Steele Estate

Opinion by

Mr. Justice Bell,

Three charities which are remaindermen under Mr. Steele’s will vigorously contend that a stock dividend which is admittedly income should not be distributed to the life tenant but should be retained in the trust, and its equivalent in cash be distributed to the life tenant.

II. J. Steele died March 19,1933. He created 5 other trusts in his will in which he clearly disclosed that his wife and daughter were the primary objects of his bounty. The trust here involved covers the stocks and bonds of the Easton Publishing Company, which at the time of his death were a part…