolk County Rail- Catalogue, p. 109. road Company, $700,000, due 1854,

6%. Several individual trustees.

1849 Nov. 7, 1849. Philadelphia & Read- Catalogue, p. 120. ing Railroad Co., $4,000,000, due 1870,

6%. Three individual trustees.

This constitutes a list of all corporate mortgages found on record bearing dates earlier than 1850. In addition to these, there is record before 1850 of only one instance where a corporation was made trustee of a corporate trust deed. This is discussed in full in the text, supra, pp. 276-8.

INDEX

Abstracter of titles. See Convey-

ancer

Accounting, standardization of, 361
Accounting of estate, by executor,
61, 62

by trustee, 74, 76

under feudal system, 215
Accounting records, economy in,
449

Accumulation of discount, 450-452
Administration, problem of, 54
Administration of estates, costs, 16
Administrative departments, 34
Administrator, with the will an-
nexed, 53, 55, 61

under feudal system, 220
Advertising, 370-372
chapter on, 454-470

for claims against estate, 480
general education of the public,
465

individual work to obtain clients,
467

investor's knowledge and ap-
proval of, 454

literature, 184, 196, 454

methods, with table and graph,
457

needed to get small business, 398-
402

Agencies, economic, 3
registration, 373-380
standardization of requirements
in performance of, 362
Agencies and escrows, 28, 129
Agency, defined, 38-40, 119-120
functions, 86, 91

services, chapter on, 119–152
classification of, 42

development of corporate, 290-
295

development of personal, 324
during reorganization, 147, 377

Agency, services-Continued

for corporations only, 136
for individuals or corporations,

125
Agent, authority to act, 121
duties and liabilities, 121

to principal, 122

to third parties, 123
for trustees, 132

individuals and corporations as,
124

See also Transfer agent
Agreement, escrow, 129

Alabama Life Insurance & Trust
Company, 317

American Bankers' Association, 189,
414

study safeguarding of commercial
paper, 379

Trust Company Division, 359,
376, 377, 380, 385, 387

aids coöperative advertising,
370, 371, 465, 467
conference, 323, 328
coöperation with the bar, 367
368, 369

fees, standardization of, 364
functions and services, discus-
sion of, 356

policies and practices, efforts
in behalf of better, 361
resolution quoted, 207

state supervision, study of, 352
"American Economic Revolution,"
195, 397

American Insurance Company of
New York, 234

American Law Review, 324; quoted,
322

American Life Insurance and Trust
Company, 259, 261, 275

report on petition for incorpora-
tion of, excerpts, 258, 260
American Trust and Savings Bank,
354

Bacon, Lord, cited, 219
Bailee, definition, 39

Libros