Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1915-12-20
pE1ERSEk'S Will
DIVIDES MILLION
oue.IIalf Merchants Wealth Goes ia
widow and Remaining Half to
hiidren,
stsr DIRECTORS ARE TO MANAGE
ferneration to lie Formed With View
0f Conserving DaFenporter's
Property.

BY the provisions OF the Will OF the
fste Henry f. Petersen. the Davenport
dry goods merchant, flied in district
court Saturday. the vast estate OF the
deceased is 30 be taken over BY a cor
poration organized for this purpose
and ifs affairs conducted by board Of
nine directors.
The deceased directs that one-half Of
the capital stock Of this corporation
anal! 20 to the wife, Clara NJ. Peter
sen. absolutely. The three surviving
ehlren. ArHo l. Petersen, Elsie
Decker and Agnes Speers, are to have
life interest in the proportion Of
one-s.xth each. in the remaining por-
lion Of the corporation.
While The instrument conveys no
idea 1f the value of the estate. the
general impression in e-siness and f.
Hanciai circles is that 1t will run con-
siderable over a million dollars.
The family home on Marquette
street, and ali its contents. are be-
oueathed TO the widow, Clara NJ. Pet
ersen The property west of Marquette
Heights and now occupied as home
stead by the son. Arno l.. Petersen, Ia
bequeathed to this son.
n. u. Petersen, Henry II. True and
J. c. Hall are named executors with
Out bond The motive of the testator
in providing for a corporation to han
die the estate was undoubtedly to con-
serve ii to the best advantage.
. The testator, after disposing of the
homestead TO his widow and the ad-
Joining residence property to his son.
Arno instructs his executors to pro-
coed to organize a corporation for the
purpose of taking over, owning, man
aging and caring for his property.
Sinking Fund Provided For.
It is stipulated that 10 per cent of
the net annual earnings of the cor
poration shall be set aside in sinking
fund. OF this sum $4,000 is always to
be kept on hsnd in cash for improve
Inents aud repairs The balance is to
he retnyested in productive real es-
tate
The testator then directs that one
half Of the capital stock OF the corpor-
alton shall 90 to the wife, absolutely
The three children already mentioned
are to each have a life interest in one
sixth of the remaining estate In each
case after the death of the child, If no
spouse husband or wife, survive, this
1hare shall vest absolutely in their
respective children or issue,
In each case, if these children be
sIrgiyed by a spouse and an issue, then
his share shall go to such spouse,
provided such spouse does not remar-
Ty Upon death or remarriage of the
spouse. the share vests absolutely in
their children or issue.
If any Of the testators children die
survived by a spouse but not by any
issue, one-hali Of such child's share
goes back into the corporation, and the
other one-half goes to the surviving
spouse for life, provided he or she
does not remarry Upon death or re-
marriage il goes back into the corpora
/ ton.
1t Is the wish Of the testator. as
expressed in his viii, that the first
board Of directors of the corporation
shall consist of the wife, Clara NJ.
Petersen, the three children, Arno l..
Petersen, Elsie Decker and Agnes
Speers, the sons-in-law, George E.
Decker and W F. Speers, the brother,
W, D. Petersen and Henry II. True
and J. C. Hall He directs that the last
five named directors shall have one
share of stock each in the corporation.
Provides Against Immediate Wants.
Until such time as the corporation
is formed and ready for business. it is
directed that the wife shall receive
$500 a month out OF the estate and
each Of the three children s16667 each.
After the corporation is formed and
ready for business. the executors are
directed to pay to the widow 81 500 and
10 each Of the three children $500 each.
The above provisions are made
with the evident purpose of providing
the heirs against any possible wants
until such a time as the corporation
snail begin paying dividends.
The original will was dated April 81,
1915 and was witnessed by {. D.
hFuse, H. " Meier and H. Luetie. A
eodicil added five days later explains
mat wherever the testator uses the
world children in his will he means
children by birth and blood and not
by adoption.
The fling OF the will was accom-
panied by a petition for probate and