Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1899-10-31


photo. by Wilhem.)
CORNELIUS VANDERBILT, JR.
Through defiance of his multi-milionaire
fathers wishes in regard to his marriage
he will inherit only a life interest in the
colossal Vanderbilt fortune. Young Van
derblt, who is clever and Industrious. re-
Gently astonished the butterfly world by
poisoning out as an inventor of locomotive
improvements.
for his benefit and given to his children
at death. The half million is all that
Cornelius is given outright, and is less
than the hundredth part of the estate.
This condition represents the sacrifice
which young Cornelius made when he
determined to marry Grace Wilson. In
order that Cornelius should not come to
want and perhaps to fOrestall 4 contest
of the will. his younger brother, Alfred,
has contracted to pay him ont of his
inheritance a sum which will make Cor
nelius' share equal to that of the other
children. who are given about 81 100000
each. Cornelius has signed waiver
and it is probable that there will be no
contest. 1t is announced that Corne-
Illus had made no threats and that Al
consideration.
Estate of Many Millions.
4 statement regarding the provisions
of the Vanderbilt will was given out by
Chauncey NJ. Depew last night In a
most conservative estimate of the value
of the estate, made by one of the execu-
tors, he valued the property at $70,O0O,-
900. Others declare that the securities
at the present market value would bring
N n
SO stupendous that those who have the
best information can do no more than
make a wild guess. The executors esti-
mate of $70,000,0O0 is probably more
moderate than the appraisal for as
sessment will be, and more than 81 800
900 will have 20 be paid as an inheri-
lance tax.
The will of Mr. Vanderbilt is dated
June Is, 1896. The dating of the will is
significant, as it shows it was drawn up
just about the time that his son Cornelius
announced his intention of marrying Miss
Grace Wilson. The will was drawn up
just before Mr.. Vanderbilt was stricken
the first time.
The Widows Portion.
Mrs. Cornelius Vanderbilt receives So
0OO,0 outright. the house in thu city
and the house in Newport for the term
of her life, after which they revert to
either Alfred or Reginald. as she may
determine, and trust fund which Is to
yield her $250,0OO a year is esta blished
At her death this fund is to be divided
among the four children, Cornelius not
participating.
Alfred is the residuary legatee after
the payment of all requests, and it is
estimated he will receive about Sal ,OO0,-
600, after giving Cornelius S6OOO,OOO.
Fund in Trnst for Cornelius.
The first mention in the will of any
L., l.
father disposes of the 100000 trust
fund established by his father, the late
w. II. Vanderbilt. This fund has ap-
preciated some in value and it is esti-
mated to be worth about So, 5OO,O OF
this sum he gives $5OO,OOO outright to
Cornelius, Jr. The remainder he divid-
ed among the other four children equally.
Then he gives 81 100000 in trust for the
use of Cornelius during his life, and at
his death it is to be divided into as many
shares as he has children and is TO be
paid over to the respective benehciaries.
cipal reverts to the residuary estate.
That is the only reference made to Cor
nelius in the will.
The father, in his desire to completely
punish and humiliate the eldest son for
defiance of his wishes, accentuated the
of the will which provides that Alfred
shall inherit the gold medal voted by
Congress to Cornelius. the grandfather
of the testator. This clause also pro-
vides that Alfred will ''hand it down to
his eldest son, and so on down from
eldest son to eldest son."
Requests to Relatives and Friends.
There are a number of specific be-
quests. William X. Vanderbilt, the
brother of the testatOr, is left 100000.
Chauncey M. Depew, a lifelong friend
associate and companion of Mr. Wander
bilt, receives 100000. Edward Y. w.
Rossiter, treasurer of the New York Cen
trail, an intimate friend of Mr.; Wander
bilt and an executor of the will, receives
$4,000. John Hone, another personal
and intimate friend, receives $50, 900.
Rev. DIR. David II. Greer, pastor of St
Bartholomew, who was Mr.. Wander
bits pastor, receives $4,000. Charles
president of the New York Central, an
intimate friend of Mr.. Vanderbilt, re-
ceives $4,000. Franklin Allen, a cou-
sin, receives $4,000, and Maude
Gwynne e. Shepard, sister, receives
$50, 1000. Other smaller bequests are left
to friends and acquaintances
Gifts to Churches and Colleges.
A legacy of 100000 is given to the
Y NJ c. A. for its work among railroad
employees. A trust fund of S2OO,OOo is
tablished for st. Bartholomew's church
and there is another beQuest Of S200OOO
for the erection of a building for CHURCH
purposese in st. Bartholomew parish.
There are also the following bequests:
Yale university, 100000; st. Luke's
hospital, $4,000; Domestic and Foreign
Missionary Society of the Protestant
Episcopal church, $4,000; trustees of
Vanderbilt university, Nashville, Tenn,
$4,000.
Mr. Vanderbilt leaves his famous
painting by Turner, Grand Canal,
Venice said to be worth 100000, to
the Metropolitan Museum OF Art.