The morning call., 1892-12-08
THE GOULD MONEY.
Forming a Trust for All
Time.
MILLIONS HELD TOGETHER,
The Heirs Will Be Board of Control,
With George Gould Having
the Deciding Voice.
Special to THE MORNING CALI.

New YORK, Dec. THE abstract Of the
will and its codicils of the late Jay Gould
has been given to the press by Judge Dill
Ion, counsel for the executors, who stated
that it is full and complete. 1t has not yet
been determined when or where it will be
presented for probate.
The original will is dated December "a,
1885. Gould on the 10th day of February,
1889, executed the first codici, making such
changes as became necessary by the death
Of his wife. The second and third codicils
were executed on the 2lst of November,
1892. Taking the will and codicils together
the following is an accurate and tull sum-
mary:
TO testator's sister, Mrs. Northrop, and
daughters are left three lots in Camden, n
j.. on which they live; also a bequest to
Mrs. Northrop of $4,000 and a further sum
OF $1,000 annually during her life. A similar
bequest OF $4,000 and an annuity of $1,000
is made each of his sisters, Mrs. Anna G.
Hough and Mrs. Elizabeth Palen, and to
brother. Abraham Gould.
To his daughter, Helen Gould, he gives in
fee simple and absolute the house in which
he lived at 573 Fifth avenue. and all its con.
tents.
To is son. Edwin, he gives in fee simple
and absolute the house at East Fourteenth
street with all its contents.
To his daughter. Helen. he made a specific
beauest of his portrait painted by Hor-
komer. he also gives TO his daughter,
Helen. until his youngest child shall come
OF age, the use of his residences at Irvington,
COMMONLY called "Lyndhurst" free of
taxes. and all the contents therein, and also
the sum of $4,000 per month, stating this
is done in the expectation that the minor
children, Anna and Frank j., as well as his
son. Howard, will, during the period above
provided for, make their home with tes-
tatOr's daughter. Helen.
To his namesake and grandson, Jay
Gould, the son of George j. Gould, he gives
the sum OF S500,o0o, TO be held in trust fer
said child by George j. Gould, with au-
thority to apply the same to the support and
education of said grandson, and to pay one
fourth of the same to him when he reaches
the age Of % years, one-fourth at the age of
30. and the remaining half at 35 With
power to pay the same at earlier periods in
the discretion OF his father.
To his son George Gould he makes be-
quest substantially in the following words:
Ny beloved son, George j. Gould, having
developed remarka BILE business ability, and
having for the past five years taken entire
charge of all my difficult interests, l hereby
tx the value of his services at 5000, 600.
payable as follows: 5000 in cash, less
the amount advanced by me for the pur-
chase of house for him on Fifth avenue.
New York City; $500, 600 in Missouri Pacific
per cent first mortgage bonds; $500, goo
in ST. Louis, Iron Mountain and Southern
Railway Consolidated FIVE per cent bonds;
S500,000 in Missouri Pacific Railroad trust
. per cent bonds; 100000 sharessof Manhat-
tan Railway stock, IL. 600 shares Of Western
Union stock and 10000 shares of Missouri
Pacific stock, all to be taken and treated as
worth par"
He appoints as executors and trustees of
his will his sons, George j. Gould, Edwin
Gould and Howard Gould. and his daugh-
ter, Helen NJ. Gould. with the provision
that in case vacancy shall happen by
death or otherwise, his son, Frank j. Gould,
is to be executor and trustee when he shall
reach the age of q years, and in the case of
another vacancy he appoints his daughter,
Anna Gould. to fill such vacancy when she
shall reach the age of p years. No bonds
shall be required of the executors and
trustees. George j. Gould and Helen Nj.
Gould are appointed guardians of Anna NJ.
minority.
Ali of the rest of the estate is devised and
bequeathed to said executors and trustees
in trust, first TO divide the same into six
equal parts or shares, and to hold and in.
vest one Of such shares for each of said
children. George j. Gould. Edwin Gould,
Howard Gould, Frank j. Gould, Helen NJ.
Gould and Anna Gould, with authority to
collect and receive and apply 1.-THE income
thereof TO each child for life, and with
power to each to dispose of the same by will
in favor of issue, and in case of death with
out issue the share of the one dying to go to
the surviving brothers and sisters and to
the issue of deceased child, share and
share, Der stripes and not per capita.
He directs that no deductions shall be
made Jy reason OF any gifts or achievements
heretofore made 10 or for any OF the chill
dren.
In case of differences of opinion among
the executors ana trustees as TO managing
the estate he directs that as long as there
are five executors and trustees the decision
OF four shall be conclusive, and when only
four the decision of three shall be conelu-
sive, with further provision in a codicil
dated November 21, 1892 as follows: ITO
better protect and conserve the values OF
my properties | direct and provide that the
shares OF any railway or other incorporated
companies at any time held by my execu-
tors aud trustees shall always be voted by
them or by their proxies at all corporate
meetings as a Unit; and in case my said
executors and trustees do not concur as to
how such stock shall be voted, then, in
view Of the fact that my son, George j.
Gould, has for years had the management
OF my said properties aud is familiar with
them and with other like properties, I
direct and provide that in such event his
judgment shall control, and he Is hereby
authorized and empowered to vote said
shares in person or BY proxy in such man
ner as his judgment shall dictate
There is provision in the will that the
property OF his daughters shall be for their
sole and separate use. and prohibiting all
dispositions for charges by any legal pro-
visions or by way of anticipation or other
wise.
There Is a provision that il any OF the
children shall marry without the consent of
the majority of the executors and trustees
then the share allotted to such child shall
be reduced half. and the other half of such
share shall be transferred to such persons
as under the laws of the State of New York
would take the same if the testator had died