Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1917-09-13
HOW HETTY GREEN
PILED UP WEALTH

New York, Sept 6-New York State has
lost the opportunity Of taxing consider
able amount of Intangible" assets left by
Hetty Green. but it has gained new In
sight into her business methods by testi-
mony supporting Appraiser Compton's de-
cision handed down yesterday.
Mrs. Green was a legal resident OF Bel
lows Falls. the surrogate's court had de-
creed Then came the issue, decided yes
terday, as to whether inheritance taxes
could be placed on holdings of the Wind
ham Realization Company. Inc. and the
Westminster comany, organized to handle
the investments Of Mrs. Green and her
son.
When Col. f. H. r. Green was asked
about business letters he had received
from his mother while she was in Bellows
Falls he said:
COLONEL GREEN TESTIFIES.
~ would send business letters with my
pencil notation on the bottom. and she
would o. X. and send them back: or I
would write for check fer some invest
ment and she would indorse the check
and then say. Eat slow. do not drink
ice water and do not stay up all night.
Love and ksses-Mother.'
At another point Colonel Green testi-
fed:
1.-THE Westminster company, incorpor-
ated in New Jersey In 1911. was formed.
after Mrs. Green's health began to fail,
to relieve her Of care and to enable me
to handle active investments. The Wind
ham Realization Co.. Inc, incorporated in
New York in 1912. was organized for
the purpose of taking over and fore
closing mortgages in default belonging
to Mrs. Green and allied interests. Mrs.
Green was never a stockholder Of record.
She had nothing to do with directing its
affairs"
AS to the richest woman's" investing
preference. her recently married son
stated:
Mrs. Green's business activities con-
sisted in the investing and reinvesting
of her principal and income and the care
and conservation of her investments.
She never speculated or bought to sell.
She was extremely cautious In making
investments, and what she bought she
ordinarily retained. For the most part
she invested in bonds secured by mort
cages or other interest bearing or divi-
dend paying securities.
INVESTED SURPLUS.
Her surplus income sometimes &C.
cumulated faster than permanent invest
ments to her liking were found. At such
times a bank in which she made deposits
made by the bank In the banks name.
They were time loans held by her as In
vestments."
These loans were turned over to the
Westminster company. No such loans were
held by Mrs. Green at the time of her
death. OF the 1850 shares of this company
capitalized at sl25.OOO. Mrs. Green owned
$50 and her son 600. which she had given
him to start In business.
A report on the Windham Realization
company showed it's assets, t749.947 were
exceeded by Its liabilities. $ss7.9o The
deficit was due to shrinkage In value OF
mortgages or real estate.
The State comptroller sought to have Il
declared In the appraisal that Mrs. Green
had capital employed here on whi,h her
| estate 10 taxable. That ofiicial also asked
that Col Green be requested to say how
much money his mother employed in her
business and the amount OF securities held
by the two companies through which she
operated. These requests were denied.
Mrs. Green's intangible properties in thi,
State amounted to little more than g..
100000. A list Of these investments hai
lnnAsA naahlishAA