Edwin Hawley Left Only $5,283,287.93
Railroad Man’s Estate Shrinks Under Appraisal from First Estimate of $60 Million
Hawley Owed Millions
It was estimated at the time of his death on 1 February, 1912, that the estate of Edwin Hawley, one of the leading railroad men of the country, would total $60 million. According to the report of the appraisal of his property filed yesterday in the Transfer Office of the Surrogate’s Court by Deputy State Controller, Wallace S. Fraser, Mr. Hawley’s gross estate amounted to only $9,292,917.88 and from this was deducted $4,009,629.98 for debts, administration expenses, taxes in other States, and commissions. This brought his net estate to $5,283,287.93, or about one twelfth of the value placed upon it by his acquaintances. Of this amount only $433,100 was realty. Deputy Controller Fraser computed the amount due to the State as inheritance tax as $175,454.94.
Mr. Hawley’s real estate holdings included his residence at 19 East 60th Street, valued at $105,000, of which the land is worth $85,000 and the house $20,000, and four other pieces of property situated in this city and at Babylon, Long Island. His personalty consisted of railroad stocks and bonds. At the time of his death he was a member of the firm Hawley & Davis, stock brokers, doing business at 25 Broad Street. His interest in this firm, however, is quoted as of no value. The business was conducted almost exclusively for the purpose of attending to his stock transactions. It is now in the process of liquidation, and will be wound up within the year. For this reason the good will of the firm is considered of no value. His other interests are stocks and bonds in railroad and traction companies, in many of which he was a Director.
The Chesapeake & Ohio Railroad held Mr. Hawley’s largest investment. This railroad was known as the Hawley road. His interest in it totaled $3,079,618, including an amount due to the estate of $747,515. He held 38,449 shares of the common stock, worth $2,806,960, and 27 of the 4-1/3% convertible bonds, worth $25,143. His largest interest in other companies where he was an officer include 300 bonds of the Great Western Power Company, $180,000; 150 shares Guaranty Trust Company; $120,600; 12,850 shares Interborough Metropolitan, $192,000; 12,600 shares Iowa Central common, $100,800, and 2,700 shares preferred, $54,000, 11,166 shares of Minneapolis & St Paul common, $111,666, and 6,436 shares of preferred, $225,260; 26,300 shares of Missouri, Kansas & Texas common, $526,000; 5,000 shares of Reading common, $750,000; 21,250 shares United States Lighting and Heating Company; 300 shares of the Toledo, St. Louis & Western preferred, $90,000, and 2,350 shares of common, $18,800; 12,500 shares of the Western Pacific, $75,000 and 100 bonds of the United States Realty and Improvement Company, $70,000.
The furniture, paintings, works of art, horses, automobiles, etc, belonging to the estate were appraised by Michael J. Garvin, who had charge of the report, at $107,755. Among Mr. Hawley’s paintings is one of Lady Fullerton by Raeburn, valued at $10,000; one by Diaz, valued at $7,500; one of an Arab by Schreyer, valued at $7,500, and another by the same artist, valued at $5,000, and two by L’Heimitt, valued at $6,000 each. His library is valued at $2,250. On his property at Babylon, which is valued at $125,000, are four cows and two calves, appraised at $100, a cider press valued at $5 and donkey worth $150.
The following amounts comprise for the most part the deductions from the estate as debts:
- Hayden, Stone & Co, $380,027
- Crews, Lichtenstadt & Co, $826,384
- National City Bank, $1,442,997
- Kuhn, Loeb & Co, $131,125
- William Solomon & Co, $202,304
- United States Mortgage & Trust Co, $125,000
An affidavit accompanying the report showed that $50,000 had been paid to Miss Emma C. Cameron, who was known as Mr. Hawley’s niece and housekeeper, and the amount included in the list of Mr. Hawley’s debts. Miss Cameron, the affidavit discloses is really Miss Emma C Sturgess, of Babylon, Long Island. After Mr. Hawley’s death she was in possession of his country home, and she refused to surrender it until the check was cashed, which Mr Hawley had given her some time before his death was cashed. She had declared that this was not a legacy, and that she had not previously cashed the check for the reason that had been in no need of money.
Mr. Hawley was a bachelor and died intestate. He had made a will before his death, but had not signed it, as he did not realize his uncertain condition of health. His estate was divided among his sisters, brothers, nephews and niece. Samuel Hawley, Charles Hawley, and William Hawley, his brothers, and Nellie H. Seymour and Annie Hawley Ogden, his sisters, who reside in Chatham, New York, received $1,056,657.59 each and Walter S Crandell and Fred H. Crandell, his nephews, who live in this city, and Mary Crandell Page, his niece of Chatham, received $352,219 each. His nephews and niece are children of Mary H Crandell, a deceased sister. Charles Hawley died shortly before his brother’s death, and his share reverts to his heirs.
Fred H Crandell was disinherited by his uncle in the unsigned will because of family litigation, but as Mr. hawley died intestate, Crandell became entitled to a share in the estate.
~The New York Times, 28 July 1912