St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-21

The DreXeI Interest in the Three
Great Banking Houses Will
Continue-The Public Ledger
To Be Purchased by the Es-
tate.
PHILADELPHIA, July 2O.-The will of
the late Anthony j. Drexel was pro-
bated this morning. According to ar
rangements made at the request of John
Z. Bullitt, counsel for the family, the
witnesses to the will assembled at the
DreXel banking house. where they were
met by Deputy Register of Wills Charles
Irwin, who brought the will from the
city hall.
Within half an hour the proofs and
certiticatlOns were made, and the tes-
lament formally probated. Petitions
for the probate stated that Anthony j.
Drexel died June 80. 1893, at Carlsbad,
and that the value of the p ersonal estate
was 81 100000, and of the real estate
$1,000,000. Under the law of Penn
sylvania when the estate eX ceeds these
figures it is not imperative that the
excess should be stated. The eX-
ecutOrs named in the main instrument
are the deceased mans sons, John r.
DreXel, Anthony j. DreXel Jr., George
w. c. DreXel; the TWO SOns-In-laW, John
R. Sell aid James W. Paul Jr.; his
lifelong friend, George w. Childs, and
Richard G. Dale, who drafted the will.
The will was dated December 81 1891.
In second codicll the deceased also
named John LOwber Welsh as co.
executor and trustee.
BY the will MIR. Drexel devises 81 ,O0O,-
600 to the German hospital at Philadel-
phia, and 100000 as a fund tor the
establishment of public art gallery at
Philadelphia. His books, pictures and
works of art are given to the Drexel
Institute.
He creates six separate funds OF ST.
100000 each for the benefit of the six
children left by his deceased daughters,
Mrs. Biddle and Mrs. Paul, each having
left three children.
He provides for the requirement by
his estate Of the full control of the Pub
lie Ledger after the demise OF George
w. ChildS, in accordance with an agree
ment now in existence, and leaves it
within the discretion of his executors
whether cooperation powers shall be
secured for the control and mainte-
nance of the DreXel building and of the
Public Ledger. He provides for the
continuance of the DreXel interest in
the firms of DreXel & Co., Drexel, Nor
gan 81 Co. and Drexel, Harjes & Co.
Mr.. DreXel further deVises the sum of
5000 to James w. Paul Jr., his SON.
in-law, as token of his affection, and
he further provides that in case of the
death of George w. Childs Drexel
without issue, there shall be given $780,
600 to his widow in order that she may
be left properly provided for.
The estate is generally believed to be
worth S3,0OO0.00 and it will be seen by
the document that fully 100000 is
directly disposed.
The residuary estate, after the creation
of funds referred to, is committed to his
executors hot one of whom shall re-
ceive more than 50,000tor his services
to be changed and reinvested in their
discretion, and the income to be divided
among his surviving children. The
witnesses to the will proper, which was
drafted by Richard c. Dale, were Frank
T. Rogers, William Henry Newbold
and Arthur E. NewbOld.
In remembrance of the servants of
the Drexel family, and employees of the
DreXel banking house sums are left to
each, some of the gifts reaching $1,000.
Mr.. DreXel in his will makes no refer
ence to the DreXel institute beyond
giving TO that institution his books, pict-
ures and articles of curiosity. During
his lifetime he contributed to the insti-
tute nearly $2.000,OOO. 100000 for Tie
building and securities for its endow-
ment which are now worth S1,3OO,O0O.
1t is believed that he contemplated a
further endowment of the institute, but
that he was prevented from carrying
out his intention by his untimely death.
1t is understood that his surviving chill
dren propose to carry out the intention
that they believed that their father had
of further endowing the DreXel inst
tute by contributing among themselves
100000 to the further endowment of
that institution.