The Barre daily times. (Barre, Vt.) 1897-1959, 1914-09-10
A Banker with a New Idea About Rich
Mems Wills.

In the Interesting People" depart
ment of the September American Maya
zine Ida NJ. Tarbell writes a sketch OF
If. H. Golf, a Cleveland banker, who has
new idea about rich mems wills. Fol-
lowing is an extract from Miss Tarbells
article
81. ii. Golf, president OF the Cleve-
land Trust Co., former corporation
lawyer of skill and experience, for sew
eral years found himself in a quandary.
His clients, as a rule, were sensible men,
who reflected. Having left their fam
lilies as much as they thought wise, and
often more, they asked: What shall !
do with the rest, Goff Z
"And what could he answer No
charity you and your wife are interest
ed in?' Fakes, most of EN-, keeping
up the pauper habit was a frequent
and not altogether just reply.
"'Your church, Business of those
who use them to support them
Nothing YOU want to establish 7
I'm not going to advertise myself that
way
"What could he tell the poor person
"Mr. Golf concluded finally that he was
facing a real social need, and he set him
self to meet it! The result of his
thinking was a scheme both ingenious
and modern. II was announced on Jan.
8 o: this year, and is known officially as
The Cleveland Foundations Commu-
nifty Trust
Briefly, Mr.. COTS idea was foun-
dation into which his rich and troubled
friends could dump their residuum, and
die with degree of assurance that 1t
would be administered perpetually ac-
cordng to the needs of the times.
ut was many months after the idea
came to Mr.. Golf that he was able to
announce it. He had the officers and di-
rectors of the Cleveland Trust Co. to
convince at the start. They accepted
the notion finally, their idea being that
they were to be hotn guardians and dis
bursers of the fund NJ. Golf seems not
10 have been satisfied with this. He
felt that he would like different class
of minds on the scheme, so he called in
representatives of all the multitudes OF
ways of thinking which flourish in
Cleveland.
And Mr.. GofT learned from these lat
ter two things: The first was that, how
ever intelligent and faithful the Cleve-
land Trust Co. might be as guardians
OF the fund, the public would not be.
lieve II disinterested: that is, that there
must be other classes represented in the
administration OF the fund IL Il was TO
I've most efficient. The second thing that
he harmed was that men Of this class
could never sense - re zeal needs Of
the community. They did not touch
misery close enough.
at took considerable difficult work TO
convince the officers and directors al
the company Of their insufiieiency, but
they finally yielded 10 Mr.. COTS iudg
ment. and as the organization Of the
foundation now stands the trust com
pany, while acting as trustee OF the
funds. can appoint out two members on
the committee Of FIVE which Is TO dis
tribute the income. The other three
members are appointed: one by the NAV
or. one BY the presiding Judge OF the
court which settles estates IN Cuyahoga
county. one by the presiding judge Of
the United States district court for
northern Ohio.
Three months after the announce
ment Of the foundation, papers had been
executed which would ultimately Be-
queath $4,000. 600 70 IL.
IT may Be some time before the in
come Of this money = e the disposal
az the committee. let NJ hope -; but
they are getting ready for Il. The con-
uittee has been appointed, and is mem
kere srrlle vel FOR 4 wise distrihuticn.r