The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1904-01-08


pended by them for a public library
in Morristown. The way in which
this money shall be applied whether
by paying it to corporate society al
ready in existence or putting it in the
hands of an association hereafter to
be founded or in some other way,
leave to the discretion of my said Ex-
ecutors
II desire them to use their judg-
ment in SO applying the money as best
to accomplish my object, which is the
providing of books and facilities for
reading for the public of Morristown
and particularly for the young"
! Schedule b.
Letter from William L. King to John
Edward Taylor.
''Box 1878.
"MorristoWn, N. j., June II, 1881.
~. Edward Taylor, Esq,
Treasurer.
''Dear Sir
| Il enclose draft on the Delaware,
Lackawanna and Western Railroad
co. for Fifteen Hundred Dollars
(S1,5OO) which please collect and in
vest the amount in good bond and
mortgage or in first-claSS Railroad
Bonds or guaranteed Railroad Stock
and hold the same in Trust for the
uses and purposes of the Morristown
Library and Lyceum, that is to say,
the annual interest and income there
of to be appropriated for the pur-
chase OF books for the Library, by the
Library Committee of the said in
stitution or their successors forever.
81 hereby declare that in investing
the said sum of $500, you assume
no responsibility, simply exercising
your best Judgment in the selection
of the securities.
VIM. l.. KING"
Schedule G.
Extract from last will of VIM. L..
King, who died in Morristown on the
Both day of March, 1897, and in whose
will is bequest to the Library and
Lyceum.
After stating the bequest the tesla
tor says:
"My request and my direction to
the Morristown Library and Lyceum
are that only eight hundred dollars
$4,000 of such receipts shall or may be
expended each year, and that the rest
be safely invested by the Library and
Lyceum as soon as it reasonably can
be each year.
'My intention is, and my direction
is, that out of the moneys received or
becoming due each year upon the
Steele notes above bequeathed, and
upon the reinvestmentSa above contem-
plated, not more than eight hundred
dollars ($S00) per year be expended by
the Library and Lyceum, leaving all
the rest of the moneys that shall be
received from either or both of these
sources as principal.
"When the last of the Steele notes
above bequeathed shall have been col
lected, the fund thus accumulated
will be the principal fund, and if the
investments and Refreshments are
promptly and safely made, will be
considerably more than twenty thou
sand dollars $3.50, O00.)
"The interest on the principal fund
just referred to, only, should be used
by the Library and Lyceum.
I'm that way the institution will
have permanent endowment.
IT appoint the following uses, as
those to- which / desire that the
moneys which the Library and Ly-
ceum may, in accordance with the
above scheme. spend each year, shall
be applied:
list. To the current expenses of
the institution-car being taken
that the premiums for fire insurance
on the books and buildings are
promptly paid.
''2nd. The balance for the purchase
of books, or such other expenditures
as the Board of Directors may think
best"