The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-09-28
MORGAN LEFT MORE
THAN $1OO,000,000
The Estate Pays $2,5OO,OOO
Preliminary Tax on
S65,OOO,OO0.
$50, 1000, 900 IN ART WORKS
May Escape Levy on the Good
Will in Firm Of ]. P.
Morgan l. Co.
B5O,OOO,OOO IN ART WORKS

The late Y. Pierpont Morgan left ar
estate Of more than 100000, 900. This
was disclosed yesterday. when Carter
Lsdyard 4 Miiburn. attorneys for the
executors. sent . check for e:.500.0oo te
ment Of the preliminary transfer tar.
The executors had to make the pro.
liminary payment before Wednesday be-
cause tho six months period following
the death Of Mr.. Morgan within which
the executors could get per cent. rebate
BY = preliminary payment expires
September 30.
The payment Of t2.b0o.oeo represents
q tax Of from / to I per cont. on prop
erty worth about ess.o00.o0o. Il waa
isarnsti yesterday that the Morgan art
collections are not included in assets OF
the estate on which the tax was paid. nor
IL the value OF Mr.. Morgan's good will in
]. p Morgan & Co included. II repre-
sents tangible property exclusively. and
consists chiefly Of securities. the value
Of which could be determined without the
necessity OF making an appraisal OF the
estate.
Art Worth 95O,OOO,OOO.
MIR. Morgan's art collections have been
valued at $50. 10000 and they were in.
sured recently for $2s.00o,O 600. The value
of the art objects alone will bring the
total estate above 500. .000. 900. while IL
10 believed that the appraisal OF the good
will of J. r. Morgan 4 Co. will be ftxed
Ln. H..
lntimated. there Is a partnership agree
ment providing for the continuance OF
the good will with the surviving part
ners. The courts have held that In such
a case no value passes 10 tho estate OF
tho deceased partner. and for this reason
the good will cannot be taxed.
Now that the preliminary payment has
been made and the estate has won q de-
duction of $4,000 from the tax because
Of the 5 per cent. rebate II is understood
that no application will DO made In the
Hurrogate's Court for the appointment Of
an appraiser until after J. Pierpont Nor
gan's return from Europe. and until he
has decided as to the disposition Of all
the works Of art left to him by his father.
BY the terms OF the bill introduced In
the Legislature, which was passed later
and was signed by the Governor. the
Morgan art collection IL exempt from tax
II II Is left for the benefit Of the pub
lie.
It was learned yesterday that the ex-
ecutors have delayed asking for the ap.
pointment OF an appraiser for the eetato
because they desired to have the question
Of whether the art collection Is to be
taxed disposed Of before the work Of de-
termining the value Of the estate be-
gan. Mr.. Morgan has stated that he
would announce his plans az to tho art
collection this fall.
Mope Ronds Than Realty.
The 100000 Of assets on which the
preliminary tax Of t2.50o.oOo was paid. In
cludes Mr. Morgan's real estate. but his
holdings were not extensive. and Il will
bs found when the appraisal In made pub
iic that the value Of the securities In tho
Morgan estate exceeds the stock and bond
holdings In the Col. John Jacob Astor and
Il. II. Hartman eststsA which have set
the high mark up to the present time.
The bulk OF the $2.600.000 tax is paid
on the bequssta to J. Pierpont Morgan
and his three sisters. Mrs. william p.
A0miltou WTb. A1oTUoTt !" oaItcTico anu
Miss Anne Morgan. The highest rate Of
tax, per cont. 10 not effective unless
the beQuest Is more than Sl.s0o.0OO. The
son and three daughters get 100000
each. and more than half Of this total
OF Sl2.00O.000 10 taxed At I per cent.
and the rest at from to 8 per cent
The bulk Of the rssiduary bequest to the
Son 10 taxed at 4 per cent. but the re-
mainder OF the tlG6e5.0O0. constituting
the twenty direct bsQussts In the will IL
taxed at less than per cent
No details concerning the payment Of
the preliminary tax could be learned yes
tsrday either at the office Of J. +. Nor
gan = Co. or Carter. Ledyard 4 Milburn.
Lewis Cas- Lsdyard. Jr, who has had
charge Of the payment. WAS not at the
office. and none Of the Morgan executors
was In The city. At the Morgan offices
nothing was kaqrP except that the tax
had been paid. -
The estate upon which the $500 900