The New York herald., 1921-05-28
H. c. TRICKS ESTATE
PUTA7 $92,883,766
AS SECURITIES DROP
Residuary Figures Are Cut
to $3O,O0O,O0O by Latest
Estimates of the
Executors.
CHARITIES TO GET LESS
PrincetOn's Bequest Likely
to Be $6,0O0,00O Instead
Of $15,000,0W as EX-
pected at First.
LARGE CLAIMS ARE FILED
Pittsburgh Lawyers Say They
Will Contest to End New
York's Claim of Legal
Residence.
LARGE CLAIMS ARE FILED

In their fight against the contention
that Henry Cay Frick died a resident
OF New York State and as such his
whole estate is taxable here. Henry
G. McEldowney, president of the Union
Trust Company of Pittsburgh and the
other executors of the steel and coke
manufacturers will submitted yester-
day to the Surrogates' Court their own
appraisal of the estate, giving its total
value as s92,8s3,766 This sum, they
say, represents n flair market value"
Of all property, personal and real,
wherever situated"
First estimates put the value OF the
estate at between s140, 100000 and
si50,0o0.0oo. Appraisals made in Penn
sylvania gave s1,2O3156 as the value
of the property in that State. The
present computation is the first au-
thentic valuation yet to be placed on
the entire estate, in all localities. The
figure topped by $500 900 the ap-
praisal of the Register of Wills in
Pittsburgh, and against which they
protested at the time as excessive, but
the executors figures include a $13.-
210,2o9 value of personal property in
Mr.. Frick's New York mansion and
$31S.000 in his estate at Pride's Cross
ing, Mass, which the Pennsylvania
appraisal did not contain.
Against their S92, 900 figure. the
executors show, are claims aggregating
S1o.5oo,000 which they consider justi-
Aed and intend to pay. THIS declaration
further reduces the residuary estate,
leaving In it less than SS0,000.00 out
Of which are yet to be paid the many
millions Of inheritance ard other State
and Federal taxes. Pennsylvania has
already received S2,00o.0o0 and claims
y7.o0o.ooo,
Charitable Requests Reduced.
In view Of the clause In Mr.. Frick' 3
win that his bequests to charities and
institutions are to be paid out OF the
reslduary estate, these institutions are
likely to have their beouests reduced to
the minimum. Princeton University, to
which was bequeathed thirty of the 100
shares into which the residuary estate
was divided. valued at s15.000.000, de-
clded some time ago that Its share
eventually would be only s6.0oooo0. in
view OF the depreciation Of securities.
and now may not get that much.
The executors compiled their figures
from their own knowledge of the value
of the Frick possessions and from adj
vice furnished by expert appraisers. The
figures were submitted to Anthony p.
Ludden. New York state Transfer Tax
Appraiser, as a basis on which he may
proceed as soon as Surrogate Foley de-
cides the question of Mr.. Frick's legal
residence. II he decides New York was
the residence, the State Comptroller can
TAX the entire estate. Otherwise New
York will derive income only from the
taxable Trick realty and personal effects
in New York state.
These are appraised by the executors
al s24,447.3se, but a large portion repre-
sents his gifts to the city, and therefore
,sill not be taxed. These New York
holdings, the executors figures show
represent ss,2so.0 900 in real estate, s1o5.-
1x4 in cash, s5,S53.7ts In securities of
New York corporations and S13,210,209
in personal property in his Fifth avenue
home.
Mr.. Frick's total stock holdings, ac-
cording TO the executors report. were
worth $40. .312, ,Sss; bond holdings. s6.004,579
cash on hand or on deposit. f7o7.2el His
real estate holdings were In nine states,
and on them the executors place total
value OF sls057. $40, including the 80. 80, 600
New York figure.
Charges Against Estate.
Listed among the charges against the
estate are sll, ieS for funeral expenses
sS3S. 500 for administration expenses. and
100000 for counsel fees. while an allow
snce Of s65s.50S Is made for contingent
lie pilities.
Three claims totallng s2.31e.o0o are
made against the estate by the Union
Trust Company of Pittsburgh. To the
First National Bank of New York also,
the executors show. Mr. Frick owed
$4,000 with interest, on a note signed
Juiy 81, 1919, besides si,00o.o0o with
interest under an agreement entered In
october, lois and TO the Guaranty Trust
Company Is owed si.500.000 with inter-
est under an agreement OF May "a. 1918.
There is still due 10 New York city
Sl15,s4s for 1920 taxes. and the Fed
srai Government has a claim for s316.-
7b2 az an unpaid balance of Mr.. Frick' 9
1918 income tax. the executors show.
A claim OF Duveen Bros, art dealers
for S6I,S42 over Wnistier painting ~
contested 10 the extent that the execu-
tors object to paying more than S52,S42.
A balance OF s621.6 In allowed for un-
determined claims.
William j. Naughton, private financial
secretary 10 Mr.. Frick, said In Pitts
burgh yesterday that his testimony be-
fore Appraiser Ludden had been misun-
derstood regarding Mr. Frick's keeping
y COW In his home The home referred
10 was not IN New York but In Pitts
burgh, he said, where a seven acre plot
gave plenty Of room for a garage. stable
and greenhouse. Mr.. Frick's attorneys
In Pittsburgh announced theyawould con-
test 10 the highest court the New York
state Comptroller's claim that New fork
sas his legal residence.