| Show LYMAN MAN W GAGE O OW ON W L TH PR tic it nt at Length Before The Thc ln Bankers Cone Con TRUST GOS COS AS CUSTODIANS To a Proper Cal Cate e taker of Ills 1 J Is the Rich melt Mans Great Task Oct the tho Francl o San 3 n today S secy ec D Bank an k 13 tola then reat t thO I 10 01 on Trust T rus t ns nI by byI I J Olse alIge ot of the tho United t ta 1 8 Trust oC o Now New Yurl YorI It y I It MU i OOM ON O 1 t ST Wo Vo tro are to think ot of the which beset the tho poor nUll Ye we or ought to 8 sy with thel The ho over evel present ot of the tho possible tire ure ot of the COlt ot of 1 vi I 1 the tb drawback ot of siCkness the tho ity of oC tuny be briefly Iy lS the thO lead t the very poor Those do dop p a burden uon the tho larger nn S of f slet To 0 Immunity 1 hiu I to avenues for rI e I to 10 Icuro lile lade JO In short to ith Is rl C must bo I it nati Ill r 1 atI laudable lou Jut Ii Ut 10 no soon cc Ilo ono onn OVer from the tho army e of 0 In th poo por to 10 tw the relatively coI Iv the tho rich or I wel sell to 10 do hL hG linds Ut tha the tho Problems of at me flo I it 11 In their nature are yet ret and hay hayIng In Ing be b om ot Of n a competence hr hi no tOI tears time tho ot of hil ht fOI ct rell remit nor 1 h Ito ho hoal al aI rn 01 I ni to LI th the to 10 clothe hla hie Frequently however ho he lerl 1 is 1 tt burden uld and orol 1 a heI ono l discovers un an Innate tod ncy In treasure to 10 tk unto Itself wings 10 lie finds that Irney les tiles 11 ti wel velt ni as talks 10 lie II Is apt to 10 how easy It Is to lose loso li In Ina al a hour the tho careful or of years rears Ild and In n a A settee wholly dlf r f rn frol from the Iho IttIn poet ho he leal learns tt t l the o tl tg tho Iho or Is IS J Ild and swift and that It tl to recover hil his bit footing and escape to the tho upper nil air ot of lal 10 ho 1001 learns ho Inal loans mOle money ho Is opt to 10 borrow trouble ln In this wo we have Vo wel the le lesson on or of content wih with met meter er 10 io to tn ni tin t competence The he l n business mamin retIres hl to 10 struggle 01 on II in the tho liar ne and to ruf carry hil fn to the ent end not Il tnt I a ag g fl al rub from ot of nv n na n a i 1 or tn In no country army time tho rich mor or loss avaricious hut lor Join 1 the Jo joy ot of achievement th Ih f which tine tho conflict or orb h b J m H If hO has rOI or hll hIm In n I thre ho better we to tobo toha ha bo content with I a competence to ro re leo sPi Of t the n ot of wealth t I tOIl to d vote ote 01 el energies to other iras the Iero more Increase of the tho 1 b H If II Xii other wor words s there thero Is In Rp tad a leIsure class I ml 1 who have not withdrawn U t business mit hul who luo wil viIi 1 r Jt t elen een be 10 burdened with the tho coca ot of oft t Ir r oln owr und who vImo leave leavo I it to family solicitors or to Idu C tons ions Titus Thus treed from t U n the they find time to devote devoto th I lel to th the Politics of oC their COUl tr the pursuits ot of the tho cuI th Ilon tion ot of t the ot of their estates to the alt which I a CO like London Louton In America nn an ever ber Jr lre are learing learning this lesson Their problem Is to n a suitable cU for their to Whom J Its Ino and responsibilities may muy bo 10 I delegated it H however the man ot of Halh It not wish vish to retro retire from M but but Wih with his mind and ha ener energy y prefers for Cor the tho lor Qt to con to to hil his h he h l ye confronted by the tho possibility lenlA or of through h or In iii nl hit nty or of nAf ago the ot of dr d hn ha Is 1 strangely t r r nl at he cannot he be rul ot of the tho Ur Ion ni ns as to th f or Jt Jr mj IJ ei hy by thu 11 ties or of it or wih lie ho I I hunt I Il hn I It of oC hu hiu m 01 1 0 to n it for Ih th 1 11 be Il ot of which In varying ii r g or cuty duty It Is hil his to IX ex I a protecting Imand lie le mutt that his children who ht ha In the tho schools cud cui I ti it II I by y travo In and ronnel In taste tr Urh poria I and manners h 1 In n a chaim Ullon him anti it there arc fe greater hardships Cel In urn Ifo titan those reversals or of I a child lii In ry 1 n upon to 10 taco ace un nl a Jort hoverty or later the obligation must I hi Ibn Ils Of to laho n a wilo vise his fortune IHl and as nothIng Is he 1 mm re Certain than that lie ho 18 cannot him It and us nothing Is 1111 moore ls r e a t ha mu t Ion t tho t Ii a tiniest I on 1010 t I my trustee hal It hI be ii I 1 son 1 lon Iq ot of mull the al family the least ft elst L IL be I one ot of the Iho Juniors F h i I Is apt to excite Jon OJ bitterness amid lemud to 11 lv A trusted and ea d I Ho not survIve mind I ii In I 11 his may alter nl I chin a g t huh it lu I J I f C d I When It II Its too late 1010 to re cc trust trust A legal Ills 1111 amid character many both hoth Ia hoe ho ml go ot I hut the 1 uncertaIntIes ot of life sur lur r r limmi na as they 10 mb other mon hum bl be ho RO tnt Ind nfl faithful if pro or Ilon ilo l I to I ho 10 midI for chIldren Jr gr ti I t I a IonI hang ot of 1111 In I Is ot of rent great olce nod it by or 11 all or at the to iso he triune 