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ACCOUNTANT'S GUIDE
FOR
EXECUTORS, ADMINISTRATORS, ASSIGNEES,
RECEIVERS AND TRUSTEES
BY
FRANCIS GOTTSBERGER, C. P. A.
NEW YORK
GEORGE G. PECK, Publisher
117 CHAMBERS STREET
hf^
t'?^
.^<i&'^
SPREGI^LS
Entered according to Act of Congress, in the year 1902,
By FRANCIS GOTTSBERGER,
In the Office of the Librarian of Congress, at Washington, D. C.
CONTENTS.
PAGE.
Preface 3
General remarks , 5
Provisions of Wills 6
Complications 9
Executors, instructions as to the keeping of the account. 14
Form of Cash Book 22
Trustees 26
Administrators with the will annexed 25
Administrators 26
Receivers 26
Assignees '. 27
Check Book 31
Journal entries 61
Ledger 99
Accounting before the Surrogate 127
Decree of distribution 165
Compound interest tables 177
Carlisle life table 183
Table I, increase of $1 00 compounded 184
Examples, Table 1 185
Table II, present value of $1.00 per annum 186
, Examples, Table II 187
Table III, annuity payable 188
Examples, Table III 189
Table IV, increase of $1. 00 per annum 190
Examples, Table IV 191
Table V, present value of $1.00 195
Examples, Table V 196
PREFACE,
There appears to be a general want of knowledge on the part of
persons who may be appointed to take care of estates, as to the proper
manner of keeping their accounts of receipts and disbursements, so that
when called upon to present a statement of their proceedings to a court
to be adjudicated upon, they are unable to do so, in a plain and intelli-
gible form, which will give all the information they may be required to
furnish.
The necessity for a publication, which will impart general informa-
tion on the subject, is apparent and for this reason this work is presented
to the public, not that it claims to give all the information that may be
required from time to time in keeping and presenting the accounts of an
estate, but, for the purpose of plainly showing how the accounts of a
certain estate may be kept in double entry form of bookkeeping and the
form of presenting the accounts of such an estate before the court to be
passed upon.
It would not be possible to present in the accounts of any one
estate all the complications that may arise in the care of many estates,
therefore it seems probable that by showing the manner of keeping the
accounts of a certain estate, the proper manner of meeting complications
that may arise in the care of some other estate would suggest itself to
the party in charge of the accounts of such estate. It is not the purpose
of this work to deal with the legal complications which may arise in the
care of an estate, excepting so far as stating the obligations of an executor
etc., in the matter of his duties of keeping his accounts and presenting
the same in proper form before the court for adjudication. The legal
forms outside of the mere accounts, have been made in accordance with
the requirements of the estate presented.
The accounting before the Surrogate is prepared in accordance
with the forms in use in the State of New York, but there is no doubt
that the same method would be accepted in any court in the United
States as a proper form of accounting before the court, subject to such
modification as a case might require.
The system of the Journal entries are somewhat different from
those in use in general mercantile bookkeeping but they are easily
understood and appear to be much less complicated.
For the purpose of affording information in regard to the accum-
ulations of moneys, compound interest tables have been introduced, with
examples showing the working of the same in relation to sinking funds
and similar matters.
THE AUTHOR.
February, igos.
ar THE '
VNiyg«S<TY 1
ACCOUNTANTS GUIDE
FOR EXECUTORS, ADMINISTRATORS, ASSIGNEES,
RECEIVERS AND TRUSTEES.
The work of the Public Accountant is varied. He is called in to
make periodical audits of the books of corporations, to examine the books
and accounts of various kinds of business, to define the interests of
partners, to examine into fire losses on merchandise, to systematize the
books of a business and other kindred work ; such work may be called
private, so far as not requiring the presentation of the results of such an
examination in court ; but there are branches of accounting work which
come directly under the supervision of and adjustment by the courts, as
for example, proceedings of and reports by executors, trustees, adminis-
trators, receivers and assignees ; all of whom are appointed by or receive
their authority from the courts and all of whom are obliged, if called
upon, to render to the courts an account of their actions.
Many persons are appointed to act as executors, administrators,
&c., who have but little knowledge of the duties imposed upon them, es-
pecially as to the manner of keeping their accounts and preparing
reports thereof for presentation in court. The necessity of such knowl-
edge becomes apparent when they are called upon to present a report of
their proceedings in court, to be passed upon as to the correctness of the
same, and obtaining the consent of the court to be discharged from the
trust imposed upon them.
For this reason, it seems to me that an explanation of the manner
of keeping the accounts of an estate, under the care of an executor,
administrator, trustee, receiver or assignee, would be of service, not only
for their own satisfaction and facility in preparing a report, but also for
the information of legatees or creditors, who may be interested in an
estate and have the right to inquire into the acts of the executor, trustee,
&c., in relation to his administration thereof.
In order to show the importance and necessity of an executor
keeping a correct account of his administration of an estate, especially as
to the receipts of moneys coming into his possession, whereby he can
show definitely the sources from which such moneys were derived, but
also of his disbursements of moneys belonging to the estate, in order that
he can readily show the reason and purpose of such disbursements, so
that they may be classified under their proper headings in his account
when filed in court, the following instances of the terms or provisions of
different wills are given, all of which have come under the observation of
the writer by reason of his having kept the accounts of the several
estates or prepared the accounts of the executor, administrators or
trustees for filing in court
The estate may be ordered to be divided into equal shares, the
income of each share to be paid to a certain beneficiary during his or her
life and at the death of the beneficiary, the principal to be paid to the
children of such beneficiary or other legal heirs, if there be no issue sur-
viving such beneficiary.
The estate may be ordered to be divided into unequal shares, the
income of one share to be paid to a certain beneficiary during his or her
Hfe and at his or her death, the principal to form a part of the estate and
to be divided in such form as the terms of the will may provide.
The estate may embrace a business owned by the testator and
the will may direct, that such business shall continue to be carried on
by the executor for the benefit of the widow of the testator.
The will may direct that a certain sum of money shall be paid
annually to a beneficiary during his or her life, such sum of money being
derived from the income or rent of a certain named piece of real estate.
The will may direct that a certain named sum of money shall be
set apart and invested, the income thereof to be paid to a certain named
beneficiary during his or her life, and at his or her death, the principal
to be divided among other named beneficiaries or their heirs.
The will may direct that a certain share of the estate shall be set
apart to be held in trust for the benefit of two minors, a brother and
sister, and further provide that if either of them shall die before attaining
majority, leaving no issue, the survivor shall inherit the share of the one
dying.
An estate may embrace among its assets, a share in an undivided
estate, being under the control of the executors or trustees under the
will of the testator of such undivided estate.
A will may direct that a certain named sum shall be paid yearly
to the widow of the testator out of the annual income of the estate, and
the widow may refuse to accept the terms of the will and claim her right
of dower and have the same allowed to her.
In some instances, the income of the estate may be payable to
certain beneficiaries during life, with the right to them of disposing by
will the principal at their death.
In some instances, the principal of the estate may consist of im-
proved real estate, subject to liens secured by bond and mortgage, the
interest, taxes and expenses to be paid from the rentals of the property ;
a fire may occur and some of the buildings may be damaged to an
amount so large that the mortgagee may demand the custody of the
amount received for insurance, pending the repairs to the buildings.
The executor or executors may die, leaving no one legally en-
titled to take charge of the estate and the court may appoint an adminis-
trator with the will annexed.
A will may provide that a certain named amount of designated
state, railroad or other corporate bonds shall be purchased by the exec-
utor, to be held in trust, the income thereof to be paid to a certain named
beneficiary during his or her life and at the death of the named benefic-
iary, the income to be paid to another named beneficiary during his or
8
her life ; at the death of the last-named beneficiary the principal to be
divided among the heirs of the testator.
The foregoing examples of the conditions, that may arise in the
course of the administration of an estate, give very good and solid rea-
sons why an executor should be careful in keeping the accounts of the
estate intrusted to his care in a plain and lucid manner.
It is not the object of this treatise to deal with the legal aspects,
which may arise in the course of the administration of an estate ; but
experience has shown, that the proper keeping of the accounts of an es-
tate is of great assistance to a lawyer, who may be called upon to advise
an executor, when he is confronted with complications arising in the
course of his administration of an estate.
The importance of an executor keeping his accounts in a proper
manner is exemplified by the following situations that have arisen in
some of the instances heretofore alluded to.
The income of a share of an estate was payable to a beneficiary
during her life, the principal of such share going to her children at her
death ; the estate had not as yet been divided at the time of Jier death,
the executors dividing the income of the whole estate among the bene-
ficiaries, in the shares as designated by the will in the same proportion
as if it had been divided. In keeping the accounts of the estate the
executors had carried to the income account, all interest due and pay-
able, whether the same had been collected or not; but the beneficiaries
were only paid the income actually received or collected, the conse-
quence being, that each beneficiary was credited on the books of the
estate with a larger amount of income than had been paid to him or her.
When the beneficiary alluded to died, she left a will bequeathing to her
husband the income belonging to her share which had accrued, but which
had not been paid to her. In the meantime, it was found that the interest
due on several bonds and mortgages had not been paid at maturity, and
eventually foreclosure suits were instituted, and the several pieces of
property were bought in by the executors for the estate, title being
taken in their names, as executors. The properties were held for some
time and finally were all sold, some realizing a gain over the amount of
the original loan, plus the interest due and unpaid and the foreclosure
expenses; others were sold at a price less than the total amount of the
original loan plus the interest due and unpaid and the expenses attend-
ing the foreclosure proceedings.
The husband of the beneficiary, being entitled to the accrued and
unpaid income belonging to his deceased wife, the late beneficiary, called
upon the executors for an accounting by them to him for such accrued
and unpaid income ; it can readily be seen that if the executors had not
kept proper accounts of their administration of the estate, that under the
above circumstances it would have been a very difficult, if not an im-
possible task, for them to have presented a true statement of the
accrued and unpaid income willed by the late beneficiary to her husband.
10
In the same estate it was shown, that the books had treated
as income all the rentals received from the several pieces of property
which had been bought in under foreclosure proceedings, whereas,
a certain portion of the so called cost of the several pieces of property
belonged to accrued income prior to the foreclosure proceedings and
not to the principal of the estate^ as it had been treated on the books of
the estate.
In another case, a share of an estate was bequeathed to a brother
and sister, both minors, the income thereof to be divided equally and,
used for their support and maintenance, until they arrived at their ma-
jority ; in case of either dying before reaching majority without leaving
issue, the share of the one so dying to be inherited by the survivor.
The income belonging to the sister was entirely consumed in her sup-
port, education, etc., while that belonging to the brother was only par-
tially used for the same purpose. The sister died before reaching her
majority, leaving no issue, the brother being at that time about seven-
teen years of age. Among the assets of the share belonging to the
brother and sister equally, was a share in an undivided estate belonging
originally to the maternal grandmother. The share in the undivided
estate consisted of real estate, the rentals from which were accounted
for by the executors or trustees of the undivided estate. After the death
of the sister, some of the real estate belonging to the undivided estate
was sold and the shares belonging to the sister and brother received by
the trustees and by them invested in bonds, etc. When the brother
11
attained his majority an accounting was made to him. The account em-
braced the receipts and disbursements of the share of the sister up to the
time of her death, including all that was received from the share in the
undivided estate, the receipts of the share of the sister in the hands of
the executors and trustees at the time of her death to the date of their
accounting, the receipts and disbursements of the share of the brother to
the date of his majority; including all receipts from the undivided estate
and the income thereof; and showed the balance of income accrued and
not used for his support to the date of his majority; also there was
accounted for the moneys received from the undivided estate belonging
to the sister, since the time of her death and the income received thereon.
In another case the estate consisted mainly of improved real
estate, the income from which was to be paid to the widow of the testa-
tor during her life; the debts owed by the testator exceeded the amount
of the personal estate. Instead of selling some of the real estate for the
purpose of paying the debts of the testator, the widow (she being an
executrix of the estate) allowed the income, to which she was entitled,
to be used for that purpose.
One of the buildings belonging to the estate was damaged by fire
to the amount of some ^40,000.00, which was covered by insurance.
There was a mortgage on the property; and in accordance therewith, the
amount received for insurance was payable to the mortgagee, which was
a Trust Company, pending the rebuilding ; all of the insurance money
12
with the exception of about $3,000.00 was paid to the Trust Company ;
the $3,000.00 was received by the executors and expended by them in
the care of the estate ; one of the executors fraudulently obtained from
the Trust Company about $25,000.00 which he spent. When the con-
tractor, who was doing the repairs, was to be paid there was no money
with which to pay him. The widow, to whom the estate was indebted
for income, not received by her, made good the deficiency by borrowing
from the Trust Company the amount abstracted, giving as security a
lien on the amount owed to her by the estate. When the accounts of
the executors were filed before the Surrogate, these complications had
to be met in such manner, that the interests of all the parties were
protected.
In another case, an estate was divided between a brother and
sister, the income payable to them during their lives, and at death to
their issue; but the widow of the testator was to receive the sum of
$6,000.00 per annum for life. The estate consisted of personal property
and real estate.
The brother and sister were absolute heirs of another estate, con-
sisting of personal property and real estate. It was decided to improve
some of the real estate belonging to the father's estate; as there was not
enough personalty in that estate to pay for the improvement, the brother
and sister each contributed from their shares of personalty in the other
estate, about $60,000.00 each towards the improvement of the father's
13
real estate. After a time the sister wanted some of her money for other
purposes, and a loan was obtained on the father's estate for $25,000.00,
which was paid to the sister, she being charged with tht; interest thereon.
A short time after, the brother died, leaving issue, and the accounts of
the estate v/ere filed before the Surrogate, to be passed upon. The in-
come of the father's estate did not, after payingthe widow her allowance
of $6,000.00 per annum, amount to a sufficient sum to pay interest on the
moneys advanced by the brother and sister. The books of the estates,
after the death of the brother, had to be placed in such form as to give
definite information regarding the rights of the children of the brother.
In explaining the methods of keeping the accounts 01 an estate,
it is necessary to show the duties of executors, trustees, administrators,
receivers and assignees ; and these will be dealt with under their several
headings.
EXECUTORS.
Executors are named in the last Will and Testament of a
deceased person, when the Will is probated by the Surrogate, and, the
executor has qualified in accordance with law ; letters testamentary are
issued to him, which give him authority, to take charge of the estate
and conduct the affairs of the same in accordance with the terms of the
Will. When there is any question as to the meaning thereof, it is his
duty to consult legal counsel, as it may be necessary for the Court to
pass upon and decide as to the meaning or intent of the testator ; in
14
many instances there are questions arising in relation to the administra-
tion and care of an estate, wherein legal advice should be obtained be-
fore action is taken by the executor.
One of the first questions calling for legal advice is, whether the
estate is subject to an inheritance tax. There are laws that impose an
inheritance tax, which have been enacted by the States of New York,
New Jersey, Connecticut and the United States Congress. These laws
place the burden of paying the tax upon the executor of an estate ; for
the reason, that, if he should divide the assets of an estate in accordance
with the terms of the will, without having paid the inheritance tax (if the
estate should be subject thereto) he becomes personally liable for the
amount of such tax and would be called upon to pay it, and, have to take
his chances of recovering the amount of the same from the heirs or leg-
atees to whom he may have paid over the assets of the estate.
After an executor has qualified, his first duty is to prepare an
inventory of the personal property of the estate, that has come into his
possession, and file the same in the court of the Surrogate wherein the
will was probated. In preparing the inventory, the executor should show
as far as possible, a full description of the property, its nature, its actual
cost or nominal value ; this amount should be placed in a column headed
" Nominal Value ; " there should be another column headed " Appraised
Value;" in this column is placed the value of each item, as appraised by
the appraisers appointed for that purpose.
15
As the executor is charged with receiving the amount of the ap-
praised value of the items embraced in the inventory as appraised, care
should be taken that the value of the several items be not overstated, for
the reason, that in the event of selling the same, the amount realized
might be less than, the appraised value as stated in the inventory; when
the executor files an account of his proceedings, he would have to show
an apparent loss on the transaction, implying a careless or injudicious
act on his part, whereas, the fault would not be his, but the over valua-
tion of the item as appraised. On the other hand, any increase of value
received over and above the appraised value, would be accounted for by
the executor in his account when filed in the Court, so that the estate
would not suffer any loss.
It is very important, that the books of an executor should be able
to show distinctly the principal of an estate. In arriving at the amount
of the principal it should be understood that all the property belonging
to the testator at the time of his or her death, after payment of all debts
owed by him or her at his or her death, forms the principal of an estate.
There should be included in the principal all interest that has accrued to
the date of the death of the testator, also the amount of any dividend
received after the death of a testator that may have been declared as
being paid from the profits made prior to the death of a testator.
The books should also be able to definitely show what the income
of an estate may be comprised of, the source from whence it is derived
16
and the disposition thereof, especially when the income of an estate is
divisable among several beneficiaries during their lives, as in the event
of the death of a beneficiary, the income accrued to the date of the death
of such beneficiary belongs to the estate of such beneficiary and is pay-
able as he or she may direct, or to his or her heirs.
In the event of a beneficiary being a minor, the importance of the
executor being able to show definitely the amount of the income, belong-
ing to such minor, is apparent; as the executor can be called upon by such
minor, upon attaining his or her majority, to account to him or her for
the share of income he or she may have been entitled to from the estate.
The best manner in which to have the books of an estate kept is
on the double entry system ; this will require the services of a skilled
accountant, but only from time to time, for the executor, by using care can
be enabled to keep the accounts of an estate in such form, that a skilled
accountant's services need only be called upon once or twice a year.
It should be understood that the moneys received by an executor
do not belong to him, but are trust moneys for which he must account.
For that reason the executor should open a bank account in the name of
the estate; he should deposit therein all moneys belonging to the estate;
when entering the deposit in the check book, name the date of the de-
posit, the name of the party from whom the money may be received and
the nature of or cause for such payment. For instance: ** Deposit May
17
4th, 1 901, James Jenkins, interest on B. & M., due May ist, $500.00; " or
"Deposit Aug. 2nd, 1900, 20 coupons U. S. bonds, $10,00 each
$200.00.'*
By making deposits in the bank of all moneys coming to the es-
tate, the check book will show the total receipts of the estate.
All payments should be made by checks ; enter on the stub of the
check book, the number of the check, the date of drawing the check,
name of payee and the description or the nature of such payment, as for
instance: "No. i, April 25th, 1900, Smith & Jones, Undertakers, bill
dated March 25th, $175.00."
By thus depositing all moneys belonging to the estate in the bank
account of the estate and by making all payments on account of the es-
tate by checks on the same bank account and making the necessary
entries in the check book, the executor will have a complete record of
all his receipts and disbursements in his check book ; and a skilled ac-
countant can readily frame the necessary Journal or Ledger entries from
the entries on the check book.
The executor should be careful to see that he has a receipt for
all moneys paid by him and, preserve the same, as he is obliged to pro-
duce a receipted voucher for payments of more than $20 00, each appear-
ing in his account as filed; in case of the loss of a receipted voucher, a
canceled check will furnish a valid substitute.
18
For the purpose of explaining the manner of keeping the accounts
of an executor, a suppositious estate is herein presented, showing the
will, the inventory as appraised, a copy of deposits in bank, and a copy
of the various checks drawn against the deposits in bank, also the entries
in a Journal which entries are based on the inventory and the several
entries in the check book, giving the ledger page on which the several
accounts appear, a copy of ledger entries showing the headings of the
various accounts with their appropriate entries as taken from the journal,
and the page number of the journal, finally a full statement of the ac-
count of the executor as filed by him for presentation in court.
Of course it is understood that the whole of the accounts are fic-
titious and prepared solely lor the purpose of showing how the accounts
of an estate representing the same conditions can be kept in a plain
and lucid manner.The above are to be found on page 31 to page 163.
It must be understood, there are no absolute rules that can be
invariably followed in keeping the books of an estate, each condition
depending on the surroundings thereof For a proper solution of the man-
ner of making the entries in the journal and ledger, there is very gen-
erally an absolute necessity, for the keeping of the accounts in such
manner, as to definitely show the amounts of principal of an estate and
income of an estate, in separate accounts, so that the amount of each can
be readily arrived at. In case of a widow of a testator being entitled to
her dower rights in an estate, it becomes necessary to show the amount
of principal derived from real estate, in an account separately, also a
19
separate account, showing the income of such principal; this will require
the keeping of an account to show the amount of principal derived from
personalty and another account showing the income accruing from such
principal. If the executor &c. gives the full details of the source of
moneys received and the nature of and cause for payment, when mak-
ing his entries on the check book, the skilled accountant can readily pre-
pare the proper entries to be made on the journal and ledger, which will
afford all the information that may be required.
In some instances executors &c. may be placed in charge of an
estate of so small an amount, that it would not be practicable to keep a
separate bank account, showing the receipts and disbursements through
the check book: in such instances, executors &c. should procure a plain
cash book, and, enter therein statements of moneys received by them,
stating, the date, from whom received, the nature of such receipt, and the
amount received ; on the opposite page of the book entries should be
made of all payments made by the executor &c. on account of the estate,
the entries showing the date of payment, name of party to whom pay-
ment is made, nature of the payment, and the amount thereof For the
purpose of giving some general information as to the manner of keeping
such a cash book, entries have been prepared as to receipts and disburse-
ments and are set forth on two pages, headed Cash book, immediately
following these remarks. In making entries in such a cash book, execu
tors &c. should be careful to give all the necessary information relating
to the subject, so that if called upon to present an account, it can be
readily copied from such book.
80
FORM OF CASH BOOK.
CASH BOOK.
ESTATE OF MARY WILKINS.
I90I
Feb.
2
Received from Arthur Smith, 3 months' rent of
180 Everett St., due February ist.
175
00
May
3
Received from Eliza Jones, 6 months' interest
on Bond and Mortgage for $3,000.00, due
May I St,
75
00
<i
5
Received from Arthur Smith, 3 months' rent of
180 Everett St.,
175
00
Aug.
