Word: trusteeships
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While in Africa, the Commission collected fine specimens of big game and some damaging facts about Britain's ''trusteeship'' of backward peoples. Example: Government provision of primary schools is so inadequate that of the 720,000 children between the ages of five and 15 in Uganda, only one-third attend school, and of this number more than five-sixths attend mission schools. The sun may never set on Britain's empire, but it has disgracefully few native minds to which the light of education penetrates...
When Mr. Hearst named him trustee last summer, Mr. Shearn called in the eminently respectable Manhattan law firm of Milbank, Tweed, Hope & Webb, finally accepted its advice to scotch wild rumors by making the trusteeship known publicly. And in October, Trustee Shearn set up a supreme council of top-ranking Hearst executives: Thomas J. White, chief of the Hearst organization and liaison man with "The Chief"; Harry M. Bitner, general manager of Hearst newspapers; Richard E. Berlin, publisher of Hearst magazines; Joseph V. Connolly, head of features, wire services and radio; Martin F. Huberth, real-estate adviser; F. E. Hagelberg...
Finding that he had increased the estate's working capital from $12,920,000 to $17,387,000 in the 26 years of his trusteeship the court refused in March 1931 to remove him as trustee. Six weeks later, when the special audit was completed, Joseph resigned voluntarily. Lawyers' fees for the eight-year quarrel were $1,012,500. Joseph died in 1932. He caught cold watching horse races at New Orleans, insisted on returning to the track blanketed in a wheelchair, took pneumonia. His estate totalled approximately $1,000,000. Sister Mary died in 1906, with...
What SEC wants is to jack up the standards of corporate trusteeship to the high level of personal trusteeship, the responsibilities of which have been clearly defined through centuries of court decisions. In law a personal trustee is supposed to act like a mythical character called the "prudent man." That implies active defense of the beneficiaries' interests and a definite liability for losses through negligence. But the combined skill of lawyers representing the borrower, the banker and the trustee (but never the investor) have reduced the duties of corporate trusteeship to a few clerical motions, the liabilities to virtually...
...customs. In New York, banks get from 1 ½% to 3% of both principal and income, the percentage depending on the size of each.† Sometimes big estates pay less than standard rates, but this practice is frowned upon. The late Elbert Gary (U. S. Steel Corp.) willed the trusteeship of his estate to N. Y. Trust Co., but only if a cut rate was granted...