OCR Text |
Show MR. LICK'S BENEFACTIONS. The revocation by James lick, of San Francisco, of his deed of trust made on the l'Jth of July last, conveying con-veying property tho value of which wan estimated at $4,000,000, for the endowment of certain benevolent and educational institutions and philan-thropical philan-thropical and art objects, to several eiti.eii!), has created much surprise, and it appears also that the revocation revoca-tion is nut acquiesced in by the trustees, trus-tees, who in reply to Mr. Lick's demand de-mand upon theui to resign their trust or revest in him the property conveyed, say that they accepted the trust as a matter of public importance, import-ance, and have discharged its duties with a view to carry out the intentions inten-tions of the donor to the best advantage. advan-tage. They mIsj state that private and public institutions, are interested in the trust, as well as the public at lare, and that having undertaken and nartlv performed it thoy cannot now retire from it without injury to its general objects and to the public t They say they are advised by counsel that they have no power to resign 1 and no right to reconvey the property to its donor. This reply led to the making a deed of revocation by Mr. L'-ck, wtiich we have heretofore hereto-fore alluded to, in which he says that the trutt-deed was executed hastily mid inconsiderately, under the effects of mental depression, caused by fail-iing fail-iing health and apprehoneion of a speedy departure from this Hie. He also I seta up the plea that he failed to make suitable provision for relatives, etc., and that the effect of the trust-deed ia j to postpone the accomplishment aud realization of the objects of hia beue-' beue-' ficence to a pariod beyond his own life. He also believes that certain provisions of the trust are of doubtful legality and would tend to litigation in case of his death, thereby wasting the estate in costs and expenses. In order to remedy these defects, etc., and to enable him to carry out his buuovelont purposftf.,if possible within his lifetime.he revokes hia trust-deed. He, however, ratifies and confirms all gaily done by virtue of the deed. The refusal of the trustees to relinquish re-linquish the trust will doubtless throw the question into the courts. As the matter now stands the trustees have realized about $300,000 from the sale of the property. The conveyance by Mr. Lick to the trustees was absolute, not a simple trust deed, and the opinions of distinguished lawyers are quoted as adverse to the legal power of the donor to revoke such a conveyance. con-veyance. Hi3 plea, if it can be shown to have sufficient confirmatory proof, of such great mental depression as wou'd disqualify him for the exercise of sound judgment in the disposal of of his property, would undoubtedly be a good one in equity, and the case is likely to be a fat one lor the lawyers. law-yers. The San Francisco Call refers re-fers to it as showing encouraging symptoms for the old man: Perhaps a decade henca we may refer to Mr. Lick as one of tho young old men of tho state, whose industry is an ex-,nuiVu.AiW ex-,nuiVu.AiW Buuaa fellows of sevantv Mr. Li. fc's age; and ho has made no sign of an intention to let go his millions. Mr, A, T, Stewart is nearly eighty, and can show a million for each year of existence, ex-istence, and is still piling the millions up witli as much eagerness as ever. Jiuch oxamrlea hve parhapj induced Mr. Li k to rovoke his determination to ttep down and out. |