Viewing page 484 of 520

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION

SPRAGUE BEQUEST

The Smithsonian Institution is the residuary legatee of a trust under a will dated November 25, 1899, of Joseph White Sprague of Louisville, Kentucky.

Upon termination of the trust all assets in the hands of the trustees are "to be conveyed to the United States to be held as a portion of the funds of the Smithsonian Institution and to be known as the Sprague Fund." One-half of the income of the fund is to be added to the principal each year, the other half to be expended under the direction of the Smithsonian Institution in such a manner as would best promote the advancement of the physical sciences.

The assets of the trust are entirely in securities reflecting a well-balanced investment fund of generally high quality with a market value at the present time of approximately $1,850,000. 

I have been informed that the trust terminated August 13, 1962. Due to litigation by certain of the heirs it is not known when the settlement and subsequent distribution of this estate will be made, but I proposed that when the distribution is made it be added to the restricted funds of the Institution, and the investment managed under the same procedures as followed for other restricted funds under our Consolidated Fund.

ROBERT LEE FORREST BEQUEST

In the report of the Executive Committee to the Board at its last meeting of January 23, 1964, it was reported that the entire cash assets and stocks of the Robert Lee Forrest bequest had been received by the Smithsonian. 

The cash received amounted to $1,370,621.19, which has been invested. The stocks consisted of 5,498 shares of the Borden Company with a fair market value on the date of our receipt of $347,748.50.