Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-21
WILL OF A MILLIONAIRE.
How Anthony j. Drexel Disposed Of His
Wealth.

How Anthony j. Drexel Disposed Of HI
Wealth.
The last will and testament Of Anthony J
Drsxei was admitted to probate in Philadelphi,
yssterdsy. The executors, who are also tn,
trustees, are George W. Childs, John Lowbel
Welsh, Richard c. Dale, his sons, John R
Drexel, Anthony J. Drexel. and George W.
Chiids Drsxel, and his sons-in-law, James W.
Paul. jr.. and John R Fell. The petition fled
by the executors places the value of the rea
estate At over $1,000, 600, and the personal
estate over S1, 900 900. The estimated value Of
the estate is between s25, 0O0, 900 and CSC, O0O,
000. The will is dated December /. 1891, and
there are i've codicils. The executors are en-
powered to make such arrangements for the
continuation Of the banking business con-
Quoted in the name of Drexel l. Co. and its
associate firms as in their judgment may seem
wise and expedisnt. They are also authorized
70 ADVANCE TO any one or more Of the sons or
sons-tn-law Of the decedent a sum not exceed
Ing nifty per cent Of the amount Of the share
OF such son or the wife Of such son-in-law, to
be contributed as capital to a frrn which may
be formed to continue the banking business.
300 600 is bequeathed to the German Hospital
Of Philadelphia.
Public Insittution.
The executors are directed to transfer $780,
0oO to trustees. who will apply the income
toward the erection and maintenance Of an art
gallery. museum or other public institution in
the neighbcrhood of the Drexel Institute Of
Art. Science and Industry in that city, provided
the latter building shall be inadequate The
trustees, however, can apply so much of the in
come as cannot be judiciously expended for the
aforesaid purpose to the establishment of 1.-THE
Drexel Hospital in that city.
An annuity of u 900 per annum is bsqueathed
to Miss Elizabeth C. Stanley, friend House.
hold servants who have been In the employ
Of the family five years prior to MI. Drexel's
death will receive 81 900 each, and clerks Of
Drexel 4 Co. and Drexel, Morgan 4 Co. will
receive 900 for each year they have been in tho
service.
Three million dollars is directed to be in
vested for the benefit Of Anthony d. Biddle.
Livingston Biddle and Craig Biddle, grand
children.
Mr.. Drexels one-third interest in the Drexel
building. Broad and Wall streets. New York, is
devised In trust to Anthony d. Paul, Mae Fell
and Anthony J. Drexel, third.
To Be Held by Trustees.
The will then directs that the residue Of the
estate shall be held and invested by the ex-
ecutors. The latter will hold the net income in
trust for the surviving children and the issue
Of those dead, other than the daughter, Emily
Biddle.
The trustees shall retain possession Of the
estate during the lifetime Of the last surviving
child, or last surviving grandchild, and for
twenty-one years thereafter. At the termina-
tion Of the trusts the principal Of tho estate
shall be divided among the issue then living.
Upon the death Of George w. Childs the
executors shall pay to his lawful representatives
for his interest in the Public Ledger, owned or
controlled by the partnership now conducted
under Mr.. Childs' name, the sum provided In
partnership agreement. The executors can do
whatever may be necessary to settle with Mr.
ChIlds' estate to vest the title in the Ledger.
Other Large Requests.
In the codicils the trustees Of the Of, 900. 900
fund for the establishment Of the public inssi-
tuition or hospital are given power to appro-
pirate all or part Of the income to the sup
port Of the Drexel Institute, IL the latter's in
come shall be inadequate for the full develop
mont Of the work. Five hundred thousand
dollars are bequeathed to James W. Paul, IT,,
and &3. 000. 900 is directed to be set apart for
the benefit Of Ellen Paul, Anthony Drexel
Paul and Mary Aston Paul, grandchildren. who
shall not share in the residue OF the estate.
One million dollars may be advanced to James
be contributed Is capital to a firm which may
be formed to continue the business OF DrexeI
q Co, and which sum will be charged against
the e3, 000, 900 fund. In the event OF the death
Of Geo. W. C. Drexel without leaving issue the
e1ecutors shall pay to his wife, Mary Trick
Drexsl. e500, 200.
Fifty thousand dollars can be paid each
executor for his services.