Mill, Birmingham, Ala., has written to you, asking
whether he can secure a loan next fall on the cotton
in the mill as collateral. Reply that you feel certain
that satisfactory arrangements could be made if the
cotton were stored in an accredited warehouse, so that
you could accept the warehouse receipt as collateral.
=Exercise 303=
Punctuate and paragraph the following letter, which explains one
function of a trust company:
Dear sir as you are one of our clients you are
familiar with the reputation of this bank for sound
banking and conservative investments you may not
however be aware that we have a fully equipped trust
department prepared to act in any of the numerous
capacities in which the services of trust companies
have proved of special value at this time we wish to
call your particular attention to the service which
this department is prepared to render as trustee under
agreement it is natural that one who has accumulated
property should desire to superintend or direct its
disposition formerly this was done by will now however
as the complex laws of the various states frequently
necessitate the payment of double or triple
inheritance taxes it is becoming a more and more
common practice for a man during his lifetime to
administer his own estate so to speak this may be
accomplished through the establishment of a trust with
respect to either a part or all of one's property it
can be accomplished not only with absolute safety to
the donor but with entire secrecy as well the terms of
the trust being regarded as absolutely confidential
furthermore the donor has the satisfaction of
disposing of his property during his lifetime in
accordance with his desires the life of a trust
company unlike that of any individual is of perpetual
duration death does not interfere with its management
of the trust estate its financial responsibility and
the safeguards thrown around trust estates by the
state laws insure the safety of a trust fund if you
are interested in this subject let us discuss it with
you either in person or by correspondence when this
bank is named in a trust capacity no charge is made
for service or advice in connection with the drafting
of the trust instruments yours truly
Before writing the following, re-read The Richards' Baby Stocking Fund,
page 337.