Sender Jarmulowsky estate

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Clipped by barbelle

Sender Jarmulowsky estate - of to Burro- of of bulk To the to his Ar". at...
of to Burro- of of bulk To the to his Ar". at elevator ten the had to and was man of the to-day a in Of to on sail .for R. A. D. F. A. Mr R. and A A. Mr. E. u. W. Tsy- K T. Led-yard at to ONLY $501,053 LEFT BY JARLIDLOWSKY '.' - East Side Banker Had Been Reputed to be a Multi-7- Multi-7- Multi-7- Multi-7- Millionaire. Wl FE WAS FULL PARTNER Under Her Contract She Becomes 'Entitled to One-Half One-Half One-Half the Profits , of the Business. , Sender iarmuiowsky, who founded the private banking house of S. Jarmulow-sky Jarmulow-sky Jarmulow-sky at M Canal Street, left an estate valued on the day of bla death, June 1. 1912, at $j01,0o3,i according to the report report .completed yesterday by Appraiser Goldenkrans- Goldenkrans- The property of me pan a er was reduced by debts and administration administration expenses to $448,660.72. At the time of his death rumor put hia fortune in the millions. The Appraiser did not Include among the estate's assets .any good will of tne decedent In the banking business be cause of tha testimony of his sons and officials In the bank to the effect-that effect-that effect-that the bank'a business was due almost en tirely to Mr. Jarmulowsky's personality and his knowledge of the people or tne east side. The decedent's Interest In the bank which was taxed consisted entirely of a special account of $100,000. a gen era! account of $3T,TT1 representing the profits to which ha waa entitled at the time of his death, and an Interest of $48,428 In the building; bousing the in stitution. . I Albert Jarmulowsky. a son. testified at hearings' before the Appraiser that hia father had been In sole charge of the bank for twenty-eight twenty-eight twenty-eight years, and that his success rested on his personal ity. He had the confidence of the people, people, the son said, and In making loans to them he took Into consideration their characters as known to him, and often disregarded their 1 financial standing-. standing-. standing-. The banker received no stipulated rec ompense for his labor, aecordlna to his son's testimony, but took what he needed from the profits. A Just recompense for these services, the son stated, would have been $50,000 a year, but thla sum would have eaten up the profits. Large ly on thla test I mo nv waa based the An- An- pralser's decision not to tax . good-will good-will good-will in the banking business. ' Among the documents submitted was a report on the bank'a profits for three years preceding Mr. jarmuiowsxy s death.' For the half-year half-year half-year beginning July 1. . 19O0. and ending- ending- with J-tec. J-tec. J-tec. Si. li. the profits were estimated at $33,346. This was the difference between assets of $3,172,700 and liabilities of $3,139.-354. $3,139.-354. $3,139.-354. For the following year the schedules schedules showed: Assets. $3,307,015: liabilities. liabilities. $3,316,878; net profit, $40,000. and depreciation fund. $11,037. For the pe riod from Jan. 1. laiz, till Mr. Jarmu-lowskys Jarmu-lowskys Jarmu-lowskys death, the books showed assets, assets, $3.53.689.33 ; liabilities. $3,641.552 ; net profits. $30,000; depreciation fund. $12.16.27. The average net orofit waa placed on the Appraiser's schedules as euw. .... March 13. 1809. the banker, out of con sideratlon for the , services . which his wife had rendered In connection with the management of the bank s affairs, took her into nartnershlo with him. riv ing- ing- her during hia life a profit of $1,000 a year rrom tne business, offset with a liability for loss up to $1,000.- $1,000.- Under this contract the wife, -upon -upon her hus band's, death, became entitled also to one-hair one-hair one-hair of the entire profits of tbe business. business. These nrofita. the sons said in testifying before the Appraiser, had dwindled greatly . since their father s death. This, they said, waa due both to his loss to the -business -business and to the shrinkage In bond values, especially thoee of New Tork City, which had depredated depredated lO points. In his will Jarmulowsky left the half or tne Dan king Dusmess remaining in nis possession to nis emioren, Mrs. Amelia Clark. Mrs.' Blume Ettlinger. and Albert. Louie, and Meyer Jarmulowsky, Jarmulowsky, but directed that from this they should nay to his wife. Mrs. Rebecca Jarmulowsky, an annuity of $10,000.- $10,000.- In addition to this his wife received under the will all hia household goods and a life estate in his two residences, one at 16 East Ninety-third Ninety-third Ninety-third . Street and the other at Arverne, L. I. The will also provided that ' at the time of his death $100,000 should be set aside aa "a rund ror tne security of nersons who mar then be depositors. in caae the good-will good-will good-will and assets, when disposed or, should oe lnsunicent to pay all the depositors in full." . Among the loans ; of the bank cov ered by collateral- collateral- aa reported by the executors of the estate, was one of SJOO.OOO to Zimmerman St Forshav of 0 Wall Street- Street- In the decedent's private loana was included one of $30,000 tcV this ann A 1 Kav JarmtllAVllrv. TM. wnar, reduced in the appraisal to $10,000. Through testimony taken to prove the validity of a debt of gg.000 held bv Louis Jarmulowsky against his- his- father It waa shown that there had been a family dissension, resulting in the son Louis suing his brother Meyer for breach of contract. - In order to settle this amicably, the father had agreed to pay hair the sum sued ror. -or -or .j?mki. On his death the son held his father's estate liable to this amount The assets of the estate did not Include Include any securities. The largest Item was tbe re-altv. re-altv. re-altv. a total of 323.4ti3. The bank building at 54 Canal Street waa valued at $250,000, but from this amount was subtracted -Ui.Oii -Ui.Oii as improvement, improvement, which it waa neesaarv to make In the building and liens held by the sons as Interested in the banking busi ness. . .- .-

Clipped from
  1. The New York Times,
  2. 14 Aug 1913, Thu,
  3. Page 9

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  • Sender Jarmulowsky estate

    barbelle – 16 Oct 2013

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