Panel 1: When Elly says that it's no fair that Phil gets the pump organ and the grandfather clock, he tries using logic to explain why she shouldn't have it. This is futile because to Elly, it doesn't matter that she cannot play the damned thing. What matters is that she sees Phil trying to get everything his way as he has ever since he ruined her life by being born.
Panel 2: Elly rejects his reality and substitutes it for one where she gets the rocking chair, the tea service and the painting in the hall if he tries claiming her pump organ.
Panel 3: He then uses more logic by saying that the painting is worth more than the organ so if she gets it, he gets 'her' hutch and glass lamp; she ain't down with that. (So much for sentiment, then. It's all about how gets the most cheese after the parentals pop their clogs.)
Panel 4: As she and Mike look in on Elly squawking about how Phil always gets his own way and she is just expected to lie down and die, Liz reminds him that Mom said that she and their uncle never fight any more.
Summary: Phil's arguments about her ability to use something or something's monetary value are invalid; this is because Elly is looking for proof that everyone is against her because they didn't send the intruder boy back to the hospital because they hate her.