The Indianapolis times., 1931-08-31
RELATIVES AND
FRIENDS SHARE
HUGE FORTUNE
Schools, Hospitals Given
Millions Under Will
of FinanCier.
WIDOWS SUM LARGEST
Security Rise Since 1927
Increases Wealth by
$45, ,306, ,372.
Bg United Press

BB United Press
NEW YORK, Aug. 31.-The late
Payne Whitney, noted as widely for
his magnificent sporting ventures
as for his wealth, left an estate
which, upon it's distribution. had
reached more than 5000, 100000, ac-
cording to a complete accounting
filed today.
The rise in market price of secur-
tiles from 1927 when Whitney died,
until its distribution to the heirs,
during the three succeeding years,
brought the gross value of his es-
tate to $239, 9,301, OFT, an increase of
$45, ,306,372 while it was in the hands
Of the executors, Lewis Cass Led
yard, Lewis Cass Ledyard Jr., and
the United States Trust Company
of New York.
Legacies were paid as follows:
Mrs. Helen Hay Whitney, the Wild
ow, $811,28215 in tangible personal
property; Finley Peter Dunno, Eu-
gene Hale and Samuel A. Clark,
personal friends, $5OO,000 each;
Harry Payne Whitney, brother. who
died in 1880, SAL 900; Katherine B.
Barnes, cousin, 100000; Frank S.
Rollins and Elmer d. Gault, $4,000
each, and others unnamed, $780,
64107.
Largest in Courts History
The executors paid $63,1O2, ,816 to
trustees for Mrs. Helen Hay WhiNJ
ney; $31, ,55l ,408 to trustees for Joan
Whitney Payson; $31 ,551 ,408 to trus-
tees for John Hay Whitney, and
$3,286,605 to Charles S. Payson.
The following institutions received
legacies: New York hospital, $21,-
69l ,593; New York public library,
1920, ,531; Cornell university. $685.
COS; Yale university, 1926, COS; Mas
sau hospital, $675, ,321; Groton school,
$1,314,642, and to trustees for charit-
able and education purposes, $780,
236,766.
The estate was the largest on rec
ord in this surrogates court, ex-
ceeding by nearly hundred million
dollars that of Mrs. Anna M. Hark-
ness, previously the largest.
Estate and transfer of $17,364,-
01269, the highest on record, were
paid to New York state. The fed
eral taxes totaled $4,390,013.32, while
the state of Maine received $685.
886.14 and the state of Ohio $685.
376.42.
Father Founded Estate
William G. Whitney, the testator's
father, who founded the estate, was
reported to have made money faster
than any other man of his time, ex-
cept John d. Rockefeller and An
drew Carnegie. He was an organizer
of corporations and the greatest
New York traction magnate. He
was one Of the greatest land own
ers in the east, and was heavily in
terested in oil, railroad and steel
companies.
The Payne Whitney estate con-
sisted mainly Of his share of the
estate of his father, which in
creased steadily under his careful
management since the elder Whit
neys death in 1908. To it were add
ed substantial legacies from Payne
Whitney's uncle, Colonel Oliver H.
Payne and other relatives.
Payne Whitney was even richer
during his lifetime, since he had a
large iucome from trust fund es-
tablished by Colonel Payne Whit
ney estimated at between $4,000, =
600 and $SO,OO0OOO.
Increased Since Death
The tremendous increase in the
value Of the estate between the time
of Whitney's death in 1927 and May
81, 1929, when it was distributed,
was due mostly to the enhanced
value of the stocks, which made up
a large part of the estate. Since
the stock market crash the value
of these stocks has decreased
greatly.
In stocks the largest item was a
block of $4,000 shares of Northern
Finance Corporation stock, ap-
praised at $124, ,196,097.
The executors sold large blocks of
stock of the Standard Oil Company
of New York, the r. j. Reynolds To-
bacco Company, Liggett & Meyers
Tobacco Company. Nash Motors
Company, Guaranty Trust Compa-
ny, Corn Products Refining Com
pany and Vanadium Corporation.