8
Received from Arthur Smith, 3 months' rent of
180 Everett St.,
175
00
Nov.
2
Received from Eliza Jones, 6 months' interest on
Bond and Mortgage,
75
00
tt
4
Received from Arthur Smith, 3 months' rent of
31
180 Everett St.,
Balance of cash on hand,
175
00
850
00
1901
Dec.
168
17
1902
Feb.
2
Received from Arthur Smith, 3 months* rent of
180 Everett St.,
175
00
or THt '
UNIVERSITY )
A^'*^^
1901
Mar.
Paid Mary Wilkins, on account of income,
75
00
April
<< <( « it «
50
00
May
(< (< (< <f «
50
00
June
(( (( i( « <l
50
00
July
<( (< tt <l «
50
00
Aug.
<( (( (( « (i
50
00
((
10
" Water rates on house, 180 Everett St.,
10
00
<(
20
" John Thomas, plumber.
4
50
Sept.
I
*' Mary Wilkins, on account of income.
50
00
Oct.
I
i( {( << << tt
50
00
u
15
" Receiver of Taxes, taxes for 1900 on house,
180 Everett St.,
142
33
Nov.
I
Paid Mary Wilkins, on account of income,
50
00
Dec.
I
(( « it « tt
50
00
<(
31
2
Balance of income to date,
Paid Mary Wilkins, balance of income for year
168
17
850
00
1902
Jan.
1901,
168
17
Feb.
3
Paid Mary Wilkins, on account of income,
75
00
TRUSTEES.
Trustees are persons having charge of property belonging to
some other party or parties ; they are generally appointed by the court
and are bound by the terms of the trust over which they are to have
control. In many instances executors are authorized by the terms of a
will, to act as trustees of an estate ; in such cases they may file the ac-
counts of their proceedings as executors and therein turn over to them-
selves as trustees, the assets of an estate, to be cared for by them in
accordance with the terms of the will. The keeping the accounts of a
trustee are similar to those of an executor ; and the directions as to the
keeping the accounts of an executor are all that is necessary to be
followed.
ADMINISTRATORS WITH THE WILL ANNEXED.
Administrators with the will annexed, are appointed by the court
where there are no executors named in a will, or when executors named
in a will decline to act as such or when all of the executors may have
died. Other cases might arise ; but they would be from a legal stand-
point and their duties would be in accordance with the terms of the will.
The keeping of the accounts of an administrator with the will an-
nexed, would be in accordance with the directions for keeping the
accounts of an executor.
2S
ADMINISTRATORS.
Adminisfrators are appointed by the court, when a person dies
leaving no will, or in some instances, when the probate of a will is con-
tested a temporary administrator is appointed pending the proceedings
as to the probate of a will. He has the custody of the personal estate of
the deceased person, he is obliged to file an inventory ot the personal
estate that he receives, in the same form as an executor is called upon
to do. He generally receives instructions at the time of his appoint-
ment, as to the duties he is expected to perform. In keeping his ac-
counts he should follow the directions herein given to executors.
RECEIVERS.
Receivers are appointed by the court, to take charge of property
that may be in dispute, as in case of a partnership, where a partner may
make application for the appointment of a receiver pending litigation as
to the interests of the partners in the property of the partnership.
Receivers are also appointed to take charge ot the property of a
corporation, that may be in difficulty as to its financial affairs or otherwise.
It is the duty of a receiver to make an inventory of all property
that may come into his possession under the order of the court making
the appointment, and file the same as soon as practicable. In keeping
the account of a receiver, the services of a bookkeeper are generally re-
quired. In preparing his inventory, the services of a skilled accountant
are necessary in most cases, so as to show the value of the assets compris-
ing the inventory in a proper form. The method of his administration is
similar to that of an assignee and by referring to "Assignees" further
information can be had,
ASSIGNEES.
Assignees are appointed by a party or parties, who may make an as-
signment of their property for the benefit of their creditors. Such appoint-
ment is subject to the approval of the court, which will at the same time
state the amount of the bond required to be filed with the court, subject
to approval thereby. The assignee after the filing of his bond and the
approval thereof, enters into the possession of the assets of the assignor
or assignors. It is his duty to prepare an inventory of all property com-
ing into his possession, in which he must state in detail a description of
all such property, stating the quantity and estimated value thereof, at the
same time giving the nominal or cost value thereof. In preparing the
inventory the assignee is not bound to state the actual value of the prop-
erty, but only its estimated value ; so it is better for him not to place too
high an estimate on the property, as in case the property has to be sold
at a less value, than the estimated value named in the inventory, it might
appear that the assignee had been derelict in his duty and had sacrificed
the property to the detriment of the creditors. When the assignee ren-
ders his account for adjudication by the court, he is required to state the
inventoried value of the property coming into his possession and the
jn
amount received by him, also, expenses incurred by him in the adminis-
tration of the assigned property. He generally receives instructions from
the court, when receiving his appointment, as to the nature of his duties
and when, in doubt, should consult counsel as to the manner in which he
should act. In presenting his accounts for filing in court, they should
be presented 'in schedule form, similar to those shown herein in the
accounting before the Surrogate, only the headings should be modified
in accordance with the matter to be presented.
98
CHECK BOOK.
»
CHECK BOOK.
Deposited in Madison Trust Co.
April 1, 1898,
Balance from Sand Hill Bank,
Deposit,
May 3, 1898,
40 U. S. Coupons, $10.00, each.
James Smith, interest on B. &
M., due May 1st,
Julia Carter, interest on 3. & M.
due May 1,
Deduct Checks, Nos. 1 to 6,
Carried forward,
875
400
375
187
1,837
495
20
00
00
1,342
50^
70
00
70
No. 1.
May 10, 1898.
Geo. Jones & Bro., Undertakers,
bill, March 28.
No. 2.
May 10, 1898.
Jas. Johnson, flowers for funeral,
No. 3.
May 15, 1898.
Smith & Jones, legal disburse-
ments, proving will, and
appraiser's fees.
No. 4.
May 15, 1898.
Eliza Brown, widow, account of
income,
No. 5.
May 15, 1898.
Geo. Brown, legatee, account of
income,
195
00
25
00
75
00
120
00
80
495
00
00
Zl
CHECK BOOK.
Balance brought forward,
Deduct Checks, Nos. 6 to 10,
Carried forward,
1,342
237
1,105
70
05
65
No. 6.
May 15, 1898.
Juliet Brown, legatee, account
of income,
No. 7.
May 15, 1898.
Mary Brown, legatee, account
of income,
No. 8.
May 25, 1898.
Jones & Carroll, coal bill, Feb.
25th, 1898,
No. 9.
May 25, 1898.
Dairy Farm, in full for milk to
March 15th,
No. 10.
May 25, 1898.
Brown & Co., Groceries, to
March 15th,
CHECK BOOK.
Balance brought forward,
Deposit,
June 3, 1898.
Mary Jones, interest on B. & M.
due June 1st,
Deposit,
July 20, 1898.
Mutual Savings Bank,
Amount on deposit,
Interest to July 1st,
Friends Savings Bank,
Amount on deposit,
Interest to July 1st,
Deduct Checks, 11 to 15,
Carried forward.
1,105
65
250
1,365
3,500
70
3,500
70
8,495
7,295
1,200
00
05
00
00
00
00
65
50
15
No. 11,
June 15, 1898.
James Calkins, bill for Medical
services in full,
No. 12.
July 25, 1898.
Peter Johnson, loan on B. & M.
onl8S. 95th St., N. Y. City
for 5 years, interest 5% pay-
able January 25th and July
25th,
No. 13.
August 1, 1898.
Cash for petty expenses as per
memorandum.
No. 14.
August 15, 1898.
Eliza Brown, widow, account of
income,
No. 15.
August 15, 1898.
Geo. Brown, legatee, account of
income.
85
00
7,000
00
10
50
120 00
80^
7,295
00
50
88
CHECK BOOK.
Balance brought forward,
Deposit,
August 2, 1898. ,
40 Coupons U. S. $10.00 each.
Eliza Jenkins, interest on B. &
M., due August 1st,
Deposit,
September 3, 1898.
Clara A. Ertland, interest on B,
& M., due September 1st,
Deduct Checks, 16 to 20,
Carried forward,
1,200
400
200
500
15
00
00
00
2,300
1,408
15
56
891
59
No. 16.
August 15, 1898.
Juliet Brown, legatee, account
of income,
No. 17.
August 15, 1898.
Mary Brown, legatee, account
of income,
No. 18.
September 14 1898.
Bird S. Coler, Comptroller N. Y.
City, N. Y. State, Inheri-
tance Tax, less rebate,
No. 19.
September 15, 1898.
Eliza Brown, Widow, account of
income.
No. 20.
September 15, 1898.
Geo. Brown, legatee, account of
income.
80
00
80
00
1,048
56
120
00
80
1,408
00
56
34
CHECK BOOK.
Balance brought forward,
Deduct Checks, Nos. 21 to 25,
Carried forwaid,
891
610
281
59
00
59
No. 21.
September 15, 1898.
Juliet Brown, legatee, account
of income,
No 22.
September 15, 1898.
Mary Brown, legatee, account of
income.
No. 23.
October 15, 1898.
Smith & Jones, legal services,
proving will, &c.,
No. 24.
October 15, 1898.
Eliza Brown, widow, account of
income,
No. 25.
October 15, 1898.
Geo. Brown, legatee, account of
income.
80
00
80
00
250
00
120
00
80
610
GO
00
35
CHECK BOOK.
Balance brought forward,
Deposit,
October 15, 1898.
Smith & Jones, proceeds of note
of James Smithers collected
by them, amount of note,
2,000.00
Interest to Oct., 1898, 200 00
2,200.00
Col. fee, 220.00
Deduct Checks, Nos. 26 to 30,
Carried forward.
281
1,980
2,261
445
1,816
59
00
59
80
79
No. 26.
October 15, 1898.
Juliet Brown, legatee, account
of income,
No. 27.
October 15, 1898.
Mary Brown, legatee, account
of income,
No. 28.
November 10, 1898.
Eliza Brown, for payments on
account of debts due by her
husband, per memorandum,
No. 29.
November 15, 1898.
Eliza Brown, Widow, account of
income,
No. 30.
November 15, 1898.
Geo. Brown, legatee, account of
income.
36
CHECK BOOK.
Balance brought forward,
Deposit,
November 2, 1898.
40 U. S. Coupons, $10.00 each,
James Smith, interest on B. & M,
due November 1st,
Julia Carter, interest on B. & M.
due November 1st,
Cook & Brown, proceeds of sale
of 40 U. S. Bonds at 118>^,
47,250.00
Less ^ brok , 60 00
Deduct Checks, Nos. 31 to 34,
Carried forward,
1,815
79
400
375
187
47,200
49,978
33,120
00
00
50
16,858
00
29
00
29
No. 31.
November 15, 1898.
Juliet Brown, legatee, account
of income.
No. 32.
November 15, 1898.
Mary Brown, legatee, account
of income.
No. 33.
November 15, 1898.
Eliza Thomas, loan on B. & M.
on 18 N. 89th Street, N. Y.
City 5 years, interest 4>^%
per annum, payable May
15th and Nov. 15th,
No. 34.
November 15, 1898.
Martha Elmer, loan on B. & M.
on 48 Bronson St., N. Y.
City 5 years, interest 5%
per annum payable May
15th and Nov. 15th.
60
00
60
00
25,000
00
8,000
33,120
00
00
9i
CHECK BOOK.
Balance brought forward,
Deposit,
December 2, 1898,
Mary Jones, interest on B. & M.
due Dec. 1st,
Deduct Checks, Nos. 35 to 39,
Carried forward,
16,858
250
17,108
15,668
1,440
29
00
29
00
29
No. 35.
November 15, 1898.
Susan Abner, loan on B. & M.
on 23 St. George Avenue,
Manhattan, 5 years, interest
^}^% per annum payable
May 15th and Nov. 15th,
No. 36.
November 30, 1898.
Receiver of Taxes, N. Y. City,
personal tax as per bill,
No. 37.
December 15, 1898.
Eliza Brown, widow, account of
income.
No. 38.
December 15, 1898.
Geo. Brown, legatee, account of
income.
No. 39.
December 15, 1898.
Juliet Brown, legatee, account of
income,
15,000
00
448
00
100
00
60
00
60^
15,668
00
00
CHECK BOOK.
Balance brought forward,
1,440
29
No. 40.
Deposit,
December 15, 1898.
January 25, 1899.
Mary Brown, legatee, account
of income,
60
00
Peter Johnson, interest on B, &
M., due January 25th,
175
00
1,615
29
Deduct Checks, Nos. 40 to 44,
269
00
29
No. 41.
December 15, 1898.
1,346
Madison Trust Co., interest on
Evening Post, Advertising Noti-
ces,
24
50
deposit to December 31st,
'23
87
r
Carried forward,
1,370
16
No. 42.
December 15, 1898.
Law Journal, Advertising Noti-
ces,
24
50
No. 43.
January 15, 1899.
■
Eliza Brown, Widow, account of
income.
100
00
No. 44.
January 15, 1899.
George Brown, Legatee, account
of income,
60
00
269
00
89
CHECK BOOK.
Balance brought forward,
Deposit Book balanced,
January 31st, balance as
per book, 1,310.16
Check No. 46, not in, 60.00
1,250.16
Deposit,
February 3, 1899,
Eliza Jenkins, interest on B. & M.
due February 1st,
Deduct Checks, Nos. 45 to 49,
Carried forward,
1,370
200
16 1
00
16
00
16
1,570
340
1,230
No. 45.
January 16, 1899.
Juliet Brown, legatee, account of
income,
No. 46.
January 15, 1899.
Mary Brown, legatee, account of
income,
No. 47.
February 15, 1899.
Eliza Brown, widow, account of
income,
No. 48.
February 15, 1899.
Geo. Brown, legatee, account of
income.
No. 49.
February 15, 1899.
Juliet Brown, legatee, account of
income.
60
00
60
00
100
00
60
00
60
340
00
00
40
CHECK BOOK.
Balance brought forward,
1,230
16
No. 50.
Deposit,
February 15, 1899.
March 3, 1899.
Mary Brown, Legatee, account
of income,
60
00
Clara A. Ertland,
Interest on B. & M.,
500
00
16
due March 1st,
1,730
No. 51.
Deduct Checks, Nos. 50 to 54,
340
00
16
March 15, 1899.
Eliza Brown, Widow, accoujit of
Carried forward,
l,3t0
income,
100
00
No. 52.
March 15, 1899.
George Brown, Legatee, account
of income,
60
00
No. 53.
-
March 15, 1899.
Juliet Brown, Legatee, account
of income,
60
00
No. 54.
March 15, 1899.
Mary Brown, Legatee, account
of income,
60
00
340
00
41
CHECK BOOK.
Balance brought forward,
Deduct Checks, Nos. 55 to 59,
Carried forward,
1,390
316
1,074
16
09
07
No. 55.
March 31, 1899.
Cash for petty disbursements, in-
cluding rent of safe.
No. 56.
April 10, 1899.
Eliza Brown, Executrix, for com-
mission.
No. 57.
April 10, 1899.
George Brown, Executor, for com-
mission,
No. 58.
April 10, 1899.
Eliza Brown, Widow, balance of
income.
No. 59.
April 10, 1899.
Juliet Brown, Legatee, balance
of income,
17 50
117
63
117 63
18
00
45
316
33
09
48
..4
CHECK BOOK.
W
Balance brought forward,
Deposit,
May 1, 1899,
James Smith, interest on B. & M.
Julia Carter, interest on B. & M.
Deposit
May 16, 1899.
Eliza Thomas, interest on B. &
M., due May 15th,
Susan Abner, interest on B. &
M., due May 16th,
Martha Elmer, interest on B. &
M., due May 15th,
Deduct Checks, Nos. 60 to 64,
Carried forward.
1,074
375
187
562
337
200
07
00
50
50
50
00
2,736
370
57
68
89
2,365
No. 60.
April 10, 1899.
Juliet Brown, Legatee, bal-
ance of income.
No. 61.
April 10, 1899.
Mary Brown, Legatee, bal-
ance of income,
No. 62.
May 15, 1899.
Eliza Brown, Widow, account of
income,
No. 63.
May 15, 1899.
Geo. Brown, Legatee, account of
income.
No. 64.
May 15, 1899.
Juliet Brown, Legatee, account
of income.
45 34
45
34
120
00
80
00
80
370
00
68
i8
CHECK BOOK.
Balance brought forward,
2,365
89
No. 65.
Deposit,
May 15, 1899.
June 2, 1899,
Mary Brown, Legatee, account
of income,
80
00
Mary Jones, interest on B. & M. ,
250
00
2,615
440
89
00
89
Deduct Checks, Nos. 65 to 69,
No. 66.
Carried forward,
2,175
June 15, 1899.
Eliza Brown, Widow, account of
income,
120
00
No. 67.
June 15, 1899.
Geo. Brown, Legatee, account of
income,
80
00
•
No. 68.
June 15, 1899.
Juliet Brown, Legatee, account
'
of income.
80
00
No. 69.
'
June 15, 1899.
Mary Brown, Legatee, account
of income.
80
00
440
00
44
^- '
CHECK BOOK.
Balance brought forward,
Deposit,
July 25, 1899.
Peter Johnson, int. , on B. &M.,
Madison Trust Co., interest on
deposit to June 30th,
Deposit book balanced
as of July 30th, 1899,
balance as per book, 2,006.64
Deduct Checks, Nos. 70 to 74,
Carried forward,
2,175
175
2,350
15
2,366
480
1,886
89
00
89
75_
64
00
64
No. 70.
July 15, 1899.
Eliza Brown, Widow, account of
income,
No. 71.
July 15, 1899.
George Brown, Legatee, account
income,
No. 72.
July 15, 1899.
Juliet Brown, Legatee, account
of income.
No. 73.
July 15, 1899.
Mary Brown, Legatee, account
of income.
No. 74.
August 15, 1899.
Eliza Brown, Widow, account of
income,
120
00
80
00
80
00
80
00
120
480
00
00
45
CHECK BOOK.
Balance brought forward,
Deposit,
August 2, 1899,
Eliza Jenkins, int., on B. &'M.,
Deduct Checks, Nos. 76 to 79,
Carried forwai d,
1,886
200
2,086
440
1,646
64
00
64
00
64
No. 75.
August 16, 1899.
Geo. Brown, Legatee, account of
income,
No. 76.
August 15, 1899.
Juliet Brown, Legatee, account
of income.
No. 77.
August 15, 1899.
Mary- Brown, Legatee, account
of income,
No. 78.
September 15, 1899.
Eliza Brown, Widow, account of
income.
No. 79.
September 16, 1899.
Geo. Brown, Legatee, account
of income.
80
00
46
CHECK BOOK.
Balance brought forward,
Deposit,
September 2, 1899,
Clara A. Ertland, interest on B.
&M.,
Deduct Checks, Nos. 80 to 84,
Carried forward,
1,646
500
2,146
440
1,706
64
00
64
00
64
No. 80.
September 15, 1899.
Juliet Brown, Legatee, account
of income.
No. 81.
September 15, 1899.
Mary Brown, Legatee, account
of income,
No. 82.
October 15, 1899.
Eliza Brown, Widow, account of
income.
No. 83.
October 16, 1899.
Geo. Brown, Legatee, account of
income.
No. 84.
October 15, 1899.
Juliet Brown, Legatee, accoimt
of income,
80
00
80
00
120
00
80
00
80
440
00
00
47
CHECK BOOK.
Balance brought forward,
Deposit,
November 2, 1899.
James Smith, int., on B. & M.,
Julia Carter, interest on B. & M.,
Deposit,
November 16, 1899.
Eliza Thomas, int. , on B. & M. ,
Susan Abner, int., on B. & M.,
Martha Elmer, int., on B. & M.,
Deduct Checks, Nos. 85 to 89,
Carried forward,
1,706
375
187
562
337
200
64
00
50
50
50
00
14
00
3,369
440
2,929
14
No. 85.
October 15, 1899.
Mary Brown, Legatee, account
of income.
No. 86.
November 15, 1899.
Eliza Brown, Widow, account of
income,
No. 87.
November 15, 1899.
George Brown, Legatee, account
of income,
No. 88.
November 15, 1899.
Juliet Brown, Legatee, account
of income.
No. 89.
September 15, 1899.
Mary Brown, Legatee, account
of income,
48
J^MU\
CHECK BOOK.
Balance brought forward,
Deposit,
December 2, 1899,
Mary Jones, interest on B. &M.,
Deduct Checks, Nos. 90 to 94,
Carried forward,
2,9^9
250
3,179
816
2,362
14
00
14
50
64
No. 90.
November 30, 1899.
Receiver of Taxes, N. Y. City,
personal tax for 1899,
No. 91.
December 15, 1899.
Eliza Brown, Widow, account of
income.
No. 92.
December 15, 1899.
Geo. Brown, Legatee, account of
income,
No. 93.
December 15, 1899.
Juliet Brown, Legatee, account
of income.
No. 94.
December 15, 1899.
Mary Brown, Legatee, account
of income,
456
50
120
00
80
00
80
00
80
816
00
50
49
CHECK BOOK.
Balance brought forward,
Deposit,
January 25, 1900.
Peter Johnson, int. , on B. & M, ,
Madison Trust Co., int. , credited
on deposits to December
31st, 1899.
Deduct Checks, Nos. 95 to 99,
Carried forward.
Deposit book balanced
as of January 25th,
1900, balance per
book, 2,273.94
No. 98 not in, 80.00
2,193.94
^j|
2,362
175
16
2,653
480
2,073
64
00
30
94
00
94
No. 95.
January 15, 1900.
Eliza Brown, Widow, account of
income.
No. 96.
January 15, 1900.
George Brown, Legatee, account
of income,
No. 97.
January 15, 1900.
Juliet Brown, Legatee, account
of income.
No. 98.
January 15, 1900.
Mary Brown, Legatee, account
of income.
No. 99.
February 15, 1900.
