Board of Visitors minutes January 9, 1948 | ||
FINANCE COMMITTEE
The report of the Finance Committee was approved as submitted and is as follows:
of the University of Virginia:
The Finance Committee respectfully represents that it has received a schedule of the estate
held by the Safe Deposit and Trust Company of Baltimore, Trustee, under Item 6 of the will of Evelyn
M. B. Tiffany, showing the estate on hand June 22, 1947 which was the date of the death of Florence B. B.
Turlington, the changes which have since taken place, the proposed partial distribution to the University
of Virginia, and the balance of estate retained by the trustee to provide for the remaining annuities;
that your committee has carefully considered this proposed distribution and approves of it in every respect.
In addition, there was exhibited to the committee by W. Allan Perkins, attorney for the University,
the form of receipt which the trustee in this trust, the Safe Deposit and Trust Company of Baltimore,
desired the President of the University to execute in return for delivery to him of the securities proposed
to be distributed to the University, and that this form of receipt has been approved by your committee.
There is attached hereto the schedule above referred to and the form of receipt approved.
Finance Committee
SCHEDULE OF ESTATE HELD BY SAFE DEPOSIT AND TRUST COMPANY OF BALTIMORE, TRUSTEE UNDER
ITEM 6 OF WILL OF EVELYN M. B. TIFFANY, SHOWING THE ESTATE ON HAND JUNE 22, 1947, DATE
OF DEATH OF FLORENCE B. B. TURLINGTON, THE CHANGES WHICH HAVE SINCE TAKEN PLACE, THE
PARTIAL DISTRIBUTION TO THE UNIVERSITY OF VIRGINIA AND THE BALANCE OF ESTATE RETAINED
BY THE TRUSTEE TO PROVIDE FOR THE REMAINING ANNUITIES.
Estate on hand June 22, 1947 - | ||||
$39,000. | U.S.A. Treasury 2-1/4% bonds due June 15, 1962 | $39,000.00 | ||
30,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Jan. 1, 1957 | 30,000.00 | ||
13,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Mar. 1, 1957 | 13,000.00 | ||
500. | U.S.A. Savings Series "G" 2-1/2% bonds due June 1, 1957 | 500.00 | ||
15,000. | Baltimore City Annex Improvement 4% stock due 1954 | 14,400.00 | ||
4,500. | Baltimore City Burnt District Improvement Lean 4% stock due 1960 | 4,320.00 | ||
2,500. | Baltimore City Engine House Loan 4% stock due 1957 | 2,400.00 | ||
4,000. | Baltimore City Paving Loan 4% stock due 1951 | 3,840.00 | ||
11,500. | Baltimore City School House 4% stock due 1961 | 11,040.00 | ||
8,000. | Baltimore City 2nd School 4% stock due 1948 | 7,680.00 | ||
1,200. | Baltimore City Sewer Loan 4-1/2% stock due 1950 | 1,230.00 | ||
3,500. | Baltimore City New Sewerage 4% stock due 1961 | 3,360.00 | ||
25,000. | Baltimore City 2nd Water 4% stock due 1950 | 24,000.00 | ||
8,000. | Baltimore County, Md. Public Road & School Series "DD" 4-1/2% bonds due 1953 |
8,080.00 | ||
2,000. | Washington Suburban Sanitary District Series "E" 4-1/2% bonds due 1972 | 1,960.00 | ||
1,000. | Washington Suburban Sanitary District Series "G" 4-1/2% bonds due 1973 | 980.00 | ||
