New-York tribune., 1900-12-09
VANDERBILT TAX FIXED.
PERSONAL ESTATE OF CORNELIUS VAL
UED AT S52. 100000.
REALTY WORTH S2O.oOo.OOo ACCORDING TO
THE AGREEMENT REACHED BY
APPRAISERS

7, was announced yesterday by Gilbert D. B Has
brouck the legal representative OF the State Con-
trouer IN the appraisal OF the estate OF the late
Cornelius Vanderbilt. that he had reached
agreement with Anderson g. Anderson the legal
representatives OF the executors OF the estate that
the personally of the should be appraised
So 500 The real estate left by 1dr. Vanderbilt
was appraised al s2OOO0.ooo His entire estate,
therefore. IL 70 be computed at s72.5000O0.
The long delay in the appraisal OF the personally
~ Mr Vanderbilt's estate. Mr.. Hasbrouek said yes
terday. due 10 differences between the legal
representatives 20 the value 10 be placed upon
some of the securities Charles ID. O'Connell. who
appointed the appraiser for the State,
thought all the securities should be appraised at
the amount they could have been sold for al the
time Of Mr.. Vanderblts death, and proposed 20
take the stock market quotations Of the stocks
that time the basis for appraisal The ex-
ecutors took the ground that IL all the securities
had been offered for sale Immediately after the
death Of Mr.. Vanderbilt they would have
brought the price Indicated by the ruling market
quotations The representatives OF the executors
wished 10 have the appraiser take the average
selling price of stocks which had huctuated con-
siderably in the six months following Mr.. Wander
hilts death. the end Of the negotiations Il was
agreed take the quoted valuations Of the stocks
a a time within a few months Of that date.
The agreement reached between the legal repre-
Eentatives II said yesterday. was not binding
upon the appraiser for the State but Mr.. O'Connen
announced that he had nearly completed his report
and would file It with the Surrogate in few days.
il said. TOO. by one OF the lawyers that the
appraiser would accept the terms OF the agreement
IN order thst there should be no contest.
ALFREI MUST PAY THE TAX.
The personally Of the estate alone paws TO the
State OF NeW-York and 10 the United States the
transfer tax, sometimes called the inheritance tax
All the tax comes out OF the residuary estate
which. when the personally is appraised at s525oo-
90. amounts TO S445o0OO0 That IS the share Of
Alfred Gwynne Vanderbilt by the terms OF Mr..
Vanderbilt's will. but Alfred has agreed pay
s6ec0Oo0 his brother. Cornelius who receives only
S5O0.0 600 under the will Other members OF the
family who are beneiciaries under the win Mrs
Vanderbilt who receives 50 O000 600 and annual
income OF s25OOOO; Mrs. Harry Payne whitney, who
receives IS. 10000; Reginald Vanderbilt who gets
s'.5eo0oo, and Gladys Vanderbilt. who is receive
sD5O.0O. While the transfer tax Is be paid
upon the entire $50 500 900 Of the personally none
the tax comes out OF the various legacies. but all
comes out OF the residuary estate that goes 10
Alfred
The transfer tax collected by the State Of New
York viii amount 20 about $4,000 The tax is !
per cent on legacies 10 the sons and daughters OF
Mr Vanderbilt. reckoned upon the amount OF the
personality they receive Legacies 10 those who are
not blood relations are taxed al a higher rate.
The tax 10 be collected by the United States VIII
amount 10 about Nl7O.OOO. II viii be levied at the
rate OF - per cent upon most OF the personality,
direct heirs amount 10 more than s. Ooocoo The
6T tSs T3ited statcs sn6raser ~ Ie bf Sd 5T
the authorities IN Washington that an estate can
not be divided under the terms OF Will until the
United States transfer tax has been paid.
About s50OO0O OF the transfer tax TO the State
paid by the executors OF Mr.. Nanderbilr's estate
within six months after Mr.. Nanderbilt's death. IN
order that the rebate OF per OF the might
sonsiity is made the estate will have only small
additional amount 10 pay 10 the State. The amount
Of tax due the State which in dispute while
the appraisal was delayed approXimates less than
the United States tax has been paid
CoLER's FEES GIVE CARE AND EXPENSE.
F. Y. W. Rossiter and William X Vanderbilt
both declined say anything yesterday about the
satisfactory adjustment OF the difficulty the
sppraisement Of the estate Of Cornelius Van
derbilt. Senator Chauncey n. Depew out OF
the city. Those who in a position 10 know
say that the settlement is eminently satisfactory
work The estate diversified In the char
OF the property beqUeathed that there
justment and satisfactory appraisal OF values.
Controller COler, at his home. No. "a Hancock
ST, Brooklyn. TOLD Tribune reporter last evening
thar the State inheritance tax the estate OF
that his own fee for its collection would be about
s5.e and not S52.0eo. reported yesterday.
The Controller added that he had been and was
in favor of abolishlng the fees OF his ONCE.
$50 00 without any fees and be responsible only
for his acts than 10 serve he does now and
he responsible for every OF the employees under
him. Under the present system, however, fees
essential protect the Controller against per-
s0nal loss The Controller said he had spent 10000
OF his pocket hghting the 'Brien &
Clark and other claims, as he could not have done
that without fees. The Controller concluded by
In the face.