Eliza Brown, Widow, account of
income,
60
CHECK BOOK.
Balance brought forward,
2,073
94
No. 100.
Deposit,
February 2, 1900,
February 15, 1900.
Geo. Brown, Legatee, account of
income,
80
00
Eliza Jenkins, int., on B. &M.,
200
00
94
00
94
2,273
440
Deduct Checks, Nos. 100 to 104,
No. 101.
Carried forward,
1,833
February 16, 1900.
Juliet Brown, Legatee, account
of income.
80
00
No. 102.
February 15, 1900.
Mary Brown, Legatee, account
of income,
80
00
No. 103
March 16, 1900.
Eliza Brown, Widow, account of
income,
120
00
•
No. 104.
March 15, 1900.
Geo. Brown, Legatee, account
of income,
80
00
440
00'
51
CHECK BOOK.
Balance brought forward,
1,833
94
No. 105.
.
Deposit,
March 2, 1900,
March 15, 1900.
Juliet Brown, Legatee, account
of income.
80
00
Clara A. Ertland, interest on
B. & M.,
500
00
2,333
94
Deduct Checks, Nos. 105 to 109,
506
70
No. 106.
March 15, 1900.
Carried forward,
1,837
24
1
Mary Brown, Legatee, account
of income,
80
00
No. 107.
1
March 25, 1900.
•
Cash for disbursements, includ-
ing rent of safe.
16
35
1
No. 108.
■
April 10, 1900.
Eliza Brown, Executrix, com-
mission on income.
165
18
■
-
No. 109.
April 10, 1900.
George Brown, Executor, com-
mission on income,
165
17
506
70
62
CHECK BOOK.
Balance brought forward,
1,827
24
No. 110.
Deposit,
April 10, 1900.
May 2, 1900.
Eliza Brown, Widow, balance,
281
28
James Smith, int., on B. & M.,
375
187
00
50
Julia Carter, interest on B. & M. ,
Deposit,
No. 111.
May 16, 1900.
April 10, 1900.
Eliza Thomas, int., on B. & M.,
562
50
George Brown, Legatee, balance.
187
52
Susan Abner, int., on B. & M.,
337
200
50
00
Martha Elmer, int., on B. & M.,
3,489
74
Deduct Checks, Nos. 110 to 114,
943
85
No. 112.
April 10, 1900.
Carried forward,
2,545
89
Eliza Brown, Widow of Josiah,
died April 20, 1900.
Juliet Brown, Legatee, balance,
187
52
No. 113.
April 10, 1900.
Mary Brown, Legatee, balance.
187
53
No. 114.
May 15, 1900.
George Brown, Legatee, account
of income,
100
00
943
85
§8
CHECK BOOK.
Balance brought forward,
2,545
89
No. 115.
1
Deposit,
May 15, 1900.
June 2, 1900.
Juliet Brown, Legatee, account
of income,
100
00
Mary Jones, int., on B. & k.,
250
00
2,795
500
89
00
Deduct Checks, Nos. 115 to 119,
No. 116.
Carried forward,
2,295
89
May 16, 1900.
1
Mary Brown, Legatee, account
of income,
100
00
No. 117.
June 15, 1900.
George Brown, Legatee, account
of income,
100
00
No. 118.
June 15, 1900.
Juliet Brown, Legatee, account
of income,
100
00
No. 119.
June 15, 1900.
Mary Brown, Legatee, account
of income,
100
00
•
500
00
64
*».,.
CHECK BOOK.
I
ft
Balance brought forward,
2,295
89
No. 120.
Deposit,
July 26, 1900.
July 15, 1900.
iGeo. Brown, Legatee, account
of income,
200
00
Peter Johnson, int., on B. & M.,
175
00
Deposit,
No. 121.
August 1, 1900.
July 15, 1900.
Eliza Jenkins, B. & M., principal,
Interest on B. and M., in full,
8,000
200
00
00
89
00
89
Juliet Brown, Legatee, account
of income,
200
00
'
10,670
850
Deduct Checks, Nos. 120 to 123,
No. 122.
July 15, 1900.
July 31.
Madison Trust Co., interest on
9,820
1 deposit.
19
85
Mary Brown, Legatee, account
of income,
200
'
9,840
74
74
00
Account filed as of Aug. 1, 1900,
9,840
► Deposit,
No. 123.
September 2, 1900.
July 31, 1900.
Clara A. Ertland, interest on
B. & M.,
500
00
John Doe, public accountant, for
writing up books, &c.,
250
00
850
00
September 15, 1900.
Madison Trust Co., interest on
deposits.
24
60
No. 124.
September 20, 1900.
Smith & Jones, allowance for
disbursements, &c., as per
Deduct Check No. 124,
10,365
350
34
00
Carried forward,
10,015
34
decree,
350
00
350
00
65
CHECK BOOK.
Balance brought forward,
Deduct Checks, Nos. 135 to 129,
10,015
5,987
34
29
05
No. 125.
September 20, 1900.
George Brown, Executor, com-
mission on principal,
1,374
130
1,374
663
2,445
Carried forward,
*
■
4,028
13
■
No. 126.
September 20, 1900.
George Brown, Executor, com-
mission on income,
19
^
No. 127.
September 20, 1900.
Juliet Brown, Executrix, Eliza
Brown, com. , on principal,
13
No. 128.
September 20, 1900.
Juliet Brown, Executrix, Eliza
Brown, balance of income,
80
No. 129.
September 20, 1900.
George Brown, Legatee, bal-
ance of principal.
04
5,987
29
58
Jjjl^
CHECK BOOK.
Balance brought forward,
Deduct Checks, Nos. 130 to 133,
Account Closed.
4,028
4,028
05
05
No. 130.
September 20, 1900.
George Brown, Legatee, bal-
ance of income,
No. 131.
September 20, 1900.
Juliet Brown, Legatee, balance
of principal,
No. 132.
September 20, 1900.
Juliet Brown, Legatee, balance
of income,
No. 133.
September 20, 1900.
Mary Brown, Legatee, balance
of income,
743
41
2,190
88
743
41
350
4,028
35
05
S7
JOURNAL,
60
JOURNAL, page i.
WILL.
I, JosiAH Brown, of the City and County of New
York, State of New York, being of sound mind here-
by declare this to be my last Will and Testament. I
give unto my Executors all my property both real and
personal that I may die seized and possessed of, after
paying all my lawful debts, to be held by them in
trust during the lifetime of my wife, Eliza ; they shall
collect the income thereof and shall pay the same over
in such amounts as they may see fit.
To my wife, Eliza, ^ of the net income. To my
son, George, f of the net income. To my daughter,
Juliet, f of the net income. To my daughter, Mary,
f of the net income.
At the death of my wife, the whole of my estate
shall be divided into three equal shares, one share to
be paid to my son, George, or to his issue surviving
him. One share to be paid to my daughter, Juliet, or
to her issue surviving her, and one share to be paid to
my daughter, Mary, or to her issue surviving her. If
any of my children should die prior to attaining
majority leaving no issue surviving, the share allotted
to him or her shall go in equal share to the survivors
or survivor. If any of my children should die after
attaining his or her majority, before the death of my
wife, such child or children shall have the right to
will his or her share as allotted herein, and I name
my wife and my son George as Executrix and Execu-
tor of this my last Will.
Signed and acknowledged this "
day, March 31st, 1893, in
presence of W Josiah Brown.
Archibald Jones, 742 Eighth Ave., New York.
Jonathan Newkirk, 874 W. 94th St., New York.
Matthew Black, 369 St. Marks Ave., New York.
61
JOURNAL, page 2.
MARCH 16th, 1898.
VALUE.
Copy of Inventory of the Estate of Josiah Brown,
deceased, filed April 20tli, 1898.
Bond and Mortgage, by James Smith, secured by
house and lot 25 Fourth Avenue, New York City,
due May 1st, 1902, interest 5% per annum, payable
semi-annually, May 1st and November 1st,
Bond and Mortgage, by Mary Jones, secured by house
and lot 215 Chambers Street, New York City, due
December 1st, 1901, interest 5% per annum, payable
semi-annually, June 1st and December 1st,
Bond and Mortgage, by Eliza Jenkins, secured by
house and lot 425 Third Avenue, New York City,
due August 1st, 1900, interest 5% per annum,
payable semi-annually, August 1st and February 1st,
Bond and Mortgage, by Julia Carter, secured by house
and lot 187 Bleecker Street, New York City, due
May 1st, 1900, interest 5% per annum, payable
semi-annually, May 1st and November 1st,
Bond and Mortgage, by Clara A. Ertland, secured by
house and lot 85 West 23rd Street, New York City,
due September 1st, 1902, interest 5% per annum,
payable semi-annually, March 1st and September 1st,
Forty Bonds of United States, $1,000.00 each, due
1910 interest 4% per annum, payable quarterly,
February 1st, May 1st, August 1st and November 1st,
Cash on deposit in Mutual Savings Bank, New York
City,
Cash on deposit in Friends Savings Bank, New York
City,
Cash on deposit in Sand Hill Bank,
Note made by James Smithers, payable February
2nd, 1887,
<^1
NOMINAL.
APPRAISED.
15,000
00
15,000
10,000
00
10,000
8,000
00
8,000
7,500
00
7,500
20,000
00
20,000
40,000
00
42,000
3,500
00
3,500
3,500
00
3,600
875
20
875
2,000
00
Nominal
$110,375
20
$110,375
00
00
00
00
00
00
00
00
20
20
62
Ji^
JOURNAL, page 3.
MARCH 16th, 1898.
Estate of Josiah Brown,
Cr.
By James Smith, Bond and Mtg'e, secured by prem-
ises, 25 Fourth Avenue, N. Y. City, interest 5%
per annum, payable May 1st, and Nov. 1st,
By Mary Jones, Bond and Mtg'e, secured by premises
215 Chambers Street, N. Y. City, interest 5% per
annum, payable June 1st, and Dec. 1st,
By Eliza Jenkins, Bond and Mtg'e, secured by prem-
ises 425 Third Avenue, N. Y. City, interest 5%
per annum, payable August 1st, and Feby. 1st,
By Julia Carter, Bond and Mtg'e, secured by premises
187 Bleecker Street, N. Y. City, interest 5% per
annum, payable May 1st, and Nov. 1st,
By Clara A. Ertland, Bond and Mtg'e, secured by
premises 85 W. 23rd Street, N, Y, City, interest
6% per annum, payable Sept. 1st, and March 1st,
By United States Bonds, 40 bonds $1,000 each due
1910, interest 4% per annum, payable Aug, 1st,
November 1st, February 1st, and May 1st,
By Mutual Savings Bank,
Cash on deposit as per pass book,
By Friends Savings Bank,
Cash on deposit as per pass book,
By Sand Hill Bank,
Cash on deposit as per pass book,
Cash,
APRIL, 1898.
Dr.
To Sand Hill Bank,
Balance as per pass book, withdrawn and depos-
ited in Madison Trust Co. , New York City,
15,000
10,000
8,000
7,600
20,000
42,000
3,500
3,500
875
110,375
875
875 20
00
00
00
00
00
00
00
00
20
20
20
110,375
20
110,375
20
875
875
20
20
63
JOURNAL, page 4.
MAY, 1898.
Cash,
2 To U S. Bonds, 40 Coupons $10.00 each,
3 " James Smith,
" Julia Carter,
Dr.
962
962
60
50
400
375
187
962
00
00
50
50
Cash, Cr.
By Expenses principal,
10 Jones & Bro.,
Undertakers bill, 196.00
James Johnson,
Flowers at funeral, 26.00
15 Smith & Jones,
Disbursements in matter of proving Will, 25.00
Appraisers fees, 50.00
By Eliza Brown, Widow,
" Geo. Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
25 " Debts due by Testator,
Jones & Carroll, Coal, 28.60
Dairy Farm milk, 10.80
Brown & Co., Groceries, 37.75
732
06
295
120
80
80
80
77
732
00
00
00
00
00
06
05
732
05
Interest,
By U. S, Bonds, 3 mos,, int., as per coupons,
" James Smith, 6 mos., interest on B. & M.,
" Julia Carter, 6 mos., interest on B. & M.,
Cr.
400
376
187
962
00
00
50
50
962
962
60
50
Interest,
31 To Estate of Josiah Brown,
Accrued interest to March 15th, 1898, belong-
ing to principal,
On B. & M., Nov. 1st, 1897, to Mar. 15th,
James Smith,
Jul'a Carter,
On U. S. Bonds, Feby 1st, to Mar. 15th,
Dr.
281.25
140 62
200 00
621
87
621
87
621
'621
87
64
:JV-
:^6^fur:
JOURNAL, page 5.
JUNE, 1898.
Cash,
To Mary Jones,
Dr.
250
250
00
00
^60^
250
00
00
Cash,
15 By debts due by Testator,
James Calkins, for medical services,
Or.
85
85
00
00
85
85
00
00
Interest,
By Mary Jones,
6 months interest on B. & M.,
Or.
250
250
00
00
250
250
00
00
Interest, Dr.
To Estate of Josiah Brown,
Accrued interest December 1st, 1897, to March
15th, 1898, on Mary Jones B. & M. which belongs
to principal,
145
145
83
83
145
145
83
83
W
JOURNAL, page 6.
JULY, 1898.
20
25
31
Cash,
To Mutual Savings Bank,
** Friends Savings Bank
Dr.
Cash, ^ Cr.
By Peter Johnson, loan on bond Bond and Mortgage
on premises, No. 18 South 89th Street, New York
City, Borough of Manhattan, for 5 years, interest
5% per annum, payable semi-annually, January
35th and July 25th,
Interest,
By Mutual Savings Bank,
6 months interest to July 1st,
By Friends Savings Bank,
6 months interest to July 1st,
Cr.
Interest, Dr.
To estate of Josiah Brown, accrued interest to March
15th, 1898, which belongs to principal.
Mutual Savings Bank, 29.16
Friends ♦♦ •' 29.17
7,140
00
7,140
00
7,000
00
7.000
00
70
70
00
00
140
00
58
33
58
33
3,670
3,570
00
00
7,140
00
7,000
00
7,000
00
140
140
00
00
58
33
68
33
66
JOURNAL, page 7.
AUGUST, 1898.
Cash,
1 To U. S. Bonds, 40 Coupons $10.00 each,
2 " Eliza Jenkins,
Dr.
600
600
00
00
400
200
600
00
00
00
Cash,
By Expense Income,
1 Sundry Items,
15 By Eliza Brown, Widow,
" Geo. Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
Cr.
10
120
80
80
80
370
50
00
00
00
00
50
370
60
370
50
Interest, Cr.
By U. S. Bonds, 3 months interest from May 1st,
" Eliza Jenkins, 6 months interest on B. & M.,
400
200
600
00
00
00
600
600
00
00
Interest, Dr.
To Estate of Josiah Brown,
Accrued interest from February 1st, 1898, to March
15th, 1898, which belongs to principal, on Eliza
Jenkins, B. & M.,
50
50
00
00
50
50
00
00
67
JOURNAL, page 8.
SEPTEMBER, 1898.
Cash,
To Clara A. Ertland.
Dr.
14
15
Cash, Cr.
By Expenses pr«incipal,
Paid Comptroller N. Y, City, the amount of
inheritance tax as assessed, due to the State
of New York, 1,103.75
Less rebate, 55.19
By Eliza Brown, Widow,
" George Brown, Legatee,
*' Juliet Brown, Legatee,
** Mary Brown, Legatee,
Interest, Cr.
By Clara A. Ertland,
6 months interest on Bond and Mortgage,
Interest, Dr.
To estate of Josiah Brown,
Accrued interest on Bond and Mortgage of Clara
A. Ertland, from March 1st, 1898, to March 15th,
1898, which belongs to principal.
1,048
56
120
00
80
00
80
00
80
00
1,408
56
500
00
500
00
500
500
41
41
00
00
67
67
500
500
1,408
00
00
56
1,408
500
500
56
00
00
41
41
67
JOURNAL, page 9.
OCTOBER, 1898.
2
21
15
2
5
11
12
13
14
21
1
15
31
Cash, Dr.
To James Smithers,
His note for $2,000 00 was collected by-
Smith & Jones, with interest to October 2d,
1898,
Amount of note, 2,000.00
Interest from February 2d, 1897, 200.00
Less collection fee, 10%
2,200.00
220.00
Cr.
Cash,
By Expense principal.
Paid Smith & Jones, for legal services as per bill.
By Eliza Brown, Widow,
" Geo. Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
James Smithers, Dr.
To Estate of Josiah Brown,
His note for $2,000.00 due February 2d,
1897, was taken in the inventory as of no
value, the amount of the note having been
collected, with interest to October 2d, 1898 ;
this entry is to place to the credit of prin-
cipal, the amount belonging thereto.
Amount of note, 2,000.00
Less collection fee, 200.00
Accrued interest to March 15th, 1898,
13 months, 13 days, 134.33
Less collection, 13.43
To Interest,
Interest from March 15th, 1898,
Less collection fee,
1,800.00
120.90
1,980
1,980
250
120
80
80
80
610
1,980
1,980
00
00
00
00
00
00
00
00
00
00
1,980
00
1,980
00
610
00
610
00
1,920
59^
l,9bO
90
10
00
tt
JOURNAL, page lo.
NOVEMBER, 1898.
2
Cash, Dr.
48,162
50
20
2
To U. S. Bonds,
40 Coupons $10 each,
400
00
15
To James Smith,
375
00
18
** Julia Carter,
187
50
20
" U. S. Bonds,
Proceeds of sale by Cook & Brown, 40
bonds $1,000.00 each, @ 1.18>^, 47,250.00
Less brokerage, y^% 50.00
47,200
00
48,162
50
48,162
50
48,853
2
Cash, Cr.
80
7
10
By Debts Owed by Testator,
Paid Eliza Brown, for payments made by her as per
receipt,
125
80
11
16
By Eliza Brown, Widow,
100
00
12
'* George Brown, Legatee,
60
00
13
" Juliet Brown, Legatee,
60
00
14
** Mary Brown, Legatee,
60
00
23
By Eliza Thomas,
Loan on Bond and Mortgage, on premises 18 North
89th Street, Borough of Manhattan, N. Y. City, for
5 years, interest 4^% per annum, payable semi-
annually. May 15th, and November 15th,
25,000
00
24
By Martha Elmer,
Loan on Bond and Mortgage, on premises 18 Bron-
son Street, Borough of Manhattan, N. Y. City, for
5 years, interest 5% per annum, payable semi-
annually, May 15th, and November 15th,
8,000
00
24
By Susan Abner,
Loan on Bond and Mortgage, on premises 23 St.
George Avenue, Borough of Manhattan, N. Y. City,
for 5 years, interest 4^%, payable semi annually.
May 15th and November 15th,
15,000
00
6
30
By Expense income.
Receiver of Taxes, personal tax, 1899,
448
00
80
48,853
48,853
80
962
3
Interest, Cr.
50
20
1
By U. S. Bonds,
3 months interest, from Augpist 1st,
400
00
15
1
By James Smith,
6 months interest on Bond and Mortgage,
375
00
18
1
By Julia Carter,
6 months interest on Bond and Mortgage,
187
50
50
962
962
50
70
>5»
JOURNAL, page ii.
DECEMBER, 1898.
2
16
2
11
12
13
14
5
Cash,
To Mary Jones,
Dr.
15
15
3
16
Cash,
By Eliza Brown, Widow,
" George Brown, Legatee,
** Juliet Brown, Legatee,
*' Mary Brown, Legatee,
** Expense principal,
Paid Evening Post,
Advertising for claims, &c.,
Law Journal,
Advertising for claims, &c,
Cr.
24.50
24.50
Interest,
By Mary Jones,
6 months interest on Bond and Mortgage,
Cr.
250
250
100
60
60
60
49
329
250
250
00
"oo"
00
00
00
00
00
00
00
00
250
250
329
00
00
00
329
250
250
00
00
00
n
JOURNAL, page 12.
JANUARY, 1899.
2
22
3
25
31
2
11
12
13
14
3
22
15
25
Cash, Dr.
To Peter Johnson,
" Interest,
Amount credited by Madison Trust Company, for
interest to December 31st, 1898,
Cash,
By Eliza Brown, Widow,
'* George Brown, Legatee,
" Juliet Brown, Legatee,
'* Mary Brown, Legatee,
Cr.
Interest,
By Peter Johnson,
6 months interest on Bond and Mortgage,
Cr.
198
198
100
60
60
60
280
175
175
87
87
00
00
00
00
00
00
00
175
23
198
280
280
175
175
00
87
87
00
00
00
00
73
JOURNAL, page 13.
FEBRUARY, 1899.
Cash,
To Eliza Jenkins,
Dr.
200
200
00
00
200
200
00
00
Cash,
15 By Eliza Brown, Widow,
*• George Brown, Legatee,
*' Juliet Brown, Legatee,
'* Mary Brown, Legatee,
Cr.
100
60
60
60
280
00
00
00
00
00
280
280
00
00
Interest,
By Eliza Jenkins,
6 months interest on Bond and Mortgage,
Cr.
200
200
00
00
200
200
00
00
7S
JOURNAL, page 14.
MARCH, 1899.
15
31
31
Cash,
To Clara A. Ertland,
Dr.
Cash, Cr.
By Eliza Brown, Widow,
" George Brown, Legatee,
** Juliet Brown, Legatee,
** Mary Brown, Legatee,
By Expense Income,
Cash for petty disbursements including rent of safe,
Interest, Or.
By Clara A. Ertland,
6 months interest on Bond and Mortgage,
Interest,
To Income,
Balance of account.
Commissions,
To Eliza Brown, Executrix,
Commission on income.
To George Brown, Executor,
Commission on income,
Income,
To Expense Income,
' ' Commissions,
" Eliza Brown, Widow, i,
** George Brown, Legatee, f,
" Juliet Brown, Legatee, f,
" Mary Brown, Legatee, f,
Dr.
Dr.
Dr.
