New-York tribune., 1909-01-19
MkS. YERKES SUES
WOULD GUST EXECUTOR
OF ESTATE.
Charges waste and Mismanagement
Outcome Nay assure ART
Gallery to NezC York.

BY Telegraph 10 The Tribune
Chicago, Jan. 1&-New York City may yet
have for it's own the Yerkes Fifth avenue man
sion and art galleries. valued at S5,OOOOOO. which
were bequeathed to the city by the late Charles
T. Yerkes. the traction man, if the apparent de-
sire Of Mrs. Mary Adelaide Yerkes. the widow, is
backed by a decree of court Mrs. Yerkes.
through her attorney, ex-Assistant States Attor-
ney James ]. Barbour, filed a petition before
Judge Charles s. Cutting. in the Probate Court,
this afternoon. asking the removal Of Louis S.
! Owsley, executor of the estate.
In the petition, which was prepared in New
York and sworn to by Mrs. Yerkes last Friday
it is charged that Mr.. Owsley has attempted to
sell certain real and personal property contrary
to the direction in Mr.. Yerkes's will which pro-
vided that the property in question should be
transferred to a corporation for the purpose of
establishing an art gallery in New York.
In the same connection il is charged that Mr
Owsley permitted real estate to the value OF over
$40O,O00 owned by Mr.. Yerkes during his lifetime
to be sold upon foreclosure of a mortgage secur-
ing the payment of S225.O00.
Other general and specific charges are also
made Mrs. Yerkes charges Mr.. Owsey with
waste and mismanagement of the estate, and
endangerng its securities in offering to give and
surrender to this petitioner, and conceding this
petitioner to be the owner of. a large amount of
real and personal property in the city of New
York of the value of S3,OOOO0O, claimed by said
Owsley as the property of said estate
One of the charges upon which special stress
is laid refers to Mr.. Owsleys handling Of bonds
of the Chicago Consolidated Traction Company
to the value of 81, ,494, 600, owned by the estate
In the plan for the reorganization of the
pany. 1t is charged that Mr.. Owsley was guilty
of mismanagement and was not acting from the
best motives when he agreed with a committee
in October. 1907. for the deposit of the general
mortgage bonds a part of the plan of
ganization and the formation Of reorganiza-
tion committee to handle the bonds without an
order of the Probate Court
Mrs. Yerkes further declares that the execu-
tor has been guilty OF acts of oppression tow
ard her, in that he deducted from her widows
award $1,000 for his services individual
in collecting the money for her from himself as
executor She declared that he has refused to
give her attorney information 10 the condi-
ton of the estate and its securities. and has
sought to embitter and prejudice Charles e
Yerkes, Of Chicago. and Mrs. Bessie Rondinella
of Philadelphia, and daughter of Mr.. Yerkes
and her step-chidren against her. The securf-
ties Of the estate. II is aveTred. have been en-
dangered by the discharge of Clarence A
knight attorney in pending litigation by Mr..
Owsley although Mr.. knight had been continu-
,usy acting as attorney for the defence in vari-
Gus suits for personal injuries against Mr.. Ows-
ley as receiver for the Suburban Railway Com
pany.
Both Mr.. Owsley and Mr.. Barbour refused to
discuss the allegations in the suit tonight Mr.
Owsley declaring he would have no answer to
make until he should file formal reply 10 the
petition in court.
Following the circulation Of many con-
cerninR the supposed depreciation in value of the
estate of Charles T. Yerkes representative Of the
heirs of the property issued an authoritative state
ruent week ago Chicago The value of Mr.
Yerkcss estate at the time Of his death was vart-
ousIy estimated some valuations running as high
as S25 600 according TO the recent statement
the estate was worth about *2,oO0oO at the time
Of the owners death. Since then, the statement
shows it has deprecated in value TO about $500 0o
Mr. YerIes died in December. 1895. In the three
years following $4,000 spent In litigation and
in payments made the widow, who during that
time married Wilson Mizner and spent BRIEF
honeymoon, preceding their separation. in the
house at Fifth avenue and 6Sth street
The estate suffered further depreciation OF about
s1z2 500 on January 6 when the art gallery
adjoining the Fifth avenue mansion was sold al
auction under foreclosure proceedings to a syndi-
cate of spectators for S217,5D The value or thls
property had been conservatively estimated at
800 COn The Mutual Life Insurance Company. mort
gagee sold the property because Of the non-pay-
ment of $1,000 interest
The estate now consists Of real estate IN thls
country s45OO0OO Of bonds in the Chicago Consoh-
dated Traction Company. and securities in the Lon
don England Underground Railroad. which was
built by Mr. Yerkes The debts outstanding against
the estate amounted TO s3 10000. which includes
81 300 900 assessment made against the holdings IN
the London Underground Railroad
There are a number of other minor claims against
the estate amounting about s1.0Oo.0oo. so that II
all the debts against the estate were paid off Il
would shrink to about $5,5G0O0O. This amount in
cudes the securities in the Chicago Consoho"teu
Traction COMPANY which is at present undergoing
receivership proceedings.