1 IIA Is to bp be to II chari t to q a iii Permanent trustee thou thon become II Moreover there thore always ox ex I s the PossIbility ot at and I 1111 i ml the tho ot at mind rono ni n whereby mire too often ofen atrul anti lost problem to n nfl l the lii la n fl grave Inno cue a tUft trust In ls legal executor ci 01 r IR i l to solve I En I th Ih Lt Il I is not to ot of bl t the Ihl nn timid provisions ot nf Its ILIA it Is kept hept b by the strong trong hanoI iA rf C th law Within thit or of con can U Ills mann Boh tb t b by it II ot of directors 1 ot of the trust hlo have the ot of the wisdom ot of ti h man In iii 1 II In n a or of experienced l lor there thoro Is safety Inspected ot tho th state nn any b by tho ot or n a trust III hini of o ample th I ene clary la ie 1 lou throUgh errors 01 or wilful dishonesty Moreover the tho trust company imi hog estates can do so o wih with nil not to I ti us ua tees theme thore are ocel often ad II iii ns trustee nn 1111 lt itt who bus hus the donor donol In Inthe inthe the nod whose peculIar know knowledge knowledge ledge of the estate Is valuable bitt as hUl hiti heon stated such In thou tho nature of things cannot he be long en enduring enduring during but Is its can be Ie so tilted lUred hy by ii a I t hag the t he unit II y co r with lh tle thou trust us imi this hello holh the special ot of corporate cal those of nn an COn cun he be secured ut 1 therefore tIme the hurden of oC the rich ii h sensibly relieved I if dUo were hn loud to the toy IY tip Inlet TIlls mae to mu closer ton iou ot or what the tho I company lp be lii In ls Its ter 11 toil amid s of to elaI enable I It to zell zeal fIdelity the high dutIes ed upon It In Il its fiduciary capacity 11 tIN Il Its lIe ho Ulle to 10 11 its Is his unc timid should le fie len inca of once wih with I ii single devoted to the they serve Is corpor corporate ate work whether exclusively to Its trust business or not should bo be boot beof ot of 1 a character free Cree train hazard Around the tr It t should further b bo n a the sate guards ot at wise legislation In Iii sauna or of orthe the ol older or II In line hns been made tumid and these laws coul could hu he Uy by tino states less els fortunate limo ho luy tony wel Ie care tut ful tl t thIs iH f tuo true the tho trust company Is s I hy 1 a newcomer The first ot at such euh bogota busIness In the United States but little 1010 more than W O ago ngo lime fhe record of that half century Is however upon the whole al aim honorable Ole clue the extent ot of ls its services 11 In Inthe the or of property I is hut but ho per Ceci h by those re cc Its lis specIal facilities In the tho PerIod In question few It if numy losses havo Irua occurred to alY any trust property br b the ot of Iny trust compan actIng lit Iu I IL fiducIary There Thero have been In such In imi ot of nice by but In Imi no tise that r I can cali recal recall butts the tho trust company to 1001 to the beneficiary the loss 1089 t hereby sustained II I al ama firmly of therefore that the growIng nhue ot of luch such coma com panics In tle tile special work ork to which t I have should be made modI known to that class whIch we many justi II Is becom greater to whom time the pi or of the proper lan alan l anti ultimate dIsposition of ther their resents presents Itself 18 as the tho problem or of the tho rich richI P I C of nt the Trust rust co company 1 1 n ot of Tacoma ush ren II a paper on trust compan lea In the tho lie Ho reviewed trust legIslation In Oregon Washington ami limbo trust In that section he alil saul WIS wits or of 1011 recent birth to hove have achieved n a ot of tunco nf as yet ct thu dh not nol II differ Ie mater bully front or ordinary banking business hit mit time tho future uC of tie the vast commercial opportunities 01 om the tho coast n a might future Cllrk Clark ot of New York I it brief on arm the tho ot of trust York anti companies ot of Great New the necessity for cash ISI reserves The ot of the tho 4 I trust companies II ag aggregate gJ gate 7 Jones first president ot of this the MIssissIppi Trust rust ot of SI lIt Mo o owns was ot of the tho section anti time tho following wert vere elected or of orthe the executIve committee to serve selVO three years Clark Williams ot of Now New 1011 York vice or of the United Mortgage Trust Ron Hen lager Inser or Ia la ot of the tho Ie high Valley Vaney and andI I Frederick W ot of time tho Trust COl lInn ot of Sami cisco cIRca to 10 I it that siren efforts b he mado to secure n a larger lt at time tho next annual time the sll saId the conditions kept ICI bels hers away awny the Iho chief caU causes es being time the ot of tIme tho from time the cast most ot of the tho trust les lre are located Ind and the tho siu sItu allen ot of today In Wil street and other financial ACor After passing n a vote voto ot of to time tha ens of at Hal Ian t Fran the tho retiring officers tile the Hel gen In ing temen tiemen adjourned who presented papers time Iho leot This afternoon the California ers association alc and the flank section session Iol ot of time the lenell general conVention are In |
