Oil Company 5-% Bonds
Have been as low as $55.00. Were $67.00 on December 31, 1933 and since have been as high as $72.00.
Mexican 5/45 External Bonds 5% 1899
These were down to 3 pr 4 on December 31st. Were $6.60 and since have been sold at $8.00.
Brewster County Texas Lands
In October 1932 E. O. Matthews, who was living in El Paso, Texas at that time, suggested that he could drive to Brewster County and look over our land there. He did this and from his report we feel that there is little prospect of realizing anything of consequence from the property.
Since then John Dragoo, who had leased the grazing privilege for some years, has become bankrupt.
Cabanne Avenue First and Second Mortgages
We foreclosed on this property and exchanged it for an equity in the Garage at 2649-51 North Grand Avenue (See Exhibit “D” for income). One principal note for $1250.00 and all interest notes have been paid as they matured.
The lease has asked us to accept $250.00 cash and a four-months’ note in settlement of rent for the months of November, December, January and February, thereafter the regular rental of $500.00 to be paid. We have agreed to this.
We foreclosed on the Gueny mortgage and now have title to property. We are considering an offer to exchange the Kirkwood property for an equity in an apartment and store building in Maplewood, Mo., but nothing definite has developed.
Federal Inheritance Tax Claim
In August 1932 the Collector of Revenue called on us to know why we had not made returns on father’s estate for inheritance tax purposes.
The agent was told that our counsel had told us there would be no tax on the Estate as everything had been put into a trust in 1911. In spite of this he proceeded to take a deposition from W.N. M. and in spite of all arguments we were assessed $8300.00 tax.
We then employed Mr. D. C. Berryman, a tax expert, to handle our case. He prepared a brief which was presented and forwarded to Washington. After some months they came back with a reduced bill for $4900.00 Then we asked for a hearing in Washington and Mr. Berryman and W. N. M. went to Washington and argued our case before a Deputy Commissioner and we felt from the comments made during the hearing that his decision would be in our favor. However, they came back at us after a couple of months and suggested a settlement of the case for $3399.00 with interest at 6% from August 5, 1932.
After discussing this with Mr. Berryman and Mr. Gladney they recommended that we settle the case for the amount proposed as it would doubtless cost more to take up with the Board of Appeals and fight it further, always with the possibility that we might lose, and, even of having the amount raised. So we agreed to settle but have heard nothing further from the Commissioner.