The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-10-15
Business to Be Conducted on
a Profit Sharing
System.
ESTATE NEAR %3O.OW.oO
MANY Thousands Go to Charity
-S1OO. 900 to Adj
vance Art.


was filed for probate yesterday afternoon
BY John l.. Cadwalader. gives his entire
art collection valued at between $4,000
o00 and $4,000 900. TO the Metropolitan
Museum of Art. subject to compliance
with certain conditions named in the
will and his entire interest IN the cor
poration of y. Altman 4 Co. and the site
Of his store to The Altman Foundation,
under which the business II to he con-
Quoted chiefly for the beneft OF the en-
ployees and proft sharing system es-
tablished
While the estate is estimated at be-
tween s25.ooo.Ooo aud $50. 900 900 Mr..
Altman's beauests to his relatives amount
to only $500. 900. and he provides that
u any heir r-at-law contests the will the
share OF such person is TO fall into the
residuary estate.
Mr.. Altman directed that such income
from the stock left TO the Altman Founda-
tion as is not needed for the business
may be distributed annually in the discre-
ton OF the directors.
Many Of Mr.. Altman's intimate as
sociates and employees in his business re-
ceived large beQuests Of stock in the
' Altman company and others received cash
bequests. The chief legatee is Michael
/ Friedsam. now Nice-president of the Ait
man company. who gets the residuary
! estate. and under the will Is to succeed
Mr. Altman as president Of the corpora
| ton.
900 to Advance Art.
Mi Altman left 100000 TO the Ma
| tipnal academy Of Design for the b.ne-
At. encouragement and advancement
of art in the United States. the same to
be kept AZ separate fund, the income
thereof TO be used as follows: For the
best figure or genre painting By an
American born artist. a first annual prize
Of $1,000 and a second annual prize
of $500: for the best landscape painting
by an american born artist, first an
nual prize OF sl,0oo. and a second an
nual prize OF $500 she awards to he
made from time to time by the MEM
bers of the academy or constituted in
such manner as shall he in accordance
with the custom of the academy
Other public beauests were 500, 0O0 10
Mount Sinai Hospital SJ0,0O0 to the
Educational Alliance, the income of
which is - be devoted to such depart
ments of the work as the directors may
determine and s2''ooo each to St Luke
= Hospital German Hospital New York
Eye and Far Inhrmary ana the Lincoln
Hospital and Home in The Bronx for the
general purposes of the institutions. He
gave $50. 900 to the Mutual Benefit AS
sociation Of the Employees of B. Altman
K Co.
Mr. al,m.ns will was sx.cu,ed on
v,, ,o,. and in n coa;c,l oxecn, .d
Inn. +, ,,s, h. incrsosed ,sw -, ,hs
,an,,ss,. and n,ods other chances n.ces.
sary beca,s. of the fact that the Altman
Foundation. which is to conduct the busi.
: ness of Altman a. 90. was established
| after the will was drawn. Mr.. Altman
named as executors his friends Michael
rrieds,m Dr R,rnard Sachs. Georc. n.
: Road and Edwin ! Steiner
The frs, beou.st is the testator's burial
Mot in salem Fields Cemetery to his
niece. Lulu Fleischman Ieymann. for
life. with the direction that no interments
shall be made there except OF himself
Mrs. Heymann and her son and the
testator's niece. Eta Fleschman Fried
and nephew. William Fleschman. lie
gives $50 900 for the erection of monu-
inents over 'he graves Vi MS ia'he'
mother. himself and other members ol
his fami'y pur'ea there ana 'or the care
; Of the burial plot. Upon her death II
goes 10 Temple Efnahu'Ei'
Furutture TO Niece.
,r,, nil, oi,,.s oil IN. household fu,pi,
,,r. chin. y,asswars housekeeninp ar
it,. ,u,or n,,,o and n,ated u,are and
..,- ',a ,,.r.,noi .r.o,. On NJ,
uo,,nonn and IN. executors are 70 settl,
~, o,,..,,ors n. IN which articles ar,
Included In ,bi. beouest The income Of
.ooo ooo 10 ,.t, IN Nrs uevm.pp IN,
life and upon her death the Iunu goes u