25. Country Trust Company

The field for the successful trust company is in the city; so we find very few in the country towns. A trust company may not be organized in New York State with less than $100,000 capital and this alone is sufficient to prevent their organization. The small companies that are organized do not vary a great deal from the small banks except that there is no cashier. The secretary and the treasurer do the work assigned to the cashier of a bank. Very frequently, the office of treasurer is left vacant.

26. Large City Trust Company

Following the stockholders and directors are the president, the vice-president, the secretary and the treasurer. All officers have supervision over the various departments which follow, but the treasurer is usually charged with the responsibility of managing the banking department and the secretary, the trust department. The other officers, however, work with them in managing these departments. For example, the president makes all loans, though it is distinctly a banking function; the treasurer is responsible for the payments made by the company, but the function is banking.

Under the officers are the following departments with duties as outlined:

Banking department: Receipt of deposits, payment of drafts and other disbursements of deposits, loans on collateral, bond and mortgage, purchased paper, securities owned, letters of credit, foreign and domestic exchange, dividends, expense accounts and the various records appertaining thereto.

Corporate trust department: Trustee, fiscal agent, transfer agent, registrar, syndicate manager, depositary, assignee, receiver and agent.

Individual trust department: Executor, administrator, trustee, agent, committee, etc. Care of stocks and bonds, mortgages, jewelry and other valuables and real estate.

Safe deposit: Usually separate company but controlled by officers.

Auditor's department: General accounting and books, examinations of various departments.

Figure 3. General Ledger.

Figure 4. General Ledger.