New Britain herald., 1916-05-02
INCOME $698 FROM
 $4,O00,OOO ESTATE
h Sixteen Years 1t Disappears
 Under Mismana8ement

New York, May 2-Asserting that the S4,0OO,000 estate of Judge Henry Hilton, who died in 1899, had so melted away under mismanagemen that it's net income last year amount ed to only $696,36, Albert E. Hil on of Portchester, filed a. protest yester day in the Surrogates' Court to the eighth annual accounting of the ex ecutors. The complainant is a son of Judge Hilton, who was to receive onc- third of the residuary estate. The present trustees of the estate are Ed ward D. Harris of Yongers. N Y., and the Central Trust company of New York. which was appointed trustee on the death of Horace Rus sell, a son-in-law of the decedent.
 The objections say that the estate has been practically unproductive Of income since 1912, that many of the properties held by the estate have already cost the estate more than the book value of the properties and that a continuance of the past conditions and management is likely to destroy entirely any value that many of the items may have.
 It is further stated that whatever value the estate has should be at once
 
 ticularly in view of the statement in the will of the decedent. which asserts that all of the property in the estate should be given to executors in trust to "convert the same into money anu pay over and distribute the same ito the beneficiaries Notwithstanding this provision of the will,' the com~ plaint sets forth. lover sixteen years have elapsed since the death of the 1 said Henry Hilton was admitted to probate on December Il. 1899.'' The most valuable item in the es- tate now is a mortgage of S3,66o,69l on the Stewart building, 280 Broad- way Judge Hilton was A. T. Stew arts counsel, and upon the death or MT. Stewart received the Broadway property through a legacy.
 Objection to the accounting was made on three counts. Tn the first place, it was contcnded that the pro- visions of the will had not been com- piled with because the property had not been converted into money and distributed secondly, because the failure to do so had resulted in prac- i tically no net income from the estate, and, lastly, because the property had dwindled in value. In regard to this
 
 The facts with regard to the said items of property and estate of tfe testator are as hereinafter set forth and indcatc that a continuation of the past conditions and management Is | said certain items of property and 1 likely to destroy entirely any value l that the said certain items of prop l erty and estate may have.
 | '"The said Stewart building is ai present in the hands of Edward D. ! Harris as receiver in the action en- l titled Edward D. Harris ct al, against ! Felix Tsman. ct als, which is an action | to foreclose the purchase money mort gage thereon for $3. 750. 900 gwen nE Felix Isman to the said truStees' tHc said property is carried at an expense to the estate over and above it's in come of anywhere from S60,0o0 to S1O0 OO0.'
 The objecting papers further state that, notwithstanding repeated re- quests that the interest in the Stewart building be sold and that dates have been set from time to time for the sale of the property "by Joseph P. Day, the real estate broker or agent designated by the said trustees to make the sale no sale has been had or is likely to be had of the Stewart building. or the said real properties, until the peremptory instruction ot this court is obtained
 The objectant says that he under" stands that at the present time his yearly allowance is advanced to h1m out of the principal of the estate. The attorney for the objectant is James H. Hickey of 43 Exchange Place.
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