Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-09-28

CALLAHAN WAS WORTH s1o,oto,ooo
Owned Stock in Hawkeye Insurance
Company, Several Des Moines
Banks, Mexican Iron Mountain, Des
Mones Real Estate and Land All
Over Iowa.
Special to r,mes-Republican.

Special to Times Republican.
Des Moines, Sept. 28.-The state OF
Iowa will, within the next year, re-
.ceive a considerable addition % It's
revenues in one lump sum. The ilher-
itance tax on the Callahan estate. will
be a big thing, in fact the biggest thlns
of the kind that ever came to the
state.
The state q Is per cent of the
property desc nded. The estate OF the
late James callahan. whose funeral
occurs tomorrow, has been estimated al
$4,000, 900 II it should be found 10
reach that sum the state or iowa
would get a half million. Others say
the estate will not go above $5,OOO,OOO,
in which case a quarter million would
be pumped into the state treasury.
1t is known that Mr.. Callahan had
upwards of sSO0,000 in govern ment
bonds. He has real estate holdings In
the city that are worth nearly a mill
lion. He owns real estate all over
the state, chiefly farm property, Ill OF
which has advanced enormouslJ in
value in recent years. He had put
million dollars into a mining venture
in Mexico, and it Is there yet. He was
a one fourth owner OF the Hav'keye
Insurance Company, of which he was
president and one of the founders. The
company was capitalized with $4,000,
and has paid half million in divi-
dends and has nearly million surplus
He was heavy stockholder in three
or four Of the big banks of the CRY. SO
there is doubt of his having real
wealth. He had no encumbrances so
far as known.
I AS Mr.. Callahan had no direct heirs
every part Of his vast estate IL. sllbject
to the collateral inheritance tax, save
that which he has given to charity.
The estate will be divided largely be-
tween a number of nephews nd
neices. Some interest is shown r
the probable manner in which n. "a
Callahan sought to evade the collateral
inheritance tax. 1t is known he was
opposed to it and that he made a spec
ial study of 1t. One lawyer was con-
suited by him on a scheme by which
he was to leave notes payable to his
collateral heirs at his death, so that
this would not be regarded as IN in
heritance. He was averse to paying
taxes any more than seemed absoi utely
necessary. He lived on an 80-acre
wooded tract in the city. When he
bought it and erected his home there
it was just outside the corporatio a. He
lived there many years, and his stock
and securities were assessed by a
country assessor while he did bus mess
in the city. Then the city grew around
him and took him in. His home stead
place is virtually an unexplored region
within the city and few Des Moines
people know anything about it. The
magnificent oak trees are just a., ma
ture left them.
The investment of Mr.. Callahan in
Mexico was the purchase of the fa-
nous Durango mountain of iron. He
spent million dollars developing that
property. Some time it will be very
-yaluable. But it has never yet been a
money making enterprise.
go
It is regarded as certain tina. the
Home for the Aged in this city will
get a considerable bequest. Mr.. Gala
han and Abraham Simmer CAV. the
foundation for the fund for that nsti-
tuition. He was always greatly inter-
ested in it. He would give for any
charity that related to old DE ople; !;
nothing for children or orphans He
gave much for education of ctlored
people in the south. His wife diel two
years ago, and she had given large
sum to Tuskegee institute and other
similar institutions. Mr.. Callahan was
criticised for insisting on the court
scaling down her bequests because she
gave away more than the law would
allow. 1t was hinted that he should
not have raised a technical question.
But he stated that the institution
would not lose, and he would leave
sums for them at his death 1t is
therefore regarded as certain that
Tuskegee and Fisk will get sums of
money. He was also interested I the
Methodist hospital and that institution
was probably remembered. He had
founded Callahan college,. for girls,
many years ago, and that institution
versity. Mr.. Callahan has never done
for Drake and 1t is re gard
ed as possible that he may have left
that university something in his will.
But no matter how much Mr.. CAL
lahan gave to charity or how h., has
fixed his legacies to the numerous
nephews and nieces, all of whom live
elsewhere, the state Of Iowa will claim
a considerable share of the estate, and
in the course of year or two will
collect the tax. 1t ought to be- the
largest single collection under the in
heritance tax law ever made. The in
terests of the state will be carefully
looked after by Treasurer Of State Gill
beytson.
TREASURER WILL COLLECT.
State Expects to Get Half Million