The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-07

NEW YORK. Sept 6.-The vast
estate of the late Jay Gould is not to
be divided. as has been so persistently
rumored recently in financial as well
as social circles. Russell Sage, the
Old-time business associate of Mr..
Gould, is said to have started these
rumOrs. One of the authorities setting
the rumors at rest is Judge John f.
Dillon, Jay Gould's counsel, who now
acts for the trustees Of the estate.
The financial as we'll as the social
world hash cen deeply interested in
the current talk of the division Of the
Gould estate. If true, it was looked
upon as an event most important to
many great financial interests of the
country. 1t also provided meat for the
gossips of the drawing rooms in arts
tocratic circles, who speculated upon
what the alleged upheaval in the
Gould estate might bring to or take
from any Of the six children, heirs of
the gatherer and maker Of all these
millions.
Judge Dillon says that no such d.
vision as has been rumOred is cOntem-
plated by the will of MI. Gould. This
statement, coming from the source it
does, is generally accepted as final and
authoritative. Judge Dillon was prob
ably closer to Mr.. Gould than any
other man.
The origin Of the recent talk about
the Gould estate is understood to have
been easily traced. In the enormous
amount of securities held by the Gould
heirs under their fathers will are large
blocks of Manhattan Elevated stock
The stock recently sustained a sharp
decline. Russell Sage was accused Of
causing the slump by selling Manhat-
tan. He issued a statement finally,
through the news agencies, that caus-
ed stir IN Wall street In this state
ment Mr.. Sage denied selling Manhat-
tan stock, and in explanation Of the
decline that had taken place in the
price Of it stated that upon Frank
Gould's attaining his majority the Sc
curities trusted under his fathers will
would be divided, after which they
could be sold without the consent Of
the trustees. Frank Gould comes Of
age next December. In his statement
Mr.. Sage added in conclusion: ct is
possible that some stock has been sold
With the knowledge of this fact"
SO closely was Russell Sage asso-
ciated in business with Jay Gould that
1t was taken for granted he would be
acquainted with the terms of his late
associates will. The statement receiv-
ed credence. 1t caused a mild sensa-
ton. There Is. however little room
to doubt that Mr.. Sage has erred, and
the runlOr which gained wide circuIa-
ton is disproved. It is now made
known that the trust Of each one Of
the six children Of Jay Gould is abso-
lutte, by the terms OF the will, during
his or her lifetime.
Mr.. GOuld's will was completed and
signed in December, 1885. The great
bulk Of his estate was divided into
seven equal portions. His wife, four
tyUn
one portion each. Upon the death Of
his wife no material change was made
in this general policy. The will stipu-
lated that none of the heirs could get
anything but the income from the
portion given them. His four oldest
children We're made his executors, and
these children were appointed trustees.
They were held to keep the trust fund
and the accounts of each of the heirs
separate and distinct from the others.
None Of them can get possession OF
this property in any way, or mortgage
or cucumber or anticipate the income
from his or her trust fund. When one
Of the children dies or her property
thus held in trust goes absolutely to
his or her heirs. The statement is made
positively that during the lives Of Jay
Gould's six children this trust is abso-
lutte. 1t is also made known that the
trustees have been authorized at any
time since their fathers death to sell
these securities should they please to
do so.
RUSSELL SAGE WRONG.
Thus it appears that the king Of
puts and calls" the business associate
Of Gould, stirred up the gossips Of So
ciety and some of the great financial
interests Of the country without cause
when he asserted that the Gould Sc
curltles-the estate consisting mainly
OF stocks and bonds of various corpora
lions with which the millionaire was
Identified at the time of his death-were
to be divided. In view of these recent
disclosures concerning the will Of Jay
Gould, therefore, it Is now known that
the only difference the coming Of age
or Frank Gould will make so far as tho
securities are concerned will be that he
VIII be at liberty to dispose of his ac-
cLmulated and future income from his
trust fund without having to take in
strucuons from his guardians.
The unusual way in which Mr.. Gould
disposed of the securities he owned is
SAID to have at least indirectly been
due to the remarks attributed to the
late w. II. Vanderbilt as to the burden
OF concentrated wealth. Old Commo-
dore Vanderbilt was a believer. in the
concentration Of family wealth upon
the shoulders Of one Of the family
thought to be able to bear it's respon-
slbllities. Ninety millions, the great
bulk Of his estate, the commodore