The New York herald., 1921-02-23

TRICKS PRINCETON
GIFT ONLY 6 MILLION
Bequest, Rated at SIS, 100000,
Reduced by Shrinkage of
Values of Securities.
HARVARD AFFECTED ALSO
Shares if Held Until Market
Receivers Will Be Worth
More, Says Lawyer.
HARVARD AFFECTED ALSO

II was indicated yesterday that the
requests made by the late Henry Z.
Prick to Princeton University and other
institutions may fall considerably be-
low the values at which they were esti-
mated at his death. John o. III. Pitney.
chairman of the finance committee or the
board OF trustees of the university, an
nouneed that the value of the Frick gilt
TO Princeton, a first believed to be about
$15,0O0,000, had deprecated through a
shrinkage in the worth OF securities to
about $6,000.000.
The announcement was made at an
alumni meeting in the course of re-
port on the results of the drive for
money for Princeton. in which so many
of her graduates took part last year, and
OF the general financial condition Of the
university. Mr.. Pitney explained that
the shrinkage in value of many securi-
ties since the end of the war must be
considered in computing Princeton's situ-
alton and then explained how the Frlch
bequest had deprecated in worth.
1t was explained, however, by one
lawyer who has had much to do with
the Frick estate that while at face value
Princeton's share of the estate may ap-
pear to be worth only $4,000, 900. such a
figure is based on what the securities
would bring if thrown upon the market
suddenly to-day. He declared that IL
the shares can be held until the market
RECEIVERS its normal tone the securities
will be worth at least half again as
much as now, and probably even more
than that
The situation OF Princeton in regard
to Mr.. Tricks estate will be shared by
Harvard University the Massachusetts
Institute of Technology. the Educational
Fund Committee of Pittsburg. the Mercy
ha
Lying In Hospital and fourteen Penn
sylvania institutions. Each was named
as a beneficiary.
In the resduary clause of his Will Mr..
Friclz directed that all his estate. after
specific devises and .bequests had been
made, was to be divided into 100 shares,
of which Princeton was to receive thirty,
Harvard, Massachusetts Tech, the Pitts
burg Educational Fund and Mercy Hos
pital ten each and the New York Lying
In Hospital three shares. The fourteen
Pennsylvania institutions were to re-
ceive share apiece and the remaining
thirteen shares were to go to his daugh-
ter, Miss Helen G. Frick, to be disposed
of by her to such charities as she might
think best
When the will was offered for probate
1t was believed that the shares would
come to value of $500, 900 each, but a
snort time a1ter MS QeaLn MS reSiuuary
estate, of n face value of $53,720,272,
was so affected by shrinkages in the
value of some securities that it became
worth only s5o,367.6o3. and this COM
putation did not take into account
changes in value of such securities as
were not listed on stock exchanges, nor
did it allow for transfer and income
taxes.
At Mr.. Frick's death his gross estate
was estimated to be worth about S145,-
100000, and except for $25,000,000 left
to his immediate family and a few
friends. Ne willed all to public purposes,
the two principal arrangements being
for the converting of his home here into
an art gallery and for the establishing
OF n public park in Pittsburg. His
house and pictures are worth about
S5O,000000 and he provided a fund of
$4,000 600 for the upkeep of the GAL
lery and increase in the collection of
pictures, and S2,000,000 more was set
apart as a fund to maintain the Pitts
burg park, which is Isl acres in extent
and, like the art gallery. Is to bear the
name Of its foundsr.