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ESTATE OF T.F. RYAN PUT AT $135,164,110


Continued from Page One. 

closing price or of the last previous transaction, in the case of listed stocks, and on the basis of bid prices in the case of those traded over the counter. 

In other words, there is an indicated shrinkage of $58,635,052 in stocks which at the time of Mr. Ryan's death had an appraised value of $87,084,728. Whether the same ratio of depreciation would apply to other holdings, the value of which cannot be fixed with any degree of accuracy on the basis of available quotations, can only be conjectured. 

Largest Holdings in Tobacco. 

Aside from holdings of stock and debentures in the North Virginia Corporation, a holding corporation for securities of which Mr. Ryan held all the stock and debentures, his largest security holdings were in tobacco, of which his R. J. Reynolds Tobacco Company holdings were the largest, and in banks and railroads. The largest blocks in the latter groups were in Guaranty Trust Company and Chicago and Eastern Illinois Railway Company, the latter of which is understood to have been sold since his death. In North Virginia Corporation, Mr. Ryan held $39,997,500 in common stock and $5,500,000 in debentures treated as preferred stock. 

In New York real estate, a valuation of $1,750,000 was put on his property at 858 Fifth Avenue and 3 East Sixty-seventh Street. The largest bank account was one of $806,785 in the Guaranty Trust Company. 

Funeral expenses included $81,400 for a mausoleum, of which the estate paid half. Attorney's fees of $250,000 to Kieffer and Woodward and $100,000 to Root, Clark, Buckner and Ballantine, plus estimated fees of $1,400,000, were allowed. The principal debts were $1,693,220 to Jesup and Lamont and $2,284,291 to Drysdale & Co., both for loans to Mr. Ryan. 

The bulk of the estate went to members of the family, and the only charitable bequests under Mr. Ryan's will were listed as $50,000 to the Fathers of the Blessed Sacrament, Lexington Avenue and Seventy-sixth Street, and oil paintings at his Virginia home to the University of Virginia, as well as $60,000 to the University of Virginia to set up a trust fund for the Thomas Fortune Ryan Scholarship. The latter bequest was given in the will only as a sum sufficient to produce a net income of $3,000 a year. The Fathers of the Blessed Sacrament objected to the amount given to them on the ground that Mr. Ryan had promised them $12,000 a year. In January, 1931, they withdrew their objection, and an agreement was made to give them $250,000. No mention of this was made in the appraisal. 

A total of $421,821 given by Mr. Ryan to relatives and others during the two years preceding his death was not included in the taxable estate, because in giving these sums he was following a custom of twenty years. The list, however, showed that despite the strained relations with his son, Allan A. Ryan, which moved him to leave to his son only shirt studs valued at $14,150, Mr. Ryan had given him $38,484 in the two years before Mr. Ryan's death.

Under Mr. Ryan's will, several members of the family were to receive during the period of settlement of the estate allowances similar to those they had received during his life. 

Residuary Estate $134,101,214.

After the payment of specific legacies and bequests totaling $1,062,896, Mr. Ryan's residuary estate amounted to $134,101,214. This was divided in fifty-four parts and distributed among the family. Mrs. Mary T. Ryan, widow, receives $37,823 allowance, $184,778 in specific bequests and a life estate in $20,800,269. Clendenin J. Ryan, son, besides his executors' allowance of $150,000, receives $11,500 allowance, $43,100 specific bequests and life estate in $29,800,269. John Barry Ryan, son, receives $2,100 allowance, $6,000 specific bequests and life estate in $29,800,269. The trust funds pass later to the later generations. 

Grandchildren received the following amounts: Joseph J. Ryan Jr., $2,275 and temporary life estate until 30 in $6,208,389; William K. Ryan Jr., $2,333 and temporary estate in $1,438,926; Thomas F. Ryan 3d, same; Joseph B. Ryan, temporary estate in $4,138,926; Allan A. Ryan Jr., temporary estate in $3,311,141; Elinor M. Ryan, $2,275 and temporary estate in $6,208,389; Theodore S. Ryan, temporary estate in $3,311,141; Edward Barry Ryan, same; Mrs. Miriam F. Herbert, $3,500 and temporary estate in same; Sarah T. Ryan, $5,495 and temporary estate in same, and Peter Fortune Ryan, $1,750 and temporary estate in same. The principal of these temporary estates passes to the grandchildren when they reach the age of 30.