5,000. | Washington Suburban Sanitary District Series "H" 4-1/2% bonds due 1974 | 4,900.00 | ||
2,000. | Washington Suburban Sanitary District Series "I" 4-1/2% bonds due 1974 | 1,960.00 | ||
5,000. | Washington Suburban Sanitary District Series "L" 4-1/2% bonds due 1975 | 4,900.00 | ||
17,000. | Atlantic Coast Line RR gen. unified Series "A" 4-1/2% bonds due 1964 | 16,660.00 | ||
5,000. | Baltimore and Ohio RR, Pittsburg, Lake Eric & West Virginia System ref. mtg. Series "A" 4% bonds due 1980 |
4,550.00 | ||
3,000. | Great Northern Rwy. gen. mtg. Series "D" 4-1/2% bonds due 1976 | 2,790.00 | ||
10,000. | Lexington & Eastern Rwy. 1st mtg. 5% bonds due 1965 | 10,550.00 | ||
Forwarded - | $212,100.00 | |||
Forwarded - | $212,100.00 | |||
$ 5,000. | Louisville & Nashville RR, Atlanta, Knoxville & Cincinnati Division, 4% bonds due 1955 |
4,450.00 | ||
5,000. | New York Central & Hudson River RR ref. & improvement Series "A" 4-1/2% bonds due 2013 |
4,850.00 | ||
6,000. | New York Central & Hudson River RR, Michigan Central cell. 3-1/2% bonds due 1998 |
4,470.00 | ||
10,000. | Northern Pacific Rwy. ref. & improvement Series "A" 4-1/2% bonds due 2047 | 9,550.00 | ||
7,000. | Southern Railway Co. dev. & gen. mtg. 6% bonds due 1956 | 7,945.00 | ||
10,000. | Southern Railway Co. dev. & gen. mtg. 6-1/2% bonds due 1956 | 11,862.50 | ||
9,000. | Consolidated Gas Co. Baltimore, gen. mtg. 4-1/2% bonds due 1954 | 8,640.00 | ||
10,000. | Southern Bell Telephone & Telegraph Co. deb. 3% bonds due 1979 | 10,639.18 | ||
4,000. | Wheeling Steel Corp. 1st mtg. skg. fund Series "C" 3-1/4% bonds due 1970 | 4,250.57 | ||
$278,757.25 | ||||
CASH | 460.39 | |||
$279,217.64 | ||||
Changes - | ||||
Book Value | Realized | |||
$ 8,000. | Baltimore County, Md., Road & School Series "DD" 4-1/2% bonds due 1953, sold |
$ 8,080.00 | $ 9,140.00 | |
5,000. | Washington Suburban Sanitary District Series "H" 4-1/2% bonds due 1974, sold |
4,900.00 | 5,568.75 | |
5,000. | Washington Suburban Sanitary District Series "L" 4-1/2% bonds due 1975, sold |
4,900.00 | 5,700.00 | |
9,000. | Consolidated Gas Co. Baltimore gen. mtg. 4-1/2% bonds due 1954, sold |
8,640.00 | 10,373.00 | |
4,000. | Wheeling Steel Corp. 1st mtg. 3-1/4% bonds due 1970, sold |
4,250.57 | 3,906.00 | |
39,000. | U.S.A. Treasury 2-1/4% bonds due 1962, sold | 39,000.00 | 39,170.63 | |
17,000. | Atlantic Coast Line RR Unified Series "A" 4-1/2% bonds due 1964, sold |
16,660.00 | 17,166.12 | |
10,000. | Lexington & Eastern Rwy. 1st mtg. 5% bonds due 1965, sold |
10,550.00 | 12,269.75 | |
5,000. | Louisville & Nashville RR, Atlanta, Knoxville & Cincinnati Division 4% bonds due 1955, sold |
4,450.00 | 5,535.00 | |
7,000. | Southern Railway Co. dev. & gen. mtg. 6% bonds due 1956, sold |
7,945.00 | 7,283.83 | |
10,000. | Southern Railway Co. dev. & gen. mtg. Series "A" 6-1/2% bonds due 1956, sold |
11,862.50 | 10,994.77 | |
2,000. | Washington Suburban Sanitary District Series "E" 4-1/2% bonds due 1972, sold |
1,960.00 | 2,155.00 | |
