Rensselaer Journal, Volume 11, Number 1, Rensselaer, Jasper County, 13 June 1901 — Holo a Fortune Disappeared. [ARTICLE]

Holo a Fortune Disappeared.

The manner in which the entlue fortune of a New York millionaire, Samuel Wood, which was mostly given for the purpose of founding a college of music, has been dissipated, is a reflection on the legal profession. Of his bequest of a million dollars for this college not one dollar is now available. Of the sums left to heirs little has been received. In twentythree years this fortune has almost absolutely disappeared. The story of the shrinkage is as interesting as that of the Stewart millions. Wood’s will was admitted to probate in 1878. He left 1135,000 to relatives, the remainder of the estate, amounting to over 11,000,000, for the founding of the Samuel Wood College of Music. From the day the will was admitted to probate litigation has never ceased. The first contestant of the will was a nephew, who finally obtained about one-third of the. property. The remaining twothirds have gone. The executors refused to establish the college, claiming the will was invalid, and meanwhile were drawing sometimes as much as $150,000 as salary and fees in a year. They were also in continuous litigation with the nephew. When they came to a final settlement with him, and were about to sell the property, another lawyer put in an appearance as the attorney for some of the poor heirs, and stopped all proceedings. Then litigation began afresh. It came out in the Supreme court last week that $135, n OO now remains of the property in the custody of the court, obtained through a real estate deal. New suits are to be Instituted to determine to whom this belongs. More than one-half of it will go to the lawyers. It will be surprising if the heirs get a dollar of it in the end. Meanwhile the only reminder of the mlllion-dollar bequest is a little organ in a Long Island village church. Wood, It appears, was fond of music in his last days, and was moved to buy this organ and give it to the church. Its strains were so pleasant to him that he conceived the idea of a great college of music and made the liberal be-

quest jlready mentioned. Every dollar of that million went into lawyers’ pocketi.