New-York tribune., 1909-02-03
MRS. YERKES M[SLED"
OWSLEY ANSWERS WID-
OW'S CHARGES.
Executor 4SsaiIs Clarence Il. knight
-Disaro7cs Responsibility for
Fifth AUenue Sale.
[By Telegraph to The Tribune. !

Chicago, Feb. 2.-Louis S Owsley. executor
of the estate of the late Charles T. Yerkes and
for years confidential secretary to the traction
man, filed his answer to-day to the petition of
Mrs Mary A Yerkes, Mr.. Yerkes's widow. ask
ing for his removal as executor. The allegations
OF waste and mismanagement, as claimed by
Mrs Yerkes. are returned with interest in the
answer, 1ich attacks Clarence A Knight for
merly attorney for the executor
The answer AYERS that the petition of Mrs
ferkes is based upon false and malicious repre-
sentattons and deceit of Clarence A. Knight :"
and that whatever delay or slight mismanage-
ment there has been In administering the
estate Is attributable to Mr.. knights neglect
and lack Of interest as the executors attorney
The attack upon Knight begins in the first
paragraph of the answer, in which Mr. Owsley
dlsaVows any intention to reflect upon the pc
titloner. but AYERS that she has been induced by
the false and malicious Misrepresentation and
deceit Of Clarence A Knight who unfortunately
for the executor, the creditors Of the estate and
the beneficiaries, under the will was the legal
adviser Of the executor for nearly three years.
and Immediately upon the termination of his
services as such adviser offered his services to
the petitioner, and failing in his attempt made
on December q. 1905 to have the executor re-
slsn' now uses the petitioner as instrument
to malign the executor by persuading her to
sign and swear 40 a petition which in every
material averment is absolutely wanting in
truth"
The answer then takes up the charges in Mrs
4erkes's petition, first, OF which was that of
waste and mismanagement in Mr. OwSiav's
placing of bonds of the Chicago Consolidated
TracticIs Company Of the par value OF 81 494 600
with tho reorganization committee of the Chi
cago Railways Company. All the Yerkes Sc
curities. Mr. Owsley says. were at the time Of
Mr.. Yerkes's death hypothecated with various
banks over the country to secure his indebted
ness of nearly S3ooo,O00. he was able he
claims to persuade these creditors to hold the
securities rather than sell them at a loss TO the
estate. He agreed TO placing them in the hands OF
the reorganization COMMITTEES the advice of T.
w. Wallace. president Of the Central Trust Com
pany OF New York; Charles G.. Dawes of the
Central Trust Company of Illinois, and Joline.
Larkin & Rathbone. attorneys. of New York all
of whom said that he would conserve the in
terests OF the estate by agreeing to the proposed
policy.
In reply to the charges OF mismanagement in
permitting the Fifth avenue property in New
York. valued at 100000, TO be sold to satisfy
a mortgage of S2250a0. Mr. Owsley declares
that in company with Knight he referred the
matter to Judge Cutting of the Probata Court
and was told that the court had no power 70
direct payment, but that the executor might
pay the interest and take a refunding bond from
Mrs Yerkes. Mr.. Owslsy declares he paid the
interest for two years, but that upon the cleo
ton of Mrs. Yerkes to take her dover rights
and renounce the will Knight advised against
the further payment OF interest charges
He further declares that pending the sale Of
the property he sought to save IT, and asked a
court order to be protected If he should pay the
interest, but. failing to get the order. he was
advised by counsel that he could do nothing TO
prevent the sale
Mr. Owsley also denies that he Is endeavoring
to defeat the clause IN the will giving the Fifth
avenue property and art collection to New York
City for a public gallery. His answer to the
charge is that Mrs. Yerkes renounced the will
and elected to take her dover rights and that
the latter must be ascertained in the New York
property