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Their Organization, Growth

and Management



Second Edition Revised and Enlarged






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D J. S



HE writer is spared the task, somewhat common to authors, of offering an apology for the addition of another "to the already large number of books on the subject," because the literature on the subject of trust companies is small in amount, and nearly all of it has appeared since the preparation of this work was begun.

The present volume is composed of a series of articles which appeared in "The Bankers Magazine" of New York during the years 1904 to 1907, inclusive. When the preparation of the series was begun, in 1903, there had been published but one treatise on trust companies-Mr. George Cator's monograph on "Trust Companies in the United States," a valuable work, but one which treats the subject briefly and from the academic standpoint. The only other writings on the subject consisted of advertising booklets published by trust companies, and a very few magazine articles. In 1904, Mr. Ernest Heaton issued his "The Trust Company Idea and Its Development," a brief but instructive sketch of the development of the institution in the United States, Canada, Australia and elsewhere. The following year there appeared Messrs. Kirkbride and Sterrett's excellent work on "The Modern Trust Company," treating the subject at length and from the practical standpoint. So far as the writer knows, these comprise all the general works that have been published on the subject. A number of the financial periodicals publish articles relating to trust companies from time to time, and many trust companies issue advertising booklets containing important information regarding their methods of business. But the material at the disposal of one who would make a study of the trust company from either the historical, academic or practical standpoint is thus far quite limited. The present volume contains the only attempt yet made, so far as the writer knows, to present an historical sketch of the development of the American Trust Company.

The writer is conscious of some defects in the work, and no doubt there are other defects of which he is not conscious. The fact already mentioned, that the chapters of the book were originally written as a series of articles appearing monthly in a magazine, may account for some peculiarities of method. The time at the writer's disposal being such as could be found when not employed at his regular duties, was not sufficient to enable him to finish various parts of the work to his own satisfaction. He has, however, taken the greatest pains to insure accuracy in all statements made, and has verified much of the contents of the book by personal interviews and by correspondence with numerous trust company officials and employees. Recognizing the fact noted in the text of the book that there is considerable diversity in methods and practices among different trust companies, he has endeavored to make the work


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