MANY CHARITABLE BEQUESTS
Sisters Receive Incomes from Trust Funds of $75,000 and Sisters-in-Law from $25,000
Benjamin Guggenheim left a net estate of $2,639,597 when he was lost on the Titanic on April 15, 1912, according to the appraisal of the estate filed in the office of the State Controller yesterday by Transfer Tax Appraiser Joseph W. Spencer. The gross estate is given at $3,551,994, but there were debts aggregating $775,299, commissions to executors and trustees amounting to $106,899 and administration expenses of $30,000, all of which were deducted from the total.
Mrs. Florette Guggenheim, the widow, receives $785,199, of which $50,000 is in cash and the remainder consists of one-third of the residuary estate. The remainder of the residue is divided in three equal shares for the benefit of the daughters, Miss Benita R., 19 years old, Miss Margerite S., 16 years and Miss Barbara H., 12 years. The income from the daughters' shares is to be paid to the widow for the maintenance and education of the children till they are twenty-one years old respectively. When they are twenty-five years old each is to receive one-half of the principal of her share and the income for life from each remaining half, held in trust. The valuation of the Appraiser for each girl under this arrangement, because of the differences in their ages is given as follows: Benita R., $442,451; Margerite S., $444,396; and Barbara H. $446,512.
Mr. Guggenheim's sisters, Mrs. Rose Loeb Goldsmith and Mrs. Cora Rothschild, and a niece, Nettie Gerstle, each receive the income for life from trust funds of $75,000, while the decedent's sisters-in-law, Mrs. Fannie S. Nathan and Mrs. Angeline Gross, each receives the income for life from trusts of $25,000.
There were bequests of $10,000 to each of the following institutions: The Manhattan Trade School for Girls, the United Hebrew Charities, the Hebrew Technical Institute, Mount Sinai Hospital, and the Emanu-El Sisterhood of Personal Service. There were bequests of $5,000 to each of the following: The Educational Alliance, the United Relief Workers of the Society for Ethical Culture, the Hebrew Benevolent and Orphan Asylum Society, the Montefiore Home, the New York Association for Improving the Condition of the Poor, the Charity Organization Society, the Home for Aged and Infirm Hebrews, the Home for Colored Orphans, the St. John's Guild Floating Hospital, the Home for Friendless Girls, the New York Society for the Prevention of Cruelty to Children, the New York Society for the Suppression of Vice, and the Union Home and School for Soldiers' and Sailors' Orphans.
The grouped assets are given as: Realty interest of $7,673 in 192½ to 200 Greene Street, the full valuation of which property is $225,000; cash deposits of $341,866, of which $114,196 was on deposit with M. Guggenheim's Sons, and $218,305 was on deposit with H. Content & Co.; life insurance, $25,000; due on notes, $177,291, and stocks and bonds aggregating an appraised valuation of $2,999,291.
Under the grouped items of stocks and bonds it is shown that Mr. Guggenheim took an active interest in the stock of the International Steam Pump Company, now undergoing reorganization. His holdings of the common stock of that concern, 61,007 shares, receives an appraised valuation of $1,783,844, while his 3,000 shares of the preferred stock of the company gets a valuation of $245,000.
Then, too, the report shows that there was $590,648 worth of the common stock of the concern pledged as collateral for loans, as follows: With the National Park Bank, 10,500 shares; with the National Bank of Commerce, 6,000 shares; with Hirsch, Lilienthal & Co., 2,700 shares; with Seligsberg & Co., 1,000 shares. It is also shown that 2,000 shares of the preferred stock is pledged with the National Park Bank, and 1,000 shares of the same stock is pledged with the National Bank of Commerce.
The loans for which these stocks were pledged are given under the heading of debts, as follows: National Park Bank, $300,000; the National Bank of Commerce, $150,000; Hirsch, Lilienthal & Co., $46,687, and Seligsberg & Co., $27,577.
Other debts, enumerated as "put back" contracts made to purchase stocks on May 31, 1912, are given as $81,400, due to J. & W. Seligman; $[?],300, due to Haligarten & Co., and $33,000 due to Post & Flagg. There is also the sum of $44,000 given as due to Jules Porges on a "put back" contract to purchase on March 17, 1913, 2,000 shares of the International Steam Pump Company, at $30 a share, while $45,750 is recorded as due to Speyer & Co. on a similar contract to purchase a like amount of the same stock on May 31, 1913. There is a sum of $5,535 recorded as due to Content & Co. on an account guaranteed by the testator in behalf of Willis Farrington.
The report shows, too, that $1,000 was paid to the artist, Alphonse Jongers, in settlement of a claim for painting two portraits of the testator. The record shows that the estate held notes of the artist for an aggregate of $2,145.
The testator's interest in the Bungalow Island Club was sold for $75, the counsel fees are estimated at $30,000 in settling up the estate, and there is no appraisal of the residence, at 15 East Seventy-second Street, which was owned by the widow, who leased it in 1910 for a period of six years, the report shows.
There is no mention in the report of Mme. Amy Lurati of San Remo, Italy, who has filed a claim in the Surrogates Court against the estate, alleging that Mr. Guggenheim had promised her a yearly allowance of $7,500 for life.
Other stockholdings in the report included 6,050 shares of the Bunker Hill and Sullivan Mining and Concentrating Company of Oregon, appraised at $151,250; 3,009 shares of the New River Colleries preferred stock, $120,360, and 600 shares of the Electric Boat Company, $15,000. There are a number of stocks given as nominal or worthless---3,009 shares of the New River Colieries common, 860 shares of the Kayton Taxicab and Garage Company, 811 shares of the Newton Gas and Electric Company, 1,786 shares of the Philadelphia Smelting and Refining Company of Colorado, and 50,040 shares of the Justice Mining Company, Incorporated, of Colorado.