Their business in all departments has shown a steady increase, and the trust companies of the United States to-day carry deposits amounting to over $3,858,300,000. Net deposits in the 7397 national banks aggregate $5,891,670,000. In some states commercial banking and trust powers are exercised by the same companies. In such cases, separate departments are maintained for the various classes of business. Another method is for the same individuals to organize a national bank and a trust company, the former under national and the latter under state laws. The securities company or trust company organized under state laws and controlled by a national bank with the stock interest in the former distributed among the owners of the stock of the bank and evidenced by indorsement on its certificates is still another expedient which has been resorted to in order to enable a closely affiliated and controlled organization to exercise legitimate functions which are, however, outside the province of a national bank. The earning power of trust companies has equalled and even exceeded that of the banks, and the stock of those companies which are well established and doing a flourishing business sells at such a premium that investment in it at its market value gives a very low return. Trust company failures have been few and far between, and where they have occurred they can be traced to a disregard of sound banking principles and to the assumption of unwarranted risks. Even in the case of companies which have failed there is no record of any impairment of trust funds, whatever loss there was having been borne by the stockholders and, to a less degree, by the depositors. This fact, the result of the absolute separation of trust assets from assets belonging to the company, is the strongest argument for the employment of trust companies in fiduciary capacities, and explains their rapid growth in popular favor. The literature put out by these institutions invariably recites the advantages to be gained by dealing with them instead of with individuals. The following is a good example of such reasoning: THE ADVANTAGES OF A TRUST COMPANY AS TRUSTEE A trust company is preferable to individual trustees, because it possesses every quality of desirability which the individual lacks, to wit:-- (1) Its permanency: it does not die. (2) It does not go abroad. (3) It does not become insane. (4) It does not imperil the trust by failure or dishonesty. (5) Its experience and judgment in trust matters are beyond dispute. (6) It never neglects its work or hands it over to untrustworthy people. (7) It does not refuse to act from caprice or on the ground of inexperience. (8) It is invariably on hand during business hours and can be consulted at all times. (9) Its wide experience of trust business and trust securities is invaluable to the estate. (10) It is absolutely confidential.