The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-04-29

large a sum as did the inheritance tax
paid by the late James (Silent) Smith.
The state received a tax upon the
estate received by Mr.. Smith little
is known this is the high record for
inheritance tax, both for New York
state and for any other state.
Mr.. Smith, however, was nephew
of the teStatOr. For that reason the
tax rate was much higher than would
have been the case had he been a son.
Two million dollars is SO great an
amount of money that an agreement
was made between Mr.. Smith, the
treasurer of the state and the state
appraiser to which Theodore Roose-
welt, then governor, was a party that
no publication of the amount of money
paid into the state treasury represent
ing the tax upon the beQuest to Mr..
Smith should be made until after the
legislature had adjourned. Governor
Roosevelt and the state treasurer were
would, if it We're known that so large
q sum had been paid into the treasury
in the form of inheritance tax, begin
to make lavish appropriations.
Five Millions in All.
A rough estimate has been made
that the inheritance tax which the
state of New York will receive from
the estates of John Jacob Astor, Isidor
Straus and Benjamin Guggenheim will
be approximately five million dollars.
estimate, for while some idea of the
value of the estate of John Jacob Astor
has prevailed, nobody knows how
many millions make up the estates of
Mr.. Straus and Mr.. Guggenheim.
The Aston Income
The yearly income received by John
Jacob Astor has now for many years
been greatly in excess of his yearly
expenditures. Colonel Astor's friends
have been accustomed to say that the
great hotels in which he invested a
portion of his wealth were paid for out
presumed that whenever he made ad-
ditional investment in real properties he
did that with income, rarely, if ever,
cutting into the principal for that pur-
pose. Colonel Astor was an exceed
ingly shrewd investor in real proper
ties, and he had a gift for protecting
his properties against encroachment.
Some Is years ago a great office build
ing was erected in the financial dis
trict on a plot of ground adjoining that
upon which building owned by Colonel
Astor stood The owners of the office
building put upon the top greatly pro-
iecting caves. They extended some 10
~ 70 feet over Mr.. Astor's property
he insisted that they encroached upon
l,is own easements and the owners of
the building were inclined to smile at
This statement, saying, in reply, that
their building was so much loftier than
Mr.. Astor's that the law of easements
certainly did not reach their caves.
Colonel Astor said no more, at least
10 the owners of this building, but he
was speedily in consultation with archi-
tects They prepared for him plans for
an office building on top of the building
he owned which would reach several
stories nearer the sky than the roof
of the great office building. Not until
these plans were filed for approval with
the building department of New York
citv did the owners of the office build
inc suspect Colonel Astors strategy.
CONSERVATION prevailed amng them, for
If colonel Astor built the lofty build
ing called for by the plan he would
completely cut off the light and air
from two sides of this Office building.
greatly impairing the renting capacity
of the offices. Then the white flag of
truce was displayed. A compromise was
agreed to and Colonel Astor was graft
fed when he saw the projecting caves
removed.
The Burden of Great Wealth.
Colonel Astors friends say that if he
could have had his choice he would
have preferred to amasS fortune by
his own efforts rather than to re-
ceive one by Inheritance. Many times
he felt the burden and the serious dis