500
500
100
60
60
60
17
297
500
500
3,705
3,705
235
235
3,705
3,705
00
00
00
00
00
00
50
50
00
00
27
27
26
26
27
27
500
500
297
297
500
500
3,705
3,705
117
63
117
63
235
26
476
00
235
26
998
00
665
33
665
34
665
34
3,705
27
00
00
50
50
00
00
27_
27
74
JOURNAL, page 15.
Estate of Josiah Brown,
LEDGER BALANCES AS OF MARCH 31st, 1899.
Estate of Josiah Brown,
Cash,
Expense principal,
Debts owed by Testator,
Eliza Brown, Executrix,
George Brown, Executor,
Eliza Brown, Widow,
George Brown, Legatee,
Juliet Brown, Legatee,
Mary Brown, Legatee,
James Smith,
Mary Jones,
Eliza Jenkins,
Julia Carter,
Clara A. Ertland,
U. S. Bonds,
Peter Johnson,
Eliza Thomas,
Martha Elmer,
Susan Abner,
Dr.
1,372
1,643
287
15,000
10,000
8,000
7,500
20,000
7,000
25,000
8,000
15,000
118,803
66
56
85
00
00
00
00
00
00
00
00
00
07
Cr.
113,213
117
117
18
45
45
45
5200
118,803
80
63
63
00
33
34
34
00
07
76
JOURNAL, page i6.
APRIL, 1899.
Cash,
10 By Eliza Brown, Executrix,
'* George Brown, Executor,
" Eliza Brown, Widow,
" Geo. Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
Cr.
117
117
18
45
45
45
389
63
63
00
33
34
34
27
389
37
389
27
Cash,
1 To James Smith,
" Julia Carter,
16 " Eliza Thomas,
** Susan Abner,
" Martha Elmer,
MAY, 1899.
Dr.
1,662
1,662
50
50
375
187
562
337
200
1,662
00
50
50
50
00
50
Cash,
15 By Eliza Brown, Widow,
" George Brown, Legatee
** Juliet Brown, Legatee,
'* Mary Brown, Legatee,
Cr.
120
80
80
80
360
00
00
00
00
00
360
360
00
00
Interest,
By James Smith,
6 months interest on
By Julia Carter,
6 months interest on
By Eliza Thomas,
6 months interest on
By Susan Abner,
6 months interest on
By Martha Elmer,
6 months interest on
Cr.
Bond and Mortgage,
Bond and Mortgage,
Bond and Mortgage,
Bond and Mortgage,
Bond and Mortgage,
375
187
662
337
200
1,662
00
50
50
50
00
50
1,662
50
1,662
50
76
JOURNAL, page 17.
JUNE, 1899.
15
Cash,
To Mary Jones,
Dr.
Cash,
By Eliza Brown, Widow,
" Geo. Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
Cr.
250
250
120
80
80
80
00
00
00
00
00
00
360 00
Interest,
By Mary Jones,
6 months interest on Bond and Mortgage,
Cr.
250
250
00
00
250
250
360
360
250
250
00
00
00
00
00
00
77
JOURNAL, page i8.
JULY, 1899.
2 Cash, Dr.
22 25 To Peter Johnson,
3 " Interest,
*' Madison Trust Company, interest on deposit to
June 30th,
2 Cash, Cr.
11 15 By Eliza Brown, Widow,
12 " George Brown, Legatee,
13 " Juliet Brown, Legatee,
14 " Mary Brown, Legatee,
3 Interest, Cr.
22 25 By Peter Johnson,
6 months interest on Bond and Mortgage,
190
75
190
75
120
80
80
80
00
00
00
00
360
00
00
175
175
00
175
15
190
00
75
75
360
00
360
175
00
00
175
00
78
JOURNAL, page 19.
AUGUST, 1899.
Cash,
To Eliza Jenkins,
Dr.
200
200
00
00
200
200
00
00
Cash,
15 By Eliza Brown, Widow,
" George Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
Cr.
120
80
80
80
360
00
00
00
00
00
360
360
00
00
Interest,
By Eliza Jenkins,
6 months interest on Bond and Mortgage,
Cr.
200
200
00
00
200
200
00
00
w
JOURNAL, page 20.
SEPTEMBER, 1899,
Cash,
To Clara A. Ertland,
Dr.
500
500
00
00
500
500
00
00
Cash,
15 By Eliza Brown, Widow,
" George Brdwn, Legatee,
" Juliet Brown, Legatee,
** Mary Brown, Legatee,
Cr.
120
80
80
80
360
00
00
00
_00
00
360
360
00
00
Interest,
By Clara A. Ertland,
6 months interest on Bond and Mortgage,
Cr.
500
600
00
00
500
600
00
00
OCTOBER, 1899.
Cash,
15 By Eliza Brown, Widow,
" George Brown, Legatee,
'* Juliet Brown, Legatee,
" Mary Brown, Legatee,
Cr.
120
80
80
80
360
00
00
00
00
00
360
360
00
00
80
T/?»-A '
JOURNAL, page 21.
NOVEMBER. 1899.
Cash,
2 To James Smith,
** Julia Carter,
IG " Eliza Thomas,
" Susan Abner,
" Martha Elmer,
Dr.
1,662
50
1,662
50
375
187
563
337
200
1,662
00
50
50
50
00
50
30
Cash, Cr.
By Eliza Brown, Widow,
" George Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
" Expense Income,
' ' Receiver of Taxes, N Y. City, personal tax for 1899,
120
80
80
80
456
816
00
00
00
00
50
60
816
50
816
50
Interest,
By James Smith,
6 months interest on Bond and Mortgage,
By Julia Carter,
6 months interest on Bond and Mortgage,
15 By Eliza Thomas,
6 months interest on Bond and Mortgage,
By Susan Abner,
6 months interest on Bond and Mortgage,
By Martha Elmer,
6 mdnths interest on Bond and Mortgage,
Cr.
375
187
562
337
200
1,662
00
50
50
50
00
~50"
1,662
50
1,662
50
81
JOURNAL, page 22.
DECEMBER, 1899.
2
16
2
11
12
3 3
14
3
16
15
Cash,
To Mary Jones,
Dr.
Cash,
By Eliza Brown, Widow,
" Geo. Brown, Legatee,
" Juliet Brown, Legatee,
** Mary Brown, Legatee,
Cr.
Interest,
By Mary Jones,
6 months interest on Bond and Mortgage,
Cr.
250
250
00
120
00
80
00
80
00
80
00
360
00
250
250
00
00
00
250
250
360
360
250
250
00
00
00
00
00
00
JOURNAL, page 23.
JANUARY, 1900.
2
22
3
25
Cash, Dr.
To Peter Johnson,
' * Interest,
" Madison Trust Company, interest on deposit July
1st, to December 31st,
2
11
12
13
14
3
22
15
Cash,
By Eliza Brown, Widow,
'* George Brown, Legatee,
" Juliet Brown, Legatee,
*' Mary Brown, Legatee,
Cr.
25
Interest, Cr.
By Peter Johnson,
6 months interest on Bond and Mortgage,
191
30
191
30
120
80
80
80
00
00
00
00
360
00
00
175
175
00
175
16
191
00
30
30
360
00
360
00
175
00
175
00
JOURNAL, page 24.
FEBRUARY, 1900.
2
17
2
11
12
13
14
3
17
15
Cash,
To Eliza Jenkins,
Dr.
Cash,
By Eliza Brown, Widow,
" Geo. Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
Cr.
Interest,
By Eliza Jenkins,
6 months interest on Bond and Mortgage,
Cr.
200
200
120
80
80
80
360
200
200
00
00
00
00
00
00
00
00
00
200
200
360
360
200
200
00
00
00
00
00
00
84
JOURNAL, page 25.
MARCH, 1900,
2
Cash,
Dr.
500
00
19
2
To Clara A. Ertland,
500
00
500
00
500
00
376
2
Cash,
Cr.
35
11
15
By Eliza Brown, Widow,
120
00
12
*' George Brown, Legatee,
80
00
13
'* Juliet Brown, Legatee,
80
00
14
*' Mary Brown, Legatee,
80
00
6
25
* * Expense Income,
Petty disbursements, including rent of safe,
16
35
376
35
376
35
500
3
Interest,
Cr.
00
19
1
By Clara A. Ertland,
31
6 months interest on Bond and Mortgage,
500
00
00
500
500
00
5,607
05
3
Interest,
Dr.
4
To Income,
5,607
05
5,607
05
5,607
05
330
35
8
Commissions,
Dr.
9
31
To Eliza Brown Executrix,
165
18
10
'* George Brown, Executor,
165
17
330
35
330
35
5,607
05
4
Income,
Dr.
H
To Commissions,
330
35
6
" Expense income,
472
85
11
'* Eliza Brown, Widow,
1,601
28
13
" George Brown, Legatee,
1,067
52
13
" Juliet Brown, Legatee,
1,067
52
14
** Mary Brown, Legatee,
1,067
53
5,607
05
5,607
05
86
JOURNAL, page 26.
Estate of Josiah Brown,
LEDGER BALANCES AS OF MARCH 31st, 1900.
Estate of Josiah Brown,
Cash,
Expense principal,
Debts owed by Testator,
Eliza Brown, Executrix,
George Brown, Executor,
Eliza Brown, Widow,
George Brown, legatee,
Juliet Brown, Legatee,
Mary Brown, Legatee,
James Smith,
Mary Jones,
Eliza Jenkins,
Julia Carter,
Clara A. Ertland,
U. S. Bonds,
Peter Johnson,
Eliza Thomas,
Martha Elmer,
Susan Abner,
Dr.
2,157
1,642
287
15,000
10,000
8,000
7,600
20,000
7,000
25,000
8,000
15,000
119,588
69
56
85
00
00
00
00
00
00
00
00
00
00
Cr.
113,213
165
165
281
187
187
187
6,200
119,588
80
18
17
28
52
52
53
00
00
88
JOURNAL, page 27.
APRIL, 1900.
2
9
10
11
12
13
14
Cash,
10 By Eliza Brown, Executrix,
" George Brown, Executor,
" Eliza Brown, Widow,
" George Brown, Legatee,
" Juliet Brown, Legatee,
" Mary Brown, Legatee,
Cr.
Eliza Brown, Widow of Josiah Brown, died April
20th, 1900 ; she left a will wherein she appointed
her daughter Juliet Brown, Executrix, and be-
queathed to her daughters, Juliet and Mary, share
and share alike, all the moneys coming to her from
the estate of Josiah Brown.
165
165
281
187
187
187
1,174
18
17
28
52
52
53
20
1,174
20
1,174
20
¥
8T
JOURNAL, page 28.
MAY. 1900.
2
Cash,
Dr.
1,662
50
15
2
To James Smith,
375
00
18
" Julia Carter,
187
50
23
16
'♦ Eliza Thomas,
562
50
24
** Susan Abner,
337
50
24
*' Martha Elmer,
200
00
l.(iG2
50
1,662
50
300
2
Cash,
Cr.
00
12
15
By George Brown, Legatee,
100
00
13
" Juliet Brown, Legatee,
100
00
14
** Mary Brown, Legatee,
100
00
300
00
3U0
00
1,662
3
Interest,
Cr.
50
15
1
By James Smith,
6 months interest on Bond and Mortgage,
375
00
18
By Julia Carter,
6 months interest on Bond and Mortgage,
187
50
23
15
By Eliza Thomas,
6 months interest on Bond and Mortgage,
562
50
24
By Susan Abner,
6 months interest on Bond and Mortgage,
337
50
24
By Martha Elmer,
6 months interest on Bond and Mortgage,
200
00
1,662
50
1,662
60
491
16
3
Interest,
Dr.
11
To Eliza Brown, Widow,
-^ of interest from November 1st, 1899, to
April 20th, 1900,
James Smith,
Julia Carter,
^ of interest from November 15th, 1899,
to April 20th, 1900,
Eliza Thomas,
Susan Abner,
Martha Elmer,
354 17
172.08
484.38
290.62
172.22
^l
1,473 47
491
16
491
16
491
16
JOURNAL, page 29.
JUNE, 1900.
Cash,
To Mary Jones,
Dr.
15
I 3
Cash,
By Geo. Brown, Legatee,
'* Juliet Brown, Legatee,
** Mary Brown, Legatee,
Cr.
Interest,
By Mary Jones,
6 months interest on Bond and Mortgage,
Cr.
Interest, Dr.
To Eliza Brown, Widow,
^ of interest from December 1st, 1899, to
April 20th, 1900,
Mary Jones, 3) 194 44
250
250
100
100
100
300
250
250
64
64
00
00
00
00
00
00
00
00
81
250
250
300
300
250
250
00
00
00
00
00
00
64
64
81
81
89
JOURNAL, page 30.
JULY, 1900.
2
22
3
26
Cash, Dr.
To Peter Johnson,
*' Interest,
Madison Trust Company, interest on deposits to
June 30th,
2
12
13
14
5
16
31
Cash, Cr.
By George Brown, Legatee,
** Juliet Brown, Legatee,
*' Mary Brown, Legatee,
" Expense principal,
Paid John Doe, public accountant, for writing up
books and preparing Surrogate account.
3
22
3
11
25
Interest,
By Peter Johnson,
6 months interest on Bond and Mortgage,
Cr.
Interest, Dr.
To Eliza Brown, Widow,
^ of interest from January 1st, to April
20th, 1900,
Madison Trust Company, 12.13
From January 25th, to April 20th, 1900,
Peter Johnson, 83. 61
3) 95 74
20
1
U. S. Bonds,
To Estate of Josiah Brown,
Balance carried to principal,
Dr.
194
194
85
200
00
200
00
200
00
250
00
850
00
175
175
31
31
5,200
5,200
85
00
00
91
91
00
00
175
19
194
850
00
85
85
00
850
175
175
00
00
00
31
31
5,200
5,200
91
91
00
00
90
JOURNAL, page 31.
AUGUST. 1900.
Cash, Dr.
To Eliza Jenkins,
In full for principal and interest,
Interest, Cr,
By Eliza Jenkins,
6 months interest on Bond and Mortgage,
Interest,
To Eliza Brown, Widow,
^ of interest from February 1st, to April
20th, 1900,
Eliza Jenkins, 3)
Dr.
88 89
The account of George Brown, surviving executor of
the estate of Josiah Brown, deceased, was filed
with the Surrogate of New York County, as of
August 1st, 1900.
8,300
8,200
200
200
29
29
00
00
00
00
63
63
8,200
8,200
200
200
00
00
00
"00"
29
29
63
63
91
JOURNAL, page 32.
Estate of Josiah Brown,
LEDGER BALANCES AS OF AUGUST 1st. 1900.
1 Estate of Josiah Brown,
2 Cash,
3 Interest,
5 Expense principal,
7 Debts owed by Testator,
1 1 Eliza Brown, Widow,
12 George Brown, Legatee,
l-'i Juliet Brown, Legatee,
14 Mary Brown, Legatee,
15 James Smith,
10 Mary Jones,
18 Julia Carter,
19 Clara A. Ertland,
22 Peter Johnson,
23 Eliza Thomas,
24 Susan Abner,
Martha Elmer,
Dr.
9,840
1,892
287
400
400
400
15,000
10,000
7,600
20,000
7,000
25,000
15,000
8,000
120,721
74
56
85
00
00
00
00
00
00
00
00
00
00
00
15
Cr.
118,413
1,689
617
120,721
80
84
51
15
JOURNAL, page 33.
SEPTEMBER, 1900.
2
15
20
15
Cash,
To Clara A. Ertland,
** Interest,
Madison Trust Co. , interest on deposits,
Dr.
Cash, Cr.
By Expenses principal,
Paid Smith & Jones, for legal services and
disbursements, as per decree,
By George Brown, Executor,
Commissions on principal, 1,374.13
" " income, 130.19
By Juliet Brown, Executrix,
Commission on principal allowed to Eliza
Brown, Executrix, deceased.
By Juliet Brown, Executrix,
Accrued income to April 20th, 1900, be-
longing to Eliza Brown, deceased.
By George Brown, Legatee,
Cash to balance share of principal,
By George Brown, Legatee,
Balance of income in full,
By Juliet Brown, Legatee,
Cash to balance share of principal,
By Juliet Brown, Legatee,
Balance of income in full,
By Mary Brown, Legatee,
In dividing the principal, the securities
and accrued interest allotted to her, ex-
ceeded her share of principal by 393.06
Leaving as balance of income,
Interest, Cr.
By Clara A. Ertland,
6 months, 15 days interest on Bond and Mortgage,
By James Smith,
Accrued interest from May 1st, to September 15th,
By Julia Carter,
Accrued interest from May 1st, to September 15th,
By Eliza Thomas,
Accrued interest from May 15th, to September 15th,
By Susan Abner,
Accrued interest from May 15th, to September 15th,
By Martha Elmer,
Accrued interest from May 15th, to September 15th,
By Mary Jones,
Accrued interest from June 1st, to September 15th,
By Peter Johnson,
Accrued interest from July 25th, to September 15th,
624
524
60
60
350
1,504
1,374
663
2,445
743
2,190
743
350
10,365
541
281
140
375
225
133
145
49_
1,892
00
32
13
80
04
41
88
41
35
34
67
25
62
00
00
33
83
57
27
500
24^
524
10,365
00
60
60
34
10,365
1,892
34
27
1,892
27
93
JOURNAL, page 34.
SEPTEMBER, 1900.
15
15
15
15
Interest, Dr.
To Eliza Brown, Widow,
i of interest from March 1st, to April
20th, 1900, on Bond and Mortgage,
Clara A. Ertland, 3) 138.39
To Income,
Balance of account,
Income, Dr.
To Commissions,
** George Brown, Legatee,
** Juliet Brown, Legatee,
*' Mary Brown, Legatee,
Commissions, * Dr.
To George Brown, Executor,
One commission on $118,413.80,
5% on $1,000.00, 50.00
2j4 % on next, $10,000.00, 250.00
1% on balance, $107,413.80, 1,074.13
To Eliza Brown, Executrix,
One commission on $118,413.80,
To George Brown, Executor,
One commission on $4,324.22,
Income from March 31st, 1900,
Estate of Josiah Brown,
To Expense principal,
' ' Debts owed by Testator,
'* Commissions,
** George Brown, Legatee,
'* Juliet Brown, Legatee,
** Mary Brown, Legatee,
Dr.
3,606
3,606
3,560
3,560
2,878
2,878
118,413
118,413
71
71
42
42
45
45
80
80
46
3,560
3,606
130
1,143
1,143
1,143
3,560
1,374
13
1,374
13
130
19
2,878
45
2,242
56
287
85
2,748
26
37,711
71
37,711
71
37,711
71
118,413
80
94
JOURNAL, page 35.
SEPTEMBER. 1900.
9
9
11
12
19
24
13
23
16
14
15
18
22
24
15
Juliet Brown, Executrix,
By Eliza Brown, Executrix,
" Eliza Brown, Widow,
20
George Brown, Legatee,
To Clara A. Ertland,
" Susan Abner,
20
Juliet Brown, Legatee,
To Eliza Thomas,
*• Mary Jones,
20
Mary Brown, Legatee,
To James Smith,
*' Julia Carter,
** Peter Johnson,
" Martha Elmer,
Cr.
Dr.
Dr.
Dr.
1,374
663
2,037
35,266
35,266
35,520
35,520
38,104
38,104
13
80
93
67
67
83
83
77
77
2,037
2,037
20,041
15,225
35,266
25,375
10,145
35,520
15,281
7,640
7,049
8,133
38,104
93
93
67
00
67
00
83
83
25
62
57
33
77
95
.d^iiliSl
LEDGER
I
97
■MSim^
INDEX TO LEDGER.
PAGE.
PAGE.
Abner, Susan,
24
Income,
4
•
Interest,
3
Brown, Josiah, Estate of,
1
Brown, Eliza, Executrix,
9
Jones, Mary,
16
Brown, Eliza, Widow,
11
Jenkins, Eliza,
17
Brown, George, Executor,
10
Johnson, Peter,
22
Brown, George, Legatee,
12
Brown, Juliet, Legatee,
13
Brown, Mary, Legatee,
14
Bonds, U. S.,
20
Mutual Savings Bank,
20
Brown, Juliet, Executrix,
9
Cash,
2
Smith, James,
15
Carter, Julia,
18
Smithers, James,
21
Commissions,
8
Sand Hill Bank,
21
Debts Owed by Testator,
7
Thomas, Eliza,
23
Expenses, Principal,
5
Expenses, Income,
6
Elmer, Martha,
24
Ertland, Clara A.,
19
•
Friends Savings Bank,
20
'
09
LEDGER, page j.
Dr.
ESTATE OF JOSIAH BROWN.
Cr.
1900.
Sept.
15
I
■
To Expense,
" Debts,
* * Comm. ,
" G. B. Leg.,
•' J. B. Leg.,
" M. B. Leg.,
2,242
287
2,748
37,711
37,711
37,711
118.413
56
85
26
71
71
71
80
1898.
Mar.
May
June
July
Aug.
Sept.
Oct.
1900.
July
16
By Jas. Smith,
Mary Jones,
Eliza Jenkins,
Julia Carter,
C. A. Ertland,
U. S. Bonds,
M. Sav Bank,
F. ** '*
Sand Hill "
Interest,
J. Smithers,
*♦ U. S. Bonds,
3
3
3
3
3
3
3
3
3
4
5
6
7
8
9
30
15,000
10,000
8,000
7,500
20,000
42,000
3,500
3,500
875
621
145
58
50
41
1,920
5.200
118,413
I
101
LEDGER, page 2.
2)r.
CASH.
Ct.
1898.
1898.
April
1
To S. H. Bank
3
875
20
May
31
By Sundries
4
732
05
May
31
Sundries
4
962
50
June
30
<(
5
85
00
June
30
Mary Jones
5
250
00
July
31
P. Johnson
6
7,000
00
July
31
Sundries
6
7,140
00
Aug.
31
Sundries
7
370
50
Aug.
31
((
7
600
00
Sept.
30
<i
8
1,408
56
Sept.
30
C. A. Ertland
8
500
00
Oct.
31
<(
9
610
00
Oct.
