The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-28
OWNED $9,OOO,OOO;
ONLY$t77,662LEFT
Tax Appraisal Shows Late w.
X. II. Martin Gave Property
to Trustees to Pay Debts.
DEFICIT ON REAL ESTATE
Nothing Received by the Es-
tate From the Rogers Peet
Co. for Good Will.

The appraisal Of the estate OF William
II. II. Martin. who was member Of the
firm Of Rogers Peet Company. and owned
the Marbridge and Martin buildings, the
Martinique Hotel and the Trowmart Inn,
was filed yesterday by Appraiser John
j. Lyons. Mr. Martin died January 30.
1912. The report shows that although
Mr.. Martin owned real estate and per-
sonal property worth nearly $4,000, 900
his debts were so great that the APP
praiser fixed the estate subject to tax
at only si77.s62.
OF this amount $4,000 was the net
value OF real estate which was not sub
ject to an agreement by which the bulk
Of the realty holdings was assigned to
trustees to aid in paying of debts. The
net personal estate amounted to S141.-
e62. made up of se3.i5s life insurance.
! stocks and bonds. personal effects. art
works and furniture worth s25,O00 and
S27.02s as the amount due for profits Of
Rogers Peet Company. less $4,000 drawn
/ on an open account. Under the will MIR.
Martin gave the $4,000 personal effects
and life interest ia $4,000 to his
widow. Elizabeth B. Martin. All the
rest of the estate went to his son. Lucius
/ Trowbridge Martin. Mr.. Martin had the
income of a trust fund of sl5O.000 left
by his father, John T. Martin. and on
his death the principal OF this fund went
to his widow and son.
Trnnsferred IN Trustees
The report shows that on December
20. 1911. about month before he died
Mr.. Martins estate was so involved
and claims of creditors were 20 press
ing that he transferred the bulk of his
holdings to Alfred r.. Marling. Robert
Thorne and George Leask as trustees.
who were to pay all debts and out of the
remainder of the income give Mrs. Mar
tin $l,333 month. The trustees also
took over Mr.. Martins interest in
Rogers Peet Company. and on April IS,
1912. released the frm from all liability
for claims Of the estate on the payment
Of $3O.O2s.
The estate received nothing from
Rogers Peet Company for good will or
capital invested, because under the CO.
partnership agreement the deceased
members received nothing for their in
terest In good will. Mr.. Martins capi-
tai had been withdrawn years before
his death. The partnership agreement.
dated December 22, 1908. which ex-
pired February 20. 1912. stated that the
members were Martin. Frank r. Cham.
bers. Edwin Trowbridge Hall. Patrick
+. Griffin and Frank :. Turnbull. All
members except Martin were 10 draw
81 1000 year. but at the end of each
year Griffin was to get $4,000 additional.
l.t.l. Of 1s "A
per cent. each to Martin. Griffin and
Turnbull: IS per cent to Chambers. and
% per cent to Hall. No profits could
be drawn by members without the
consent OF each other. except that Mar
tins share was to he determined as
soon as possible.
The debts. which were to be- paid by
the trustees out of the property trans
ferred to them, included the following (:
Rogers Pect Company, 1926, ijg; Astor
Trust Company, 100000. Garfield Ma
tional Bank. 100000: Charles +. Wills,
Inc. $+76.s7s W. q j. sloane, $36,Ss5 (;
II. J. Hardenbergh. 100000.
Important Holdings.
\ memorandum filed with the ap-
praiser by Harris & Towne. counsel for
the estate. stated that II the appraiser
lldu tSlliIif'tu tHt estate III
with the usual rule of the office. listing
all the assets and then deducting all
debts. the method Of appraisal would
have rendered the estate bankrup, and
wiped out even the net estate shown.
The appraiser called for statement
OF the value OF the property transferred
in the trust agreement. which was as
follows:
Property. Appraisal. Mortgages.
Martinique Hotel. .sa.1e4s2O 81 400. O0O
Marbridge Building. 100000 1850. 600
Martin Building. l,si7b.i 1876, ,0OO
Trowmart inn......, 1880 5000
.7-Si h. ed street. 1886 $4,000
The total value of the real estate
in $S.637.441, and the deductions were
$S,245,O0o The personal property
transferred amounted to $339.f27, and
there were general deductions OF 3l,293,.
$50. showing "A deficit of s5Gl.42I in
the value of all the property covered
by the trust agreement.
\ balance sheet OF the trust property
dated December 81. 1872, "a year after
Mr.. Martins death. which was prepa red
by accountants, estimated the property
in the trust at $l3,352.l7s. OF which
t6,260,65+ was the value of the Mar
bridge building, f.361,926 the value Of
the Martinique Hotel, and 81, ,66i ,3OS the
value OF the Martin Building Mr.. Mar
tin had real estate in Greenwich. Conn,
worth S3l6,290 His collection of Afri-
can horns in the Martinique Hotel IL
appraised at $3,06S,