Savannah morning news. [volume] (Savannah) 1868-1887, 1885-12-26
LIOK,S RENEFTCENCE.
Status of the Trust Funds at Present
Summary


A Summary.
From the San Francisco Examiner, Dec. II,
Nearly 10 years ago James Lick, who
had amassed an immense fortune, died,
leaving the great bulk of his estate to
public institutions and enterprises. The
provisions of the will involved great Ia
Dor and pains upon the trustees intrusted
with their disnosition, and considerable
time in the fultillment. Some of the COM
mands have been carried into effect, and
few have yet been hardly considered.
Among the most important of the requests
was that OF 100000 TO the university for
an observatory at Mount Hamilton. A
large amount of this sum has already
been spent, and the observatory is eX-
pected to be completed within two years
at most, as the object glass, which is 10
inches in diameter and the largest IN the
world. is now almost done. The present
glass is the result of - attempts at cast
ing, but the stage in polishing reached is
surety against all ordinary chances of
breakage. After the observatory is com
pleted there will be a balance Of $2O0,OOO
left in the treasury for The maintenance
and improvement OF the observatory. The
sum OF $2SS, 900 has already been expended.
Another important item of the requests
is the free public baths for this city. The
sum of $3.50. 600 was set apart for this pro-
ject, of which $50. 600 has already been
paid to the special committee appointed
to take charge of this portion OF the Will.
A lot was purchased, but it is now in
VOWED in litigation regarding the title. 1t
is stated that the contract for building
will soon he let. The will also provides
for the erection of a monument to Francis
Scott Key. who composed "Tbe Star
Spangled Banner costing 100000. The
American sculptor, Story, has under
taken to fulfll this trust, and DE Is now
at work at 1t in his studio at Florence.
II will be com pleted IN about three years.
Two clauses of the will have not been
actively attended to as yet. One is
clause directing the erection in this city,
at the City Hall, of group of bronze
statuary, we'll worth 100000 which shall
represent by appropriate designs and
figures the history of California from the
early settlement Of the missions until
1874. The trustees have been troubled
how to handle this clause, and have taken
no decisive action in the matter 8 vet.
1t mas been suggested that an invitation
should be issued for competitive designs
for this complicated monument. Another
Request, as yet undisposed of, is that
leaving $4,000 to an institution to be
called "Tke California School of Mechani-
cal Arts" the object of which is to be the
education of males and females in the
practical arts of life, such as working in
wood, iron and stone. such an institution
will be open to all the youths born in
California. A special committee was APP
pointed In the matter, and as soon as the
financial status of the estate warrants 1t
the money will be turned over TO them.
The following amounts named in the
will have already been paid by the trus-
tees: San Francisco Protestant Orphan
&c. 1hr,Nl
Asylum OF San Jose, $50, 600; Ladies Pro-
lection and Relief Society of San Fran
cisco, $4,000; San Francisco Society for
the Prevention of Cruelty to Animals,
$4,000; erection of a monument to the
Lick family. SO, 900; Old Ladies' Home of
San Francisco, 100000. Besides the
above, $685.. 0O0 has been paid to the Lick
heirs. In the will only $17l,00 was
named as requests to relatives and
friends, but suits were brought. ard they
we're finally compromised for 1892, 600. The
total sum thus paid out of the estate so far
is 1901 900. The amount yet to be paid
is 81 ,226, 900 composed Of the following
items Oh ervatoTy, SAP, 900; School of Me-
chanical Arts, $54O, 600; public baths,
$4,000; statuary at the City Hall, $780,
600; Key monument, 100000. The esti-
mated value of the estate at presentIis
81, 901 900, of which 1896, 600 is personal
and S1,405. 900 real. The personal prop
erty comprises the following: United
States bonds, $216, 900; mortgages, $40 900;
owed by Santa Clara county. $50, 600; owed
by Pioneer Society, $4,000. The real
property is divided as follows: Lick
| house and Post street property, 81, $780,
600; other San Francisco property. $780,
coo; Santa Clara county property, $50, 000
Catalena Island property, $4,000 BY
this estimate there would be left $675, 900
for the residuary legatees, which, accord
ing to the provisions of the will, are the
Pioneer Society and the California Acsde-
nv of Sciences.