The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-08-04
LARGE CITY ESTATES.
PROPERTIES TIED UP IN THE HANDS
OF TRUSTEES.

elm Trust"
The early part of the century from
1912 down To 1913, was the era when
many of the later millionaires were either
young men just beginning at the lower
rounds of fortunes ladder. or had ascend
cd the first most difficult steps of the
same, and began to see the prospect OF IN
dependence within satisfactory reach
Some were Of Boston origin. but many OF
these men had started out Of homes OF
large families on some New England hill
side or in the small towns where progress
was just beginning 10 change tine PRINT
i've orderoi things to more modern methods
and conditions. Sturdy and rugged. ill
ured to hard labor. and early taught
economy in the school of actual expert
enee; with fair amount OF schooling,
such a. it was-and it was good aud
thorough a. far a. il went-and light
heart and seauty wardrobe. these boys
went cut in the world To seek their fort
une MANY of them found ii III Boston,
where from the humble-i capacities they
rose 10 be- heads OF mercantile. manu-
featuring and other enterprise of char
acter and extent that were simply sur
prising. They became simply active
Instruments in the development OF the
business and resources of the country
when the railway System began 10 make
available their wonderful extent and
riches.
TO This class of adventurous. industri-
Gus aud successful men of affairs came
riches and possessions Of various kinds,
among hem being real estate iii the best
business and residential sections of tie
growing city. some, more clear headed
than others, went more largely into the
acquisition OF real estate Judging that,
with the inevitable large increase IN pop
ulation. land must become very valuable.
Events justified their Judgment. some
of these nen returned 10 their early
homes for wives but the majority ot
them obtained helpneots from among the
familie, of their new homes. Children
were born 10 them, for in those days it
had not become questionable 10 have fam
lilies, and in eases large ones at that.
These children had 10 be educated IN
way superior 10 that of their parents.
and IN the course Of this process acquired
new tastes ana habits The sons, espe-
cially. must have college course with
all that that often means 10 the sons vi
rich men who haze large expectations.
OF course It was not alone the sous OF
men who lad come To Boston 10 seek a
fortune that TILED the colleges Tho
early Bostonans were also thrifty and
money making. and raised large families,
and left extensive estates. Many OF then
sons, a. well as those OF the former, in.
herited enough OF the patcrnal energy
and ambition 10 impcl them To go into
their fathers counting room, and be
come in turn. great merchants or man
ufacturers; and il is 10 the credit OF
some ol these families that even up to
the pres nj day their representatives. ars
to bo found in conspicuous positions
either in trade or iii the learned profes'
bions
But it often happened that where the
sons OF wealthy parents settled down To
trade the grandsous did not, aud IN time
we find old familiar names fading out from
the activities OF our city, To be replaced
by new ones 1t il, perhaps, tact that
the majority OF the SONS Of our wealthy
people are little heard OF after college
graduation Many OF them have a dis
taste for trade; many choose professions
where they only loiter among workers,
having no real incentive. lacking ambi
ton to work: while others become mere
educated nobodies. with strong tendency
to live cXtravagantly and spend all the
money they can command. The fathers Of
these drones, noting their unwilling
ness or incapacity for business affairs,
will not leave them the control oI
property which they do not know how TO
manage, and, therefore. iii their wills.
leave their property in the trust OF men
or corporate bodies ia whom they have
confidence. for the benefit Of these heirs,
with, perhaps reverslon 10 their children.
The incomes derived support these men.
and. ii they marry. their families, IN good
style. liz some cases these legatees, hay
ing scholarly OF artistic tastes, 90 abroad.
live and BRING up families oG un- American
children III England al Vn Tho continent "
Of Europe Cases VI this KIND are not in
frequent.
Then there is the matter vi sex in
descent, and a. daughters constitute
about one half the total of the children OF
rich people, their provision - quite an
important factor i'll the creation VI
trust properties. Daughters Of rich men
are much sought after by dashing but ad
venturous wife hunters Experience has
shown that to dover wife Ia her own
control GA marriage Is to practically give
her fortune to her husband, How to
guard this property for her own benefit,
and for that OF her children, Is the CON
sideration OF the prudent father. la his
will therefore, lle leaves the daughter
share Of MS property III trust for her ben
eft Oh for that Of her children, with the
right of re, 81 sion To the latter III the event
Of her death, the husband 10 have no con
troll OF the same, aud the income 10 DC
paid directly to her or to her children un-
der reversion. But even this careful
method wa found defective. Where the
husband was INSCRIPTIONS and ayaricious,
and the reyersion TO minor children en-
sbled him to obtain control Of the prop
erty AS their natural guardian in tue event
Of his wilcs death, cases occurred where
death was fastened by cruelty and i'll
usage on his part. To offset this. con-
siderable proportion of the property was
In some cases left SO that the wife could
dispose by will Of the same. though not
otherwise dispose Of it during her life
There have been cases OF trust aud con