31
J. Smithers
9
1,980
00
Nov.
30
<t
10
48,853
80
Nov.
30
Sundries ,
10
48,162
50
Dec.
31
(i
11
329
00
Dec.
1899.
31
<(
11
250
00
1899.
Jan.
31
Sundries
12
198
87
Jan.
31
Sundries
12
280
00
Feb.
28
<(
13
200
00
Feb.
28
(t
13
280
00
Mar.
31
C. A. Ertland
14
500
00
Mar.
31
<(
14
297
50
31
To Balance
07
66
April
30
By Balance
By Sundries
16
1,372
66
61,619
61,619
07
Mar.
1,372
389
27
May
31
Sundries
16
1,662
50
May
31
16
360
00
June
30
M. Jones
17
250
00
June
30
17
360
00
July
31
P. Johnson
18
190
75
July
31
18
360
00
Aug.
31
E. Jenkins
19
200
00
Aug.
31
19
360
00
Sept.
30
C. A. Ertland
20
500
00
Sept.
30
20
360
00
Nov.
30
Sundries
21
1,662
50
Oct.
31
20
360
00
Dec.
1900.
31
M. Jones
22
250
00
Nov.
Dec.
1900.
30
31
21
22
816
360
50
00
Jan.
31
Sundries
23
191
30
Jan.
31
Sundries
23
360
00
Feb.
28
E. Jenkins
24
200
00
Feb.
28
((
24
360
00
Mar.
31
C. A. Ertland
25
500
00
Mar,
31
<(
25
376
35
31
To Balance
71
April
30
By Balance
By Sundries
27
2,157
59
6,979
6,979
71
1900.
Mar.
2,157
59
1,174
20
May
31
Sundries
28
1,662
50
May
31
<(
28
300
00
June
30
M. Jones
29
250
00
June
30
(<
29
300
00
July
31
Sundries
30
194
85
July
31
((
30
850
00
Aug.
1
E. Jenkins
31
8,200
00
Sept.
20
<(
33
10,365
34
Sept.
15
Siindries
33
524
12,989
60
54
12,989
54
102
LEDGER, page 3.
Dr.
INTEREST.
Cr.
1898.
1898.
May-
31
To Estate J. B.
4
621
87
May
31
By Sundries
4
962
50
June
30
<( <( ( t
6
145
83
June
30
*' M. Jones
6
250
00
July
31
(( (( it
6
58
33
July
31
'* Sundries
6
140
00
Aug.
31
<( it ((
7
50
00
Aug.
31
i( (<
7
600
00
Sept.
30
(( (< n
8
41
67
Sept.
30
«♦ C. A. Ertland
8
600
00
1899.
Oct.
31
"J. Smithers
9
59
10
Mar.
31
To Income
14
3,706
27
Nov.
30
** Sundries
10
962
50
Dec.
31
" M. Jones
11
250
00
1899.
Jan.
31
*' Cash
*' P. Johnson
12
12
23
175
87
00
Feb.
28
" E. Jenkins,
13
200
00
31
To Income
25
Mar.
May
1
31
♦* C. A. Ertland
By Sundries
14
16
500
00
1900.
4,622
97
4,622
97
Mar.
5,607
05
1,662
50
June
30
" M. Jones
17
250
00
July
31
" P. Johnson
'• Cash
18
18
176
16
00
76
Aug.
31
'♦ E. Jenkins
19
200
00
Sept.
30
'* C. A. Ertland
20
500
00
Nov.
30
** Sundries
21
1,662
60
Dec.
31
'* M. Jones
22
250
00
1900.
Jan.
31
** P. Johnson
*' Cash,
23
23
175
16
00
30
Feb.
28
*• E. Jenkins
24
200
00
31
To Eliza Brown
28
Mar.
May
31
31
" C. A. Ertland
•• Sundries
25
28
500
00
1000.
5,607
06
16
5,607
05
May
491
1,662
50
June
30
(( it >(
29
64
81
June
30
** M. Jones
29
250
00
July
31
<( (< <(
30
31
91
July
31
" Cash
30
19
85
Aug.
Sept.
1
15
(( (4 It
31
34
29
46
63
29
Aug.
1
'* P. Johnson
" E. Jenkins
30
31
175
200
00
00
To Income
((
3,660
42
Sept.
16
♦' Cash
*• Sundries
33
33
24
1,892
60
27
4,224
22
4,224
22
1
103
LEDGER, page 4.
2)r.
INCOME.
<rr.
1899.
Mar.
31
1900.
Mar.
31
Sept.
15
To Expense,
" Commis ,
•* Eliza Brown,
" G. B., Leg.,
'* J. B., Leg.,
'♦ M. B., Leg.,
To Expense,
•' Commis.,
" E. B., Widow,
" G. B., Leg.,
- J. B., Leg.,
" M. B., Leg.,
To Commis.,
*' G. B., Leg.,
" J. B.. Leg.,
" M. B., Leg.,
476
235
998
665
665
665
3,705
472
330
1,601
1,067
1,067
1,067
6,607
130
1,143
1,143
1,143
3,560
00
26
00
33
34
34
27
85
35
28
52
52
53^
05
19
41
41
41
42
1899.
Mar.
1900.
Mar.
Sept.
31
31
15
By Interest,
14
3,705
27
By Interest,
25
3,705
5,607
27
"05"
By Interest,
34
5,607
3,560
3,560
05
42
104
LEDGER, page 5.
H)r.
EXPENSE PRINCIPAL.
Cr.
1898.
May-
Sept.
Oct.
Dec.
1900.
July
Sept.
10
15
14
15
15
31
15
To Cash,
4
4
4
4
8
9
11
30
33
195
25
25
50
1,048
250
49
250
350
2,242
I
00
00
00
00
56
00
00
00
00
56
1900.
Sept.
15
By Estate J. B.
34
k
105
LEDGER, page 6.
H)r»
EXPENSE INCOME.
Cr.
1898.
Aug.
Nov.
1899.
Mar.
Nov.
1900.
Mar.
1
30
31
30
25
To Cash,
Taxes,
To Cash,
7
10
14
21
25
10
448
17
50
476
00
456
16
50
35
472
85
50
00
1899.
Mar.
1900.
Mar.
31
31
By Income,
By Income,
14
25
476
476
"472"
472
00
00
"85"
85
106
J»A
LEDGER, page 7.
2)r.
DEBTS OWED BY TESTATOR.
(Tr*
1898.
May-
June
Nov.
25
15
10
To Cash,
1900.
Sept.
15
By Estate J. B.
34
287
287
85
85
107
LEDGER, page 8.
2)r.
COMMISSIONS.
Ct.
1899.
Mar.
1900.
Mar.
Sept.
31
31
15
To Sundries,
To Sundries,
To Sundries,
235
26
330
35
2,878
45
2,878
45
1899.
Mar.
1900.
Mar.
Sept.
By Income,
By Income,
By Income,
By Estate J. B.
14
25
34
235
26
330
35
130
2,748
19
26
2,878
45
108
Br,
LEDGER, page 9.
ELIZA BROWN, Exbcutrix,
Cr.
1899.
April
10
10
15
To Cash,
«♦ J. B., Ex.,
16
27
35
117
63
18
13
1899.
Mar.
1900.
Mar.
Sept.
31
31
15
By Com.,
By Com.,
14
25
34
117
63
1900.
April
Sept.
165
1,374
165
1,374
18
13
1,539
31
1,539
31
2)r.
JULIET BROWN, Executrix,
Cr.
1900.
Sept.
20
To Cash
33
1,374
663
13
80
1900.
Sept.
16
2.037
93
By E. B. Exec,
♦• E. B. Widow,
1,374
663
2,037
13
80
93
109
r'
LEDGER, page lo.
S)r.
GEORGE BROWN, EXECUTOR.
Ct.
1899.
April
1900.
April
Sept.
10
10
20
To Cash,
IG
27
33
117
165
1,504
1,669
63
17
32
49"
1899.
Mar.
1900.
Mar.
Sept.
By Commission,
By Commission,
117
165
1,374
130
1,669
63
17
13
19
49
110
LEDGER, page ii.
Dr.
ELIZA BROWN, WIDOW.
(Tr.
15
15
15
15
15
15
15
15
31
10
15
15
15
15
15
15
15
15
15
15
15
;^i
10
15
To Cash,
To Balance,
To Cash.
To Balance,
To Cash,
" J. B. Exec.
120
120
120
120
100
100
100
100
100
18
998
18
120
120
120
120
120
120
120
120
120
120
120
281
1,619
281
663
945
00
00
00
00
00
00
00
00
00
00
00
1899.
Mar.
00
00
00
00
00
00
00
00
00
00
00
00
28
28_
28"
80
08
1899.
Mar.
1900.
Mar.
31
By Income,
14
998
00
1900.
Mar.
May
June
July
Aug.
Sept.
By Balance,
** Income.
25
998
18"
1,601
By Balance,
Interest,
28
29
30
31
34
1,619
281
491
64
31
29
46_
945
111
LEDGER page 12.
H)r.
GEORGE BROWN. LEGATEE.
dr.
1898.
1899.
May
15
To Cash,
4
80
00
Mar.
31
By Income,
14
665
33
Aug.
16
it n
7
80
00
Sept.
15
(( 11
8
80
00
Oct.
15
(( <(
9
80
00
Nov.
15
(i <(
10
60
00
Dec.
15
(< (<
11
60
00
1899.
Jan.
15
(< (( «
12
60
00
Feb.
15
(< ((
13
60
00
Mar.
15
(( <(
14
60
00
31
10
To Balance^
To Cash,
16
45
33
1899.
Mar.
31
By Balance,
665
33
665
33
April
45
33
45
33
May
15
17
8<.^
00
1900.
June
15
17
80
00
Mar.
31
' ' Income,
25
1,067
52
July
15
18
80
00
Aug.
15
19
80
00
Sept.
15
20
80
00
Oct.
15
20
80
00
Nov.
15
21
80
00
Dec.
15
22
80
00
1900.
Jan.
15
23
80
00
Feb.
15
24
80
00
Mar.
15
25
80
00
31
10
To Balance^
To Cash,
27
187
52
85
52
1900.
Mar.
31
By Balance,
1900.
1,112
1,112
85
April
187
187
52
May
15
28
100
00
Sept.
15
* * Income,
25
1,143
41
June
15
29
100
00
*' Estate J. B.
34
37,711
71
July
15
30
200
00
Sept.
20
" C. A. Ertland
" S. Abner,
33
35
2,445
743
20,041
15,225
04
41
67
00
64
39,042
39,042
64
113
LEDGER, page 13.
H)r.
JULIET BROWN, LEGATEE.
CC.
1898.
1899.
May
Aug.
15
15
To Cash,
4
7
80
80
00
00
Mar.
31
By Income,
14
665
34
Sept.
15
<< (<
8
80
00
Oct.
15
(( i(
9
80
00
Nov.
15
(( ((
10
60
00
Dec.
15
(( ((
11
60
00
1899.
Jan.
15
(< (<
12
60
00
Feb.
15
(( <<
13
60
00
Mar.
15
(( t(
14
60
00
31
10
To Balance^
To Cash,
16
45
34
1899.
Mar.
31
By Balance,
605
34
34
665
34
April
45
45
34
May
15
16
80
00
1900.
June
15
17
80
00
Mar.
31
** Income,
35
1,067
52
July
Aug.
15
15
18
19
80
80
00
00
Sept.
15
20
80
00
Oct.
15
20
80
00
Nov.
15
21
80
00
Dec.
15
22
80
00
1900.
Jan.
15
It it
23
80
00
Feb.
15
(( ((
24
80
00
Mar.
15
25
80
00
31
10
To Balance^
To Cash,
27
187
52
86
52
1900.
Mar.
ni
By Balance,
1900
1,112
1,112
86
April
May
187
187
52
15
(C <<
28
100
00
Sept.
15
By Income,
34
1,143
41
June
15
(( ((
29
100
00
" Estate J. B.
34
37,711
71
July
15
(( ( t.
30
200
00
Sept.
20
(( (<
" Ca.h,
" E. Thomas,
" M. Jones,
33
35
35
35
743
2,190
25,375
10,145
41
88
00
83
64
39,042
39,042
64
118
LEDGER, page 14.
2)r.
MARY BROWN, LEGATEE.
Cr.
1898.
1899.
May
15
To Cash,
4
80
00
Mar.
31
By Income,
14
665
34
Aug.
15
(< (<
7
80
00
Sept.
15
(< (<
8
80
00
Oct.
15
(( <(
9
80
00
Nov.
15
<( ((
10
60
00
Dec.
15
(( ((
11
60
00
1899.
Jan.
15
(( a %
12
60
00
Feb.
15
(( ((
13
60
00
Mar.
15
(( ((
14
60
00
31
10
To Balance^
To Cash
16
45
34
1899.
Mar.
31
By Balance^
666
34
665
34
April
45
34
45
34
May-
15
<< ((
16
80
00
1900.
June
15
(( <(
17
80
00
Mar.
31
' * Income,
25
1,067
53
July
15
(( (<
18
80
00
Aug.
15
<( (<
19
80
00
Sept.
15
i< ((
20
80
00
Oct.
15
(( ((
20
80
00
Nov.
15
(( ((
21
80
00
Dec.
15
<( (<
22
80
00
1900.
Jan.
15
<( <(
23
80
00
Feb.
15
(( ((
24
80
00
Mar.
15
(( ((
25
80
00
31
10
To Balance^
To Cash,
27
187
53
87
53
1900.
Mar.
31
By Balance^
1900.
1,112
1,112
87
April
187
187
53
May
15
(( (<
28
100
00
Sept.
15
By Income,
34
1,143
41
June
15
<( <(
29
100
00
" Estate J. B.
34
37,711
71
July
15
<( ((
30
200
00
Sept.
20
"J. Smith,
" J. Carter,
" P. Johnson,
'* M. Elmer,
33
35
35
35
35
350
15,281
7,640
7,049
8,133
35
25
62
57
33
65
39,042
39,042
65
lU
LEDGER, page 15.
H)r» JAMES SMITH, Qt*
Loan on Bond and Mortgage, on premises 23 Fourth Avenue, N. Y. City, Manhattan
Borough, interest 5% per annum, payable semi-annually. May ist, and November ist,
principal due November ist, igo2.
1898.
Mar.
May
Nov.
1899.
May
Nov.
1900.
May
Sept.
To Est. of J. B.,
Interest.
15,000
375
375
375
375
375
281
17,156
00
00
00
00
00
00
25
25
1898.
May
Nov.
1899.
May
Nov.
1900.
May
Sept.
By Cash,
<( (t
<( ((
M. B., Leg.,
lis
LEDGER, page i6.
2)|J^ MARY JONES,
Loan on Bond and Mortgage, on premises zij Chambers Street, Borough of Manhattan,
N. Y. City, interest 5% per annum, payable semi-annually, June ist, and December ist,
principal due December ist, igoi.
Cv*
1898.
Mar.
June
Dec.
1899.
June
Dec.
1900.
June
Sept.
16
1
1
1
1
1
15
To Est. of J. B.,
Interest,
10,000
250
250
250
250
250
145
11,395
00
00
00
00
00
00
83
1898.
June
Dec.
1899.
June
Dec.
1900.
June
Sept.
By Cash,
<( t(
J. B., Leg.,
00
00
00
00
00
83
"83"
116
LEDGER, page 17.
2)t, ELIZA JENKINS,
Loan en Bond and Mortgage, on premises 42^ Third Avenue, Borough of Manhattan,
N. Y. City, interest 5% per annum, payable semi-annually, Angust jst, and February ist,
principal due August ist, igoo.
Ct.
1898.
Mar.
Aug.
1899.
Feb.
Aug.
1900.
Feb.
Aug.
16
1
1
1
1
1
To Estate of J. B.,
" Interest,
8,000
200
200
200
200
200
9,000
00
00
00
00
00
00
00
1898.
Aug.
1899.
Feb.
Aug.
1900.
Feb.
Aug.
By Cash,
00
00
00
00
00
00"
117
LEDGER, page i8.
'^X, JULIA CARTER.
Loan on Bond and Mortgage, on premises 187 Bleecker Street, Bortugh of Manhattan,
N. Y. City, interest 5% />er annum, payable semi-annually. May 1st, and November ist,
principal due May ist, jgo2.
Cr.
1898.
Mar.
May
Nov.
1899.
May
Nov.
1900.
May
Sept.
16
1
1
1
1
]
15
To Estate of J. B,
Interest,
00
60
50
50
50
50
12
1898.
May
Nov.
1899.
May
Nov.
1900.
May
Sept.
By Cash,
" M. B., Leg.,
118
LEDGER, page 19.
2)j.^ CLARA A. ERTLAND,
Loan on Bond and Mortgage, on premises 8j West 2jrd Street, Borough of Manhattan,
City of N. v., interest 5% per annum, payable semi-annually, September ist, and March
1st, principal due March ist, igoi.
Cr.
1898.
Mar.
Sept.
1899.
Mar.
Sept.
1900.
Mar.
Sept.
16
1
1
1
1
1
15
To Est. of J. B.,
** Interest.
20,000
500
500
500
500
500
41^
22,541
00
00
00
00
00
00
67
1898.
Sept.
1899.
Mar.
Sept.
1900.
Mar.
Sept.
By Cash,
G
B., Leg.,
119
LEDGER, page 20.
2)r, U. S. BONDS,
40 Bonds $1,000 each, due August, igio, interest 4% per annum, payable quarterly.
May 1st, August jst, November jst, and February ist.
dr.
1898.
1898.
Mar.
16
To Est. of J. B.,
3
43,000
00
May
2
By Cash,
4
400
00
May
1
*' Interest,
4
400
00
Aug.
1
(( 1 1
7
400
00
Aug.
1
(( <(
7
400
00
Nov.
2
u u
10
400
00
Nov.
1
i( ((
10
400
00
<( (i
47,200
00
1900.
July
31
To Est. of J. B.,
30
5,200
00
48,400
00
48,400
00
Dr.
MUTUAL SAVINGS BANK,
Cr.
1898.
Mar.
July
To Est. of J. B.,
' * Interest,
3
6
3,500
70
00
00
1898.
July
20
3,570
00
By Cash,
3,570
3,670
00
oo"
Dr.
FRIENDS SAVINGS BANK,
Cr.
1898.
Mar.
July
To Est. of J. B.,
'• Interest,
3
6
3,500
70
00
00
00
1898
July
20
3,570
By Cash,
3,570
3,670
00
00
120
LEDGER, page 21.
3S>r.
JAMES SMITHERS.
Note for $2,000.00, due February 2nd, iSgy, appraised no value.
Ct.
1898.
Oct.
31
To Est., of J. B.,
' ' Interest,
9
9
1,920
59
90
10
1898.
Oct.
1
1
15
By Cash,
9
1,980
00
1,980
00
1,980
00
Di\
SAND HILL BANK,
Cv*
1898.
Mar.
16
To Est, of J. B.,
875
20
1898.
April
By Cash,
875
20
121
LEDGER, page 22.
2)|.^ PETER JOHNSON, 147 Broadway, N. Y.,
Loan on Bond and Mortgage, on premises i8 South 8gth Street, Borough of Manhattan,
City of New York, forj years, interest ^% per annum, payable semi-annually, fanuary
2^th, and July 2jth,
Ct*
1898.
July
1899.
Jan.
July
1900.
Jan.
July
Sept.
25
25
25
25
25
16
To Cash,
*' Interest,
7,000
175
175
175
175
49
7,749
00
00
00
00
00
57
57
1899.
Jan.
July
1900.
Jan.
July
Sept.
By Cash,
" M. B. Leg.,
00
00
00
00
57
57
122
LEDGER, page 23.
2)r. ELIZA THOMAS, 18 North 89th Street,
Loan on Bond and Mortgage, on premises i8 North 8gth Street, Borough of Manhattan,
N. Y. City, for ^ years, interest \]^% per annum, payable semi-annually. May i^th, and
November ijtk.
Cr.
1898.
Nov.
1899.
May
Nov.
1900.
May-
Sept.
15
15
15
15
15
To Cash,
" Interest,
25,000
562
562
562
375
27,062
00
50
50
50
00
60
1899.
May
Nov.
1900.
May
Sept.
By Cash,
(( (<
" J. B. Leg.,
138
LEDGER, page 24.
JS>t, MARTHA ELMER, 18 Bronson Street,
Loan on Bond and Mortgage, on premises i8 Bronson Street, Borough of Manhattan,
N. Y. City, for J years, interest 5% per annum, payable semi-annually. May i^th, and
November i^th.
dr.
1898.
Nov.
1899.
May
Nov.
1900.
May
Sept.
15
15
15
15
15
To Cash,
'* Interest,
10
IG
21
28
33.
8,000
200
200
200
133
00
00
00
00
33
1899.
May
Nov,
1900.
! May
j Sept.
1
16
16
16
30
8,733
33
By Cash,
" M. B. Leg.,
200
200
200
8,133
8,733
2)t. SUSAN ABNER, 23 St. George Avenue,
Loan on Bond and Mortgage, on premises 2 j St. George Avenue, Borough of Manhattan,
A\ Y. City, interest Ayi % per annum, payable semi-annually. May ijth, and Novem-
ber i^th.
Cr.
1898.
Nov.
1899.
May
Nov.
1900.
May
Sept.
15
15
15
15
15
To Cash,
** Interest,
10
16
21
28
33
15,000
337
337
337
225
1
00
50
50
50
00
50
1899.
May
Nov.
1900.
May
Sept.
10
10
16
20
16.337
By Cash
" G. B., Leg.,
124
ACCOUNTING.
125
SURROGATE COURT,
County of_
In the Matter
of
the Judicial Settlement of the
account of George Brown, as ) Account of Proceedings,
surviving Executor of the last
Will and Testament of Josiah
Brown, deceased.
To the Surrogate of the County of_
I, George Brown, of the Borough of Manhattan, City of New
York, do render the following account of my proceedings, as surviving
Executor of the last Will and Testament of Josiah Brown, deceased.
