Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1912-09-13
RICHEST ESTATES
Many Persons In New York AS
sessed For Over $50O,0o0.
MILLIONAIRES ON INCREASE.
Latest Tax Books Show Private For
tunes In That City Have Greatly In
creased Since the Previous Tabua.
tions Were Recorded.

With the opening of the new tax
books with assessments for 1912 New
York city officials and wealthy citi-
zens have engaged in what is consid-
cred to be one of the most difficult Of
all municipal problems-that of adjust
ing equitaby the taxes on personal
property. The total amount of the ten
tative personal assessment roll is less
for next year than it was a few years
ago. but the number of citizens as
sessed for from 100000 to $1000,OO0
for their personal possessions is many
times larger than it was even FIVE or
six years ago. Typical Of the growth
of New York is the growth of it's indi-
vadual personal tax bill. Time was
when every one knew the number Of
persons worth $1,000,000 in the city,
when the pictures of those few envi-
able citizens were published in the
newspapers as members of an exclu-
Sive class.
There were three estates assessed of
more than $1,OOO,0OO in 1898 and two
individuals on the list for that sum.
The William III. Vanderbilt estate was
assessed for $S,000,0O0, the John B.
Trevor estate for S3,000,000 and the
Sidney Dillon estate for 81 100000
William Waldorf AStor was assess
ed for 100000 and Louis G.. Hamers-
ley for S1,000,000. In that year Rus
sell Sage was assessed for 100000
worth of personality. On the new
books Mrs. Russell Sage, the widow
of the famous financier, is assessed for
S1O,OO0,OOO, which is the high record
of personal assessments. Estates have
been taken since that date from the
personal lists and entered in separate
class.
At the time of the consolidation OF
the city the tax rolls showed few
great fortunes as compared with the
number now indicated by the taxes.
William Waldorf Astor was assessed
in 1897 for $2,000000, John Jacob AS
tor for $25O,000, J. A. Bostwick $780,
600. Andrew Carnegie $150,000, J. 5.
Cushman S4S7,000 and Henry 2. de
Graf $fOO0,00O. There were twenty
owners Of real estate assessed for
100000 or more, the list being headed
by w. w. Astor with real estate val
ued at $115,000000. Land owned by
the w. III. Vanderbilt estate was as
sessed at $5,O00,OO0, and Rev. Z. A.
Hoffmans name appeared with 3d.
100000 assessment. Land of the Jay
Gould estate was assessed at $2,100,-
al q
of that date were Robert G. Remson
for 81 100000, A. G.. Downing $75O,O0O,
Ogden and Robert Goelet $25O,O00
each. William II. Harbeck S5OO,O0O,
Martha D. Hoagland $625, 900, William
Iveson 100000 and Adrian lselin
100000. John d. Rockefeller was
down then for 100000, and this year
he is asked to pay on $5,0O0O0O per-
sonal assessment. William Rockefel-
Ter was then assessed for 100000 and
now for 100000. Russell Sage's name
was charged with 100000 assess
ment Rockefeller's assessment had
grown to 81 100000 in 1902 and Carne-
gie's to 100000.
The list has grown steadily since,
and the number now assessed for
100000 or. more is regarded as re-
markable in view of all the legislation
on the subject. There are eight per-
sons on the 1912 list with assessments
amounting to $31 100000, which would
equal perhaps fifty of the largest per-
sonal assessments of not many years
ago. But the surprising feature of the
new list is not this staggering wealth
of the few. but the great number who
are assessed for 100000 or even
SSOO,OOO. Each of these assessments
must represent great fortunes, the Off
Gals say. In fact, most of the as
sessments :, 3 more than 100000 I'M
doubtedIy place the taxpayers in the
millionaire class, and Of such there
are pages of names. j. Z. Morgan's
assessment for 1912 is 100000 and Is
still tradition in the department con-
corning one of the worlds chief finan-
ciers' personal assessment. This wall
street power was assessed for S5,OOO-
600. When he appeared to swear Off
the tax he said he owned bank with
$50 100000 capital, about S2O,OO0.OOO or
so worth of real estate, a like amount
of bonds in steamship lines and many
other securities. Under the law each
of these possessions was counted to
offset his personal taxable wealth. His
So. 100000 or S5.000.000 worth of pic
lures, art objects and other treasures
and his residence. worth few more
millions). were almost an offset against
his great debts to the depositors in his
bank Therefore he was not compelled
to pay any assessments.
1t was with the idea of removing
the penalty from wealth that the new
law was passed eXempting trust mort
gage bonds of corporations from the
personal assessments of the munich
paity. All such bonds have been
levied upon by The city heretofore at
the regular tax rate.
RecoIections.