The Providence news. (Providence [R.I.]) 1891-1906, 1902-03-21
BIG DROP IN
4 VALUATION. VA |!
Gsuosf 81 ----a' sa isdi
! Huntington unit !; Estate Now Said 10
Be Worth Only S30,O0C, ,OGG.
FIRST ESTIMATE s7O,0OO,OOO.
Large Amounts Loaned on Personal Notes
Without Security Many Of The Borrow
srs Were Women.
FIRST ESTIMATE s7O,oOo,ooo

New York. March 21.--Final appraise-
ment of the estate of Coils p. Huntington
is delayed because of the discovery OF
a multitude OF debts outstanding. many
OF which will have to be cancelled
In looking over the securities of the
millionaire IL has been founs that he
lent more than s2.0O0OCO in comparatively
small amounts. These were personal
loans. some TO his friends, some TO mere
acquaintance. and some to strangers.
Many of these claims are against wo-
men. In fact II appears that the million
aire was peculiarly susceptible to appli-
cations for loans from his female friends.
Many OF the women were residents of
California. For the most part the claims
Will have TO be cancelled entirely, as the
agents OF the executors have been unable
10 find the debtors. on most OF the loans
the millionaire required no collateral ex-
cept personal notes. and in many cases
these were unindorsed.
Although Mr.. Huntington died In Aug
ust 1900, IL may be six months more
before William Halpin, appraiser for the
state comptroller, can distribute the rail-
roau maBnate : mllhOns,
SCATTERED MONEY LAvIsHLY.
From the character OF the claims which
the executors are now trying to collect
IL appears that during the latter years OF
his life Mr.. Huntington scattered his
money about at random. IL has been i'm
possible I'm many instances even to locate
those against whom the estate holds
claims
IN q atl. tI.. ola
against very prominent men. There will
be no difficulty i'm getting payment on
many of these.
In addition to these personal loans the
executors have found that the million
aire often put his money into wildcat
schemes and into enterprises started by
his friends. many OF which did not go
further than the initial organization.
Investments I'm these wildcat enterprises
Will amount to nearly 100000.
IL is estimated that the estate is now
short about $3.0 900 on account OF loans
and investments that are vslueless.
The final report OF the appraiser will
show "A valuation of about $50 900. 000 a
large shrinkage having occurred because
of the transfer of a lot Of Southern Pacific
stock.
IT was estimated when Coils Huntington
died that he was worth a. least $40, 600, 600
Some months ago, with the consent OF
his heirs, the executors transferred to the
Speyer Syndicate the bulk of Hunting
tons Southern Pacific stock. This trans
fer was made when the stock was quoted
about 40 1t is now sold c.
TRANSFER TAX rs $1,000 600
The transfer tax to be paid TO the state
comptroller when the final appraisement
is made will amount To 81, 900, 900. Already
10000 has been paid by the executors 10
get advantage of rebate for prompt
payment.
Mrs Huntington, to whom is given a
special bequest OF SIG, S00.0 900 I'm trust by
the terms of the will. will have to pay
only one per cent on this amount for the
transfer tax.
The Princess HatZfeldt adopted daugh-
ter OF the millionaire; Archer NJ Hunt
ington, his adopted son, and Henry K.
Huntington his nephew. will have to
pay five per cent on the sums bequeathed
TO them.
There was a long delay before the
Huntington estate was placed i'm the
hands OF an appraiser. This was said
10 have been due To a threatened con-
test by the Princess Hatzfeldt Under
the will she was to receive only 81, 600. 900.
A settlement has been reached. II is said.
by which she will get So, 900 for not
bringing her threatened suit