The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-04
THE C0MMODORE'S MILLIONS
WILLIAM ~. YIHDERBIL1'S ALLEGED
SPECULATIONs AND LOSSES

TIE Petition for IN Injunction Re.t-ainins
Him from Acting Exeeutor-His Co
Executors said Go he Under hi. Control.
now phase Of tho Vanderbilt will case
was developed yesterday in the Ming OF petit
tion requiring William II. Vanderbilt. his sons
Cornelius Vanderbilt and William X. Wander
bilt. and Samuel Barton executors OF the Com
modoro's will. 10 show cause why they should
not DO superseded. The petition Is made by
Mr.. Lord on behalf Of Cornelius J. Vanderbilt.
who says that he is Interested to tho extent OF
s200.000 in the estate that he has no other
means Of support. and that his health is 80 i'm
paired that he Is disqualified for any position
Involving continuous labor. He complains that
the circumstances Of the executors are 80 pre-
carious as not to afford security for their due
administration Of the estate. The grounds as
signed for the petitioners complaint are:
That the estate OF tho Commodore consisted
OF real and personal estate. and amounted to
more than 410O.OO0.O00; that the real estate OF
which he died seized and possessed was OF
value OF not more than So 900 900; that the resi-
duo OF his estate was personal. and consisted
mostly in tho bonds, stocks. and securities OF
various railroad corporations and other trans
ferablc and negotiable securities. that VIM.
H. Vanderbilt Inns no property that he has not
acquired from the Commodore and that his in
uNiuuh property IL not buIlclcnt, Dy many
millions. TO meet the obligations and liabilities
hereinafter referred to- TINT Cornelius and
VIM. X. Vanderbilt are sons Of Vim. II. Wander
value independent ~ tho legncies given them
by the Will that Samuel Barton has no property
o. any console value. and the Joint property
OF any interest in the wh does not amount to
the one-thousandth part Of the estate; that Will
liam II. Vanderbilt. In fact. controls the estate
nnd tho action OF tho other executors Ia under
his direction whenever he secs lt 70 exercise
vanderbilt has paid three Of the legacics given
70 his sons In the codcil to the will, amounting
10 more than fS5OOOOO Notwithstanding the
filing Of such allegations that William II Van
derbilt Is specializing In stocks on q gigantic
sr nae ana y greater exIent man ms eyer been
he has used and ia using the assets Of the estate
70 VERY large extent rs coll9terals to loans. or
otherwise and has borrowed and is owing more
thnn $4,000 900 for specializing purposes: that
William II. Vanderbilt has lost in such spccula-
Hons several millions OF dollars and that VIII
liam II. Vanderbilt Is Of an excitable and reciS-
less temperament and Il cndeavoring 10 sus-
sums OF money in procuring aud intmidating
witnesses and Is Offering large sums 10 induce
witnesses. sworn by tho contestant. To- change
their statements. which they have made under
oath us such witnesses. and has declared that
TO sustain such will he would spend the whole
Other grounds are that Vim. IT, Vanderbilt
anu the other executors nre not qualified TO
manage with prudence and reasonable sngacity
e. large an estate and particularly that VIM. II.
vanderbilt Is not only Wild and reckless in his
lllhlNlhl operations, Uut Is fnlNfElnE MS rail-
road interests by paying more than tho inter-
ests purchased are worth. and is using the
assets oi snrh esatc i2r SAID purpose greatly
large debt 20 the various railroad corporations
oil which ho Is President by Withholding for his
own benefit large sums OF money from such cor
porations to which their creditors or their stock
holders are entitled that sucl money is withheld
by him and appropriated to his own use by vari-
Gus .contrivances-amOng them interior COM
panies or corporations for the carrying OF
freight and passengers as the Merchants Des-
D0tcn ana the Wagner Dnlupn ('ur GompupV--
anu thAt the aggregate sum thus diverted from
such railroad corporations s very large; that
the amount so received IL recklessly invested,
80 that It does not. in fact increase the value Of
MS estate. while sublectne him to large liabili-
ties which may ut any time be enforced against
him that the Commodore left him surviving
ten children, and. In case the probate OF said
will IL revoked. said estate Will be- divided into
ten equal shares. Of which William II. Wander
Dit VIII be entitled to only one-tenth as the
releases he holds from several OF the heirs and
next q KIN IN such ease would fail Tor want Of
consideration, or on the ground that they
,Tere irau'iglept.y q,h1tayed; Tint at about
thY tlme William II. vanderbilt procured
PAID Releases not In consideration thereof.
but ns gift and for =, the. purpose
the statute 20 revoke the probate Of such will
20 gave TO the persons who executed such re-
leases about $1,000 900. aud has paid to them
the lcgacics in said will bequeaihed to them
amounting TO about $4,000 900: that the lega-
cies SO paid 10 them and 10 his said sons
AMOUNTING In the aggregate lo about ii 600 900,
such gifts amounting 10 about s3.Uu0.OOO. the
sum borrowed. rs aforesaid for thc purpose Of
speculation, amounting 10 as 600 600 or over
the other. indebtedness before referred 10. OK
GLIDING the amounts to which, upon tho dis
trihutiOn Of the estate Of the Commodore his
next OF kin will be entitled. and including the
amount lost by VIM. II. Vanderbilt "a before
Stated, will in the aggregate amount to n sum
not much lees than one half 81 the personal es-
late which the Commodore had at the time of
his death; and that the habits. associations
Bpeculntlons, ana expenses 81 VIM. II. Wander
bit are such rs 20 create belief entertained hy
many who have the best and fullest opportunity
ot knowing OF them, that the property he con-
trols Will eventually be wasted.
The hearing on the petition before the Surro-
gate Is set down for Monday next.