1,000. | Washington Suburban Sanitary District Series "G" 4-1/2% bonds due 1973, sold |
980.00 | 1,100.00 | |
2,000. | Washington Suburban Sanitary District Series "I" 4-1/2% bonds due 1974, sold |
1,960.00 | 2,240.00 | |
15,000. | Baltimore City Annex Improvement 4% stock due 1954, sold |
14,400.00 | 17,325.00 | |
4,500. | Baltimore City Burnt District 4% stock due 1960, sold |
4,320.00 | 5,422.50 | |
2,500. | Baltimore City Engine House 4% stock due 1957, sold |
2,400.00 | 2,925.00 | |
4,000. | Baltimore City Paving Loan 4% stock due 1951, sold |
3,840.00 | 4,360.00 | |
11,500. | Baltimore City School House 4% stock due 1961, sold |
11,040.00 | 14,058.75 | |
3,500. | Baltimore City New Sewerage 4% stock due 1961, sold |
3,360.00 | 4,270.00 | |
25,000. | Baltimore City 2nd Water 4% stock due 1950, sold |
24,000.00 | 26,562.50 | |
3,000. | Great Northern Rwy. gen. mtg. series "D" 4-1/2% bonds due 1976, sold |
2,790.00 | 3,380.18 | |
$192,288.07 | $210,906.78 | |||
192,288.07 | ||||
18,618.71 | ||||
$297,836.35 | ||||
Less paid: | ||||
Shipping charges | 10.38 | |||
Federal stamp tax on bearer bonds delivered | 18.00 | |||
Safe Deposit and Trust Company of Baltimore, Trustee - Statutory commissions of 1/8 of 1% on $302,548.08 capital value of estate for period from May 25, 1947 to June 22, 1947 |
$ 29.41 | |||
Distribution Fee of 1/2 of 1% on $41,282.75, value of assets for distribution |
206.41 | |||
235.82 | ||||
264.20 | ||||
ESTATE ON HAND - | $297,572.15 | |||
Consisting of: | ||||
Book Value | Values June 22, 1947 |
|||
$30,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Jan. 1, 1957 | $ 30,000.00 | $ 30,000.00 | |
13,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Mar. 1, 1957 | 13,000.00 | 13,000.00 | |
Forwarded - | $ 43,000.00 | $ 43,000.00 | ||
$ 500. | U.S.A. Savings Series "G" 2-1/2% bonds due June 1, 1957 | 500.00 | 500.00 | |
8,000. | Baltimore City 2nd School 4% stock due 1948 | 7,680.00 | 8,160.00 | |
1,200. | Baltimore City Sewer Loan 4-1/2% stock due 1950 | 1,230.00 | 1,284.00 | |
5,000. | Baltimore & Ohio RR, Pittsburgh, Lake Eric & West Virginia System ref. mtg. Series "A" 4% bonds due 1980 |
4,550.00 | 4,356.25 | |
5,000. | New York Central & Hudson River RR ref. & improvement Series "A" 4-1/2% bonds due 2013 |
4,850.00 | 3,462.50 | |
6,000. | New York Central & Hudson River RR, Michigan Central 3-1/2% bonds due 1998 |
4,470.00 | 4,020.00 | |
10,000. | Northern Pacific Rwy. ref. & improvement Series "A" 4-1/2% bonds due 2047 |
9,550.00 | 9,400.00 | |
10,000. | Southern Bell Telephone & Telegraph Co. deb. 3% bonds due 1979 |
10,639.18 | 10,600.00 | |
Securities purchased subsequent to June 22, 1947, at cost | ||||
$100,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Nov. 1, 1959 | 100,000.00 | 100,000.00 | |
111,500. | U.S.A. Treasury 2-1/2% bonds due Dec. 15, 1972 | 112,653.44 | 112,653.44 | |
$299,122.62 | $297.436.19 | |||
Cash overpayment | 1,550.47 | 1,550.47 | ||
$297,572.15 | $295,885.72 | |||
DISTRIBUTION: | ||||
