The Washington herald., 1917-07-13
HOLLAND LETTER
The Biggest Daily
Financial News Feature of
the Country's Best Newspapers.

| AltnouBn tne estimate or the aggre-
gate value of the estate of which Col.
Oliver Hazard Payne died possessed
on June q fixed the amount at 800, 900. =
600, yet there will be no surprise ex-
pressed by those who were familiar
with Col. Payne's career as a busi-
ness man II the final inventory should
| show that the value of the estate is
considerably in excess of a hundred
! millions. He was almost uniformly
successful in his business undertake
ings, especially those of magnitude.
and no small part of his estate reflects
appreciation I'm the market value of
securities which he bought from time
| to time. His yearly income must
have been among the largest received
by any OF the wealthy men in the
United States. and as he was careful
In his personal habits. not given to
| ostentation. the proba bilities are that
he spent a relatively small portion of
the income. His estate, even though
in the final inventory is found to be
not more than sso,OoO.0oO. is approx.
mately the same as the estate left by
Commodore Vanderbilt. It exceeds
the estate left by E. II. Hartman by
at least S,00,0OO and the Jay Gould
estate. as that was at the time of
Gould's death, by at least s1j,OOO, ,OC0.
1t is, however. not so much the
magnitude of this accumulation from
a small beginning as it is the distri-
button of the estate that is command
ed by the will of Col Payne that has
caused some comment. A little over
100000 is to he distributed in the
form of gifts. and there are some
comparatively speaking small be-
quests. One of the largest Is for
81 H.0CO to Lewis Cass Ledyard. who
was for many years not only Col,
Payne's confidential legal advisor, bun
also one of his most intimate personal
| friends.
The residue OF the estate is to be
| received in equal shares by four
nephews and two nieCes. The nInis-
sion of the name of Harry Payne
| Whitney as one of the residuary heirs
has caused the chief comment which
| followed the publication Of the gem
eral statement which set forth the
| terms of CO.. Payne's will Harry
Payne Whitney end Payne Whitney
| are brothers and sons Of the late Will
| lam c. Whitney and his first wife.
who was a sister of Col. Payne. No
more devoted attachment between
| brother and sister would be possible
than that which always was main
\ tained between Col. Payne ana his
sister. Mrs. Whitney. His devotion
was manifested visibly TO every one
who Saw the brother and sister to-
Gether and was often revealed by
gifts to Mrs. Whitney.
Upon one occasion early in the mar
| ried life OF William c. Whitney and
his wife. Mrs. Whitney found upon
her dressing table one birthday morn
ing parcel which. upon opening. dis
closed a certificate for ten thousand
shares of Standard Oil Company's
stock which at that time was of the
| market value of a million and half.
, 1t was birthday present from her
brother. With characteristic gener-
Osity Mrs. Whitney placed this money,
or good part OF II, in the hands oil
her husband and it was with this sub
stantiGl sum that he was able to
begin his somewhat specta cular
career as an organizer of the street
railway and other properties so sue
cessfully that al last he became
recognized as one OF the capitalists Of
New York.
A'iC ANoSoiiS SAloliE lol SUI
missing that Mr. Whitneys second
marriage was not viewed with favor
by Col. Payne. There seemed to have
arisen a division in the family en-
failing sad arrangements and it was
commonly believed that whatever the
cause of the division may have been
II there really was any. Harry Payne
Whitney. who married one of the VAN
derbilt girls. gave his cordial support
to his father, whereas Pane Whitney
was in full sympathy with the atti-
tude which was taken by his uncle,
Col. o. II. Payne. After William c.
Whitney's death it was discovered
that by his will Payne Whitney was
almost unrecognized, whereas his
brother. Harry Payne Whitney was
the chief beneficiary. The surmise
was inevitable that this manner of
writing the will may have reflected
whatever unfortunate dispositions may
have been created in the family by
reason of Mr.. Whitneys second mar
riage.
Col. Payne apparently was not will
ing that a nephew who had been in
full sympathy with him should be
in this manner deprived of his due
share of his fathers estate. There
| fore, according to what should be re-
liable information, Col. Payne called
Payne Whitney aside one day and
turned over to him $50 O0O. 900. thereby
more than making good whatever he
lost by rea son OF the terms of his
fathers will. Now in addition to that
| gift Of Sc. 900 Col. Payne has made
Payne Whitney, with five others. two
of them neices, participants in equal
shares of the residue of the estate
after something like $4,000 has been
| paid in bequests.
Presumably the bequest of one
hundred thousand dollars to Lewis
| Cass Ledyard is in lieu of fees
which Mr.. Ledyard might receive