8 MISSOURI BOTANICAL GARDEN. 
trustees living at the time of Mr. Shaw’s death, and im- 
mediately entered into possession of the real estate and the 
personal property contained in his town residence and the 
garden, not otherwise bequeathed, and have collected and 
disbursed the revenue from the same since Sept. 1, 1889. 
In order to have a basis for the valuation of the real estate 
bequeathed to them under the will of Mr. Shaw, the Board 
caused a set of books to be opened by its Secretary, charg- 
ing the real estate account with each piece of property at its 
assessed value and crediting this amount to stock account, 
thus showing a valuation of $1,241,274.00, which property 
is held for revenue purposes. 
In addition to this, the Missouri Botanical Garden was 
charged with that portion of the estate known as Shaw’s 
Garden, including the Arboretum and Fruticetum and also 
the farm surrounding it on the south and west, at its as- 
sessed valuation of $123,160.00, and the stock account was 
credited with a like amount, making the total assessed value 
of the real estate which came into possession of the Board 
$1,366,334.00. 
This does not include any of the personal property yet 
in the hands of the Public Administrator; but comparatively 
little can be realized from this source, as most of it will be 
absorbed in paying legacies, and the state, school and city 
taxes for the years 1889 and 1890. 
Much of the property was in very bad repair, and some 
of it vacant for that reason, but by a liberal but judicious 
expenditure it has been placed in reasonably good condition 
and was promptly occupied by profitable and desirable 
tenants. 
A large amount has been expended upon the Garden for 
labor, repairs and improvements, the reasons for which 
fully appear from the Director’s annual report. Referring 
for the amounts so expended to the cash statement herewith, 
and to the Director’s report for details, the following may 
be briefly stated here: — 
About forty men have been constantly employed in and 
