Evening capital and Maryland gazette., 1917-09-06
HETTY GREEN'S
RULES OF LIFE
Don't Write Letters, Advised Slow
Eating, No Ice Water, and
Early To Bed
NEVER LENT MONEY ON CALL
Nor Bought Stocks for Speculation
Son Tells IT. Only 81, 2,347,57
OF Her Estate Taxable.

never bought securities for specula-
ton and never lent money on call in
Wall street or anywhere else. accord
ing to the testimony Of her son.
Colonel Edward H. r. Green. fled in
the transfer tax report of the ap-
praisaI Of the small part OF Mrs
Green's estate subject to tax in New
York State Appraiser George Bro
kaw Compton finds that the only
property subject TO tax, as result
Of the decision Of the courts that Mrs
Green was a resident of Vermont. ag
gregated $2,247,571 OF this sum ST.
! 875.967 was the value of investments
in mortgages on New York corpora
tions and -37l ,603 is the appraised
value OF property disposed OF un-
| der Mrs. Green's will which came
from her rather, Edward Mott Robin
son.
Mrs. Green's will gave all the prop
erty passing under her fathers will
to her son, Edward II. r. Green, con-
| sisting of IA Broad street, $205,O00,
| mortgage on the National Democratic
Club and interest, $127, ,22S, and
mortgage of the Far Rockaway Sc
| curities Company and interest, S34-
| SIS. She gave $3.50 ,4S3, or half her
residuary New York estate, to her
son, and the other half to her daugh-
| ter, Mrs. Sylvia Green Wilks, tc be
held in trust for ten years, and then
| given to her daughter outright.
The report also reveals testimony
| by Colonel Green that the only letters
he ever received from his mother con-
| cerning business matters were an
30. X" written on letters he had
sent her. with the following sugges-
tions: Eat slow; don't drink ice
water; keep out OF draught, and
dent stay up all night"
John b. Gleason, of counsel for
State Controller Travis, summoned
| Colonel Green to testify on August 3
last, thereby interrupting Colonel
Green's honeymoon, for the purpose
of attempting to show that holding
companies formed to facilitate Mrs.
| Green's business matters held a
large amount of property which would
be taxable in New York if the prop
erty were held by Mrs. Green direct
ly These companies were the West
Minister Company, a New Jersey cor
poration capitalized at $125,000, and
formed in 1911, and the Windham
Realization Company, $4,000 capi-
tai, organized in 1912. In Colonel
Green's testimony he said:
my mothers business consisted OF
investing and reinvesting her princi-
pal and income and the care and con-
servation of her investments For
the most part she invested in bonds
secured by mortgages, and other in
terest-bearing and dividend-paying
| securities. She never speculated or
bought to sell. She exercised ex-
treme care in making her invest
ments, and what she bought she or
dinarily retained.
Her surplus income sometimes ac-
cumulated faster than investments to
her liking were found. At such times
banks in which her money was de-
posted would transfer to her loans
on collateral made in the bank
name, but such loans were always
time loans and held by her as an in
vestment She never loaned money
on call or in the street. She did not
deal with the public or hold herself
out to the public as having money
| to lend"
! Colonel Green testified that after
| the formation of the Westminster
| Company loans on collateral held by
| her were turned over to the corpora
tion, and at the time of her death she
had no such loans. The Windham
| Company was formed to take over
and foreclose mortgages belonging
to her, and at the time of her death
the assets OF the company were
| $749,9 ,947, and the liabilities $SS7,906.
The excess of the liabilities, show
| ing one of the few instances in which
Mrs. Green ever lost money, was
| due to the depreciation in the value
of real estate acquired by fore
| closure
| Colonel Green testified that his
mother held four bank accounts at
| the time of her death, but on objec-
/ tions by his counsel-he was not re-
quired to state the amounts or the
/ banks in which the accounts were
kept. He was also relieved from tell
ing anything of the assets OF the
Westminster Company, his counsel
| contending that the law was clear
that, since the corporation did no
business in New York, it did not act
as Mrs. Green's agent, and its prop
erty was not subject to a tax here, al
. though she owned $50 OF the 1850
shares of stock. and her son, who is
President. has GOO shares which she
gave him to start in business.
Upon Colonel Green's testimony
counsel for the State Controller ask
ed Appraiser Compton to rule that
Mrs. Green had capital employed in
New York State through the medium
of the corporations which was tax
able and to require the executor TO
furnish statement showing all the
bank deposits and the assets of the
two corporations. Appraiser Comp
ton denied the request ION the ground
that the decedent did not have capital
in the State of New York so invested
that it would be taxable under the in
heritance tax law statutes.".
Brilliant Alice Brady in story full
s