Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-09-21
WEALTH OF GlRARD ESTATE,
Worth $40,000,0 900 Now - Benefit Of
Careful Management Shown in
Increase.

I The time is not far distant when
| portion Of the expenses of the munici
p;,lity of Philadelphia will be contri
buted out of the income that is derived
from the Stephen Girard estate, say.
THE Philadelphia Record" Since the
death of Stephen Girard this estate has
been most carefully nurtured until the
present time. Only comparatively
small portion of the income derived
from the real estate, stocks and bords is
required for the maintenance OF ,iirard
College, SC that in years to come as
the surplus accumulateS the Board OF
City Trusts, which has the supervision
Of the estate, will gradually relieve the
city authorities Of certain municipal
expenditures. such as lighting and the
condemnation of properties in the Did
section of the city for the purpose of
widening important thoroughfares
The annual report of The Board of
City Trusts places an approximate val
ue of S14.S46, $50 on the real estate il the
city. but conservative selling value
would be in the neighborhood OF $25,-
100000. In addition to this the estate
owns eighteen thousand acres oI' coal
lands in Schuylkil and Columbia
counties The estate is also well sup
Piled with gilt edged securities in the
shape of first mortgages on real estate
and bonds of various large cities il the
state. which are appraised at $685.
800. Tho total value of the estates
holdings of all kinds is placed at s24,-
4c'.7iG, with a probable actual value of
about $40, 600 900
During the year 1907 the receipts of
the estate amounted to $1,795.a79 Sc, of
which amount 1926, $50 33 was applied
toward the maintenance sof the 1907
boys that were in Girard College. The
average cost per capita of pupils dur
ing the year was s34612
The Girard estate also controls 4 ire
insurance fund amounting to So. 900.
and there has been set aside a fund of
which is applied to street repairs.
cleaning and lighting the Delaware
River front.
One of the reasons why the estate is
increasing in value at rapid rate dur
ing recent years is the fact that the
rents and royalties of the coal lands
and collieries in Schuylkill and Column
pia counties, which amounted III 1907
70 S6o1. 1921, are not considered in
come. but are applied to the principal
on the theory that as the coal becomes
less in the estate holdings there is a
corresponding depreciation in the value
of the land, so that when the tine ar
rivcs when all of the coal lands are
worked out there will be a sufficient
principal applied: in investments in
other directions to make good the loss
Of the big income derived from these
lands.
The largest holding Of the estate is
in this city. of course-the ground of
Girard College. which covers an area of
666x2, 300 feet and is valued in the asses
sors' books at s3,OOO.0O0 One or the
greatest sources of revenue to the es-
tate is the block bounded by 18th. 18th
Chestnut and Market streets, which
Stephen Girade originally intended for
the location of the college, but after
ward abandoned for the present loca-
ton. This block represents a total as
sessed valuation of sS,031 900, with
probable selling value Of $4,000. 900.
The Girard estate like any other in
dtvidual, pays it's taxes to the city, its
tax bill for last year being about
s225.000