Two daughters-in-law, Mrs. Caroline S. Ryan and Mrs. Nina M. Ryan, receive respectively, $14,933 and $24,500. William C. Potter, in addition to $150,000 set as executor's commission, receives $500. Helen M. Seely, Mr. Ryan's secretary, receives $5,000 and $200,000 in trust. Herbert H. Vreeland, associate in business, receives $50,000, and Frank J. Merkling, another business associate, $10,000. Twenty other employees and servants receive a total of $28,500 in amounts varying from $500 to $5,000.

Children of Clendenin J. Ryan and John Barry Ryan have a remainder interest in the trust funds left to these two sons. 

Jewelry Valued at $728,738.

In the jewelry owned by Mr. Ryan, valued at a total of $728,238, the most valuable piece was a pearl necklace and diamond snap containing fifty-seven pearls, appraised at $546,339. A pearl rope and diamond snap, containing 234 pearls and one marquise diamond snap, was valued at $100,000. 

Other jewelry items were a black pearl stud, $12,500; another black pearl stud, $7,500; a pair of black pearl cuff links, $9,500; a sapphire and diamond bracelet, $8,880, and a diamond and cabochon sapphire ring, $9,250.

Mr. Ryan's private railroad car, Oak Ridge, was appraised by the State at $65,000, an increase of $40,000 from the $25,000 appraisal by the estate. His four automobiles were appraised at $13,300 by the State, an increase from the estate's valuation of $3,070.

Home Contains Art Treasures.

Personal property at Mr. Ryan's home at 858 Fifth Avenue here was appraised at $1,315,230. This figure included a Franco-Brussels wall tapestry, "Triumphant Return of the Conqueror," $15,000; a large bronze bust of Mr. Ryan by Rodin, $3,500; a large marble bust of him by Rodin, $7,500, and a bust by Troubetzkoy, $500.

The principal pieces in Mr. Ryan's collections of tapestries, rugs, bronzes, paintings and art objects were in the art room, the contents of which, including Renaissance furniture and sculptures, and Persian rugs, were valued at $737,445, and in the sanctum, which contained articles valued at $209,985.

The most valuable article in the sanctum was a $75,000 terra-cotta bust by Houdon, called "Child." This room also contained several Rodin sculptures, including a marble bust of Napoleon, $15,000; a bronze group of "Two Nude Children Playing," $5,000; a marble group with the same title, $9,000. Twenty-eight oil paintings by the Spanish artist Joachin Sorolla y Bastida, valued at more than $40,000, were in the same room. Of these the most valuable were "Playmates on Beach," $3,500, and "Woman on Beach," $3,000. The sanctum also contained four carved walnut arm chairs and a sofa of the Louis XV period, valued at $15,000.

In the Art Room there were listed a framed Flemish Mille Fleurs wall tapestry of the sixteenth century, a "Pieta," at $75,000; sixteen Limoges enamel placques of the early sixteenth century, representing the life of Christ, $75,000; a Persian rug of Shah Abbas design of the sixteenth century from Ispahan extensively restored,$60,000; a fifteenth century sculptured bust of Beatrice of Aragon, by Francesco Laurana, $35,000, and twelve Limoges enamel placques of the early sixteenth century by Jean Penicaud I, representing scenes from the Passion after the Schoengauer woodcuts, $35,000. 

