The Birmingham age-herald., 1913-08-26
....................................

mated, or at least, was one of the estates
which showed that the wealth of its crea-
tor had been underestimated. Maycr
Grant was presumed to oe worth about
$5,000,000. His estate was found to be
nearly twice that sum. His executors
were bothered for long time over The
exaction of the income tax clause in the
states in which u large amount of the
property accumulated by Mr.. Grant was
held.
But with the exception Of the American
Tobacco company. which was ineof-
porated In New Jersey in 1904. much the
greater part of Mr. Brady's holdings We're
in properties exclusively in New York
state. He is presumed to have had'in con-
temptation Just before his death an eN-
pansion of his business interests, which
would have made him or a company IL
which he was interested one of the great
est carriers over the seas of natural oil.
Justice in Large Payment
If Mr.. Bradys estate is compelled to
pay to the state about $5,0J0,000. there will
seem to be some justice in the exaction
of so large a sum. He did build up very
great properties in New York state prtn-
cipally within the boundaries of New York
city He practically created much of the
trolley service of that part of New York
city which is the borough of the Bronx.
The promotion of this trolley system has
been commonly presumed to have been
the fountain from which Richard Croker
of a sudden and while he was the leader
of Tammany Hall obtained his fortune,
estimated at about s3,000,00O
Mr.. Brady was not the Greater of The
Brooklyn rapid transit system in the
sense that the late Gov. Roswell p. Flow
er was. Both men, however, were able to
foresee the possibilities which were In the
improvement and expansion of this sys-
tenn. Other great ventures in which Mir
Brady had a part and which represent his
skill in picking mp deprecated properties
and then so handling them. so utilizing
the markets and so improving them that
they at last became of great valle, We're
state chartered corporations.
Favors of Legislature
He. therefore, owed no small part Of his
wealth to the kindly raVors of the state
legislators and to the kindly ineorpora-
ton laws of the state OF New York There
can be no doubt that the improvements
in the Brooklyn rapid transit system and
the working out of a great trolley system
in the Bronx borough OF New York city
caused a very great appreciation of real
property of which the city, and indirectly
the people, got the advantage. The people
of New York and the city of New York
as an Incorporated body have received,
directly or indirectly. far greater gains
from the construction and operation Of
the elevated railroads and the subway
systems than have the men who put their
capital into these properties. That is true
undoubtedly of the properties which Mr..
Brady took hold of and developed. AMI
yet he would not have been able to 10
this constructive work unless he had been
able to gain great favors from the state
of New York
Therefore it Is assumed that In paving
to the state an inheritance tax of S5,0oo,eoe
If the official appraisal shows that THIS
current estimate is correct. Mr.. Brady's
estate is simply paying back to the state
OF New York directly part of the great
fortune which came to him through the
favor of the state.