On the 31st day of March, A. D., 1898, letters testamentary were
issued to Eliza Brown and George Brown, on the 20th day of April,
A. D., 1900, Eliza Brown died.
On the 15th day of April, A. D., 1898, an Inventory of the per-
sonal estate of the deceased was filed in this office, which personal estate
therein set forth amounts by appraisement, by the appraisers duly
appointed, to $110,375.20.
Schedule A, part i, page 4, hereto annexed, contains a statement
of the increase of principal.
Schedule A, part 2, pages 5 and 6, hereto annexed, contains a
statement of moneys received, such moneys belonging to income.
137
Schedule C, part i, page 7, hereto annexed, contains a statement
of moneys paid for funeral expenses, &c., and other expenses attending
the care of the estate, such moneys being chargeable against the principal.
Schedule C, part 2, page 8, hereto annexed, contains a statement
of moneys paid for personal taxes and sundry expenses, such moneys
being chargeable against the income.
Schedule C, part 3, page 9, hereto annexed, contains a statement
of moneys paid for commissions, such moneys being chargeable against
the income.
Schedule D, page 10, hereto annexed, contains a statement of
moneys paid for debts owed by the Testator, such moneys being charge-
able against the principal.
Schedule E, page 11, hereto annexed, contains a statement of
moneys paid to the Widow and other legatees, such moneys being charge-
able against the income.
Schedule F, page 1 5, hereto annexed, contains a statement of the
names of all persons entitled as legatees or otherwise, to a share of the
estate.
Schedule G, page 16, hereto annexed, contains a statement of
moneys paid on account of loans made on Bond and Mortgage, such
moneys belonging to principal.
Schedule H, page 17, hereto annexed, contains a statement of
all moneys received, belonging to principal.
128
Schedule I, page i8, hereto annexed, contains a statement of all
the assets belonging to the estate, including both principal and income.
I charge myself with,
As to Principal.
Amount of inventory, 110,375.20
Schedule A, part i, 8.038.60
118,413.80
I credit myself with,
Schedule C, part i, 1,892.56
Schedule D, 287.85 2,180.41
Showing balance of principal, $116,233.39
As to Income.
I charge myself with,
Schedule A, part 2, 1 1,619.67
I credit myself with,
Schedule C, part 2, 94^-85
Schedule C, part 3, S^S^i
Schedule E, 8,997.86 10.5^2.32
Showing balance of income, $ i , 1 07. 3 5
The said schedules which are severally signed by me, are part of
this account.
129
SCHEDULE A, PART 1.
Statement of moneys received for interest accrued to March 1 5th,
1898, for increase of value received from sale of securities and for
collection of claims inventoried as of no value, such moneys belonging to
principal, and being an increase thereof, as shown in the inventory.
Interest accrued to March 15th, 1898.
1898.
May
James Smith, B. and M., from November
I St, 1897,
281
25
Julia Carter, B. and M., from November
1st, 1897,
140
62
U. S. Bonds, from February ist, 1898,
200
00
June
Mary Jones, B. and M., from December
ist, 1897,
145
83
July
Mutual Savings Bank, from December
31st, 1897,
29
16
Friends Savings Bank, from December
31st, 1897,
29
17
Aug.
Eliza Jenkins, B. and M., from February
ist, 1898,
50
00
Sept.
Clara A. Ertland, B. and M., from March
ist, 1898,
41
67
Oct.
James Smithers, note for $2,000.00, due
February 2nd, 1897, was inventoried
as of no value, the full amount of the
note, with interest, to October 2nd,
1898, was collected by Smith & Jones,
they retaining 10% for collection fee,
the amount added to principal is,
Amount of note, 2,000.00
Less 10%, 200.00 1,800.00
Interest to Mar. 1 5, 1 898, 134-33
Less 10%, 13-43 120.90
1,920
90
Nov.
40 U. S. Bonds, $1,000
each, inventoried, 42,000.00
Sold at i.i8>^, 47,250.00
Less brokerage, }i%, 50.00 47,200.00
,
Showing increase of,
Total increase of principal,
5,200
00
$8,038
60
George Brown,
Bxecu^or.
181
SCHEDULE A, PART 2.
Statement of moneys received for interest, from March 15th, 1898,
to and including Aug. ist, 1900, such moneys belonging to income.
1898.
From James Smith on B. & M.,
May
5% interest on $15,000.00,
93
75
Nov.
<( (( <(
375
00
1899.
May
(< it It
375
00
Nov.
(( <( it
375
00
1900.
May
a (I it
375
00
1898.
From U. S. Bonds,
May
4% interest on $40,000.00,
200
00
Aug.
<( <( it
400
00
Nov.
in full.
400
00
1898.
From Julia Carter on JB. & M.,
May
5% interest on $7,500.00,
46
88
Nov.
H «< i<
187
50
1899.
May
(( (( 4€
187
50
Nov.
it H l(
187
50
1900.
May
(( << t(
187
50
1898.
From Mary Jones on B. & M.,
June
5% interest on $10,000.00,
104
17
Dec.
<< a a
250
00
1899.
June
it « <<
250
00
Dec.
<( (( <<
250
00
1900.
June
ft t( (*
250
00
1898.
July
From Mutual Savings Bank,
40
84
" Friends
40
83
1898.
From Eliza Jenkins on B. & M.,
Aug.
5% interest on $8,000.00,
150
00
i8q9.
Feb.
« a «
200
00
Aug.
(( (< <<
200
00
1900.
Feb.
a n <t
200
00
Aug.
'< " " in full,
200
00
Carried forward,
$5,526
47
188
SCHEDULE A, PART %— Continued.
1898.
Sept.
I
1899.
Mar.
1
Sept.
I
1900.
Mar.
I
1898.
Dec.
31
1899.
June
30
Dec.
31
1900.
July
31
1899.
May
15
Nov.
15
1900.
May
15
1899.
Jan.
25
July
25
1900.
Jan.
25
July
25
1899.
May
15
Nov,
15
1900.
May
15
1899.
May
15
Nov.
15
1900.
May
15
1898.
Oct.
2
Amount brought forward,
From Clara A. Ertland on B. & M.,
5% interest on $20,000.00,
From Madison Trust Co.,
Interest on deposit,
From Eliza Thomas on B. & M.,
4/^% interest on $25,000.00,
From Peter Johnson on B. & M.,
5% interest on $7,000.00,
<( <(
(( ((
(< (<
From Susan Abner,
4/4% interest on $15,000,00,
From Martha Elmer,
5% interest on $8,ooo.oO;
<( (<
(( ((
From James Smithers,
Interest on $2,000.00 less collection,
Total receipts for interest,
George Brown,
Bxecutor.
5.526
458
500
500
00
00
500
00
23
87
15
16
75
30
19
85
562
562
50
50
562
175
175
175
175
337
337
337
200
00
200
00
200
00
59
10
$11,619
47
33
50
00
00
00
00
50
50
50
67
135
SCHEDULE C, PART 1.
Statement of moneys paid for funeral expenses, inheritance tax
and expenses attending the care of the estate, such payments being
chargeable against the principal.
foucher. 1898.
I May
10
Paid Jones & Bros.,
undertakers bill.
195
00
2
Paid J as. Johnson,
flowers at funeral.
25
00
3 ''
15
Paid Smith & Jones,
disbursements in matter
of proving will, 25.00
•
14
Appraiser's fees, 50.00
75
GO
1 7 Sept.
Paid Controller N.Y. City,
amount of inheritance
tax assessed as due to
the State of New York, 1,103.75
Less rebate, 55-19
1,048
56
22 Oct.
15
Paid Smith & Jones for legal services
as per bill.
250
00
15 Dec.
15
Paid Evening Post, advertising notices
to creditors,
24
50
38
Paid Law Journal, advertising notices
to creditors,
24
50
119 July
31
Paid John Doe, public accountant, for
writing up books and preparing this
account.
Total payments for expenses chargeable
against principal,
250
00
$1,892
56
George Brown,
187
SCHEDULE C, PART 2.
Statement of moneys paid for personal tax and expenses, which
moneys are chargeable against income.
Voucher.
1898.
12
Aug.
I
32
Nov.
1899.
30
51
Mar.
31
86
Nov.
1900.
30
103
Mar.
25
Paid for stationery, stamps, &c.,
" Receiver of Taxes, N. Y. City, for
personal tax for 1898,
Paid for stamps, car fare and rent of
safe,
Paid Receiver of Taxes, N. Y. City, for
personal tax for 1899,
Paid for stationery, stamps and rent of
safe,
Total payments for taxes &c. charge-
able against income,
George Brown,
Executor.
00
35
85
189
SCHEDULE C, PART 3.
Statement of moneys paid to the Executrix and Executor for
their commissions for receiving and paying out the income, such moneys
being chargeable against income.
Vouctier, 1899.
52 Apr.
^ 53
1900.
104 Apr.
105
10
10
Paid Eliza Brown, Ex., one commission
on $3,705.27, being the income re-
ceived to March 31st, 1899,
Paid Geo. Brown, Ex., one commission
on $3,705.27, being the income re-
ceived to March 31st, 1899,
Paid Eliza Brown, Ex., one commission
on $5,607.04, being the income for the
year ending March 31st, 1900,
Paid Geo. Brown, Ex., one commission
on $5,607.05, being the income for the
year ending March 31st, 1900,
Total payments for commissions on
income to March 31st, 1900, and
chargeable against income.
George Brown,
Executor.
$565
63
17
61
141
lO
SCHEDULE D.
Statement of moneys paid for debts owed by the Testator, such
moneys being chargeable against principal.
Ifoycher. 1898.
8 May
25
Paid Jones & Carroll,
bill for coal,
28
50
9
Paid Dairy Farm,
bill for milk.
10
80
10
Paid Brown & Co.,
bill for groceries.
Z1
75
1 1 June
15
Paid James Calkins, M. D.,
bill for medical services,
85
00
'27 Nov.
10
Paid Eliza Brown for
bills paid by her.
Gas bill, 7.80
Girl's wages, 16.00
Trained nurse, 40.00
Butchers bill, 35-oo
Vegetable bill, i7-50
Laundry bill, 9.50
Total payments on account of debts
125
80
owed by the Testator,
$287
85
George Brown,
Executor.
143
II
SCHEDULE E.
Statement of moneys paid to the Widow and to the other lega-
tees, such moneys being chargeable against income.
Voucher.
1898.
4
May
15
Paid Eliza Brown, Widow,
120.00
13
Aug.
15
<< a (( <(
120.00
18
Sept.
15
<< (( << <(
120.00
23
Oct.
15
<< <( i( {(
120.00
28
Nov.
15
(< it (( (<
100.00
32
Dec.
1899.
15
(( (( t( <(
100.00
39
Jan.
15
<< (< << <(
100.00
43
Feb.
15
(( <( (( <<
100.00
47
Mar.
15
<( <( (( ((
100.00
54
Apr.
10
(( (( <( (<
18.00
58
May
15
<< (( (< |(
1 20.00
> 62
June
15
<< (< (( i(
120.00
66
July
15
(< (( (( (<
1 20.00
70
Aug.
15
i i It t f ft
1 20.00
74
Sept.
15
(t ft ({ (t
1 20.00
78
Oct.
15
tf It ft tt
1 20.00
82
Nov.
15
(< tt ft ft
1 20.00
87
Dec.
1900.
15
tt It it i<
120.00
91
Jan.
15
tt (t ft ft
120.00
95
Feb.
15
t ( ( < It ((
1 20.00
99
Mar.
15
II tf tt ft
120.00
106
Apr.
1898.
10
ft II If «<
281.28
2,599
28
5
May
15
Paid Geo. Brown. Legatee,
80.00
14
Aug.
15
It ft ft ft
80.00
1.9
Sept.
15
ft If ft ((
80.00
24
Oct.
15
ft t( ft f<
Carried forward,
80.00
320.00
$2,599
28
146
SCHEDULE E. — Continued.
12
Amount brought forward,
2,599
28
Geo. Brown, brought forward.
320.00
Ifoucher.
1898.
29
Nov.
15
Paid Geo. Brown. Legatee,
60.00
Zl
Dec.
1899.
15
<( (( << <(
60.00
40
Jan.
15
<( (< (( ((
60.00
44
Feb.
15
(< <( (( <(
60.00
48
Mar.
15
(( (< <( ((
60.00
55
Apr.
10
(< <( <( <(
45-33
59
May
15
(( (( (< <<
80.00
63
June
15
(( (< << ((
80.00
67
July
15
(( (< (( ((
80.00
71
Aug.
15
<( (( <( «
80.00
75
Sept.
15
(( (( << <<
80.00
79
Oct.
15
(( (< (( <(
80.00
83
Nov.
15
<( (( (< ((
80.00
88
Dec.
1900.
15
(( <( (( ((
80.00
92
Jan.
15
U <( i( <(
80.00
96
Feb.
15
<( <( << <<
80.00
100
Mar.
15
(( <( << <<
80.00
107
Apr.
10
{< << << <<
187.52
no
May
15
(( <( << <<
100.00
113
June
15
(( <( << <<
1 00.00
116
July
15
(( (( l< <<
200.00
2,132
85
1898.
6
May
15
Paid Juliet Brown, Legatee,
80.00
15
Aug.
15
<( << «< «<
80.00
•
20
Sept.
15
<( <( (( <<
80.00
25
Oct.
15
<< (( (< <<
80.00
30
Nov.
15
(( (( (< <<
60.00
34
Dec.
1899.
15
(( (( << "
60.00
41
Jan.
15
(( a << "
60.00
45
Feb.
15
<< «i << <*
60.00
49
Mar.
15
4< U << "
Carried forward.
60.00
$4,732
■ ^
620.00
13
147
SCHEDULE 1^.— Continued.
13
Koiicher. 1899.
56 Apr.
60 May
64 June
68 July
72 Aug.
76 Sept.
80 Oct.
84 Nov.
89 Dec.
1900.
93 Jan.
97 Feb.
loi Mar.
108 Apr.
1 1 1 May
114 June
117 July
1898.
7 May
16 Aug.
21 Sept.
26 Oct.
31 Nov.
35 Dec.
1899.
42 Jan.
46 Feb.
50 Mar.
57 Apr.
61 May
65 June
69 July
73 Aug.
[O
Amount brought forward,
Juliet Brown, brought forward, 620.00
Paid Juliet Brown, Legatee,
Paid Mary Brown, Legatee,
45-34
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
80.00
187.52
100.00
100.00
200.00
4.732
13
Carried forward,
80.00
80.00
80.00
80.00
60.00
60.00
60.00
60.00
60.00
45-34
80.00
80.00
80.00
80.00
985-34
2,132
86
$6,864
99
149
14
SCHEDULE E. — Continued.
Amount brought forward,
Mary Brown, brought forward, 985.34
Voocher. 1899.
"j^ Sept.
81
85
Oct
Nov.
90 Dec.
1900.
94 Jan.
98 Feb.
102 Mar.
109 Apr.
1 1 2 May
115 June
118 July
15
15
15
15
15
15
15
10
15
15
15
Paid Mary Brown, Legatee,
80.00
80.00
80.00
80.00
80.00
80.00
80.00
187-53
100.00
100.00
200.00
Total payments to the Widow and other
legatees, and chargeable against in-
come,
George Brown,
Executor.
$8,997
87
86
161
15
SCHEDULE F.
Statement of the names of all persons entitled as legatees or
otherwise, to a share in the estate of Josiah Brown, deceased, with their
degree of relationship and place of residence.
George Brown, a son,
residing in the Borough of Manhattan, N. Y. City.
Juliet Brown, a daughter,
residing in the Borough of Manhattan, N. Y. City.
Mary Brown, a daughter,
residing in the Borough of Manhattan, N. Y. City.
Juliet Brown, as Executrix of the last will and testament of Eliza
Brown, the widow, deceased.
All of the above are of full age.
George Brown,
Executor,
153
i6
SCHEDULE G.
Statement of moneys paid on account of loans made on Bond
and Mortgage, such moneys belonging to principal.
1898.
July
Nov.
Nov.
Nov.
25
15
15
15
Loan to Peter Johnson,
Secured by Bond and Mortgage on
premises, 18 South 89th St., Borough
of Manhattan, N. Y. City, payable in
5 years, with interest at 5% per an-
num, payable semi-annually, Jan. 25th
and July 25th.
Loan to Eliza Thomas,
Secured by Bond and Mortgage on
premises, 18 North 89th St., Borough
of Manhattan, N. Y. City, payable in
5 years, with interest at 4}4% per
annum, payable semi-annually, May
15th and Nov. 15th.
Loan to Susan Abner,
Secured by Bond and Mortgage on
premises, 23 St. George Ave., Borough
of Manhattan, N. Y. City, payable in
5 years, with interest at 4>^% per
annum, payable semi-annually, May
15th and Nov. 15th.
Loan to Martha Elmer,
Secured by Bond and Mortgage on
premises, 18 Bronson St., Borough of
Manhattan, N. Y. City, payable in
5 years, with interest at 5% per an-
num, payable semi-annually. May 1 5th
and Nov. 15th.
George Brown,
Executor.
7,000
25,000
1 5,000
8,000
$55,000
00
00
00
00
00
166
17
SCHEDULE H.
Statement of moneys received from sale of securities, from deposits
in banks, from accrued interest to March 15th, 1898, and from payment
of Bond and Mortgage, such moneys belonging to principal.
1898.
April
I
Deposit in Sand Hill Bank,
875
20
July
20
" Mutual Savings Bank,
3.500
00
Friends **
3.500
00
Oct.
15
Received from Smith & Jones the amount
of note of James Smithers, with interest to
Oct. 2d, 1898, less 10% for collection,
1,920
90
Nov.
2
Received from Cook & Brown,
proceeds of sale of 40 U. S.
4% bonds $1,000, each at
i.i8i^, $47,250.00
Less }^% brokerage, 50.00
47,200
00
From accrued interest to March 15th, 1898.
James Smith, from Nov. ist, 1897,
281
25
Julia Carter,
140
62
U. S. Bonds, " Feb. ist, 1898,
200
00
Mary Jones, " Dec. ist, 1897,
145
83
Mutual Savings Bank, from Dec. 3 ist, 1897,
29
16
Friends '*
29
17
Eliza Jenkins, from Feb. ist, 1898,
50
00
Clara A. Erdand, from March ist, 1898,
41
67
1900.
Aug.
I
Received from Eliza Jenkins, principal of
Bond and Mortgage,
8^000
00
Total moneys received, such moneys belong-
ing to principal,
$65,913
80
George Brown,
Bxecuior.
157
i8
SCHEDULE I.
Statement of the assets belonging to the estate comprising prin-
cipal and income as of August i st, 1 900.
Bonds and Mortgages.
Eliza Thomas, due Nov. 15th, 1903,
interest 4)4%, payable May 15th and' Nov. 15th.
25,000
00
Clara A. Ertland, due Sept. ist, 1902,
interest 5%, payable March ist and Sept. ist.
20,000
00
James Smith, due May ist, 1902,
interest 5%, payable May ist and Nov. ist.
1 5,000
00
Susan Abner, due Nov. 15th, 1903,
interest 4^%, payable May 15th and Nov. 15th.
15,000
00
Mary Jones, due Dec. ist, 1901,
interest 5%, payable June ist and Dec. ist.
10,000
00
Martha Elmer, due Nov. 15th, 1903,
interest 5%, payable May 15th and Nov. 15th.
8,000
00
Julia Carter, due May ist, 1900,
interest 5%, payable May ist and Nov. ist.
7.500
00
Peter Johnson, due July 25th, 1903,
interest 5%, payable Jan. 25th and July 25th.
7,000
00
Cash.
Madison Trust Co.,
balance on deposit Aug. ist, 1900,
9,840
74
Making a total of
of which belongs,
to principal, 116,233.39
to income, i>io7-35
117,340.74
$ii7>340
74
George Brown,
£xecu^or.
169
SUPPLEMENTAL ACCOUNTING.
161
Supplemental account of George Brown, surviving Executor of
the estate of Josiah Brown, deceased, showing receipts for interest paid
and amount of accrued interest to Sept. 15th, 1900, on the several bonds
and mortgages embraced in the principal.
Sept.
Sept.
15
Receipts.
From Clara A. Ertland,
interest on B. & M. to Sept. ist,
From Madison Trust Co.,
interest on deposits to date,
Accrued Interest.
James Smith, May ist to Sept. 15th, 281.25
Julia Carter, May ist to Sept. 15th, 140.62
Eliza Thomas, May 15th to Sept.
15th, 375-00
Susan Abner, May 15th to Sept.
15th, 225.00
Martha Elmer, May 1 5th to Sept.
15th, ^33-33
Mary Jones, June ist to Sept. 15th, 145.83
Peter Johnson, July 25th to Sept.
15th, 49-57
Clara A. Ertland, Sept. ist to Sept.
15th, . • 41-67
Total accrued interest to Sept. 15th,
Making increase of income from Aug. ist to
Sept. 15 th, 1900,
George Brown,
Executor.
500
24
00
60
1.392
$1,916
27
87
168
SURROGATE'S DECREE
OF
DISTRIBUTION.
186
At a Surrogate Court, held at
on the 15th day of September, 1900.
Present,
Hon.
Surrogate.
In the Matter
of
the Judicial Settlement of pro-
ceedings of George Brown, sur-
viving Executor of the estate
of Josiah Brown, deceased.
George Brown, surviving Executor of the estate of Josiah Brown,
deceased, having heretofore made application to the Surrogate's Court of
the County of .for a Judicial settlement of
his account as such Executor, and a citation having been thereupon
issued pursuant to statute directed to all persons interested in the estate
of said deceased, citing, and requiring them, and each of them person-
ally, to be and appear at the Surrogate's office in .
167
on the 15th day of August, 1900, at 11 o'clock in the forenoon of that
day, then and there to attend such judicial settlement ; and the said
citation having been returned with proof of due service thereof on Juliet
Brown, and Mary Brown, and Messrs. Smith & Jones, having appeared
as attorneys for said Juliet Brown and the said Mary Brown, and the
said Executor having appeared in person and by his attorneys Messrs.
