The rapid growth of business has necessitated the introduction of methods of accounting and reports that are different in almost every institution, but no one will say that all are equally efficient or equally good, and all will say that there must be a best one. Cannot a more effective effort be put forth to standardize these forms and methods, than the publication of a book of forms for choice, admirable as that method was a few years ago?

Trust company advertising and publicity work are necessary in a business where so little is known and so much information is needed, and this branch of the work is attracting much interest. The intelligent directon of such an effort by experienced leaders would be appreciated and valued by most, if not all of the members.

These and many other things claim the attention and the special interest of the Section, but the most important of all is the influence that the Section can constantly exert to raise the standard of service. The work accomplished is important but the spirit and faithfulness shown in the doing of it is still more so-absolute truth and honesty are the cardinal virtues that belong to the officials and work of the trust company. There is no room for falsehood in any form from the advertisement that "Cries our wares" to the final settlement with a most dependent ward.

The Section has called into its immediate service in the past men of unblemished character and high ideals and they have had much to do with what has been accomplished. Appreciating this as I do, I want to emphasize the importance of securing the very best men in the trust company business as officers and members of committees, so that the "highest ideals" will ever remain the goal toward which all members are directed.

Allow me to recommend the continuance of the annual banquet of the trust companies of the United States, given each spring under the auspices of the Section. No single agency has done more for the reputation and upbuilding of the Section. So long as the high standard of the past two years is maintained the banquet will do the Section great good. I would also venture to suggest a more intimate relation between the Section and the State trust company organizations, the forming of which should be encouraged in every way; also the cultivation of the respective vice-presidents of the various States through whom more effective work can be done.

I cannot close without making due and grateful acknowledgment to the officers of the Section and the members of the committees with whom it has been my good fortune and pleasure to serve.

May the coming years bring to the Section and all its members the prosperity and blessings they deserve.

THE PRESIDENT: Gentlemen, I want to introduce to you a gentleman who is well known here (applause), a very good friend of mine, Commodore Livingstone, of this city, president of the American Bankers' Association. We are very glad to have him with us and will be very glad to have a word from him.

MR. WILLIAM LIVINGSTONE, of Detroit, Michigan: Gentlemen of the Trust Company Section, I think this is very unfair. I just came to hear your president's address and to ask him a question. I had no thought of interfering with your program whatever. I can only say that I am more than glad to see you in my home city, glad that Providence has been kind to us and given us pleasant weather, and I sincerely trust that the meetings you are about to hold will be the most pleasant and most productive in your history. (Applause.)

THE PRESIDENT: The next in order is a report of the Executive Committee.

REPORT OF THE EXECUTIVE COMMITTEE

F. H. GOFF, Chairman

President of the Cleveland Trust Company

The Trust Company Section was organized in 1896. Its first annual meeting was held in Detroit in 1897, fifteen years ago. The increase in the influence and importance of the Section, to some extent, may be measured by the increase in membership. In 1897 there were 114 members, having combined resources of about $350,000,000. The membership on September 1st of this year was 1,251 with combined resources of approximately $4,500,000,000.

The work accomplished during the period has been noteworthy. The laws of the several States relating to trust companies have been collated and published; a complete set of approved trust company forms has been carefully .compiled; the cities and liabilities of trust companies in acting as registrar and transfer agent, is trustee under corporate mortgages and in conducting a safe deposit department, have been studied and defined; a beginning, at least, has been made in standardizing the method of accounting; due to the efforts of the Protective Laws Committee, especially of its able chairman for many years, Mr. Lynn H. Dinkins, the use of the word "trust" in corporate titles has been protected by legislation in most of the States.

The development of trust companies throughout the country during this period is evidenced by the fact that in 1897 only nineteen of the then forty-nine States and territories had passed general laws providing for the incorporation of trust companies; whereas, today, not only have such laws been passed, but strongly financed and prosperous trust companies are doing business in most, if not all of the States.

At a meeting of the Executive Committee held at Briarcliff in May, the future work of the Section was carefully considered. Among other things, your committee deemed it desirable that the work of the Protective Laws Committee be enlarged to secure the adoption, as far as possible, of laws by the several States providing for the supervision, regulation and control of trust companies acting in a fiduciary capacity, to the end that the interest of beneficiaries might be everywhere adequately safeguarded, and the high standing and good repute of trust companies maintained.

Having protected the use of the word "trust," it is believed that the duty of our organization should now be directed to securing the adoption of uniform laws properly safeguarding the exercise of trust functions by corporate institutions.

A committee consisting of Oliver C. Fuller, chairman, president of the Wisconsin Trust Company, Milwaukee, Wis., A. A. Jackson, vice-president of the Girard Trust Company, Philadelphia, Pa., and Isaac H. Orr, trust officer, St. Louis Union Trust Company, St. Louis, Mo., was appointed to prepare and submit to this meeting recommendations looking to the accomplishment of such

purpose.

Your committee also considered the advisability of endeavoring to make better known to the general public the advantages of corporate trusteeship, by a co-operative publicity campaign. It was ordered that this be assigned as one of the topics for general discussion at this meeting and it is hoped that a full and free expression of views may be had.

Following the spring meeting of the Executive Committee a noteworthy banquet, attended by trust company representatives from thirty-seven States, was given at the Waldorf-Astoria, under the auspices but not at the expense of the Trust Company Section. Able and interesting addresses were delivered by Hon. William J. Gaynor, mayor of the city of New York, Hon. Simeon E. Baldwin, Governor of Connecticut, and Hon. Chauncey M. Depew, ex-Senator of the United States.

There was an increase of 114 in our membership during the past year. With the office accommodations and facilities now afforded, your committee believe that the value and efficiency of the work done by our secretary can be so increased that the advantages to be derived from membership will make it profitable for every trust company to join the association. The secretary's office is now equipped to compile and preserve for ready reference the statistics and information suggested in the report submitted by H. P. McIr osh, chairman of the Executive Committee of this Section for 1908.

The work done during the year by the various standing and special committees will appear in reports to be presented by them.

Respectfully submitted,

F. H. GOFF, Chairman.

MR. WM. C. POILLON, of New York: Mr. Chairman, I move that the reading of the further reports be dispensed with for the present, in order that we may listen to the addresses prepared for the occasion. We can take up the reports afterward or tomorrow. (The motion was seconded.)

THE PRESIDENT: The motion is made and seconded, gentlemen, that we postpone the reports and listen to the addresses that have been prepared for this morning. Those in favor, make it known, by saying "aye"; those opposed, "no." The motion is carried. It gives me pleasure under these circumstances to introduce to you Mr. George M. Reynolds, president of the Continental Commercial National Bank of Chicago, who will speak to us on the "Money Trust Inquiry." He needs no further introduction from me.