CHILDREN OF MILLIONAIRE

Greymouth Evening Star, 5 September 1934, Page 2

CHILDREN OF MILLIONAIRE

NO INCOME FROM STORES. , NEW YORK, July 21. The remarkable plight of the three children of Mr Rodman Wanamaker, the millionaire department store owner, who died in 1928, ,was revealed in the United States district court to-day. They claim that they have been obliged to borrow money owing to receiving nothing from the Wanamaker stores in New York and Philadelphia. Mrs Ector Munn, Mrs Gurnee Munn,and Mr John Wanamaker, jun., are suipg the trustees of their father’s business, demanding an accounting and the return of money which they state has been diverted from them. The suit complains that hundreds of employees have been receiving substantial payments and alleges that the defendant trustees have been “paying themselves Iqrge and exorbi-

tant salaries and fees.” In his will Mr Wanamaker set aside all the capital stock of his stores to be administered for his children, each of whom was to receive one-third of the balance remaining after his debts had been paid. According to the plaintiffs, three of the trustees recived fees amounting to more than £200,000 between 1928 and 1931. - • Mr Wanamaker left gross estate (exclusive of real estate) valued at £12,000,000 and net estate estimated at £10,000,000.