Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-04
MANAGING ESTATES.
Aal! IN q Great Ability Of Whom
Iely Little Is Known.
IEfHODS OF WORK MUCH The SANE.
"""nes BY Careful Management
aeAr'y Increase in vaine-vandcr.
o's Gould, and Other Estatcs.
(correspondence Of the nispatchA


.a" 70 take care Of millions OF your
own. The responsibility. TO begin with. Is
.'uea greater. Personal losses you can
'ear with more or less composure. Losses
'"aao OF other peoples money is hard to
e>'iaih and Is constant cause OF
ninety. Yet big estates have To be
managed Usually there are several exc
cutors appointed for the PURPOSE. and a
Jaw nrm or two IL employed TO assist
nut even where there are several execu-
eors one generally does the bulk of the
work ana furnishes the brain that adds
70 the value Of the property entrusted
Inc details connected with the care OF
large estate are very great and very
complicated. That is why the manager
VI ueao mems fortunes rarely has time
70 oeVote TO other business or other in
1erests. Tho courts understand and ap-
precate this. for they allow the active
manager commission or fees enough TO
MAKE IL an object for him TO drop every
thins else and devote himself exclusively
70 the one matter.
inc number OF big estates handled by
Aesalized agents In this country Is APP
paihng. The men who do this work are
very often unknown or comparatively so.
ihey work along In obscurity. They take
inc estate after the will has been pro-
pated and bondsman furnished. and in
crease the aggregate assets and the an
nul revenue from year to year until
hnhiiy The estate is quoted among the
great fortunes OF the world. The method
OF handling these estates Is much the
same In all cases. Some executors have
'he management and conduct OF affairs
systematized better than others In some
Instances The lawyers do a great deal OF
v. the Work, and smooth out the scores
" tahsies that nearly always arise
.Here arc executors who are incompe-
tn' 10 act. They either discover their
,i'connpetency ard engage some one else
10 take their place. or their inability
u perform the service Is discovered by
t'e hwyers. and the executor is quietly
relieved Of his duties.
FINANCIAL PROBLEMS.
~ is not necessary to speak Of the liti-
Bauon usually involved The counsel for
the estate takes care OF that part Of the
business The manager has his hands
tum win the financial problems. Where
nhlilons nave been left there are millions
10 De invested or rcinvested The interest
bn BONDS and stocks must be collected
ana so must the rents when there is much
real estate. Their amounts must be
charged up. III they are more than suf-
hcient Tor the expenses Of the estate and
Tor the allowance paid 10 the various
heirs they must Ice invested where
they will gather interest If they are
not SUFFICIENT TO meet the requirements
and pay the allowances, efforts must be
made TO increase the income by a better
nse Of the principal or "A more clever and
profitable loaning OF the money set aside
Tor that purpose. The manager Of "A big
estate has to thoroughly acquaint himself
with the values of securities. He must
iearn what class of bonds are most de-
sirable and what character of real estate
81 safest and yields the highest rentals.
He needs the assistance Of good bank
.ng-house He wants reliable real estate
agent TO transact that end of the business
for him. OF course. ne Will make a good
many purchases on his own judgment.
in real estate negotiations ne will rely
upon the searches made by his lawyer.
in the matter OF temporary loans. the
manager generally exercises his own judg-
ment. getting particulars through the
The medium of a clerk or intimate friend.
Every year he must make up a report
lust as insurance companies and hank
ing institutions do. He must show the
pspets and liabilities, the surplus and re-
Eources of the estate. He must designate
where the money Is invested and give
q description Of the securities.
Many OF the managers of the large es-
fates OF the country are young men. This
a. especially true here in New York.
There is the estate of Jay Gould. 1t Is
estimated at s1oo,Ooc.OOO. The annual in
come Is 100000. yet George Gould
handles II with apparent ease in connec-
lion with his various railroads and other
interests II is true in managing the
estate he Is really looking after his own
business Still. he has an individual for
tune in addition TO his share in what
his father left OF at least S20cO,mO. He
e. scrupulously careful TO separate his
Individual interests from those of the
estate He is more cautious In the in
vestment Of the estates money than with
his own.
THE TAYLOR ESTATE.
One of the largest estates in the coun-
try IA that Of the late Moses Taylor. II
amounts TO over SO,c0.0O0. The annual
income Is $2.oO0.O9O and every day the
estate gets $G,Si9. Mr.. Taylor invested
his money in all parts OF the country
and in all sorts OF securities When he
dIed however leaving 100000 Of the
total 10 his widow, Mrs. Catherine Will
liam Taylor. he appointed his grandson,
Mosos Taylor Pyne. his executor. Young
J,yne Is this side of forty. He has had
n busy career. He graduated from Prince
ton College in 1871. lie was afterwards
admitted TO the New York bar. lie had
s,ot been practicing but a few years when
-. vas appointed general solicitor of
The Delaware, Lack1wanna and western
ra,iroad. of which his father Is vice
nres,dent. IL vas n very responsible po-
s,t,on. hut he filed ii capably and salts
Srctorlly. When he became executor OF
me big estate referred TO he tried to MI
both places. lie could not stand the
strain and resigned as solicitor. lie has
large offices on Wall street. ana mas
n,s time fully occupied in taking care of
his erandfather's estate. On his grand
mothers death. IT is believed. much OF
vbe estate will become his individually.
sac married Miss stockton. daughter OF
General Stockton, Of New Jersey. and
has several children.
Tbe estates Of Robert and Ogden Goo
set aggregate together s5.ON,OuV. me!
yield an annual joint income OF s2,2oO~V'
1rhese estates are managed mostly py Two
orms Of lawyers, and 1t IL SAID one hfin
ands the occupation profitable enough 10
~arrant almost sole attention TO us de-
al. The estate owns a great deal OF
valuable property On broadway anu
Fifth avenue.
Iaaac nj. Slayer. he inventor OF IA
nous sewing machine, left an estate
saiued at ss0ooo.ooO. II was left to the
.,idow and daughters. The daughters have
married scions of the nobility OF Europe.
The widow leaves the handling OF the
r.tate. which turns In a revenue or $,5Oo-
NO every year. 10 one OF the partners
pf her late husband. and he In turn en-
trusts II TO q very bright young lawyer.
N Is said, who asks and has no other
enents.
WHAT THEY GET OUT OF 1T.
Peter and Edward $. Schermerhorn ieIt
Estates worth about s25.ooo.0oo when they
nied IN Brooklyn some years ago. Ihey
owned an immense amount OF real estate
pn each side OF the East river. Inc Seher-
merhorn building. at the corner OF Broad
nav ana Pine streets. Is one OF the most
valuable assets. The children have re-
seiyed most Of the property. and several
n the younger genration take care OF II
In a way that Is most profitable. AT any
sate they manage to extract N.zOVU