New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-13
CONTROLLER GETS ORDER
FOR HATCH REAPPRA|SAL
Picks Up Heirs Fight Against
Sale Of Big Interest in Firm
of Lord & Taylor.
sHRINKAGE OF IS PER CENT
Executors Defend Disposal of
Stock on Ground That Son
of Testator Was Ruin
ing the Business.

william Sohmer. State Controller. has
obtained an order from Justice Thomas
Doanelly, in the Supreme Court, for a
rsanpraisal of the estate OF Edward p.
Watch president and majority stock
holder OF Lord & Taylor. Since Mr..
uotch's death. in September, 1909. the
croater part Of the common stock Of
7 ord & TAYLOR has been sold by the
,xecutors Of his estate 10 John Claflin,
ond some Of the principal heirs, notably
rsu,ard Hatch. IT., and Miss Corneha
,Io,cb have brought suit against the
.vocptors for an accounting. contending
that the sale Of the stock TO Clafiin vio-
,o,ed the provisions of their fathers will
.ir,o II took place within two years OF
his death and at a price much below the
..,;-,ated value Of the stock set forth
in the will.
NJ Hatch in his will valued the COM
40, STOCK Of Lord & Taylor at 40. Mr..
C1aA,n bought It in the summer Of 1910
-. a. 1r the transfer tax appraisal OF
e.. estate. which was approved by the
e,,.~o-ata September :, 1911, more than a
- of,a- the sale OF the stock, the lat
,,.oe valued at 30. The Controller IN
h,s snplicadon for an order of reap
,,raisal sets forth that your petitioner
=. Informed and believes that such ap-
.-otssl assessment or determination has
been fraudulently, collusiveiy or errohe-
o,,s,v made, among other things In that
,ho shares of the common stock OF inc
as,o~o,ion known as Lord & Taylor were
oonr.,ssd and assessed at an insufhcienI
end grossly inadequate value
,,ha Laws of the state require that al
.,,ool from an appraisal Of An estate
,b.u taxa Mace within two years OF the
order Of the Surrogate approving 'ne az
r-aisaI and assigning the tax JONI! .
Jenkins counsel for the State ControHeF'
obtained the order for reappraisal from
Iustice Donnelly on September o. 1910,
,uo Years lacking a day from the cate OF
the fling OF the original appraisal lie Is
marking time, now that he has the order
mil II becomes convenient TO oesm
hearings in the proceeding.
Justice Donnelly designated PhGhM IN
graham. of No. 165 Broadway 10 TAM
testimony and TO reappraise lat lair
market value" the Hatch properties
NJ 1neraham. who is out OF town at the
n~.sept time. has not yet learned OF MS
designation. Spencer. Ordway q N'eIu
attorneys for the Hatch executors one
~ whom. Samuel H. Ordway, is mem
ber ~ the law firm, had not heard yes
terday OF the proceeding lholhs-'
Rush. transfer tax attorney was equaiy
ignorant OF it, He was OF the OPINION
hat only the Surrogate could sign an
order for reappraisal The Controiier
Office in this city had heard nothing OF It.
Tho suit for an accounting against the
Hatch executors, +. II. Titus, Samuel
u ordwav and Wilson Hatch Tucker
hoe basu before ex-Judge Robert T.
Devo Of No. III Broadway, as referee
for more than a year. Edward HATCH
II. in behalf of himself and other mem
hers OF his family. charges coercion III
The sale Of the Lord & Taylor common
stock 10 John Clahin at 2. +. h. TITUS
one o. the executors. has testified on the
stand that he did not approve the sale
hun Welded TO pressure. He also appears
as plaintiff.
II Is on the strength OF the testimony
IN this suit that the State Controller mas
applied for reappraisal. In an inventory
Of the estate filed early In 1912 the eXecu-
tors charged themselves with &,2SS'sA DO
the largest part consisting OF the testa-
tors interest In Lord & Taylor. The ex-
ecutors defend the sale of>the common
stock 10 Clahin at q on the ground that
principally under the management OF
Edward Hatch. jr., the business OF Lord
& TAYLOR suffered so after the death OF
the father that II became next 70 llnpos-
siple TO borrow money IN Wall street 10