Welsh's Estate

*48The facts appear from the following excerpts from the adjudication of

Sinkler, J., auditing judge.

This trust arises under a deed dated March 19,1935, by which Albert R. Gallatin Welsh, settlor, transferred certain property specified therein to the Girard Trust Company and Charles N. Welsh, Jr., as trustees, to pay the income therefrom to settlor for life, and to distribute the principal on settlor’s death in such manner as settlor should appoint by his will, or, in default of appointment, to persons designated in the deed of trust. The property thus transferred in trust was “all of the…