New-York tribune., 1920-01-16
Collier Estate
Residue Drops
ToOnly $2,l94
Gross Value of $l,6l1,185
Shrinks to $2O2,l94
Net When Debts of Late
Publisher Are Liquidated
Trustees Refuse Legacies
Widow Is to Receive Small
Balance Which Will Gave
to Three Men Friends

A surprising condition with regard
senior member of P. F. Collier & Son
publishers of "Collier's Weekly" who
died November 8, 1918. is shown in the
transfer tax appraisal filed in the Sur.
rogates' Court yesterday. Instead of
leaving residuary estate Of $5,O0O,000
as was believed at the time his will
was filed, Mr.. Golfers residue was
appraised at only $2,194.
Mr.. Collier left gross estate of ST.
611,1S5, while the net estate was listed
as $202,194. This great difference is
accounted for by debts of $1,339,9S9
left by the publisher, which was the
principal item OF reduction from the
gross valuation. Tax, counsel fees
other reductions.
representatives of the estate, in fil-
Ing their schedules In the State Comp
troller's Office, contended that Mr.. Col
lier died ihsolvent to the extent of
$4,000.
Trustees Renounce Legacies
Based on this official report, the
share of Mrs. Sarah Steward, widow,
is only $2,194. In his will Mr.. Collier
left his residuary estate to his friends,
Payne Whitney, Finley Peter Dunno
and Francis P. Garvan, who had been
trustees Of the property since 1914.
These legatees renounced the bequest
in the following letter tc Mrs. Collier:
Much as we regret being placed in q
position in which we might appear to
disregard the wishes of our friend, as
expressed in his will, we feel that we
must nevertheless decline the bequest
of these properties. We feel that the
estate should now. 60 to its natural
ultimate destination, and that we
should, therefore, renounce this be-
guest of the residuary estate in your
favor"
1t was said at the time, in explana-
tion of Mr.. Golfers apparent failure
to make liberal provision for his wife,
that in his lifetime he had given her
his country place, Wickatonk, in New
Jersey, and her father. James ]. Van
Allen, also had we'll provided for her.
While the $2,500,000 par value of Sc
curities held by Mr.. Collier in P. F.
Collier Son were known as bonds
they really we're only shares of stock,
as the interest of z per cent was only
to be paid out of the surplus earn
ings and nothing was ever paid ex-
cept part of the interest in 1912, the
corporations first year. Mr.. Collier
had his firm incorporated following the
death of his father. He took the en-
tire bond issue, 5000 shares of pre-
ferred stock and $1,000 shares of COM
mon stock. The stock holdings of Mr..
Collier were held by Appraiser Lyon
as Of no value.
Appraiser Lyon reported the assets
of the corporation, valued at $780,
365. from which estimate he fixed the
value of Mr.. Golfers bonds at $780,
296. Robert j. Collier owed the cor
poration $257,916. Liabilities were
placed at $1,754,993. The value of the
good will was fixed at $14,957.
The testimony Of Fred Lewis, Sec
retary of the corporation, is Of in
teEest. The report of Appraiser Lyon
states that the book valuation of the
assets was $6,936,061, which included
$2.2O1,798 as good will.
"The item Of good WILL" Mr.. Lewis
testified, "was originally placed on the