New-York tribune., 1921-05-28
Inventory Cuts
Friclx Estate
By 50 Million
Report Filed by Pitts
burgh Executor for
N. Y. Tax Contest Puts
Value nj $92, 1888. 7b6
Charities Lose 20 Million
Official Appraisal, Made
Shortly After Death, Gave
Total as $l43,OOO,OOO

nehry - McEldowney, president Of
the Union Trust Company, of Pitts
burgh, file d yesterday AN inventory Of
the estab3 Of Henry Clay Frick, steel
klng' OF which he is an executor This
report, TO be used in connection with
the proceeding to determine whether
Mr.. th1ck was a resident of New York
or ennsyIvania, places the estate at
$92,S S3, 766, which Mr.. McEldowney said
was q fair market value" of the real
ate d." ''fel w wherever si'u-
The official appraisal of the estate
m ade in Pittsburgh gave the value at
: I43,000,O0O. This estimate is made up
rom tirst-hand information in possess
SION OF the executors regarding the
affairs Of Mr.. Frick and their knowl-
edge OF the market values of his large
stock holdings, while the figures on his
personal effects are the result of ape
pralsals made by q corps of expert an
praisers employed by the estate. If the
figures presented by Mr. McEldownev
stand up in final analysis of the
trlck fortune, then the residuary estate
tett by the steel man to public institu-
J tons will be greatly reduced. From
I ehe valuation given there will be de-
Quoted the greater part of claims ag-
gregating $10,5OOOO0, most of which
nave been approved by the executors.
$30,000,00O for Charity
1t is possible that, instead of the
S50,000,G0Q that it was expected would
be available for charitable and educa-
| tlonal institutions. there will be less
than $30,000,000. This is exclusive of
the value of the great art collection
which Mr.. Frick left to the people of
the City Of New York, also valued at
several million dollars
Mr. Frick's stock holdings at the
time Of his death in December, 1919,
according to the inventory, had a
market value of S49,312,888 according
cluding Liberty bonds amounting to
$2,057,584 representing all issues, had
value of $6,004,519.
Of the total of his stock holdings
Mr. Frick had shares in corporations
outside of the State of New York
valued at $42,791,572. Some of the
larger groups were Atchison, Topeka
4 Santa Fe Railroad, $6,589, ,695; Che.
cago q Northwestern, S4,400, 1925; Fara-
day Coal & Coke Company, of w est
Virginia, S4,209,58 NorwaIk g. West
ern Railroad, SS,250,793; st. Paul Coal
Company, $3,085624; Union Trust Com
pany of Pittsburgh, S8,640,500; Penn
sylvania Railroad, 81 ,929 .228.
The only eats and dogs" recorded
in the holdings of Mr.. Frck are 1000
shares of the King Edward Silver
Mines Company, whose address and
| state of incorporation are unknown to
the executors who schedule the stock
as 'worthless." His largest holding in
a New York corporation was in the
Cerro de Pasco Copper Corporation, in
which he had shares valued at $4,568,-
150.
Out of the stock holdings in New
York corporations valued at S5,835, ZIG,
certificates representing S4,876,318 are
deposited in New York. The contents
of AiS. Frick's New York residence, at
l East Seventieth Street, corner of
Fifth Avenue, where he kept most of
the art masterpieces he bequeathed to
the people of this city, are appraised
at $13,210 ,209, in the inventory of Mn
McEldowney
House by Floors
The furnishings of the first floor are
scheduled at $12,144,827, divided in
these groups: Paintings and etchings,
S7,070,000; rugs, furniture and hang
ings, S1,574, ,453; bronzes, $1,262,77
limoges and enamels, S926,300; porce-
lains, S926,300, and assorted art OBJ
jects, $613, 700.
The contents of the second floor aue
appraised at S938,678. Of this amount,
$724, $50 represents the value of paint
ings and etchings. The basement and
third floor contents are valued at
$50, ,088 and $9.798, respectively. In his
sitting room Mr.. Frick had personal
property valued at $46,935. The jeweIry
in the New York house was valued at
SO ,083, but the wardrobe of the steel
master was listed at only $500. MIR.
Frick had a summer home at Pride's
Crossing, Mass. The contents of this
place are valued at $318,429
Mr.. Frick owned real estate in nine
different states with a total value of
$18,057,540. Of this amount his Fifth
Avenue property was appraised at S3,-
250,000 and his garage property in
West Fifty-irst Street at $30O00
OF the $10.500,OOO of claims against
the estate, the Union Trust Company
of Pittsburgh holds the largest, three
claims aggregating $2,316000. c. D.
Barney & Co. New York stock
brokers for Mr.. Frick have a claim
for $685. ,101, a balance due on the
decedent's account with the firm The
First National Bank, of New York,
holds Mr., Frick's note for $1,250,000,
dated July 27, 1919, with interest due
from that date, and the same bank has
a claim for 81 100000 due on an agree
ment made in October, 1918. A claim
for $1,500,O00 is held by the Guaranty
Trust Company, under an agreement
made in May, 1918.
Income Tax Balance Due
There is also an unpaid balance of
$316,752 due for Mr.. Frick's 1913
Federal income tax, while the City of
New York has tax bill of $115,848
against the estate for the year 1920.
AT his death Mr. Frick also owed SIS %
to Cushman Son, Inc, for bread and
rolls; $54.40 to McBride's Theater
Ticket Agency, and $24.50 to Brooks
Bros, for umbrellas.
The undetermined claims against the
estate amount to S621,618 and the con-
tingent liabilities to $658,503. There
is a disputed claim by Duveen Rros.
for $67,842 for a portrait of Lady
Meux, by Whistler, for which the
executors have offered $50, ,842.
Seszzzazzzz zs
10