New-York tribune., 1901-01-03
THE CORBTN EXECUTORS UPHELD.
REFEREE JOSEPH NJ. BELFoRD REPORTS.
INDORSING THEIR MANAGEMENT
OF THEIR TRUST.

Riverhead Long Island, Jan. 2.-Ex-Congress-
man Joseph NJ. Belford as referee. his just filed
his report in the suit brought against the estate
of the late Austin Corbin The report is very
| long, each claim being considered separately.
| The largest item, amounting to 100000. the
contestants claim should be charged TO the
executors of the estate. The referee finds in
favor of the executors.
The referee. in concluding his report. referring
to the executors, says:
In my Judgment they merit the commendation
OF every interested in the estate for the
character and capacity of their management
Except as indicated in my report, am OF the
opinion that the contestants objections are not
sustained by the evidence
This finding. If ii be sustained. means that
Mrs. Anna W. Corbin Borrowe. wife Of Hallett
Alsop Borrowe. has failed i'm her fight against
the executors of her father.
The contested accounting Of the proceedings
OF the executors of the estate referred TO
Mr. Belford in the year 1898. Austin Corbin
killed in a runaway accident at HIS farm I'm
New-Hampshire June 4, 1896. BY the will
the estate was about equally divided among
the heirs of Mr.. Corbin the residuary estate
going about equally to the children after the
death Of Mrs Corbin. The executors of the will
Hannah NJ. Corbn, widow; Austin Corbin,
son, and George S. Edgell. son-in-law. When. I'm
June, 1893. the executors filed accounting.
placing the value of hs personal estate at ST.
100000. Mrs. Borrowe filed a bill OF objections
TO the accounting, claiming long list OF irregu-
larities on the part of the executors of her
fathers estate. At the time IL was stated that
the daughter Mrs. Borrowe. did not wish to he
understood fighting her mother in the courts,
but that her objections were chiefly aimed at the
other executors. She alleged that her fathers
estate had been greatly undervaued, and that
his large holdings I'm the Long Island Railroad
had been sold much below their real value; also
that his interests in the Corbin Banking Com
pany were underassessed by the executors. and
many other similar allegations were made. In
which Mrs. Borrowe charged that the executors
had acted against her interests.
The report of Mr.. Belford sets forth that the
executors had very serious situation to deal
with in the year 1896. growing out OF the testa-
tors holdings in the Long Island Railroad.
which, TO the number OF $500 shares, Mr.. Cor
bin had used as collateral on his notes. At the
time of his death Mr.. Corbin owed s2.500.000.
The executors had to put up their personal coll
lateral for these loans in order TO straighten out
the estate. All of the Long Island Railroad
stock subsequently sold to a syndicate under
an agreement entered into between the exec
utors and the creditors the one hand and the
Union Trust Company on the other. This trans
action made the principal basis of objection
entered by Mrs. Borrowe. The referee holds
that, considering the circumstances which sur
were OF financial danger, their course was
proper one and dictated by the highest concern
for all interested in the estate The stock
sold TO the syndicate for 42t2
The payment by the executors or S2664 "a on
a new barn is rejected by Referee Belford. He
also finds the executors chargeable as trustees
with certain real estate aggregating about $751;
SO 81.
w. J. Kelly appeared for the executors and
Robert Kelly Prentice and w. II. Jaycox for
Mrs. Borrowe. 3. Fl. Reeve acted as special
guardian for Andre Champachlion, minor heir,
and Alfred A. Gardner for Isabelle C. EdgeI a
daughter Of the testator