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er ---- 44 WINNETKA TALK October 30, 1925 TRUST COMPANY BEST EXECUTOR, MEN HEAR Teeter Tells Club of Expert and Reasonable Service Rendered by Trustee System So profound an impression made by Lucius Teeter, Chicago Trust company, in his address before the Winnetka Men's club at Community House Wednesday evening that, immediately following the ad- dress, an open forum was established. Many phases of his subject, "The Trust Company and. its Relation to the Public" were amplified in the dis- cussion that followed. The occasion was the first meeting was head of the of the year of the Men's club. Fol- lowing a long established custom, dinner was served in the Rudolph Matz hall before the speaking pro- gram. The new officers, Willard Hopkins, president, Ralph Monroe Snyder, vice-president, and John R. Mont- gomery, Jr. Freeman singing. Mr. Teeter paid a graceful tribute to the memory of Rudolph Matz in whose honor Matz hall was named. Mr. Teeter, in his address, explained in detail the numerous services offered by the modern trust company to the public and told many other interest= ing things concerning these companies. Replace Old-Time Executor "Broadly speaking," said Mr. Teeter, "the incorporated trust company is offered as the modern substitute for were installed and Edgar was appointed to lead the the old-time individual executor, trustee, escrow holder, etc. In fact, there are few, if any, corporate fi- duciary activities that have not been in the past, and to some extent could not be in the present, done by individuals. While theoretically this is true, no one would undertake to say that as a practical matter it would be a possible thing to be done. The great increase in the number of corporations of vast size, whose bonds must have trustees, whose stocks must be registered: and the great number of mortgages and mortgage bonds which must have trustees and signatures certifying as to genuineness, made the earlier cor- porate trust companies absolutely necessary, as it would have been phys- ically impractical, if not impossible, for individuals to have undertaken these tasks. As wealth has increased in the United States resulting in the development of large estates, it has become increasingly desirable and necessary to have trust corporations handle affairs, as no individual, or group of individuals, however com- petent, could give of their own time to look after the various details of these great estates." Concerning the use of the trust company as executor of will, Mr. Teeter continued as follows: "There can be no question that in most cases it is more desirable to have a corporate executor of a will than an individual. In the first place, making an individual executor of your will is putting a job on him which he may not relish and which he may not be aualified to fill. The burden of bookkeeping, and various responsibil- ities are put upon him that are out of keeping with modern ideas. In any event he is subiect to various limita- tions of the individual as to absences, illness, etc. "There are undoubtedly cases of estates in which a widow or widower with the aid of a lawver can clear up the estate without much trouble. How- ever, in a vast majority of cases, even when it is desirable to haves either husband or wife take some of the re- sponsibility, it is much better to have them act as co-executors with a trust company. In fact, T am inclined to 'think this is rather the ideal way to "» handle relatively small family estates. Fees Relatively Small In concluding his talk, Mr. spoke of the security of the day trust companies. "I had occasion recently to tigate, a number of years since there has been a penny's loss to any beneficiary through the failure or misconduct of a corporate fiduciary. The trust com- panies in our state must make large deposits at Springfield as a special protection to their funds and while there may be occasional losses due to lack of judgment on the part of trust company officials it would seem rather evident that the average ability of the men in these specialized lines would be above that of the individual ex- ecutor or trustee. Certainly not better men, but certainly better equipped. "Second, average individual looking upon the sizeable buildings and equipment of the modern trust company may fear that modest business is not wanted and that fees are large. I think I can say in this connection that a large number of moderate estates is most desirable for a trust company, and it is tradi- tional that fees are really smaller than the service justifies. These modest fees, however, are made possible be- cause in most trust companies the trust department occupies relatively in- expensive space, and the business is so conducted in connection with the entire business that economies are possible, with the result that charges are satisfactory." Teeter present inves- CIRCLE MEETS MONDAY Mrs. Roy Weilbrenner and Mrs. John H. Muhlke will entertain the Ridge Avenue circle at its first meet- ing Monday, November 2, at the resi- dence of Mrs. Muhlke, 647 Garland avenue. It is announced that this meeting will be very important as an outline of the plans for the year will be discussed, and due to the severe illness of Mrs. Fred Haviland, it will be necessary to elect a new officer for her position. It is hoped that all mem- bers will be present. The Mah Jongg club of Kenilworth will meet with Mrs. E. D. Parmelee next Tuesday at the Orrington hotel. 2 : | The hockey and I found that it has been : the question of fees. The | Skokie Girls' Hockey Team Will Play Women Hockey is becoming a popular sport with the girls of the Skokie school. squad now numbers 60 players and a series of intra-school games are being played at the present time. Within the next week or two a team picked from the heavyweight hockey squad will play a game with the second team of the Winnetka Woman's Hockey club. Much in- terest in this contest is being shown by the school children and a good game is expected. : YOURSELF! Have you any problems about YOUR FACE YOUR HANDS YOUR HAIR YOUR SCALP If so come in and let expert operators adjust them for you. Our competance satisfaction and our success. is your HANNA ANDERSON MARINELLO BEAUTY SHOP 733 Elm Street Telephone Winnetka 822 Victor Johnson FRENCH DRY CLEANING Dyeing, Pressing and Repairing 849 Oak St. Phone Winn. 2524 On land and where the bridges span We travel with a moving van. When you discover the care we take of your furniture you'll help us advertise. PHONE ONE WINNS TKA WiLheTTe SCULLY FIREPROOF STO MOVING-PACKING- SRiPRING 726 Elm St. "The Home of the Well Groomed Car" Let us talk to you about storage. Cold weather is not far away and you'll want a convenient place to keep your car. We have that place. Make your reservations now. Washing, polishing, oil- ing and greasing done by dependable work- men. Richardson's Garage Phones 841 and 25