New-York tribune., 1879-01-04
THE TEXT OF THE PETITION.

supreme OOuit'
THE TEXT OF THE PETITION
Tn the Surrogate's Office q petition has just
been filed ny Cornelius J. Vanderbilt III the mater ~
The last will Of Commodore Vanderbilt ASKING lp"' %
oxocuors upder the will should be required TO sho"
cause why they should not be superseded ana eponeu
from further action The petition Will be preseh'eu "
the Surrogate Monday morning but the couns"i Io
theexecu;ors are unwilling TO state what action WI" pe
taken.
srecited in the petition that Cornelius j. Wander
bt interested in the estate Of the Commodore TO the
extent OF 100000 that he has no other means OF sup
mort his health being impaired that he Is usqnaueu
for any position involving continuous labor AI'erre
citing the proceedings thus far III the plooae anu con
test OF the VIII. the petition continues;
Your petitioner complains that the circumstances OF
the executors prccarous not TO afford adequate
security for their due admin staon OF the estate OF Tie
tesator and that the grounds OF your petitioner co
plant are:
THAT the estate OF the tcstator consisted OF real
and pcrsoDal estate, and amounted TO over 100000
600 that the real estate OF which he died seized or
possessed of value OF not over S5,ooO,ooo; thaU
the residue OF his estate was personal ana consisted
mostly the bonds, stocks and securities OF various
railroad corporations ana O'her Udhs'eIao'o "uN =" s
table securities.
Second-That william H. Vanderbilt has no property
that he has not acquired from the deceased and that his
individual properly is not sufficient into many Millions
10 meet the obligations and liabilities hereinafter Ie-
feired to-
Third-That the executors, Cornelius ard William X
Vanderbilt are sons OF William H. Vanderbilt. and have
no property OF any considerable value Independent oi
the legacies gwen them by said will
Fourt-That samuel Barton has no property OF any
considerable value aud that the joint property OF the
three last named executors independent OF any interest
I'm the WILL does to the onc-thousandth part
OF said estate and your petitioner believes that II 1871
That william H. Vsnicrbi't tho residuary cga.
tee named in tne will in fact contIoS the estate ana
he h to exercise the authority he mas
STM|That william H. Vanderbilt has paid three Of
the cgaces gwen 10 bs sons III the codic TO the WILL
amounting in value to over eight and halr millions OF
dollars Notwithstanding the filing OF such ALLEGATIONS
Sercnh-That William II. vanderbilt ls spcculating IN
STOCKS on SHS scan and ain ft ~ 70 carry on such spec
laons he has used and is using the assets OF the estate
10 very large extent colaeIas to loans or other;
wise and mas horrc%ed. and IS OWING over te sum OF
Tighlh-Th William H. Vanderbilt las lost III such
srcuaon tHS[fi {ghi IL %i HG 70 n, IN e,ctobe
and reckless temperament, and Is in endeaVorlng TO
eUstan the WILL cxpcnding large and unnecessary suIds
is offering large to induce witnesses sworn 10y the
COntcstants to Change thtlr satrihtns WItn a. my icy
clared that 10 sustain the Will lie "oud spend e "hoe
Tenh-Tha Vim. II. Vanderbilt is not nor arc the other
executors, qualified TO manage with prudence and reason
William IT, TandcT6t Is not only Wild and recs in
his financial operations as bet re stated nut Is charging
his railroad interests ny paying more .han lh interests
purchased are worth and Is 9S9g the assets OF such
EiertnE-Tnat William III. vanderbilt Is contracting
large debt TO the various railroad corporations OF WHICH
i a gr ,rs u nT heir storkoIder. are entitled That
slch money IL withheld by him and appropriated 10 his
Ownu usc by various cOGryaHccs; among them interior
and passengers as the Merchants Dispatch aud
The Wagner Palace Car Company" That up
t9f fr or OtTSsa SafG %nn n@ he chaIre
Of nereS 90g' ond If there on is
sufficient freight for the mploynent OF az tue freight
cSmpanles who he owns. no gives precedence III the
carrying freight to the 30 owned by hm so thai
he can receive such percentage ami that the amount
over tbr railroads of such railroad Corporations
is very much less per car or passenger thah II
IS worth carry such cars or PASSENGERS and
oSSsrs6n thereof by said William H. vanderbilt or the
interest which he has therein and very much less thsn
such Palace Car Company would otherwise 6e willing to
paw that the rcgatc sum so diverted from such
railroad coTporaons IS very ,aISr mai It IL % L. nnt IN
fact. increase the value OF ms estate wie sn9eetns
him Ia large liabilities, which may at any Time pe Gu
TcsiGE-Tnat SAID deceased left him surviving ten
the estate will be divided into ten equal saIe7 winch
William H. Vanderbilt will be entitled to but 9netenth
m ue releases he holds from several OF thc heirs and
& o M n " Sc ronnd tGat they were fIaudulently ob
fantd. Tnat about the time william ii. vanderbilt
procured releases. not IN consideration thereof p
fe aegaions under the statute revoke the probate
OF such will he gave to the persons VINO had executed
hs. paid TO them the Iegacies in the will
beUueathed them. amounting To about S[0OOoVO lhdt
the egacles pald to them and 10 hs sons amounting
in the aggregate 10 about Sl1OOO,OOO, such gifts
amounting TO about S3OOO,OOO, the sum borrowed.
aforesaid purposes OF speculation. amounting 10
600 over, the other indebtedness before le
ferrcd To- excluding the amounts 10 which upon the qs
trutOn estate OF SAID deceased MS mex OF hh
will lie entitled. and including the amount lost by
William II Vanderbilt as before stated WILL IN the aggTe
gate amount not less than OAc-hdi Oh the per
sonal estate which the decedeut had aud possessed al
The tune Of Ms death.
ThTte,ntA-That the habits. associations specuations
and xpeusrs of William II. Vanderbilt are such as 10
create belief entertained by many VINO have the best
and fullest opportunity OF knowing OF them, lhat the
,roneriy he controls will ultimately he wasted.
Your petitioner therefore prays that citation may
- the ;atutc IN 6ucn case made ana
nrOyided. recurring William II. Vanderbilt Cornelius
Vanderbilt. William X. Vanderbilt, ana samuel Barton
EXECUTORS to show why they should not be super
seded and that they may he enloncd from further act
ing IN the premises uut the matter IN controversy shd
.ltLt.,. Il