The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-04-07

NEW YORK. April Since James Hen
~ Smith, the "Silent Man Of Wall Street. 80
inherited the fortune Of his uncle. George
SIN IN, who died in London last October.
he has been kept busy paying out millions
Of dollars levied by inheritance tax laws.
The Governments Of Great Britain and the
United States and the state Of New York
have each had whack at IT,
Comptroller Coler. as agent for the
State Of New York. has just collected 81
100000 from the estate and has put the
money in bank awaiting the order Of State
Comptroller Morgan. Mr.. Coler himself
viii get the snug sum OF 500. goo as commits
sion. the Zee being at the rate OF ! per cent
O. the amount collected.
The collection OF this tax from the Smith
millions has had much TO do with bringing
down the tax rate In New York State,
which was fixed at Albany yesterday ae-
cording to the comptroller's report at l.s6.
a reduction Of fifty three points from the
tax rate last year.
Il collected this tax from Mr. Smith sew
gral days ago. said Comptroller Coler last
night. but l thought il best to keep per
feCty quiet about il until the Legislature
finished with its appropriations, for If it
had been known to the Assembly the
money would certainly have been spent and
the tax rate would have been no lower.
AS il is this money has been saved TO
the State, which means that 20 per cent Of
10 is saved TO New York city. since we pay
20 per cent OF the taxes Of the entire STATE
had no other motive in keeping the mat
tea a secret than 10 prevent the Assembly
from spending the money. OF course / was
in communication with State Comptroller
Morgan. bur ] asked him 10 qeep quiet
about IL.
According to the way l figure il out.
the S2.ooOooU from the Smith estate just
about accounts for the reduction Of the
State tax rate"
Mr. Coler says the way he came to get
This tax was in asCertaining that James
Henry smith the principal heir. who re-
sides in New York. had considerable prop
erty coming 10 him from the estate of the
s.lf-eXIatriatsd American. George smith
When he made further enquiry he learned
that $4,000 COO in securities was held in
this city. These securities consisted for
TIE most part Of railroad holdings and in
dustrials. George Smith having q one time
been one OF the most extensive railroad
builders in the West
The Comptroller found that where tie
estate amounts 10 millions and there are
no children Of the deceased. the rate TO be
levied is per cent OF the total amount
OF the estate lying iL New York Five
per cent of the sac. 900 600 amounted TO s.
100000 and Comptroller Coler MADE no
bones about calling on the silent Man Of
Wall Street and asking him for the
money. Mr. Smith promptly paid it, and
Mt Coler deposited the money with the
city Trust Company. where il will draw
interest for few days before il is sent to
Albany.
Boil, Of the Estate In the west.
II has been believed all along that the
Smith estate amounted only to $50. 0OO. 0OO.
but from present indications II is Tar above
that figure Comptroller Ccler found sac
600 600 Of it in New York and it is known
that the great bulk OF the estate is IN the
West. or az least. that il has been Ia the
West heretofore. When asked how the
estate had come to have so much in New
York city, Mr.. COler said.
Don't ask me. ! don't believe ANYBODY
under the sun knows the extent OF that
estate but the men who are managing IT,
] only know that these men have been very
willing about paying out millions Of il in
taxes.
This 100000 is the biggest Inherit
ance tax ever paid into the Treasury Of
New York. and il was paid without the
slightest hesitation. The tax collected
out OF the estate Of Cornelius Vanderbilt
was nothing as large as this. being only
about $500 GOO. This was because there
were children as heirs The inheritance
tax is higher in cases where there are no
children
When a reporter called to see James
Henry Smith yesterday in the Office Of
Geddes & Smith No. 10 Wall Street the
heir TO the reclIse's millions had gone
Tor the day. Mr.. Geddes who was assoc
ciated with George Smith. was sitting in
the hallway reading a newspaper When
asked about the tax transaction Mr.
Geddes slowly raised his head from the
newspaper and said: There's nothing "a
say here and went on reading
Have YOU heard Mr.. Smith say any
thing as TO how much Of the estate has
zone for inheritance taxes7"
Il make n rule in life never to tell
what Overhear." said Mr.. Geddes
II is known that the British Govern
ment collected s.. OO9. 600 from the estate
Of the eccentric millionaire who lived
on 10 shiilings a day in a West En-
London. club Sir Michael Hicks Beach
the Chancellor OF the EXcheuuer speak
ing OF the affair in the House of Com
mons on March .. said.
This person however unwillingIv. has
contributed TO the exchequer more than
the cost Of an iron-clad'
IL IS stated that the United States
Government has been made s. GOO OOO
richer by the estate. There is special
war tax. framed in 1898. after the out
break OF the war with Spain that ap-
plies TO the tranfer OF estates Under
its provisions where there are no chill
dren OF a brother or sister who come
into possession, and the total value OF
the estate is more than 81. 600 900. the
Government has the right TO collect $3.50
for each 800 Of the clear value Of such
interest
AS there were several other heirs In
this country besides James Henry Smith
the Government will derive profit from
their share Of the estate also. The more
remote the kinship OF the heir the
greuer is the tax-rate under the War
Revenue law.
Naval officers Assigned
Al the request of the Spcrefar, of W.