The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-12-08
THE WIZARDS MILLIONS.
A Family Council Will Manage Jay
Gould's Great Wealth.
But IN SOME CASES THE ELDEST
SON is AUTOCRAT.


with Power to Administer the Vast
Estate--They Are Also to Consider the
Question of One Another's Marriage
George Gould Gets Five Millions Back
salary-No Public Requests.
New York, December 1.-THE follow
ing abstract of the will and codicils OF
the late Jay Gould was given to the press
by Judge Dillon, counsel for the execu-
tors, who stated that the full and
complete original will dated December
"a, 1885, during the lifetime of his wife
Helen D. Could 1t made various pro-
visions for her benefit, which failed of
effect by reason of her death before the
death of her husband. In consequence
of her death, Mr.. Gould executed the
first codicil to his will making such
changes las became necessary by the
death of his wife. The second and third
codicils to the will were executed on
the 21st Of November, 1892.
To his three sisters and brother, Mr..
Gould gives 5000 each and $1,000 per
annum each.
To his daughter, Helen M. Gould, he
gives his house on Fifth avenue and all
of the household contents therein.
To his son Edwin, he gives the house
No. East 47th street, with the con-
tents.
To his daughter Helen he makes a spe-
cific bequest of his portrait painted by
Herkimer. He gives to his daughter
Helen, until his youngest child shall ar
rive at age, the use of his residence at
Irvington, commonly called SLynd-
hurst" free of taxes, and of all the
household contents therein: and also
$4,000 month, stating that this is done
in the expectation that his minor child
rem, Anna and Frank j. as well as his
| son Howard, will, during the period
above provided for, make their home
with his daughter, Helen.
To his namesake and grandson, Jay
| Gould, son of George ]. Gould, he gives
| $780, 900 to be held in trust for the said
grandson by George j. Gould, with au-
+! thority to apply the same to the support
and education of the said grandson, and
pay fourth of the same to him at the
! age of twenty-five, a fourth at the age of
thirty, and the remaining half at thirty
| five with power to pay the same at earlier
periods in the discretion of his father.
To His Son. George j. Gould.
he makes bequest substantially in the
following words: ''My beloved son
George J. Gould, having developed re-
markable business ability, having for -
years devoted himself entirely to my
business, and during the past five years
taken entire charge of all my difficult in
terests, hereby fix the value of his SER
vices at $5,O00,000, payable as follows:
| S500,000 in cash, less the amount adj
vanced by me for the purchase of a
| house for him on Fifth avenue, New
| York city; $500, 900 in Missouri Pacific
per cent mortgage bonds; S50O.000 in ST.
| Louis, Iron Mountain d Southern Rail
way Company consolidated 5 per cent
bonds; $500, 600 in Missouri Pacific Rail
way trust per cent bonds; 10000 shares
Manhattan Railway stock; 10000 shares
Western Union stock; 10000 shares Mis-
souri, Pacific stock; all to be taken and
treated as worth par"
| He appoints as executors and trustees,
his sons, George J. Gould. Edwin Gould,
and Howard Gould, and his daughter,
case vacancy shall happen by death
or otherwise, his son. Frank j. Gould,
shall become an executor and trustee
when he shall have reached the age of 81
| wears. In case of another vacancy, he
appoints his daughter, Anna Gould, to
! fill such vacancy when she shall have
reached the age of 81 years. No bonds
shall be required of the executors and
trustees. George j. Gould and Helen M.
| Gould are appointed guardians of Anna
| NJ. Gould and Frank j. Gould during
their minority.
All the rest of his estate is devised
and bequeathed to the said executors
and trustees in trust: First, to divide
the same into six equal parts or shares,
| to hold and invest one of such shares for
each of his children with authority to
collect and receive. pay and apply. the
income thereof to each child for life;
| with power to each to dispose of the
| same BY will in favor of his or her issue
| and, in case of the death without issue,
Surviving Brothers and Sisters
and to the issue of any deceased child,
share and share alike. He directs that
these trusts shall be kept separate and
| distinct, and the accounts thereof shall
be separately kept. No deductions shall
be made by reason of any gifts or ad-
vancements heretofore made to or for
any Of his children.
In case of differences of opinion among
the executors and trustees as to holding
| and retaining securities or investments
in managing the estate, he directs that
SO long as there shall be five executors
and trustees, the decision of four shall
be conclusive; when there are four, the
decision of three shall be conclusive;
| with this further provision in codicil
dated November 81, 1892, ''The better to
protect and conserve the values my pro-
perties, it is my desire, and | so direct
and provide, that the shares of
any railway OF other incorporated
| companies, at any time held by my exec
| utors and trustees, or by my said trus-
tees. shall always be voted by them or
their proxies, at all corporate meetings,
as a unit. In case my said executors
and trustees, or said trustees, do not
concur, as to how such stock shall be
voted, then, in view of the fact that my
son George j. Gould for years has had
| the management of my said properties
and is familiar with them and with other
like properties, direct and provide that
| in such an event his Judgment shall con-
l. .tNrrn how rfdn n