The New York herald., 1920-01-16
Debts and Administration EX-
penses Almost Wipe Out For
tune Put at S5,OOO,O0O.
LAWYERS FEES
TOTAL $4,000
Pittance Remaining Goes to the Pub
lisher's Widow as the ReSidu-
airy Legatee.

Indebtedness, administration expenses
and lawyers fees practically have wiped
out the estate OF Robert J. Collier. head
of the publishing house of p. F. Collier &
Son, which publishes Golfers Weekly and
other periodicals, leaving for his widow.
Mrs. Sarah Steward Collier. as residuary
legatee. the sum Of s2,1e4, instead of S.-
OOo. 900, as was estimated after his death,
on November S, 1918.
Mr.. Collier died in this city the day
after his arrival from France. II was then
thought he had left a substantial for
tune, which reverted TO his widow. when
Finley Peter Dunno, Payne Whitney and
Francis p. Garvan, friends OF the pub
Usher and residuary legatees under his
will, renounced rights in favor Of Mrs.
Collier.
An appraisal Of Mr.. Golfers estate, filed
in the Surrogates' Court yesterday =
showed that its gross value amounted TO
81 Gil 1856. against which was charged 81 ,S39.
9S9 for debts. administration expenses and
counsel fees of 800. This left the net
estate at $202,19i, from which bequests oi
$4,000 to George c. Kennedy and $4,000
10 Frank II. Rice, officers in the pub
fishing house. are 70 be paid.
Insolvency Contention Raised.
That Mr. Collier died insolvent TO the
extent of $4,000 was asserted by repre-
sentatives of the estate when the schedules
were filed in the State Controllers office
for appraisal. There was a divergence
Of opinion between the representatives and
the appraiser. John j. Lyons, over bonds
of the par value OF .2.500.000 in +. +.
Collier & Son, the former contending they
were worth s1,236,372 and the appraiser
$1.509.2 .296.
When the three friends OF Mr. Collier
served formal notice upon Mrs. Collier OF
their intention 10 renounce IN her favor
! they sent her q communication whtnl
reads -
Much as we regret being placed in the
position in which We might appear to dis
regard the wishes Of our friend. as ex-
pressed in his will. we feel that We must
nevertheless. decline the oequest OF these
properties We feel that the estate should
now go to its ultimate destination, and
that we should, therefore, renouncc this
bequest Of the residuary estate in your
favor"
At that time Il was said Mr.. Collier failed
TO make moro goneraus provision for his
wife because she had received from him
during his lifetime his country place,
wickatonk. In New Jersey, and for the
further reason that she was Independently
wealthy through her father, James j.
Van Allen.
.(;ood VIII, Put at s2,2Ot,7os.
Going oyer the books Of the publishing
corporation. Mr.. Lyons found there was
recorded n valuation OF s6.93s.06i for all
Of tho assets This included S2,201,79s
as good will" but was frankly admitted
by Fred Lewis. secretary OF the corpo-
L
ration, as an Initiation
.arbe item OF good will was originally
placed on the books as a method to pro-
vide for an income for the former pro-
nrietor of the business, and represents
merely an initiation" said Mr.. Lewis. ut
should never have been placed on the
books"
while the securities of the corporation
vere described as bonds. the appraisal re-
yeaIs they we're really shares OF stock. as
seven per cent interest was 10 be paid out
from surplus earnings only and this was
done but once, in 1872 the iirst year or the
cornoration. After the death OF his father
in 1907. Mr.. Collier conducted the business
as be inherited IL until 1912. when IL was
,ncorporated. He took the entire stock is
sue r5.o00 shares OF common and $500
shares OF preferred. The latter holdings
were appraised as being Of no value.
Mr.. Lyons stated that in fixing the value
Of the bonds al 81, 500, ,2s6 he did so upon the
assumption that the assets OF the corpor-
alton were worth 2,Sl 800. Included In this
was a debt OF Mr. Collier TO the amount of
s957. .9I6. Liabilities were Si.75i,993 and the
net worth 81 1874, $780, The good will was
fixed az s1l.e57, instead OF the. millions re-
corded on the books.
The report also shows that Mr.. Collier
pledged $4,000 OF tho bonds TO secure an