Other articles in this room included an Italian sixteenth century carved walnut cassone, $15,000; a Persian animal rug of the late sixteenth century, $20,000; another sixteenth century Persian rug from Ispahan, $18,000; a glazed polychromed terracotta relief by Luca della Robbia, the Escutcheon of the Genori Family, $7,500; a sculptured bas-relief by Mino da Fiesole of the Madonna and Child, $15,000; a sculptured marble bust, Neapolitan sixteenth century, attributed to Peter and Milano, $20,000; a thirteenth century Limoges Champleve enamel chasse in the form of a house with transept, $15,000; a large sixteenth century Limoges enamel placque by Nardon Penicaud, "Entrance of Christ into Jerusalem," $15,000, and a large fifteenth century Limoges enamel placque by Monvaerni, "The Crucifixion," $15,000.

A Limoges enamel triptych of the early sixteenth century by Nardon Penicaud was valued at $12,500, and the following, also in the Art Room, were valued at $10,000 each: A bronze statue by Alonzo Cano of St. Teresa d'Avila, a bas-relief, "Pieta," by Andrea della Robbia, and a marble bas-relief by Antonio Rossellino,"Madonna and Child." A terra-cotta bas-relief of the Madonna and Child by Donatello and an oil painting by Giovanni Battista Tiepolo of the "Banquet of Antony and Cleopatra" were valued at $7,500 each. 

Books in the library were appraised a $9,063, including several works on art. Books in the lounge on the second floor of the  house were appraised at $2,062. In the print room thirty bronzes by Barye were appraised at a total of more than $17,000, and eleven Anders Zorn etchings in Clendenin J. Ryan's office were put at about $8,000. Mr. Ryan's wine cellar was appraised at $5,968. 

STOCK HOLDINGS IN THE RYAN ESTATE

The following table shows the stock holdings in the Thomas Fortune Ryan estate, the appraised value as at the time of his death in 1928, and, where quotations are available, the aggregate market value as of the close of business on Saturday, or at the last time that a transaction was made. In the case of stocks not listed but for which quotations are available, the calculations are made on the basis of bid prices. Allowance is made for readjustments in share capital, changes of company ownership, mergers, &c. 