Smith & Jones, and the said proceedings having been adjourned to this
date, and the said Executor having rendered his account under oath in
this Court, and the said account having been filed together with the
vouchers in support thereof, and no objections having been made to said
account ; and this Court after having examined the said account and
vouchers, now here finds the state and condition of said account to be as
stated and set forth in the said account as filed, and in the following
summary statement thereof made by this Court as finally settled and ad-
justed by it to be recorded with and taken to be a part of the Decree in
this motion, to wit: —
168
A SUMMARY STATEMENT
of the account of George Brown, surviving Executor upon the estate of
Josiah Brown, deceased, made by this Court as finally settled and
allowed.
The said Executor is chargeable as follows :
With amount of Inventory, 110,375.20
" increase of principal as shown in Schedule A, part i, 8,038.60
" moneys belonging to income as shown in Sched-
ule A, part 2. 11,619.67
He is to be credited as follows:
With moneys paid for funeral expenses, &c.,
charged against principal as shown in Sched-
ule C, part I, 1,892.56
With moneys paid for taxes and expenses charged
against income as shown in Schedule C,
part 2,
With moneys paid for commissions, charged
against income, as shown in Schedule C,
part 3,
With moneys paid for debts owed by the Testa-
tor, charged against principal, as shown in
Schedule D,
With moneys paid to the Widow and other Lega-
tees, charged against income, as shown in
Schedule E, _ _
Leaving a balance,
of which principal, 116,233.39
" income, i>io7-35
948.85
565.61
287.S5
130.033-47
8,997.86 $12,692.73
j5 1 17.340.74
117.34074
169
Which the said Executor at the date of said
account held invested as follows :
Bonds and Mortgages at their face value, 107,500.00
Cash, 9,840.74
$117,340.74
And the' said Executor having further made and duly filed a sup-
plemental account containing a statement of his acts and doings and the
receipts (including interest accrued to September 15th, but not collected)
since the first day of August, 1900, the Surrogate now here finds and
adjudges the facts to be that the said Executor has at this date on hand
distributable to the parties entitled thereto, the aforesaid principal sum
of $116,233.39
as follows :
Cash, 7»34i-i2
Bonds and Mortgages, with interest accrued to
September 15th, 1900, $108,892.27 $116,233.39
That the aforesaid balance of income, 1,107,35
is increased, as shown in the said supple-
mental account in the sum of 1,916.87
Making a total sum 01 3,024.22
of income, which the said Executor has at this
date on hand in cash distributable to the
parties entitled thereto.
170
And it appearing that the said Executor has fully accounted for
all the moneys and property of the estate of the said deceased which
have come into his hands as such Executor, and this account having
been adjusted by this Court, and a summary statement of the same
having been made as above and herewith recorded :
It is hereby ordered^ adjudged and decreed that said account be
and the same is hereby finally and judicially settled and allowed as filed
and adjusted.
And it is further ordered, adjudged and decreed that out of the
principal as found as above remaining in the hands of the said Executor,
viz: 116,233.39
He pay the sum of 350.00
To his attorneys Messrs. Smith &
Jones, for their costs and disbursements
on this accounting.
That he retain for himself as Executor the
sum of 1,374-13
[Being one commission on the amount of the
principal.]
That he pay to Juliet Brown, Executrix of the
Will and Testament of Eliza Brown, de-
ceased, the sum of i»374-i3
[Being one commission on the amount of the
principal] 3>098-26
Leaving as balance of principal, $ 1 1 3, * 3 5- ' 3
m
And it is further ordered^ adjudged and decreed
that the said Executor shall from the said
balance of income as shown, viz :
Retain for himself as Executor the sum of
Being one commission on the income since
March 31st, 1900, viz: $4,224.22
Leaving as balance of income
And it is further ordered^ adjudged and decreed^
that the said Executor shall distribute the
balance of the principal of the said estate
then remaining in his hands, viz:
Consisting of the following Bonds and Mort-
gages and Cash, comprising the principal
as follows, viz :
Eliza Thomas, Bond and Mortgage
Accrued interest to September 1 5th
Clara A. Ertland, Bond and Mortgage
Accrued interest to September 1 5th
James Smith, Bond and Mortgage
Accrued interest to September 1 5th
Susan Abner, Bond and Mortgage
Accrued interest to September 1 5th
Mary Jones, Bond and Mortgage
Accrued interest to September 1 5th
Carried forward,
3,024.22
130.19
$2,894.03
113.13513
25,000.00
375-00
25,375-00
20,000,00
41.67
20,041.67
1 5,000.00
281.25
15,281.25
1 5,000.00
225.00
15,225.00
10,000.00
145-83
10,145.83
86,068.75
173
Brought forward,
Martha Elmer, Bond and Mortgage
Accrued interest to September 15th
Julia Carter, Bond and Mortgage
Accrued interest to-September 15th
Peter Johnson, Bond and Mortgage
Accrued interest to September 15th
Cash on deposit,
Among the parties entitled thereto, as follows:
One equal third part thereof to George Brown,
by delivering to him the following named
securities, together with proper assign-
ments thereof.
Clara A. Ertland, Bond and Mortgage
Accrued interest to September 15th
Susan Abner, Bond and Mortgage
Accrued interest to September 1 5th,
Cash to balance.
One other equal third part thereof to Juliet
Brown, by delivering to her the following
named securities, together with proper
assignments thereof.
Eliza Thomas, Bond and Mortgage
Accrued interest to September 1 5th
Mary Jones, Bond and Mortgage
Accrued interest to September 1 5th
Cash to balance,
Carried forward.
86,068.75
8,000.00
133-33
8,133-33
7,5oo.oo«
140.62
7,640.62
7,000.00
49-57
7,049-57
4,242.86
113,13513
20,000.00
41.67
15,000.00
225.00
2,445.04
25,000.00
37500
10,000.00
145-83
2,190.88
Z7*7^^'1^
37,711-71
75A23'42
178
Brought forward,
One other equal third part thereof to Mary
Brown, by delivering to her the following
named securities, together with proper
assignments thereof.
James Smith, Bond and Mortgage
Accrued interest to September 1 5th
Julia Carter, Bond and Mortgage
Accrued interest to September 1 5th
Peter Johnson, Bond and Mortgage
Accrued interest to September 1 5th
Martha Elmer, Bond and Mortgage
Accrued interest to September 1 5th
There being an excess in the above allotment,
there has been charged to share of the in-
come the sum of
And it is further ordered^ adjudged and decreed^
that the said executor do distribute the
aforesaid balance of income as increased
by supplemental account, viz :
Among the parties thereto entitled as follows:
To Juliet Brown, Executrix of the Will and
Testament of Eliza Brown
Being her share of income to April 20th, 1 900.
To George Brown
To Juliet Brown
To Mary Brown, cash, 350-35
Excess of allotment of principal 393-o6
75.423.42
15,000.00
281.25
7,500.00
140.62
7,000.00
49.57
8,000.00
133.33
38,104.77
393-06 37.711.71
$113,135.13
2,894.03
663.80
743-41
743-41
743.41 2,894.03
174
And it is further adjudged, that upon the payment by the said
George Brown, of the said sums herein above adjudged by him to be
paid, he be thereafter released and discharged as surviving Executor of
the last Will and Testament of Josiah Brown, deceased, (and upon filing
with the Surrogate, the receipts of the respective parties for the amounts
adjudged to be paid to them or other vouchers proving such payments),
that an order to such effect may be entered without notice.
176
COMPOUND INTEREST TABLES
AND
CARLISLE LIFE TABLES.
177
COMPOUND INTEREST TABLES,
The compound interest tables are introduced to furnish information
as to the working of the same, not only as relates to the duties of exec-
utors and trustees, but for other matters not directly concerned in the
care of estates. It frequently happens that a will may direct the payment
of a certain sum of money to a person for a certain number of years or
during the life of the party ; it is desirable at times for the executor to
have some knowledge of the amount of the money required to be taken
from the principal of an estate, to secure such annual payment, it was
considered that the best way to afford such information, was to give the
Carlisle life table and compound interest tables, showing the various
results of the increase of money when compounded at different rates of
interest. The interest tables also afford information as to sinking funds,
the purchase of annuities and the accumulation of money, at compound
and simple interest. The tables herein given are :
CARLISLE LIFE TABLES. ;
This table shows the expectancy of life to a person from birth to
the age of 103 years. For instance, a person who is 20 years old has on
the average an expectancy of 41 years and 6 months of life, and by
reference to the table the expectancy of life of any other age can be found.
The Carlisle table is acknowledged to be as nearly correct on the average
from the age of 10 to about 70 years, as any of the tables that have been
compiled since, the difference being only a few months of more expect-
ancy in the Carlisle table.
179
Table I. — This table shows the sum to which one dollar will
increase at compound interest for any number of years not exceeding
fifty, at 3, 3^, 4, 4^, 5, 5^ and 6 per cent, per annum; appended to
this table, are shown the relative effects of simple and compound interest,
as to the doubling of money at various rates of interest.
Table II. — ^This table shows the present value of one dollar per
annum, to be paid at the expiration of each year, for any number of
years not exceeding fifty, discounting at the rate of 3, 3^, 4, 4^, 5, 5^
and 6 per cent interest per annum, compounded. This table shows the
amount to be paid in advance, to secure the annual payment of a certain
sum, for a certain number of years^ for instance, how much money must
be paid in advance to secure, say, $100.00 per annum, for 10 years,
the payment of such annual sum can be made to one or more persons
during the time to be designated.
Table III. — This table shows the annuity payable at the expira-
tion of any number of years, that one dollar will purchase, interest com-
pounded annually at 3, 3^, 4, 4^, 5, 5^ and 6 per cent. This table is
similar to table II, the difference being that table II, shows the amount
to be paid in advance to secure the payment of a designated amount at
the expiration of the year, for a designated number of years ; while
table III, shows the amount of the annuity that a designated amount of
money will secure for a designated number of years.
Table IV. — This table shows the sum to which one dollar per
annum, paid at the beginning of each year, will increase at compound
interest for any number of years not exceeding fifty, at 3, 3^, 4, 4^, 5,
S}4 and 6 per cent., per annum. TJiis table is probably the most useful
of any, it being capable of defining the amount of a sinking fund to be
180
established for certain purposes ; the examples given relate to a sinking
fund for retiring bond issue by a corporation, a sinking fund to pay off a
mortgage, the amount required to be taken from the rents of a leasehold
property, to cancel the amount of the money paid in advance for such
leasehold, and the accumulations of deposits made in Savings Banks for
a term of years.
Table V. — This table shows the present value of one dollar due
at the end of any number of years not exceeding fifty, discounted at the
rates of 3, 3j^, 4, 4^, 5, 5 5^ and 6 per cent., interest compounded. In
other words, this table shows the amount to be paid in advance, to secure
the payment at the end of a certain number of years, of a certain amount
of money.
181
TABLE
SHOWING THE "EXPECTATION" OF LIFE AT ALL AGES,
according to Carlisle, Male and Female.
Age,
Years.
Months.
Age.
Years.
Months.
38
9
52
19
8
1
44
8
53
19
2
47
7
54
18
3
3
49
10
55
17
7
4
50
9
56
16
11
5
51
3
57
16
3
6
51
2
58
15
7
7
50
10
59
14
11
8
50
3
60
14
11
9
49
7
61
13
10
10
48
10
62
13
4
11
48
63
12
10
12
47
3
64
12
4
13
46
6
65
11
9
14
45
9
66
11
3
15
45
67
10
9
16
44
3
68
10
3
17
43
7
69
9
9
18
42
10
70
9
2
19
42
2
71
8
8
20
41
6
72
8
2
21
40
9
73
7
9
22
40
74
7
4
23
39
4
75
7
24
38
7
76
6
8
25
37
10
77
6
5
26
37
2
78
6
1
27
36
5
79
5
10
28
35
8
80
5
6
29
35
81
5
3
30
34
4
82
4
11
31
33
8
83
4
8
32
33
84
4
5
33
32
4
85
4
1
34
31
8
86
3
11
35
31
87
3
9
36
30
4
88
3
7
37
29
8
89
3
6
38
29
90
3
4
39
28
3
91
3
3
40
27
7
92
3
5
41
27
93
3
6
42
26
4
94
3
7
43
25
9
95
3
7
44
25
1
96
3
6
45
24
-6
97
3
3
46
23
10
98
3
1
47
23
2
99
2
9
48
22
6
100
2
3
49
21
10
101
1
9
50
21
1
102
1
4
51
20
5
103
10
183
TABLE I.
The sum to which one dollar will increase at compound interest for
any number of years not exceeding fifty, at 3, 3^, 4, 4^, 5, ^y^ and 6
per cent., per annum.
12
3
3)4
4
4>^
5
5/2
6
03
per ceht.
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
l_
1
1.030
1.035
1.040
1.045
1.050
1.055
1.060
1
2
1.061
1.071
1.082
1.092
1.103
1.113
1.124
2
3
1.093
1.109
1.125
1.141
1.158
1.174
1 191
3
4
1.126
1.148 ^
1.170
1.193
1.216
1.239
1.262
4
5
1.159
1.188
1.217
1.246
1.276
1.307
1.338
5
6
1.194
1.229
1.265
1.303
1.340
1.379
1.419
6
7
1.230
1.272
1.316
1.361
1.407
1.455
1.504
7
8
1.267
1.317
1.369
1.422
1.477
1.535
1.594
8
9
1.305
1.363
1.423
1.486
1.551
1.619
1.689
9
10
1.344
1.411
1.480
1.553
1. 629
1.708
1.791
10
11
1.384
1.460
1.540
1.623
1.710
1.802
1.898
11
12
1.426
1.511
1.601
1.696
1.796
1.901
2.012
12
13
1.469
1.564
1.665
1.772
1.886
2.006
2.133
13
14
1.513
1.619
1.732
1.852
1.980
2.116
2.261
14
15
1.558
1.675
1.801
1.935
2.079
2.232
2.397
15
16
1.605
1.734
1.873
2.022
2.183
2.355
2.540
16
17
1.653
1.795
1.948
2.113
2.292
2.485
2.693
17
18
1.702
1.857
2.026
2.208
2.407
2.621
2.854 .
18
19
1.754
1.923
2.107
2.308
2.527
2.766
. 3.026
19
20
1.806
1.990
2.191
2.412
2.653
2.918
3.207
20
21
1.860
2.059
2.279
2.520
2.786
3.078
3.400
21
22
1.916
2.132
2.370
2.634
2.925
3.248
3.604
22
23
1.974
2.206
2.465
2.752
3.072
3.426
3.820
23
24
2.033
2.283
2.563
2.876
3.225
3.615
4 049
24
25
2.094
2.363
2.666
3.005
3.386
3.813
4 292
25
26
2.157
2.446
2.772
3.141
3.556
4.023
4 549
26
27
2.221
2.532
2.883
3.282
3.733
4.244
4. 822
27
28
2.288
2.620
2.999
3.430
3.920
4.478
5.112
28
29
2.357
2.712
3.119
3.584
4.116
4.724
5.418
29
30
2.427
2.807
3.243
3.745
4.322
4.984
5.743
30
31
2.500
2.905
3.373
3.914
4.538
5.258
6.088
31
32
2.575
3.007
3.508
4.090
4.765
5.547
6.453
32
33
2.652
3.112
3.648
4.274
5.003
5.852
6.841
33
34
2.732
3 221
3.794
4.466
5.253
6.174
7.251
34
35
2.814
3.334
3.946
4.667
5.516
6.514
7.686
35
36
2.898
3.450
4.104
4.877
5.792
6.872
8.147
36
37
2.985
3.571
4.268
5.097
6.081
7.250
8.636
37
38
3.075
3.696
4.439
5.326
6.385
7.649
9 154
38
39
3.167
3.825
4.616
5.566
6.705
8.069
9.704
39
40
3.262
3.959
4.801
5.816
7.040
8.513
10.286
40
41
3.360
4.098
4.993
6.078
7.392
8.982
10.903
41
42
3.4G1
4.241
5.193
6.352
7.762
9.476
11.557
42
43
3.5G5
4.389
5.401
6.637
8.150
9.997
12.250
43
44
3.672
4.543
5.617
6.936
8.557
10.546
12.985
44
45
3.782
4.702
5.841
7.248
8.985
11.127
13.765
45
46
3.895
4.867
6.075
7.574
9.434
11 739
14.590
46
47
4.012
5.037
6.318
7.915
9.906
12.384
15.466
47"
48
4.132
5.213
6.571
8.271
10.401
13.065
16.394
48
49
4.256
5.395
6.833
8.643
10.921
13.784
17.378
49
60
4,384
5.584
7.106
9.032
11.467
14.542
18.420
50
184
EXAMPLES AS TO TABLE L
$i.oo will increase in lo years, at 3 per cent, interest per
annum, compounded, to $1.34400. To find the amount that any
number of dollars will increase to in 10 years, at 3 per cent., interest
compounded, multiply the number of dollars by 1.344; ^^^ instance
take $650.00.
650.00
i»344
260000
260000
195000
65000
$873.60.000
$873.60 would be the amount.
Follow the same course as to any rate of interest, at the end
of any number of years, and multiply the number of dollars to be
designated by the amount shown on the table.
The relative effects of simple and compound interest may be
well exhibited in the following manner. Money will double itself at
varying rates of interest, as follows : —
At 2% Simple Interest in 50 years. Compound Interest in 35 years.
3% "
3>i% "
5%
6%
7%
8%
9%
io>
it
zz%
((
«
((
2sy2
(<
<<
25
tt
(1
2214!
ti
tt
20
tt
<(
((
16^
(<
((
<<
14^
tt
<(
((
I2>^
tt
tt
II
tt
((
((
10
tt
<< ((
28
'< ((
23X
tt ((
20^
tt ((
i7>^
tt ((
15^
tt tt
14^
tt tt
12
tt tt
10^
tt tt
9
tt tt
8
tt *t
•71/
The difference ranging from fifteen down to about 3 years.
185
TABLE II.
The present value of one dollar per annum to be paid at the expiration of
each year, for any number of years not exceeding fifty, discounting at the rate of
3, 3)-^, 4, 43^, 5, 51^ and 6 per cent, per annum, interest compounded.
2
3
3}i
4
A-y2
5
5>^
6
CO
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
>«
1
.971
.9662
.962
.957
.952
.948
.943
1
2
1.914
1.8997
1.886
1.873
1.839
1.846
1.833
2
3
2.829
2.8016
2.775
2.740
2.723
2,698
2 673
3
4
3.717
3.6731
3.630
3.588
3.546
3.505
3.465
4
5
4.580
4.5151
4.452
4.390
4.330
4.270
4.212
5
6
5.417
5.3286
5.242
5.158
5.076
4.996
4.917
6
7
6.230
6.1145
6.002
5.893
5.786
5.683
5.582
7
8
7.020
6.8740
6.733
6.596
6.463
6.335
6.210
8
9
7.786
7.6077
7.435
7.269
7.108
6.952
6.802
9
10
8.530
8.3166
8.111
7.913
7.722
7.538
7.360
10
11
9.253
9.0016
8.760
8.529
8.306
8.093
7.887
11
12
9.954
9.6633
9.385
9.119
8.863
8.619
8.384
12
13
10.635
10.3027
9.986
9.683
9.394
9.117
8.853
13
14
11.296
10.9205
10.563
10.223
9.899
9.590
9.259
14
15
11.938
11.5174
11.118
10.740
10.380
10.038
9.712
15
16
12.561
12.0941
11.652
11.234
10.838
10.462
10.106
16
17
13.166
12.6513
12.166
11.707
11.274
10.865
10.477
17
18
13.754
13.1897
12.659
12.160
11.690
11.246
10.828
18
19
14.324
13.7098
13.134
12.593
12.085
11.608
11.158
19
20
14.877
14.2124
13.590
13.008
12.462
11.950
11.470
20
21
15.415
14.6980
14.029
13.405
12.821
12.275
11.764
21
22
15.937
15.1671
14.451
13.784
13.163
12.583
12.042
22
23
16.444
15.6204
14.857
14.148
13.489
12.875
12.303
23
24
16.936
16.0584
15.247
14.495
13.799
13.152
12 550
24
25
17 413
16.4815
15.622
14.828
14.094
13.414
12.783
25
26
17.877
16.8904
15.983
15 147
14.375
13.662
13.003
26
27
18.327
17.2854
16.330
15.451
14.643
13.898
13.210
27
28
18.764
17.6670
16.663
15.743
14 898
14.121
13.406
28
29
19.188
18.0358
16.984
16 022
15.141
14.333
13.591
29
30
19.600
18.3920
17.292
16.289
15.373
14.534
13.765
30
31
20.000
18.7363
17.588
16.544
15.593
14.724
13.929
31
32
20.389
19.0689
17.874
16.789
15.803
14.904
14.084
32
33
20.766
19.3902
18.148
17.023
16.003
15.075
14.230
33
34
21.132
19.7007
18.411
17.247
16.193
15.237
14.368
34
35
21.487
20.0007
18.665
17.461
16.374
15.391
14.498
35
36
21.832
20.2905
18.908
17.666
16.547
15.536
14.621
36
37
22.167
20.6765
19.143
17.862
16.711
15.674
14.737
37
38
22.492
20 8411
19.368
18.050
16.868
15.805
14.846
38
39
22.808
21.1025
19.584
18.230
17.017
15.929
14.949
39
40
23.115
21.3551
19.793
18.402
17.159
16.046
15 046
40
41
23.412
21.5991
19.993
18.567
17.294
16.157
15.138
41
42
23.701
21.8349
20.186
18.724
17.423
16.263
15.225
42
43
23.982
22.0627
20.371
18.875
17.546
16.363
15.306
43
44
24.254
22. 2828
20.549
19.019
17.663
16.458
15.383
44
45
24.519
22.4954
20.720
19.157
17.774
16.548
15.456
45
46
24.775
22.7009
20.885
19.289
17.880
16 633
15.524
46
47
25.024
22.8994
21.043
19.415
17.981
16.714
15.589
47
48
25.267
23.0912
21.195
19.536
18.077
16.790
15.650
48
49
25.502
23.2765
21.342
19.651
18.169
16.863
15.708
49
50
25.729
23.4556
21.482
19.762
18.255
16.932
15.762
50
186
EXAMPLES AS TO TABLE IL
This table shows the present value of one dollar per annum to
be paid at the expiration of each year, in other words the amount of
money to be paid in advance to secure the annual payment of a required
sum of money to such person as may be designated, can be defined.
