Evening Republican, Volume 18, Number 96, Rensselaer, Jasper County, 22 April 1914 — BEQUEATH A BILLION [ARTICLE]

BEQUEATH A BILLION

Demise of Vanderbilt and Others Breaks the Record. Astor Estate Paid Largest Inheritance Tgx Since Enactment of Law With the Sum of $3,150,000 Many Rich Men Die. New York. —With the death recently of George W. Vanderbilt, George Westinghouse and John I* Cadwalader, officials in the state comptroller’s office in this city began a tabulation of the wealth left by the large number of prominent New York men who have died since January I,’ 1913. It is estimated that the total amount of wealth passed on to the next generation by the death of these men is more than one billion dollars. The state comptroller at Albany reports that for the year ending last September the total amount of revenue collected by the state from the inheritance tax was $12,724,236.56. The sum to be collected from estates not yet appraised is believed to be much larger. Never before in the history of this country, it is said, have so many men of wealth and power died in such a short period. Included in the list are such names as J. Pierpont Morgan, Anthony N. Brady, Benjamin Altman, Charles EL Appleby, George A. Hearn, Henry M. Flagler and Isaac V. Brokaw. The tax on the Brady estate, paid recently in advance on appraisal to get a discount on the regular percentage, was $2,684,000, which was on an estimated valuation of $75,000,000. The Morgan estate has paid an advance tax of $2,500,000 on an estimated total valuation of $65,000,000, exclusive of works of art, which have been valued at more than $50,000,000. George W. Vanderbilt is supposed to have left $50,000,000. Attorneys for the estate are working dn aii estimate of the fortune to be made to the state comptroller.

The largest inheritance tax paid since the enactment of the law was that of $3,150,000 on the $87,000,000 estate of the late Col. John Jacob Astor. Previous to that the estate of John S. Kennedy, valued at $67,000,000, held the record. Benjamin Altman, George A. Hearn, Isaac V. Brokaw and Isidor Straus, great merchants, are some of the men whose estates are being adjusted by the state comptroller. Mr. Altman left his, art works, valued at $10,000,000, to the Metropolitan museum. His total estate is supposed to be worth $30,000,000. Mr. Hearn, another noted art collector, left an estate of $10,000,000, besides a notable art collection. The estate of Isaac V. Brokaw is estimated at $5,000,000, and a valuation of $4,427,608 was placed on the estate of Isidor Straus. Henry Flagler left an estate of $6,000,000. Other large estates settled in 1913 are those of D. O. Mills, who left about $10,000,000; Edwin Hawley, valued at $9,740,000, less debts of about $4 ,000,000, and James R. Keene, estimated at $20,000,000.