[[4-column table]]
| Shares | Company. | Appraised Values as of Nov. 23, 1928.| Current Market Values |
| --- | --- | --- | --- |
| 3,000 | Allegheny Coal Co. | $88,200.00 | $1,710 |
| 667 | Am. Machine and Foundry Co. 7% pf | 76,538.25 | 76,705 |
| 6,670 | Am. Machine and Foundry common | 1,153,910.00 | 140,070 |
| 500 | Am. Rio Grande Land and Irrigation com | 62,500.00 | ...... |
| 3,350 | Am. Snuff Co. com. | 633,150.00 | 110,131 |
| 13,500 | Am. Tobacco Co. common B. | 2,414,812.50 | 1,093,500 |
| 4,600 | Am. Tobacco Co. common | 821,100.00 | 359,375 |
| 1,000 | Art Cinema Corp. com. and 500 pf | 50,500.00 | 3,000 |
| 1,500 | Beacon Oil Co. common | 32,250.00 | 15,375 |
| 5,000 | Bethlehem Steel Corp. common | 410,625.00 | 11,875 |
| 60,470 | British Am. Tobacco Co., Ltd., bearer | 1,761,460.00 | 770,992 |
| 487 | British Am. Tobacco Co., Ltd., registered | 14,123.00 | 6,148 |
| 1 | Burlingame Country Club certificate of membership (sold 1929) | 1,500.00 | ..... |
| 16,670 | Carolina Clinchfield & Ohio Ry. Co. common | 1,470,250.24 | 1,025,205 |
| 250 | Chesnee Mills common | 27,456.68 | 12,000 |
| 164,000 | Chicago & Eastern Ill. Ry. Co. common | 7,302,450.00 | 164,000 |
| 10,000 | Chi. & East. Ill. Ry. Co. com. under option | 445,000.00 | ...... |
| 10,000 | Chi. & East. Ill. Ry. Co. com. under option | 445,000.00 | ...... |
| 63,400 | Chicago & Eastern Ill. Ry. Co. pf | 4,152,700.00 | 118,875 |
| 3,000 | Chickasha Cotton Oil Co. common | 148,500.00 | 24,000 |
| 200 | City Investing Co. common | 29,000.00 | 17,000 |
| 5,000 | Clinchfield Coal Corp. common | 98,907.50 | 15,000 |
| 83 | Clinchfield Coal Corp. 7% cumulative pf | 7,956.28 | 5,395 |
| 3,125 | 1,433 participation certificates Congo participation agreement, Series A and D | 709,558.79 | ... |
| 13,505 | Companhia de Diamantes de Angola, bearer | 53,209.70 | .... |
| 6,933 | Conley Tin Foil Corp. com | 7,799.63 | ... |
| 50 | Continental Mortgage Co. com | 1,289.00 | ... |
| 100 | Continental Trust Co. of Baltimore | 26,300.00 | 20,677 |
| 20 | Eldee Junior Coal Co. com | 784.00 | ... |
| 1,000 | Film Inspection Machine Co. com | 3,000.00 | 125 |
| 250 | First National Bank of N.Y. | 1,168,500.00 | 410,000 |
| 10,316 | Forgerang (Fomento Geral de Angola) pf | 1,031.00 | .... |
| 1,031 | Forgerang (Fomento Geral de Angola) com | 103.10 | .... |
| 1,778 | Garland Steamship Corp. com | 1,537.68 | 1,778 |
| 16,839 | Guaranty Trust Co. of N.Y. | 12,696,606.00 | 5,102,217 |
| 7,800 | W. W. Helme Co. com | 858,000.00 | 561,600 |
| 927 | 2,493 participation certificates, Angola Mines participation agreement, Series A and D | 316,320.67 | ... |
| 66,111 | 32/40 Happiness Candy Stores, Inc., com | 376,010.86 | 24,792 |
| 100 | Holliston Mills, Inc., com. (sold Feb, 1929) | 10,000.00 | ..... |
| 808 | Imperial Tobacco Co. of Great Britain and Ireland, ordinary | 21,174.12 | 10,908 |
| 113,00 | Intercontinental Rubber Co, com | 1,243,000.00 | 84,750 |
| 1,920 | International Cigar Machinery de., com | 199,680.00 | 53,760 |
| 100 | Johnston Tin Foil and Metal Co. com | 6,500.00 | *5,000 |
| 886 | Kanawha & Hocking Coal and Coke Co. pf | 868.28 | *1,772 |
| 3,449 | Kanawha & Hocking Coal and Coke Co. com | 3,380.02 | *1,380 |
| 200 | Lanston Monotype Machine Co. com | 23,077.78 | 12,800 |
| 99,076 | Liggett & Myers Tobacco Co., com., B | 9,127,376.50 | 6,043,636 |
| 58,000 | Liggett & Myers Tobacco Co. com | 5,249,000.00 | 3,364,000 |
| 500 | J.J Little Co. com | 4,890.75 | ... |
| 500 | J.J. Little Co. pf | 34,235.25 | ... |
| 34,619 | P. Lorillard Co. com | 1,021,260.50 | 523,512 |
| .56 | P. Lorillard Co. stock div. ctfs., Series A | 16.52 | ..... |
