New-York tribune., 1909-01-07
G.. I. YERkES'S ESTATE
MAY BE INS0LVENT
DEPRECIATION IN TALUE
OF PERSONAL PROPERTY.
Fifth Acenue Property Brings
SI33, ,OOO Under Talue-City Nay
Get Art Collection.


not when the final accounting is made, be worth
the varied estimates Of from $15,O0O.0OO TO SO
OOOG0O but probably Will show value OF only
S.}OO0OC-} or S4OGOUUO There are large claims
against the estate. one. at least. reaching
S1.ttOOCO and when settlement is made by
Louis :, OvsIey. OF Chicago. the Terkes ex-
ecutor. it may become necessary to dispose ot
all the real estate holdings ON the value or
these and the money thus realized will possibly
depend the soivency Of the Yerkes estate. which.
because of the character Of securities held BY
the traction man. has deprecated several million
dollars
There was a further depreciation OF about
S1:ci COO Yesterday when the building containing
the famous Yerkes art gallery. adjoining the
dwelling at Fifth avenue and 6Sth street occu-
pied by the late capitalist. was sold at auction
under foreclosure proceedings to syndicate OF
spectators for .S217O1O. The Mutual Life In
s,rance COMPANY. mortgagee sold the property
because of the payment Of $1,000 interest
The Tribune can also state authoritativeiy
that the great hospital provided for In the Will
of Mr Yerkes. at a cost Of SStoOtn. Will never
be erected. The S7OO00OO or $S,ooNo that
was to be set aside as endowment fund IL
not available and surely will not be when All
the indebtedness of the estate is met Ine
Yerkes hospital planned by the Ouilder OF
the London underground traction system. was
received by the city Of New York 1t was to
h., buiIt in The Bronx. As for the art gallery.
with its works by TrovOn. Ger6me and other
celebrated painters its priceless tapestries, the
collection in all valued at several million dol
lars and which is in the building sold yester-
dav it is possible that 1T will yet be saved tor
the public for whose enjoyment Mr. ferkes m
tended the art treasures should be exhioited on
the death Of Mrs Yerkes. or her renunctation
toLro na latter
action. and soon the Corporation Counsefs Of
ece viii begin proceedings to obtain the art
gallery for the people.
SHRINKAGE IN PERSONAL HOLDINGS.
It was in the personal holdings Of Charles T.
Yerkas that the estate suffered the shrinkase
that might ernbarrass il when the accounts are
all made up. These holdings consist largely OF
securities Of traction concerns in which Mr.
Yerkes was actively interested Some Of these
enterprises have undergone vicissitudes In the
last few years that have robbed their securities
of much of their value. There IS a large block
of stock in the Chicago traction system a pet
] scheme of the dead promoter. which mas under-
/ gone a recefvership, There is another block OF
Consolidated traction securities of the same clty
that have not in the last three years added ma
tariaIIv To the YeTkes fortune Perhaps th7
r,rgest amounts in the personal estate Of Mr.
London underground road which had not been
,or,r1ated when Mr. Yerkes died The liabilities
Of This road have compelled the imposition of an
ozssser,snt ON the stock. Mr.. Yerkes deposited
much of this stock collateral for loans IN
making his will in London in January l9'7 MT
yar.es either overestimated his own fortune or
rrarad too great confidence IN the vaiue anu
stability Of his interests. One OF the heavy
holders or the London underground stock as col
IL
snevar & Co. which firm it is said. is a creditor
e = nno oon of the estate. Another large
creditor it is understood. is the Central Trust
,,ornnanv. ON the death of Mr.. Terkes the
directors Of the Underground Electric Railways
Company elected Edgar Speyer. Of the London
bouse of the Speyers chairman OF the company
I'm succession to Mr. Yerkes-
There has apparently been popular miscon-
caption about the disposition by Mr. ferkes m
his will Of his art collection He did not be-
oueatb it 10 the city Of New York He gave a
life enjoyment Of the property and gallery to
his wife and named the Central Trust Company
as trustee in the event Of Mrs Terkes's death
o- REIMBURSEMENT of her rights, and charged u
in either of these contingencies to or'anizs ths
Yerkes Galleries Corporation. the members 10
ba four members OF the Metropolitan Museum
of Art and the Mayor Of New York city, Ine
Mot Of ground and the building were included
yPS YERKES RELTNQUISHES CLAIMS
Mrs yerkes has relinquished all her claims
under the will except her dover rights The at
,or,avs for the Yerkes estate Will soon petition
the court in this city for ancillary letters. when
the creditors viii file their claims against ina
estate The Corporation Counsel viii tnen ask
tbe Sunreme court To appoint trustee in plscs
~ the Central Trust Company. on the ground
that the latter has refused to exercise us luhc-
ticn under the will
.1tborgb Mrs Yerkes is protected in her
dover rights in her lifetime in the real estate.
The other heirs. in case Of deficiency in ths
estate when all the debts are met will not CONS
inro their legacies Being party to the mort
gage on the art gallery premises. Mrs 4erkss
has no claim on that property
Among the Yerkes Iegatees was his son.
Charles T. Yerkes of Evanston, H. TO whom
was left S2OlON0 absolutely and the right TO
diSrose OF S300UNO of the estate at his death
Mr. Yarkes provided similarly for his daughter
lI-s Bessie l.. R0ndinella. OF Philadelphia He
baoueathed also S10o00o for the maintenance OF
the Yerkes Observatory. at Lake Geneva, Wis
REALTY SPECTATORS CAUGHT MAPPING
The Yerkes art gallery property. No. $50 Fifth
avenue. is now for sale. at $4ootoo- The syn-
dictate comprising Henry Morgentnau. Max
Marx Andrew J. Connick and Martin d Fink.
which bought the premises yesterday for S3ft.-
54gp Al a foreclosure sale held BY Bryan l. Ken
naIIv at the Real Estate Exchange Salesrooms
in yesev street. announced Immediately after
| the sale that it had no intention of improving
| the site and ready % receive offers for the
| property a member of the syndicate added;
| IF we hold the property year the price then
| will be $450Ooo'
According to conservati appraisers the site.
ln -