In re Dugmore

John D. Bennett, S.

Decedent’s will provides for the creation of separate trusts for the benefit of her three daughters, with remainder to their issue. There are presently before this court three accounting proceedings by the Bank of New York, trustee of each of these trusts. A request is made in each proceeding for a construction of part of article “ Tenth ” of the will which states the power and authority of the trustee as follows:

“ Tenth: I hereby authorize and empower my Executors and/or Trustees of each trust hereby created:

“ (a) To retain as investments of my estate and of each of the…