| .56 | P. Lorillard Co. stock div. ctfs., Series B | 16.52 | ..... |
| .56 | P. Lorillard Co. stock div. ctfs., Series C | 16.52 | ..... |
| 7.53 | P. Lorillard Co. frac. scrip ctf. for com. stk | 222.14 | .... |
| 22.34 | P. Lorillard Co. scrip | 659.03 | ..... |
| 14,020 | MacAndrews & Forbes Co. com | 702,752.50 | 210,300 |
| 8,716 | Mengel Co. com | 281,635.75 | 18,521 |
| 5,925 | National Bank of Commerce | 4,183,050.00 |
1,795,275 | 
| 250 | National Lead Co. 6% B pf | 29,500.00 | 25,000 |
| 750 | National Lead Co. com | 93,703.13 | 64,594 |
| 10 | Nelson County Cold Storage Corp. pf | 1,017.27 | ... |
| 2.5 | Nelson County Cold Storage Corp com | 97.82 | .... |
| 1,503 | New Niquero Sugar Co. com | 30,060.00 | 4,509 |
| 50,000 | North Virginia Corporation com | 39,997,500.00 | ... |
| 15,000 | Pennsylvania Dixie Cement Corp. com | 294,375.00 | 13,125 |
| 2,500 | Pennsylvania Dixie Cement Corp. 7% cum. pf | 207,500.00 | 10,000 |
| 60 | Piping Rock Club Realty Co. com | 60.00 | ... |
| 614 | Puget Mill Co. com | 399,100.00 | .... |
| 105,735 | R. J. Reynolds Tobacco Co. com. B | 17,234,805.00 | 4,017,930 |
| 20,000 | Rhodesian Selection Trust, Ltd., com | 140,458.13 | 70,000 |
| 25 | Royal Typewriter Co. com | 2,125.00 | 350 |
| 864 | Securities Co. com | 88,560.00 | .... |
| 11,000 | Shell Union Oil Co. com | 415,937.50 | 42,625 |
| 2,000 | Societe d'Elevage et du Culture au Congo Belge com., Series A | 16,410.00 | .... |
| 1,083 | ociete d'Elevage et du Culture au Congo Belge com., Series B | 17,772.01 | ... |
| 1,000 | Southern Rwy. Co. com | 145,194.14 | 12,000 |
| 1,000 | Tobacco Products Export Corp. com | 325.00 | 500 |
| 11,147 | Tobacco Products Corp. div. ctfs for United Cigar Stores Co. of America com., Series A | 239,660.50 | 76,636 |
| 5,475 | Tobacco Products Corp. div. ctfs for United Cigar Stores Co. of America com., Series B | 117,712.50 | 38,325 |
| 5,475 | Tobacco Products Corp. div. ctfs for United Cigar Stores Co. of America com., Series C | 98,550.00 | 28,059 |
| 45,450 | Tobacco Products Corp.com | 4,722,595.08 | 204,525 |
| 7,652 | Tobacco Securities Trust Co. Ltd., ordinary | 111,186.71 | *107,128 |
| 7,652 | Tobacco Securities Trust Co. Ltd., deferred par value 5s | 31,497.15 | *30,608 |
| 2,043 | Union Bleachery, Inc., com | 188,845.91 | .... |
| 83,200 | Union Cigar Co. common | 465,920.00 | *4,160 |
| 16,800 | Union Tobacco Co., Class A | 1,008,000.00 | 55,125 |
| 66,400 | Union Tobacco Co. common | 996,000.00 | 11,067 |
| 461 | Union Printing & Lithograph Co. common | 35,036.00| .... |
| 722 | United Profit Sharing Corp. common | 8,664.00 | 902 |
| 65 | United Profit Sharing Corp. preferred | 755.63 | 390 |
| 17,165 | United States Tobacco Co. common | 1,802,325.00 | 1,059,939 |
| 5,000 | Vick Chemical Co. common | 365,000.00 | 158,175 |
| 30,000 | Virginia-Carolina Chemical Corp. common | 527,832.28 | 18,750 |
| 750 | J.S. Young Co. common | 81,000.00 | 73,875 |
| 5,000 | Yukon Alaska Trust, trustees ctf. of beneficial interest | 165,000.00 | ..... |
| 32,950 | Yukon Gold Co. common | 23,065.00 | 4,119 |
| 35 | Interstate Fair Association of Lynchburg, Va., common | 342.35 | .... |
| 1,280 | Societe Minere du Luebo common | 26,240.00 | .... |
| 40% | Interest in Ivory Cost Group Prospecting Syndicate | 20,000.00 | ... |
| 1,000 | Colonial Syndicate, Ltd. | 3,000.00 | ..... |
| 55 | North Virgina Corp. ctfs. of debenture, treated as preferred stock | 5,500,000.00 | ..... |
| 1-450 | ctf. of participation in assets of Westchester County Country Club | 332.00 | ... |
| 1250 | American Congo Co. pf | 12,500.00 | .... |
|   |   |   | [[total current market value]] $28,449,676 |

*Approximated.
[[/table]]