OCR Text |
Show RIDS HIMSELF OF MILLIONS k J . Y- h 1 " X K lv J Henry Phipps, Sr., has divested himself him-self of his Pittsburg realty holdings, estimated at $10,000,000, by giving it to his three sons, John S., Henry, Jr. and Howard Phippis all of Nassau county, New York. The gift includes the Fulton, Bessemer and Manufacturers Manufactur-ers skyscrapers, the McEIveen Furniture Furni-ture company's building, the Phipps Model tenements on the North side, and other valuable parcels of property not so well known. There was also included in the gift two farms, one in Ross township and another in Jefferson Jeffer-son township, and the only material consideration named is one dollar. The deed is an ordinary typewritten document in which no space is wasted with recitals other than describing the properties. Nothing is said about how the three sons are to share in the ownership of the property; the $10,-000,000 $10,-000,000 more or less of skyscrapers and other real estate is just given them in fee. Henry Phipps and his wife, Mrs. Annie C. Phipps, signed and acknowledged the document in New York city, the date in the transfer being March 12, 1912. Less than a month ago Mr. Phipps gave his boys $3,000,000 worth of Chicago real estate, and neither the father nor the sons would comment upon that gift, which, according to a friend, was simply to relieve the parent of much work and worry. It was not because John S., Henry C. Jr., and Howard need the real estate. The elder ones, John and Henry, have mansions of their own in Long Island that are as imposing as their father's in New York. |