The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-08
OVER $6,OOO,OOO INVOLVED,
CHARGES AGAINST THE EXECUTORS or
THE WILL OF THOS W. PIERCE.
Tho Heirs AIIege That They Have Keen
Unraithrul to Their Tru-t, are Incompe-
tNut, and Petition fer Their Removed.

Tho Heirs AIIeRe That They Have Rcen
Unraithrm to Their TruSt, are Incompe-
| tvut, ana Petition fer Their Removed.
! SALEM, Mass, May IA litigation involv-
! ing S6,5O0.000 and the regulations OF thrco
! worthy mon. who are the executors OF the will
of Thomas W. Peirce OF Topsfeld. Mass, who
/ died in 1885, was opened In the Supreme Judi
cal Court to-day. Eight legatoes named in tho
will claim that the executors have not been
faithful in tho discharge OF their duties ana ask
for their removal. The petitioners are Mrs. Ell2-
abeth ]. Nitum OF Dover. N H., sister Of Mr.
Peirce; her chil1ren, George j., Ellie. and
Frank Vitum. all OF Dover; Clara Perce. Eliza
beth Peirce. and Luella Innis. neices OF Mr.
Peirce, and daughters OF his brother. Andrew
and Thomas Wentworth OF Boston, cousin OF
the deceased testator. The executors whose
removal is demanded are Thomas w. Ioirce
and Charles Babbidge Of Boston. and James
Converse OF Austin. Tex The allegations
against them arc as follows:
That the executors have not opposed the
payment Of illegal claims. have wilfully al
lowed interest bearing debts to remain unpaid,
have unnecessarily borrowed large sums of
money, whereby the estate has been obliged to
pay large sums of money for interest that they
are negligent in the collection Of debts: that
they have allowed funds to remain invested IN
estate Is liable to lose largo sums: that
thoy have wasted tho estate in excessive and
expensive methods OF settlement; that tho IN
ventories and accounts are SO drawn as not
to truly show the condition OF tho es-
tate: that they have loaned tho funds Of
the estate without proper security that they
improperly refuse to settle the estate:
that they neglect and refuse TO take proper
steps to save the estate largo amounts of
assets OF the estate held as collateral by the
Southern Development Company; that they
have used the estate for their private uses and
expenses; that they have 30 conducted the
property as to depreciae its value; that they
are unfit for the management OF the estate;
that as to James Connors he IL too tar away
and Is OF no use III the management OF tho
estate. and does nothing in tho settlement
thereof: that Charles Babbidge is so connected
with those having interests adverse to the
estate and so influenced thereby. that tho
estate suffers and is liable to suiler great loss.
The allegations arc OF general nature only,
but the specific charges made by LAWYER 3am-
case for the petitioners. are even more inter-
estinR. for they concern the, manipulation OF
Southern Facf stick by tho great FnwsSS
that Executor Babbid ge was in the emploI Of
{. ?. Huntington. who held and conuoled
$1,000 shares OF southern Pacific Railroad
stock as collateral and who, through the es-
tate and the executor. who was TIE treasurer
more. making 100000 shares, and thereby
could mako the price Of the stock what he
wished, They would show TINT NJ r. B ;a
way or to c. i. Huntington, and spent his time
chiefly in New York in its interests.
In support Of the charges counsel citod the
a9Manee, and EaymgSent o Of an ALLEGED nlnim
debedness OF the southern Development CON-
pany at the time OF tho death Of ar; Pclrco OF
not quite $2,5QO,OoO since his death TIE nc
netted the estate nearly SIjOUUO. This debt
had never been cancelled. aud the executors
had never taken any steps in regard to Il;
In regard TO an other allegation. counsel said
that debts due the estate had not been paid as
they should have been and large sums were
fourth specification that the executors have
been negligent in the collection OF debts. coun-
sci cited the case brought against Mr.. Andrew
Peirce some time ago, and charged tho eNeeu-
tors with allowing Andrew leirce to escape.
sale I'' securities. counsel cited !Ee i4ye;t-
ments held by the estate outside of the
Coo SSS'n shares OF SoGhcrn Fqci5 Halfway
which at par value would amour, 10
t4,000.OOO, bu, which had droppcd to, aHout 40
ecutors had held possession OF this estate
for nearly five years; and had collected for
their office fees. clerk hire. travelling CNI onscs
and expenses Of the executors UPWARD OF SOD
600. which we're deemed excessive. Under the
specification that the executors loaned the
said that tho executors had advanced
to the guardian Of re ooS fh9reH No No
the first year and the subsequent years enough
to bring the total up TO $4,000 Tho petitioners
regarded that the executors had improperly /
neglected and refused to settle the estate, rs
shown by the preceding statements. II would /
be shown that the executors had SAID that they /
could not pay the legatees and that they we're f,
unable to do so because OF large amount Of |
securities hold by c. /. Huntington as coliat- |
eral for the Southern Pacific Railway. and that |
they were financially unable TO manage them. /
After this statement Of the case counsel for !
the plaintiffs called 10 the witness stand 1hus. |
", Perce formerly one OF the executors who !
had resigned. Tho most interesting feature OF
his testimony was the identification OF u con- |
tract signed by Con. John NJ. CUrso, who was
to obtain the aid Of the Hon. Calvin ). Brlce. |
Senator from Ohio. and they Eero to furnish .
the money to take up the collateral o. tho .
Southern DEVELOPMENT Company and C. /.
Huntington, sell OIL tho stock and thus re- /
lleye the estate. aiIording II opportunltY to |
pay off the egacies. Cen. Corse and Mr. |
Br!ce were to be recommended by u percentage !
on the sales Witness objected to sigNing this /
contract and told Babbilge 30. Ho twitncssl |
objected to tho form Of tho contract. Witness
understood from his conVcrsation with Con
Corse that he could secure l}rlco, who was
abundantly able TO carry out the provisions OF .
tho contract.
20 additional facts Of general interest were
DEVELOPED In to-dRys hearing. but the case
will be brought up again within week TO give
the executors chance 70 reply to tho charges
The Hon Charles Levi " Woodbury. and the Hon.
George s. Halo are counsel Tor the executors