Unto University of Virginia | ||||
$ 8,000. | Baltimore City 2nd School 4% stock due 1948 |
$ 8,160.00 | ||
1,200. | Baltimore City Sewer Loan 4-1/2% stock due 1950 |
1,284.00 | ||
5,000. | Baltimore & Ohio RR, Pittsburgh Lake Eric & West Virginia System ref. mtg. Series "A" 4% bonds due 1980 |
4,356.25 | ||
5,000. | New York Central & Hudson River RR ref. & improvement Series "A" 4-1/2% bonds due 2013 |
3,462.50 | ||
6,000. | New York Central & Hudson River RR Michigan Central cell. 3-1/2% bonds due 1998 |
4,020.00 | ||
10,000. | Northern Pacific Rwy. ref. & improvement Series "A" 4-1/2% bonds due 2047 |
9,400.00 | ||
10,000. | Southern Bell Telephone & Telegraph Co. deb. 3% bonds due 1979 |
10,600.00 | ||
$ 41,282.75 | ||||
Retained to pay the remaining annuities per terms of Will - | ||||
$ 30,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Jan. 1, 1957 |
$ 30,000.00 | ||
13,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Mar. 1, 1957 |
13,000.00 | ||
500. | U.S.A. Savings Series "G" 2-1/2% bonds due June 1, 1957 |
500.00 | ||
100,000. | U.S.A. Savings Series "G" 2-1/2% bonds due Nov. 1, 1959 |
100,000.00 | ||
111,500. | U.S.A. Treasury 2-1/2% bonds due Dec. 15, 1972 |
112,653.44 | ||
$256,153.44 | ||||
Overpayment of cash | 1,550.47 | |||
$254,602.97 | ||||
$295,885.72 |
KNOW ALL MEN BY THESE PRESENTS: That whereas by Item Sixth of the Last Will and Testament of
Evelyn May Bayly Tiffany, which Will was duly probated in the Orphans' Court of Baltimore City and is
of record in the Office of the Register of Wills of said City in "Wills" Liber E.R.D. 164, folio 331,
she gave to the Safe Deposit and Trust Company of Baltimore upon trust so much of her estate as might
be necessary, in its opinion, to provide for the payment of the following annuities over and above all
taxes (excepting income taxes) and other charges against said fund, which annuities she directed said
Trustee to pay in quarterly installments, accounting from the date of her death during the life of each
annuitant, apportioning same to the date of the respective deaths of said annuitants, viz:
To Florence B. B. Turlington | $ 2,000. |
To Elizabeth Key Howard Tyson | 1,000. |
To Mrs. Josephine Masi | 2,000. |
To Mrs. Nannie Bagwell Simmerman | 1,000. |
To Katherine Simmerman | 200. |
To Evelyn Bayly Tyson Kidder | 1,000. |
To Mrs. Annie M. Gibson | 200. |
To Dora M. Murdoch | 500. |
To Evelyn Bayly Hoge Buckner | 200. |
To Beverly F. Browne | 300. |
To Jennie Holland | 500. |
To Emma C. Burch | 1,000. |
To Willie Browne Stokes | 600. |
To Arthur Parks | 600. |
To Augustus Smallwood | 600. |
$11,700. |
and said Will provided upon the death of each of said annuitants, other than Florence B. B. Turlington,
the annuity payable to the said annuitant so dying should be paid to the said Florence B. B. Turlington
during her life, so that her annuity of $2,000. should be increased from time to time by the amount
paid to the annuitants predeceasing her, and said Will further provided that if the said Florence B. B.
