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Appraisal of David H. Moffat Estate Reveals But Scant Resources--Washingtonville Be quest May Never be Realized New York. June 4—The appraisal of the estate of David H. Moffat, bank er, railroad builder and mine owner of Denver, Col., who was thought to have left an estate of $25,000,000 when he died on March 18, 1911, was filed here yesterday. The appraisal indicates that Mr. Moffat's fortune had dwindled during the few years preceding his death and that many of his largest stock holdings were of little or no value, he transfer tax appraiser found only $37,625 worth of property In this State, consisting of 17s shares of the National Bank of Commerce stock, which was part of the collateral for a loan of $160,000 from the First Na tional Bank. Other collateral for this loan was 1,000 shares of the First National Bank of Denver, of which Mr. Moffat was president. The col lateral was sold for the amount of the loan, so that the estate received nothing. Mr. Moffat also had a loan of $200, 000 from the National Bank of Com merce, the collateral for which was 1,000 shares of the First National Bank of Denver stock, which was sold for $100,000, leaving an Indebtedness of $100,000 on the loan. Another loan of $100,000 from the Fourth National Bank of New York, of which Mr. Moffat was a director, was obtained on 250 shares of the Denver bank stock, which was sold for $26,000, leaving $75,000 due. The report stated that the stock of the Denver bank was of little or no value and that shortly after Mr. Mof fat’s death an assessment of 3200 was levied against each share. Other se curities appraised as of no value was $988,000 bonds of the Chesapeake Beach Railway Company, 9,875 shares of stock of the railroad and 200 shares of the Chesapeake Beach Ho tel Company. The report states that the railroad and hotel property is now conducted at a loss of $60,000 a season and is $600,000 in debt. Mr. Moffat left half of his estate to his wife, Frances A. Moffat, and di vided the bulk of the other half be tween his daughter, Iela A. Mc Clurg, and his-daughter, Frances Moffat McClurg. It will provides $50,000 for the Boffat Li brary at his birthplace, Washington ville, Orange county, if the estate is of sufficient size to pay the bequest.
Newspaper Details
Middletown Daily Times Press
Middletown, New York, US
Thu, Jun 04, 1914
Page 4
Full Page
Clipped by
Jeanne V.
USA 02 Jul 2026
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