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fairly representative of the most common usages, giving in the chapters on forms and records, samples of those used by a number of different companies. This plan made impossible the following out of one complete system of forms and records such as a single company uses, a defect which is, in the writer's opinion, more than overcome by the advantage to the reader of having before him illustrations of the methods of a large number of progressive companies. In the endeavor to make the work useful to the greatest number of trust companies, the writer has aimed to have it representative of the forms and methods of the company of average size.

While the writer is alone responsible for all views and statements presented, he is under obligation to various gentlemen for information courteously given. In particular he wishes to acknowledge his indebtedness to the officials of the various companies whose forms are used to illustrate the book, for the use of the forms and for information given in response to letters; to state officials for information regarding state legislation; to W. E. Crittenden for the preparation of the chapter on Title Insurance; to the Old Colony Trust Company of Boston for permission to reprint its Rules for Stock Transfers; to E. A. Feasel, Librarian of the Cleveland Law Library, for access to the library in the preparation of the chapters on trust company laws; to E. E. Newman for suggestions regarding the detail work of the Corporations division of the Trust Department; to James Borrowman for information regarding the Australian trust companies; to Frederick Vierling for information regarding the Real Estate Department and for permission to print his rules governing stock issues and papers required in accepting bond trusts; to the Franklin Trust Company for permission to print its By-laws. Acknowledgment is made in foot-notes throughout the book for information due to various authorities quoted.

In preparing the articles for publication in book form, the statistical matter in the chapter on the history of the trust company movement, and the summary of the state laws (originally published in 1904), and other matter, have been brought down to the year 1908, inclusive.

CLAY HERRICK.

CLEVELAND, O., June, 1909.

In preparation for the second edition of this book, the statistical matter in Chapter I., the discussion of legislation in Chapter IV., and the summaries of State laws in Chapter XVII., have been brought up to December, 1914, and some revision of other chapters has been made. The writer wishes to express his appreciation of the cordial reception which has been given to the book.

CLAY HERRICK. CLEVELAND, O., June, 1915.

TABLE OF CONTENTS.

CHAPTER I.

HISTORY OF THE TRUST COMPANY MOVEMENT IN THE

UNITED STATES, pp. 1-32.

Diversity of Functions, 1-First Grants of Trust Powers, 2—Present

Condition of the Four Earliest Companies, 6–Other Early Companies,

7-Relative Progress of Trust Companies and Savings Banks, 9-

Organization of Companies After the Civil War, 10-Freedman's Sav-

ings and Trust Co., 12—Comptroller Knox's Criticism of Companies,

13—Competition Between Banks and Trust Companies, 14—Steady

Development, 15--Growth from 1875, 16—Chart Showing Growth, 18

--Growth of Trust Companies and Other Banks Compared, 19-Sta-

tistics of Suspensions, 22—Statistics 1875-1913, 26–Reserves, 26-

Present Statistics, 28-Recapitulation, 30—Causes of Growth, 31.

CHAPTER II.

THE FUNCTIONS OF TRUST COMPANIES, pp. 33-53.

Definition of “Trust Company,” 33— Nature and Variety of Individual

Trusts, 31-Probate Business, 37-Investment Business, 38—Real

Estate Business, 40—Insolvency Business, 40.-Trustee or Agent for

Corporations, 41-Transfer Agent and Registrar, 42—Corporation

Reorganization, 43—Fidelity and Title Insurance, 44-Safe Deposit

Business, 45- Superiority of Trust Companies in Trust Capacities,

45—Banks and Trust Companies Compared, 47— Miscellaneous Func-

tions, 51–Sources of Earning Power, 52-Still in Formative Pe-

riod, 53.

CHAPTER III.

THE ORGANIZATION OF TRUST COMPANIES, pp. 54-73.

Elements Contributing to Success, 54-Preliminary Steps, 55—Incor-

poration in New York, 55—By-laws, 59—Selection of Directors, 67—

Special Charters, 68.

CHAPTER IV.

TRUST COMPANY LEGISLATION, pp. 74-88.

Progress of Legislation, 74- Directors, 74---Capital Stock, 75—Pow-

ers, 76—Powers in New York, 77—Trustee Powers, 78—Holdings of

Real Estate, 79—Auxiliary Powers, 80—Banking Powers, 80-Reg-

ulation, 82—Double Liability, 85---Deposit with State, 85—Restric-

tions on Loans, 81— Reserves, 85—— Reports and Examinations, 87.

CHAPTER V.

ORGANIZATION OF THE WORKING FORCE, pp. 89-99.

Diversity in Organizations, 89–Duties of the Various Officers, 89–

Managing Officer, 90--Loan Department, 91--Banking Department,

92—Trust Department, 91-Safe Deposit Department, 96—- Bond
Department, 96—Foreign Exchange Department, 96—Real Estate,

CHAPTER VI.

FORMS AND RECORDS FOR THE TRUST DEPARTMENT, pp.

100-161.

Accounting System, 100—Loose-leaf Books and Cards, 101—Relation

of Trust and General Books, 1024 Trust Register, 103—Journals and

Ledgers, 110_Corporations Division of Department, 113—Estates

Division of Department, 118—Sundry Forms Corporations Division,

127_Forms for Transfer of Stock, 131-Forms for Bond Trusts, 137

-Coupons, 143—Sundry Forms Estates Division, 148—Record of

Securities, 148—Real Estate Record, 152-Insurance Record, 153—

Rents, 154-Tax-book, 155—Vouchers, 157—Statements of Account,

159.

CHAPTER VII.

FORMS AND RECORDS FOR THE SAFE DEPOSIT DEPART-

MENT, pp. 162-176.

Identifying Customers, 162—Appointment of Deputies, 16 + Joint

Tenants, 165---Renting to Corporations. 166--Cash Records, 168-

Ledgers, 168-Visitors' Register, 171- The Storage Department, 172

--Rules, 174.

CHAPTER VIII.

FORMS AND RECORDS FOR THE BANKING DEPARTMENT,

pp. 177-267.

Progress, 177–Labor Saving, 177---Forms for Use of Customers, 178

-Pass-books, 180—Voucher Checks, 183–Tellers' Records, 188—

Proofs, 188—The Individual Books, 193—Boston Ledger, 195—Short

Cuts, 201—Interest on Balances, 20 !--Statements of Account, 208-

Stop-Payments, 210—The General Books, 211–Boston Ledger for

General Accounts, 217– The Loan Department, 220–Loan Ledgers,

225—Collateral Loans, 226—Mortgage Loans, 231--Miscellaneous

Loan Forms, 240—Bills Discounted, 215— Investment Records, 219—

Clearing Checks, 252—Collections, 253--Letters of Remittance, 254–

Official Checks, 255—– Drafts on Banks, 258–Certificates of Deposit,

258—Certified Checks, 260—Record of Expenses, 262—Records of

Supply Department, 265.

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