Turlington should survive all of the other annuitants, then upon her death, the trust fund should fall
into the residue of the testatrix's estate, but should she die during the life of any of said annuitants,
then there should pass into the residue of the Testatrix's estate, upon the death of any annuitant,
including the said Florence B. B. Turlington, so much of the principal of the trust fund as might
be estimated by said Trustee to have produced the annuity paid to the annuitant so dying; and
WHEREAS by Item Seventh of said Will, the Testatrix devised and bequeathed the residue of her
estate to the undersigned, with the request that it use the income for the support of Fellowships for
persons from Northampton and Accomac Counties - said Fellowships to be known as "The Thomas Henry Bayly
Fellowships" and "The Evelyn and Louis McLane Tiffany Fellowships" and to be in Academic, Law and
Medical Schools, and should there at any time be any vacancies in said Fellowships not availed of by
persons from either of said Counties in Virginia, they may be awarded to persons from other portions
of Virginia, or from the State of Maryland; and
WHEREAS the said Florence B. B. Turlington died June 22, 1947, and the following annuitants
who had received the following annuities, predeceased her, viz:
Annie M. Gibson, died September 1, 1944 | $ 200. |
Dora M. Murdoch, died March 26, 1933 | 500. |
Jennie Holland, died July 31, 1945 | 500. |
Emma C. Burch, died July 14, 1942 | 1,000. |
Willie Browne Stokes, died October 10, 1932 | 600. |
Arthur Parks, died November 28, 1942 | 600. |
Augustus Smallwood, died May 7, 1941 | 600. |
$4,000. |
so that at the time of her death, the said Florence B. B. Turlington was receiving a total annuity of
$6,000.; and
WHEREAS by reason of the death of the said Florence B. B. Turlington, it is now possible for
the Trustee to make a distribution of a portion of the assets of said trust estate, after reserving
sufficient which, in its opinion, will produce income sufficient to pay the remaining annuities; and
WHEREAS there has been submitted to and approved by the undersigned, a schedule showing the
assets of the trust estate in the hands of said Trustee as of June 22, 1947, the date of death of the
said Florence B. B. Turlington, the changes since, the retention of certain securities, the income from
which is to be used in paying the remaining annuities, and the distribution of the balance of the estate
to the undersigned; and
WHEREAS, as shown by said schedule, there were distributed to the undersigned on account of
said trust estate, the following securities, viz:
$ 8,000. | Baltimore City 2nd School 4% stock due 1948 | $ 8,160. |
1,200. | Baltimore City Sewer Loan 4-1/2% stock due 1950 | 1,284. |
5,000. | Baltimore & Ohio RR, Pittsburgh Lake Erie & West Virginia System ref. mtge. ser. "A" 4% bonds due 1980 |
4,356.25 |
5,000. | New York Central & Hudson River RR ref. and improvement ser. "A" 4-1/2% bonds due 2013 |
3,462.50 |
6,000. | New York Central & Hudson River RR Michigan Central Coll. 3-1/2% bonds due 1998 |
4,020. |
10,000. | Northern Pacific Rwy. ref. and improvement ser. "A" 4-1/2% bonds due 2047 |
9,400. |
10,000. | Southern Bell Telephone & Telegraph Co. deb. 3% bonds due 1979 |
10,600. |
$41,282.75 |
which securities said Trustee has transferred and delivered to the undersigned, the receipt of which
it doth hereby admit and acknowledge, and agrees to use the same in accordance with the provisions of
the Will of said Testatrix above set forth; and in consideration thereof, it doth hereby Release,
Acquit, Exonerate and Discharge the said Safe Deposit and Trust Company of Baltimore and its successors
of and from all and every action, suit, claim, or demand which could or might possibly be brought exhibited
or prosecuted against it, them, or any of them, for or on account of said securities or the
payment thereof, hereby declaring itself fully satisfied, contented and paid as above specified.
IN TESTIMONY WHEREOF, the said body corporate hath caused this Release to be subscribed by
the President thereof, and its corporate seal to be hereto affixed, this ___ day of _____,
nineteen hundred and forty-eight.
____________________
Secretary
President
before me, the subscriber, a Notary Public of said State in and for said County, personally appeared
_______________, President of the UNIVERSITY OF VIRGINIA, which executed the foregoing
Instrument, and acknowledged the same to be its corporate act and deed. [Description: WITNESS my hand and official seal.]
Notary Public
Board of Visitors minutes January 9, 1948 | ||