In Re the Accounting of the National City Bank

John Schliemann bequeathed the entire residue of his estate to Peoples Trust Company, in trust, to sell his real estate and securities and to invest and reinvest the proceeds in first mortgages upon real property in the city of New York, during the lifetime of his sons Julius and John. The duty was placed upon the trustee to set aside “ out of the said securities so invested by it ” a fund sufficient to produce the sum of two thousand dollars a year, and another fund sufficient to produce the sum of six hundred dollars a year, and to pay annually said sums to his wife and to his son August,…