The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-06
WILL.0F F. H. PEAVEY
Liberal Bequests Are Made to Rela-
tives and Associates.
BoYHooD FRIEND REMEMBERED
His Son and sons-in-Law Will Com
tinue the Business-Ltberalit
EnjOined.

| UnQer the Will OF the late FRANK n
Peavey, his immense elevator and grair
business will be continued by the sur
viylng partners, who are his son. George
| w. Peavey, and his sonsin-law, Frank
T. Heffelfnger and Frederick B. Wells
! They are also to be the executors OF the
big estate, to serve without bond ano
| will not be required to make any reports
| The estate is valued at $2,35O,000, al
| though this figure is deemed extremely
conservative outside of the S1,35O,OO IN
life insurance. Special requests are
made to the Immediate members OF his
| family and to many old friends. Nc
special provisions are made for his sons
| in-law, but it is provided that they shall
become entitled to large share of the
business, which Mr.. Peavey believed tc
be greater than any requests he could
make. .... ..
He says in his will:
Gifts for Charity.
I had intended to make various gifts to
| charitable and benevolent institutions but dc
not deem this wise thing to do SO long as
the bonds executed by the various elevator
| companies in which l hold controlling in
terest remain unpaid. The great majority
Of these will, however, mature on or before
the year 1905 and after their payment l de-
sire my children to make liberal gifts from
time to time as they may prosper to such
their judgment merit their aid.
Personal Requests.
Mary Dibble Peavey, the widow, re-
ceives 1000. with 100000 life insur-
ance money. Aside from this she is to
have placed in trust with the Illinois Trust
company 100000, from which she is to
country home, Highcroft, with $4,000
annually to keep it up, and after her
death it is to go to her son, George w.
Peavey, who is to keep the place open,
but If he does not desire to do so, then
the sons-in-law, If they desire to keep 1t
open. ...
The three children, Lucia Louise Hef-
felfnger, Mary Drew Wells and George
w. Peavey are given $200,00 in trust,
from which they receive the income.
Mary D. Peavey, mother, living in
Sioux City, 633 shares of bank stock and
$500 per month for the rest of her life.
Louie D. Clelland Chicago, sister, $751;
900 cash and $4,000 in trust
Catherine Jordan Peavey, daughter-in-
law, $4,000 in trust.
James F. Peavey. Chicago, all notes
cancelled, $4,000 in cash. and $4,000 In
elevator stock. c. l.. Wright, Sioux City,
10000; J. j. P. Odell, Chicago, $4,000;
B. H. Wordsworth, $4,000; Charles F.
Deaver, $4,000; o. B. Jaquith, Omaha,
$4,000; Rev. Marion D. Shutter, S., 900; Eu-
gene Nj. Stevens, So, 900; N. Peterson, Lyons,
Neb.s $1,000; L: L. Powers, Grangeville,
La, $1,000 for his son; Judge ]. D. Spring
er Chicago, note of $4,000 cancelled
Daniel Drew, an uncle, $100 a month for
life. a.
For bearing the name of his grandfather
the baby Frank Peavey Heffelfinger re-
oeives $4,000, which is to be in cash OF
stocks as the parents prefer John T.
Brewer of Chicago, who showed Mr.
Peavey kindness in his boyhood, is CIV
en- $1,000. All the employees Of the Peavey
companies who have been in the service
at least three years, are to receive one
months additional pay.
A codicil revokes the bequest to Charles
T. Peavey and 5000 is given in trust tc
Lena Peavey. d. .s.>.t,z s..- -!!r-
Annunties Provided For.
The executors are to pay $500 per month
to Elizabeth Peavey of Sioux City, ar
aunt, $75 per month to a cousin, Mary
Peavey Harris, Of St.. LOUIS, Mo-. $50 pei
month to Warren Hathaway 5of DALLAS
Maine; $500 per month to Daniel Drew O.
LIE Mars, Iowa, an uncle; $3.50 to his ole
nurse, Sarah Thompson Simpson, Of East
port, Maine, and like sum to her daugh
ter Annie. ,......
The funds created are to be held in trus
by the Illinois Trust and Savings Bank O.
Chicago and the Northern Trust company
Of Chicago, which are to invest them a:
they deem wise. The incomes are to bt
paid to the devisees and in case OF deatl
Of any Of them without surviving issue
the fund, is to become%a part of the residu
airy estate. All controversies regarding
the management Of the estate are to b.
submitted to one Of the trust companie!
named in the will. -
Disposition Of Insurance.
The insurance money is to pay all debts
/. and the unsecured obligations of tn
|. Peavey, the Interior, the Republic, tn
/ Monarch, the Duluth, the Omaha and tn
/! Midland Elevator companies, the Peave.
! Grain company and the Peavey Duluth
Terminal in all of which Mr.. Peavey helt
controlling: Interest.
It is particularly demanded of the sur
viying eopartners of the firm of F. H
Peavey & Co., who are his son and tw'
| sons-ir-law, that they do not relinquisl
| control in any of the companies. If it i
advisable to sell. they are admonished t,
| sell all out entirely, or only so much a
| will leave them still in control. They ar
urged to be; kind and patient with the o.
employees, to remember them when tn
! become incapacitated for work. and to Civ
| their children the preference in film
! places. - - ft-,4,s 1855
Inc WISH Is cApicSS6u ludL SlOCk tDG SOL
! at book value to Alexander Stewart, A
L. Searle and w. H. ;McWilliams in sucl
| an amount as will secure their active co
| operation and support, and that stock b.
| sold to James Petit of Chicago unde
' similar terms.
! The right to repurchase the stock Is re
| taineds as has always been Mr.. Peavey
J custom, because it avoids the. scatterin
! of stock to outsiders. He adds that i
! should be- the aim also to interest tn
| other secretaries or managers.
| " LiberaIity Enjoined.
| The will continues: -rs. ..
! My estate is sufficiently large so you cal
| afford TO he liberal and broad minded il
dealing with your executive men and by 9
acting you will find the burden of wealt
lighter and pleasanter and the net result
better and you will have the satisfaction
of knowing that you have helped those VIII
have helped you.
The desire is expressed that Benjami
H. WooGworth and Charles F. Deavel
! ''both of irreproachable character and in
| tegrity," be taken into the firm as part
! ners. On the organization of the cor
poration five years hence to them is t
be sold a liberal interest SO that in tim
j it will make them independent
The trust funds created are to be place
within three years and the estate is to pa
! five per cent interest on the money unit
it is turned over to the trust companie!
If the corporation cannot be formed, tn
executors are directed OF transfer to eac
of the children as much Of the propert
as does not exceed the sum of $500, 900.
| BEzOIER is CHOSEN