The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-06
FIFTEEN MILLIONS.
One Estimate of Fairs
Dollars.
SMALLER THAN SUPPOSED.
Not to the ChiIdren's Interest to
-. Improve.
THE ESTATE MAY Go DOWN.
And the Senator fad Probsb!y Bor-
rowed Money-1he Wheat
Is Good.
THE ESTATE MAY Go DOWN.

Mrs. Oelrichs and Miss Fair remained
at their home on Pine street all day
yesterday, denying themselves 10 visitors.
II was stated both by their own and their
brothers lawyers that they had paid no
attention to business and would not do so
till they had recovered from the fatigue of
the hasty Journey across the continent and
the strain of attending their fathers
funeral
Meanwhile rumor is busy with their in
herita1ce. The estate of the late Senator
Fair was guessed TO be about $4,000, 700,
but people have been busy inqnlring in to
TIE plausibility of the amount being SO
large. and though the executors refuse to
make any statement Oh the subject. it is
now supposed that the fortune was placed
at too high figure.
Some of the suggestions which have led
to this conclusion may be overdrawp. but
Others undoubtedly have foundation of
fact. Fairs fortune. after his wife had se-
cured her separation and the 81, 0O0,O 900 that
went along with il. was 100000. TAX
ing into account losses and the heavy
sums he spent on property improvements,
it is argued that the late Senator's
$40. 100000 could not have quadIupled be-
fore his death.
James Fair held S5,5Oo,OOO worth of
South Pacific Coast Railroad bonds. but
The railroad has run down in the hands of
the Southern Pacific, and the bonds are at
most &orth sixty cents on the dollar.
Heavy f1n anciai drains must have come
upon the millionaire from his improve
ments At North Beach, Lis country ranches.
and, above ALL. from the wheat deal
which has left his estate with about 10000
tons of wheat lying in the warehouses al
Port Costa and elsewhere. He began to
buy the whestmore than year ago, when
it was at 81 20, and despite his efferts the
price fell to s. cents.
5Rumor has stated that to buy and carry
on all this wheat; the storage bill for
which amounts to $4,000. Fair had to
borrow ready money, and that at the time
OF his decease he owed S3.000,000 which
he had raised with the wheat as security.
Sensational reports have also been spread
that the vast stDre of grain had fallen a
prey to weevils and rust, which are fur
tber corrupiing it day by day. The 10
ference drawn from these statements is
that il will take the estate half decade
TO pay lis debts, and that during that time
the heirs named in the will will be none
the better for their oddly left inheritance.
An old-time associ of the late Senator
Fair who was well acquainted with his
busiueas- affairs said last night:
-"In my opinion there is a good deal of
truth in the Tumors hat are flying around,
though some Of them are absurdly exag-
gerated. | do not think that the estate
will be found to exceed fifteen millions.
Ii Mr.. Fair had not died when he did,
much of bis land left in his hands would
have become valuable.
."There is that property at North Beach
it Will probably not realize half what it
would have done had he had il longer.
There will be no one TO- improve it now.
As understand it, the executors have the
right to sell property in order TO make
needed improvements, but they cannot
touch the income for that purpose. and it
will not be to the interest of the children
to devote cent for Improvement. The
properties that Senator Fair would prob
ABLY have gone on making more valuable
will deterioTste now.
"Whaieyer the estate may prove to be
worth he certainly died a very rich man.
If it turns out that he was in that wheat
deal, as every one supposes, the specula-
ton of course swallowed a good deal of
money, but it is ridiculous to pretend that
with wheat piled up in the warehouses it
will be necessary to appropriate the in
come OF the estate to pay off any debts
that the Senator may have contracted in
consequence Of the deal. The wheat can
always be- sold at market. value, and the
stories about weevils and rust 10 it are
unfounded. There was little rust in a
small portion Of it some weeks ago, bot
that was removed, and the wheat there
now is good wheat. 1t lie the easiest prod
net there is to realize on. too and can
always be sold TO wipe out debt.
sit has to be proved yet that Mr.. Fair
owned the wheat. The greater portion of
It is stored in the names of the parties who
originally placed it there. The Senator
may have bought the warehouse receipts
from them. however. think myself that
he did, and when the inventory is fled of
course we shall know"