For instance a person wishing to secure the payment of $100.00 per
annum to a certain other party or to one's self, for say 10 years, can
readily find the amount to be paid in advance to secure the payment
of such annual payment or annuity.
The table shows the present value of $1.00 per annum to be paid
at the end of each year for 10 years is $8.53, provided that amount is
placed where it can earn 3 per cent, per annum compounded. In order
to secure the payment of $100.00 per annum, multiply the present value
of $1.00 per annum by 100:
8.53
100
$853.00
showing the amount to be paid in advance, to secure the payment of
annuity of $100.00 per annum for 10 years, providing the amount of
$853.00 is earning 3 per cent, interest per annum compounded.
If the money should be able to earn 3^ per cent, the amount
required would be $831.66, being 100 times the amount of the present
value of $1.00 per annum at 3^^ per cent, interest, viz: $831.66 as
shown by the table.
To find the required amount for an annuity of any amount, for
any number of years, find the present value of $1.00 per annum, at
the rate of interest to be allowed for the number of years the annuity
is to continue and multiply the same by the amount of the annuity to
be paid.
In connection with this table, reference can be made to the
Carlisle table of expectancy of life, as it may be advisable in paying an
annuity to take into consideration the number of years a party may be
supposed to live, for instance, a person who is 30 years of age has
an expectaney of 34 years and 4 months of life, one who is 50 years of
age has an expectancy of 2 1 years and i month of life.
187
TABLE III.
The annuity payable at the expiration of any number of years not
exceeding- fifty, that one dollar will purchase, interest compounded annually
3, s}4, 4, 4}4, 5, 51^ and 6 per cent.
at
2
3
3>^
4
4>^
5
5^
6
2
it
>
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
1
1
1.0300
1.0350
1.0400
1.0450
1.0500
1.0550
1.0600
1
2
.5226
.5264
.5302
.5339
.5378
.5399
.5454
2
3
.3535
.3569
.3603
.3650
.3672
.3707
.3741
3
4
.2690
.272^
.2755
.2787
.2820
.2853
.2886
4
5
.2184
.2215
.2246
.2278
.2310
.2342
.2374
5
6
.1846
.1877
.1908
.1939
.1970
.2001
.2034
6
7
.1605
.1636
.1666
.1697
.1728
.1761
.1791
7
8
.1425
.1455
.1485
.1516
.1547
.1579
.1610
8
9
.1284
.1314
.1345
.1376
.1407
.1438
.1470
9
10
.1172
.1202
.1233
.1264
.1295
.1327
.1359
10
11
.1081
.1111
.1141
.1172
.1204
.1236
.1268
11
12
.1005
.1035
.1066
.1097
.1128
.1160
.1193
12
13
.0940
.0970
.1001
.1033
.1065
.1097
.1130
13
14
.0885
.0916
.0947
.0978
.1010
.1043
.1076
14
15
.0837
.0868
.0899
.0931
.0963
.0996
.1030
15
16
.0796
.0827
.0858
.0890
.0923
.0956
.0990
16
17
.0760
.0790
.0822
.0854
.0887
.0920
.0954
17
18
.0727
.0758
.0790
.0822
.0855
.0889
.0924
18
19
.0698
.0729
.0761
.0794
.0827
.0861
.0896
19
20
.0672
.0704
.0736
.0769
.0802
.0837
.0872
20
21
.0649
.0680
.0713
.0746
.0780
.0815
.0850
21
22
.0627
.0659
.0692
.0725
.0760
.0795
.0830
22
23
.0608
.0640
.0673
.0707
.0741
.0777
.0813
23
24
.0590
.0623
.0656
.0690
.0725
.0760
.0797
24
25
.0574
.0607
.0640
.0674
.0710
.0746
.0782
25
26
.0559
.0592
.0626
.0660
.0696
.0732
.0769
26
27
.0546
.0579
.0612
.0647
.0683
.0720
.0757
27
28
.0533
.0566
.0600
.0636
.0671
.0708
.0746
28
29
.0521
.0554
.0589
.0624
.0660
.0698
.0736
29
30
.0510
.0544
.0578
.0614
.0651
.0688
.0726
30
31
.0500
.0534
.0569
.0604
.0641
.0679
.0718
31
32
.0490
.0524
.0559
.0596
.0633
.0671
.0710
32
33
.0482
.0516
.0551
.0587
.0625
.0663
.0703
33
34
.0473
.0508
.0543
.0580
.0618
.0656
.0696
34
35
.0465
.0500
.0536
.0573
.0611
.0650
.0690
35
36
.0458
.0493
.0529
.0566
.0604
.0644
.0684
36
37
.0451
.0486
.0622
.0560
.0598
.0638
.0679
37
38
.0445
.0480
.0516
.0554
.0593
.0633
.0674
38
39
.0438
.0474
.0511
.0549
.0588
.0628
.0669
39
40
.0433
.0469
.0505
.0543
.0583
.0623
.0665
40
41
.0427
.0463
.0500
.0538
.0578
.0619
.0661
41
42
.0422
.0458
.0495
.0534
.0574
.0615
.0657
42
43
.0417
.0453
.0491
.0530
.0570
.0611
.0663
43
44
.0412
.0448
.0487
.0526
.0566
.0608
.0650
44
45
.0408
.0444
.0483
.0522
.0563
.0604
.0647
45
46
.0404
.0440
.0479
.0518
.0559
.0601
.0644
46
47
.0400
.0437
.0475
.0515
.0556
.0598
.0641
47
48
.0396
.0433
.0472
.0512
.0553
.0596
.0639
48
49
.0392
.0430
.0469
.0509
.0550
.0593
.0637
49
50
.0388
.0426
.0466
.0506
.0548
.0590
.0634
50
188
EXAMPLES AS TO TABLE IIL
This table shows amount of annuity, that a certain sum of
money, paid in advance, will secure the payment of, annually. For
instance, to find the amount of the annuity to be received for lo years
by the payment of $1,500.00. If the money is to be compounded at the
rate of 3^ per cent, per annum, the table shows that $1.00 will secure
the payment for 10 years of .1202, multiply $1,500.00 by .1202 and the
product will show the annual payment to be received for 10 years.
1,500.00
.1202
300000
300000
I 50000
$180.30.0000
showing that $1,500.00, paid in advance, will secure the payment of
$180.30 per annum, providing that the money is earning 3^ per cent,
interest, per annum, compounded. To find the annuity, that any sum of
money will pay annually, for any number of years, find the annuity that
$1.00 will yield at the rate of interest to be paid, for the number of years
desired, and multiply the amount to be used, by the same, and the
product will show the amount of the annual payment.
189
TABLE IV.
The sum to which one dollar per annum, paid at the beginning of
each year, will increase, at compound interest, in any number of years not
exceeding fifty, at 3, 3^, 4, 4^^, 5, $}4 and 6 per cent., per annum.
i
3
3y2
4
A-'A
5
5y2
6
CA
«
^
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
i
1
1.030
1.035
1.040
1.045
1.050
1.055
1.060
1
2
2.091
2. 106
2.122
2. 137
2.153
2.168
2.184
2
3
3.186
3.216
3.246
3.278
3.310
3.342
3.375
3
4
4.309
4.362
4.416
4.471
4.526
4.581
4.637
4
5
5.468
5.551
5.633
5.717
5. 802
5.888
5.976
5
6
6.663
6.780
6.898
7.019
7.142
7.267
7.394
6
7
7.892
8.052
8.214
8.380
8 549
8.722
8.898
7
8
9.159
9.368
9.583
9.802
10.027
10.256
10.492
8
9
10.464
10.731
11.006
11.288
11.578
11.875
12.181
9
10
11.808
12.142
12.486
12.841
13.207
13.583
13.972
10
11
13.192
13.602
14.025
14.464
14.917
15.385
15.870
11
13
14.618
15.113
15.627
16.160
16.713
17.287
17.882
12
13
16.086
16.677
17.292
17.932
18.599
19.292
20.015
13
14
17.599
18.295
19.024
19.784
20.579
21.409
22.276
14
15
19.157
19.971
20.825
21.719
22.658
23.641
24.673
15
16
20.762
21.705
22.698
23.742
24.840
25.996
27.213
16
17
22.414
23.499
24.645
25.855
27.132
28.481
29.906
17
18
24.117
25.357
26.671
28.064
29.539
31.103
32.760
18
19
25.870
27.280
28.778
30.371
32.066
33.868
35.786
19
20
27.676
29.269
30.969
32.783
34.719
36.786
38.993
20
21
29.537
31.329
33.248
35.303
37.505
39.8G4
42.392
21
22
31.453
33.460
35.618
37.937
40.431
43.112
45.996
22
23
33.427
35.667
38.083
40.689
43.502
46.538
49.816
23
24
35.459
37.950
40.646
43.565
46.727
50.153
53.865
24
25
37.553
40.313
43.312
46.571
50.114
53.966
58.156
25
26
39.710
42.759
46.084
49.711
53.669
57.989
62.706
26
27
41.931
45.291
48.968
52.993
57.403
62.233
67.528
27
28
44.219
47.911
51.966
56.423
61.323
66.711
72.640
28
29
46.575
50.623
55.085
60.007
65.439
71.435
78.058
29
30
49.003
53.429
58.328
63.752
69.761
76.419
83.802
30
31
51.503
56.335
61.702
67.666
74.299
81.677
89.890
31
32
54.078
59.341
65.210
71.756
79.064
87.225
96.343
32
33
56. 730
62.453
68.858
76.030
84.067
93.077
103.184
33
34
59.462
65.674
72.652
80.497
89.320
99.25L
110.435
34
35
62.276
69.008
76.598
«5.164
94.836 •
105.765
118.121
35
36
65.174
72.458
80.702
90.041
100.628
112.637
126.268
36
37
68.159
76.029
84.970
95.138
106.710
119.887
134.904
37
38
71.234
79.725
89.409
100.464
113.095
127.536
144 059
38
39
74.401
83.550
94.026
106.030
119.800
135.606
153.762
39
40
77.663
87.510
98.827
111.847
126.840
144 119
164.048
40
41
81.023
91 607
103.820
117.925
134.232
153.101
174.951
41
42
84.484
95.848
109.012
124.277
141.993
162.577
186.508
42
43
88.048
100 238
114.413
130.914
150.143
172.574
198.758
43
44
91.720
104.781
120.029
137.850
158.700
183.121
211.744
44
45
95.502
109.483
125.871
145.098
167.685
194.248
225.508
45
46
99.396
114.350
131.945
152.672
177.119
205.987
240.099
46
47
103.408
119.387
138.263
160.587
187.025
218.371
255.565
47
48
107.541
124. 600
144.834
168.858
197.427
231 436
271.958
48
49
111.797
129.996
151.667
177.502
208.348
245.220
289.336
49
50
116.181
135.581
158.774
18G.535
219.815
259.762
307.756
50
190
EXAMPLES AS TO TABLE IV.
This table shows the accumulations of $i.oo per annum, paid at
the beginning of each year, when compounded at the rate of 3, 3^, 4,
4/^, 5, 5/^, or 6 per cent, interest per annum. From the table as
given, calculations can be made whereby the amount to be paid annually
can be arrived at, for the accumulation in any number of years for a
required sum. For instance, suppose a corporation desires to issue
bonds in the amount of $50,000.00, payable in 20 years; they stipulate
in the bond that a certain amount will be yearly deposited with a Trust
Company, which will in 20 years amount to $50,000.00. If the Trust
Company, agrees to receive this annual contribution and allow 3 per
cent, interest thereon, the amount of the annual contribution is found
by looking at the table for the amount of $1.00 annually at 3 per cent,
interest for 20 years. The table shows this amount to be $27,676,
dividing $50,000.00 by 27.676; the quotient will be the amount of the
annual contribution.
27.676)50,000.00.000(1,806.61
27676
223240
221408
183200
166056
171440
166056
53840
27676
The annual contribution of $1,806.61 for 20 years will amount to
$50,000.00, if it earns 3 per cent, interest, per annum, compounded.
In round numbers an annual contribution of $1800.00 would be close
enough to reach the full amount at maturity, the deficiency, about
$180.00, being made up in the last contribution.
If an annual contribution to any other amount of principal to run
any number of years is desired, the amount is found by dividing the
amount of principal by the accumulations of $1.00 per annum at such
rate of interest to be allowed for the number of years the sinking fund
is to run.
191
EXAMPLES AS TO TABLE IV.
If a party has a mortgage of say $4,000.00, which he desires to
pay off in 10 years, he can accumulate the amount by making deposits
yearly in savings banks, the rate paid at present is 3^ per cent, per
annum, but the total to be reached would not be allowed interest in any
one bank, the annual deposits could be divided by 3 and deposited in
three separate banks.
To find the amount of the annual contribution refer to the table
of $1.00 per annum at 3^ per cent, for 10 years, the amount is $12,142,
divide $4,000.00 by 12.142 and the quotient will be the amount of the
annual contribution.
12.142)4,000,00.000(329.43
36426
35740
24284
1 14560
109278
52820
485 68
42520
36426
By making annual deposits in three savings banks of the sum of
$329.00, divided into 2 deposits of $110.00, and one of $109.00, allow-
ing 2f% per cent, interest, is credited semi-annually, the total amount on
deposit at the expiration of 10 years will be about $4,007.00, being
equal to $1,335.50 in each of the savings banks.
A party wishing to put aside monthly a sum of money can find
how much it would amount to in any number of years. For instance,
a deposit of $10.00 per month in a savings bank paying 33^ per cent,
interest, per annum, would in 6 years amount to $813.60. This is
shown by referring to the table for the accumulations of $1.00 per year
at 3^ per cent., for 6 years, which is $6,780; multiply $120.00, the
amount deposited annually by 6.780, and the answer is $813.60.
193
EXAMPLES AS TO TABLE \M— Continued.
A further use of the table can be made in the case of purchasing
a leasehold property, the lease of which expires in a given number of
years. For instance, a lease costs $10,500.00, which amount is to be
paid in advance, the lease having 12 years to run. In order to find how
much rent is necessary to pay a profit on the investment, a calculation
should be made as to the taxes to be paid, the expense of repairs, etc.,
the amount of ground-rent to be paid, and then from the rents set aside
an annual amount, which, at the expiration of the lease, will equal the
cost of the leasehold, the balance will be the profit on the investment.
The amount of the sinking fund to be set aside annually to equal the
total paid for the lease ; is found by referring to the table under the
amount of $1.00 per year for 12 years, at the interest to be earned, as
this can be deposited in savings banks the rate can be taken as 3^^ per
cent. The table shows the increase of $1.00, per annum, deposited at
the commencement of the year, so that the amount shown on the table
•would not properly represent deposits that were made, say, monthly;
a fair calculation would be the average between 1 1 and 1 2 years ; the
amount of $1.00 per annum, at 3^ per cent., as shown by the table for
1 1 years, is $13,602, and for 12 years is $15.1 13, a difference of $1.51 1 ;
taking one half of 1.5 11 and adding it to $13,602 would make $14,357,
which would be a fair calculation of the increase of $1.00 per annum
for 12 years. Divide the $10,500.00 by 14 357 and the quotient will be
the amount to be deposited annually to equal the total of $10,500.00 at
the expiration of 1 2 years.
198
TABLE IV — Continued,
i4357)io, 500.00.000(73 1.35
100499
45010
43071
19390
14357
50330
43071
72590
71785
In a case like the above, a deposit of $60.00 per month would in
12 years amount to about $10,622.00, allowing 3^/^ percent, interest per
annum, to be compounded semi-annually. As a further exemplification
of the above, the following supposed amounts for rents received and
disbursements made should show the net results under such circum-
stances.
Kent per year,
Ground rent,
$900.00
Taxes,
550.00
Collectmg, etc.
200.00
Repairs,
200.00
Sinking fund,
720.00
$3,600.
00
2,570.00
Net income per annum, $1,030.00
or nearly 9 Y.^ per cent, on the investment of $10,500.00
194
TABLE V.
The present value of one dollar due at the end of any number of years not
exceeding fifty, discounted at the rates of 3, 3^/^, 4, 4^, 5, 5^ and 6 per cent, per
annum, compound interest.
2
3
avz
4
4>^
5
5/2
6
i
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
per cent.
1
1
.9709
.9662
.9615
.9569
.9524
.9479
.9434
1
2
.9426
.9335
.9246
.9157
.9070
.8984
.8900
2
3
.9151
.9019
.8890
.8763
.8638
.8516
.8396
3
4
.8885
.8714
.8548
.8386
.8227
.8072
.7921
4
5
.8626
.8419
.8219
.8025
.7835
.7651
.7473
5
6
.8375
.8134
.7903
.7679
.7462
.7252
.7050
6
7
.8131
.7859
.7599
.7348
.7107
.6874
.6651
7
8
.7894
.7593
.7307
.7032
.6768
.6516
.6274
8
9
.7664
.7336
.7026
.6729
.6446
.6176
.5919
9
10
.7441
.7088
.6756
.6439
.6139
.5854
.5584
10
11
.7224
.6848
.6496
.6162
.5847
.5549
.5268
11
12
.7014
.6616
.6246
.5897
.5568
.5260
.4970
12
13
.6810
.6392
.6006
.5643
.5303
.4986
.4688
13
14
.6611
.6176
.5775
.5400
.5051
.4726
.4423
14
15
.6419
.5967
:5553
.5167
.4810
.4479
.4173
15
16
.6232
.5765
.5339
.4945
.4581
.4246
.3936
16
17
.6050
.5570
.5134
.4732
.4363
.4024
.3714
17
18
.5874
.5382
.4936
.4528
.4155
.3815
.3503
18
19
.5703
.5200
.4746
.4333
.3957
.3616
.3305
19
20
.5537
.5024
.4564
.4146
.3769
.3427
.3118
20
21
.5375
.4854
.4388
.3968
.3589
.3249
.2942
21
23
.5219
.4690
.4220
.3797
.3418
.3079
.2775
22
23
.5067
.4531
.4057
.3633
.3256
.2919
.2618
23
24
.4919
.4378
.3901
.3477
.3101
.2767
.2470
24
25
.4776
.4230
.3751
.3327
.2953
.2622
.2330
25
26
.4637
.4087
.3607
.3184
.2812
.2486
.2198
26
27
.4502
.3950
.3468
.3047
.2678
.2356
.2074
27
28
.4371
.3816
.3335
.2916
.2551
.2233
.1956
28
29
.4243
.3687
.3207
.2790
.2429
.2117
.1846
29
30
.4120
.3562
.3083
.2670
.2314
.2006
.1741
30
31
.4000
.3442
.2965
.2555
.2204
.1902
.1643
31
32
.3883
.3326
.2851
.2445
.2099
.1803
.1550
32
33
.3770
.3214
.2741
.2340
.1999
.1709
.1462
33
34
.3660
.3105
.2636
.2239
.1904
.1620
.1379
34
35
.3554
.3000
.2534
.2143
.1813
.1535
.1301
35
36
.3450
.2899
.2437
.2050
.1727
.1455
.1227
36
37
.3350
.2801
.2343
.1962
.1644
.1379
.1158
37
38
.3252
.2706
.2253
.1877
.1566
.1307
.1092
38
39
.3158
.2615
.2166
.1797
.1491
.1239
.1031
39
40
.3066
.2527
.2083
.1719
.1420
.1175
.0972
40
41
.2976
.2441
.2003
.1646
.1353
.1114
.0917
41
42
.2890
.2359
.1926
.1575
.1288
.1056
.0865
42
43
.2805
.2279
.1852
.1507
.1227
.1001
.0816
43
44
.2724
.2202
.1780
.1442
.1169
.0949
.0770
44
45
.2644
.2128
.1712
.1380
.1113
.0901
.0727
45
46
.2567
.2056
.1646
.1321
.1060
.0854
.0685
46
47
.2493
.1986
.1583
.1264
.1009
.0809
.0647
47
48
.2420
.1919
.1522
.1210
.0961
.0767
.0610
48
49
.2350
.1854
.1463
.1157
.0916
.0727
.0575
49
50
.2281
.1790
.1407
.1107
.0872
.0689
.0543
50
195
EXAMPLES AS TO TABLE V.
This table shows the amount of money to be paid in advance to
secure the payment of a certain amount at the expiration of a certain
number of years. For instance, a party wishes to secure the payment of
$1,500.00 to another person at the expiration of 10 years, the amount to
be paid in advartce in such a case can be deposited in Savings Banks
where it will earn 3)^ per cent per annum.
The table shows that at 3^ per cent., interest compounded, .7088
will, in 10 years, equal $1.00. Multiply $1,500.00 by .7088, and the
product will show the amount to be deposited which will equal $1,500.00
at the expiration of 10 years, providing it earns 3^ per cent, interest per
annum.
' 1500.00
.7088
1 200000
1 200000
10500000
$ 1.063.20.0000
showing $1,063.20 to be the amount that will increase to $1,500.00 in
10 years, at 3^^ per cent, interest per annum. As Savings Banks do
not wish to receive more than about $500.00 on deposit at one time, the
amount can be divided and deposited in 3 different banks, $354.00
deposited in each of 3 Savings Banks that will pay 3^ per cent, per
annum, compounded semi-annually, will aggregate at the expiration of
10 years a little over $1,500.00.
To find any other amount, follow the above, as to the amount to
be reached in a certain number of years at a certain rate of interest.
OrTH£ '^ ^
^NIVER3/TY
196
b
m:^-^
'^^s.^
^t 02700
Zl^'T I
. E3G-7