Caroline Middleton Reeves was the widow of Mark Reeves, prominent merchant and one of the founders of the Fist National Bank in Richmond.  In 1893, Caroline donated $30,000 to what was then the Morrisson Library, in memory of her husband and her son, Arthur, who had died two years earlier in a train accident. Her gift made possible a major renovation which added a third floor, covered entrance, large stack area, and distinctive tower on the northeast corner of the building.

With the agreement of the Morrisson heirs, the library officially became the Morrisson-Reeves Library.

The renovations were conducted efficiently enough that part of the original gift went into a fund that was to be administered by the Reeves Committee.  This fund has been used to purchase books and finance various special projects within the library.