Viewing page 429 of 520

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION  1602

bequest. If it is the will of the Regents, I therefore propose that the capital of the estate, as it is received, be added to the unrestricted funds of the Institution and invested in securities. In this investment the same procedures used in the management of the Consolidated Fund of the Smithsonian will be employed. I further suggest that it be understood that the income only of this Forrest bequest be used.

The Mercantile Safe Deposit and Trust Company of Baltimore, Maryland is Executor of the estate. The Smithsonian has received a First Distribution from the Executor. This consists of 4 shares of the John G. Grau Company and the open account of the John G. Grau Company due to Mr. Forrest. These 4 shares represent the full assets of the John G. Grau Company. The financial statements of the John G. Grau Company, prepared by the firm of Ernst & Ernst, Certified Public Accountants, as of December 31, 1962, indicate that the value of the assets of the Company, partly in real estate, is estimated at $392,000.

It is proposed that the real estate noted above, when its title is in the name of the Smithsonian Institution, be sold. Before such sale is authorized, a competent, impartial appraisal will be made of the present value of the property. This appraisal will be used by the Executive Committee in determining a satisfactory price for the sale of the real estate. It may be noted that the Java Farm item of this real estate is said to be of interest to abutting landowners. Certain biological scientists who have read of the bequest of this land in the newspapers have pointed out that this estate would make a good conservation reserve. It is proposed that consideration be given in the case of the sale of the Java Farm tract to the interests of the abutting landowners and of scientists interested in conservation, but that the financial interests of the Smithsonian be considered as paramount.

Beside the real estate just mentioned, the remainder of this estate is in a very liquid condition. It includes $600,000 of U. S. Treasury Bills due July 15, 1963; $500,000 U. S. Treasury Bills due April 15, 1963; 5,498 shares of the Borden Company stock valued at $252,839.28 by the Executor; and other stocks of uncertain or no value.

I am sure that I speak for the Board in expressing a feeling of deep gratitude for the action of the late Robert Lee Forrest in bequeathing this fine estate to the Smithsonian Institution. As a matter of interest, it may be noted that this estate is almost certainly more than three times as large as the initial bequest of James Smithson with established the Smithsonian Institution. 

The Smithsonian Institution has been notified of another bequest. Under the Last Will and Testament of Dr. Atherton Seidell, who died July 25, 1961, all the residuary estate of Dr. Seidell is bequeathed to the Union Trust Company of the District of Columbia and to his wife, now deceased, as Trustees. Ultimately this estate comes to the Smithsonian. An important part of the estate is an apartment building, located at 2301 Connecticut Avenue. This building is said to be in excellent condition. It has been appraised as having a value of $325,000. The apartments in this building are fully rented, and there is a list of names of individuals who desire to rent apartments in this building when apartments become vacant. The Trustee is directed to manage