The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-01-24
MORGAA'S FAITH N
TRUST COMPANIES
Placed Handling OF His Great Estate
in Hands of Executors With
Privilege of Corporation.

Pride of family, prudence mani
tested in the minute direction as TO
the disposal of his very large estate
and a compelling sense of response
bility concerning those things Wnlch
are heavenly, are the d stinguishlng
elements of the will of j. +. Morgan.
The attention of the business men OF
the country in general and more espe-
ciaily the interest of the bankers. how
ever. have been focused on one of
the features of this remarkable mans
very notable last testament, which
seems to have been a product OF his
second and, perhaps. his more renec-
tive judgement. 1t was quite natural
that man, t. whom family tradition
and descent were SO dear. should en-
trust the carrying out of his speci-
fically expressed wishes to his son
and to other members of his family,
yet one of the after provisions of his
will has a very significant section
which is illustrative, not alone or the
perfect confidence that can be reposed
in a trust company, but which demon
strates that one OF the most prudent
and astute financiers OF ! s era resort
ed to trust company proviso, as II
to clinch. bind and cement planned
and explicitly stated authority vested
in his will. This notable section reads
an follows:
Notwithstanding the foregoing pro-
vision that there shall always be three
executors and trustees under this my
will. II at my time my said executors
and trustees shall be unanimously of
opinion that it is better for the in
terests of my estate that a trust COM
pany in he city of New York. authoriz-
ed by law to execute trusts, shall be
appointed sole trustee under this my
will, either of all or of any one or
more OF the separate trusts herein
esta blished then and In that event /
authorize my said executors and trus-
tees, by a proper instrument in writ
Ing, executed by all OF them, to APP
point such trust company as they shall
select TO be sole trustee of any one or
more OF the trusts under this MY Will,
and l hereby give and grant unto
such trust company and unto each and
every Individual who sail be appointed
as above provided successor to either
of my said executors or trustees, all
the rights, powers and authority, dis
cretionary or otherwise. in this my will
given to or conferred upon the execu-
tors and trustees herein named
VIII Have Great Weight.
Familiar with the uncertainties OF
life. coguizant OF the inevitable inter-
vention OF death. Mr.. Morgan in this
apparently supplemental paragraph
summed up the total of his business
experience in so far as II related to
the disposition of estates by will. If
the executors and trustees. in their
com bined judgement and wisdom. de-
eide that trust company can better
administer this estate, then such
course may be pursued--and evidently
Hnt ~ lrsx
himself wa not willing to say such
a course would not be the better. This
H. the meaning of the paragraph.
which may be no more than sugges-
ton. but that 1t will have great weight
with his executors and trustees can
not be doubted. No more convincing
testimonial to the value of trust COM
panies can be devised than this brief
section from 8. will which disposes of
one Of the country's largest estates.
Benefactions, practically In perpetuity.
are included, intricate provisions are
set forth. problems to test legal mines
are involved: and, as though realizing
that the task may prove to- vast or too
exacting for individuals, Mr.. Morgan
in a single paragraph offers what to
his mind seemed q solution for what
ever administrative burden the execu-
tors found too hard. Had he searched
for years to discover a means to testi-
fy to the peculiarly valuable facilities
which trust companies offer no better
testimonial could be found.
A Gigantic Sum.
In drawing attention TO this phase
of trust company service it, perhaI $,
is new information to many to learn
that the trust companies OF the United
States have no less than thirty billions
of trust funds In their possession
sum so gigantic as to be almost start
ling to iayman's mind. When 1t is
stated further t5at trust companies
have five additional billions in their
banking departments the proof in
disputabie that the nations wealth