The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-04
MILLIONS CONTRIBUTED
TO ORGANIZED CHARITY.
Nearly $500, 00o. 900 in 1914 TO What
Has Been Called New Force"
In Civilization.
THE TRUST cosRANYs WORK
Large Number of Requests Probated
Require Appointment of Trust Com
pany TO Act As Executor--Method
Commonly Employed.

Nearly $500, 00e. 900 was contributed
during 1914 to organized charities
the extension of education and vRri'
Gus other benefactions in tlis coun-
try from the purses of the wealthy
and in the form of requests from men
and women who passed away last year.
This is the greatest amount ever con-
tributed in one year to what has been
styled the new force In civilization"
The public Is very generally informed
as to the amount and character OF
these gifts or requests. but informa-
ton Is meagre as to how this vast
amount of wealth. Is handled ana as
to the safeguards provided to carry
out the injunctions and plans of the
donors.
Specific Trusts.
Occasionally the public announce
ments of such requests made in Rich
mond newspapers during the past year
referred to the creation of specific
trusts and testamentary instructions
and stated that the income derived
from certain properties was to be de-
voted TO some described charitable,
educational or phiianthropic purpose.
An examination. of some of the wills
probated I'm this city shows that an
exceptionally large number require the
appointment of some one trust COM
pany TO either act as sole trustee or
executor, or to cooperate with per-
sonal trustees and executors in carry
ing ont the wishes of the deceased
Where gifts have been made by living
men and women of means in this
city, there Is, of course, no court re-
cord But 1t IL interesting to state
that in many specific instances such
donations are In the form OF prop
n 81 ana a N
the form Of deed of trust where the
corpus or income is being handled
bu such trust company for the bene-
fit of charity, vocational training and
for other public welfare plans.
Why This IL Done.
Because of their permanent exis-
tence and responsible character.
says the trust officer of one of the
leading trust companies in this city,
"a very large portion of the wealth
annually conveyed by both the living
and bv the dead through testamentary
requests to general charitable, educa-
tional or ps1ilanthropic work. is con-
veyed to the care and administration
of trust companies This liz due to the
fact that trust companies are sur
rounded with SO many safeguards and
are not likely to betrav trusts, specu-
late with such funds or become waste
full. 1t is simply a recognition of the
simple fact that in numbers there
, is safety and that o CORPORATION which
| has practically a perpetual existence
can undertake work which calls for
continued management from genera
ton TO generation. Such trust com
panies are also equipped because of
! the experience acquired by its officers
| in managing estates and executing
| trusts, to determine how much funds
shall best he used in strict accordance
with the wishes of the men and wo-
I fffen-wf wish contribute their
share toward advancing the cause of
civilization.
Method Commonly Employed.
The method commonly employed is
to convey to a trust company under
deed of trust certain property, in
come or securities The trust COM
pany must comply faithfully with the
conditions expressed in such deeds OF
trust or in wills, because II is held TO
strict accounta bility by the courts,
and its own reputation is at stake
Another popular method is to have
the trust company act as co-trustee
or executor with either one or two
! confidential advisors of the maker of
the instrument. The advantage Of
this Is that the trust company pre-
serves the value cf the properties in
cluded ln ME trust attends to proper
reinvestment If necessary, collection
Of rentals. payments of taxes and
other financial details, thus leaving
the other co-executors or trustees free
10 develop the charitable or philan-
thropic wishes of the maker OF the
I