The Washington times., 1919-12-01
The Very Rich Mans Problem
How Can He Secure for His Children After Death, His
Accumulated Fortunei Jay Gould As
An Interesting Case.


money, fool but it takes wise man to keep it.
The rich American knows all about that for he knows
how to keep money
HIS problem is how to keep the money together for
his children, that they may enjoy it after he is dead
If you leave your money daughters widow some
gentleman you heard Of apt to get before long
Insurance statistics show that when woman inherits life
insurance she does well she hangs onto the money for
year or two after that somebody else gets it.
The fact that money on the whole evenly distrib
ued in spite Of few high peaks Of finance shows that
what Is piled in generation is usually scattered in
the next Natures forces work to bring the mountain tops
down to the valleys and human nature works. through the
dulness and guhbity of the average rich mans son.
wipe out great fortunes Therefore it is said From shirt
sleeves to shirt sleeves in America in three generations
Often it is only two.
The rich man problem how to make pile of gold safe
for children that know nothing about business is illustrated
Interestingly in recent lawsuit among the heirs Of the late
Jay Gould That able accumulaor of money would proba
bly, be more surprised than anybody else if he could read the
news concerning his fortune and about the effort Of
of his sons Frank Gould who lives and horses
France to change the arrangement that Jay Gould made
before he died.
The creator of the fortune who died in 1892 leaving
eighty millions would surely have been surprised find
that his eldest George who had been working with the
father In his office from the time he fourteen and had
shown financial ability by making little fortune for him.
self his account before he eighteen was having
contest for his job manager Of the Gould
BE had been managing it for than twenty years.
when Frank his brother from Paris applied to the court
70 take the management away from him.
Jay Gould could look down, read the books and &C.
counts that Mr.. Stanchfeld George Gould's lawyer
took into court he would surely have been surprised to find
that his eldest son, George had already paid the
Jay Gould heirs than hundred millions Of dollars and
still had hand all that Jay Gould left in spite Of terrific
drops and fights in the stock market
Two Of the Gould brothers and heirs, Edward and
Howard opposed the attack their brother George and
want him continued manager Of their estate Well they
may you would say considering the dividing up among the
hairs by the eldest brother Of hundred millions produced
By the estate without cutting down that estate
brother managing an estate cannot get the best of it
the other heirs do not agree Mr. Stancheld in the Gould
light showed that George Gould for the Others arranged
the elevated railroad stock left his father in such fashion
that became first lien the whole street car business
Of New York. with guaranteed dividend of seven per cent
In addition to that George Gould arranged to sell the
entire family holdings IN the elevated railroad to the
Morgan interests for S195 share This was pipantic
price when consider that the stock is selling now for
about $50 share
But other heirs, including Frank Gould who lives IN
France would not consent to SELL That have given
hudder to Jay Gould he looked down and remembered
how little the stock cost him, and what terrific price
his eldest getting for it, while the younger children
were pushing away Refusal to let George Gould use his
udgment for his brothers and sisters in that one instance
cost the family eleven million dollars!
One OF the Gould heirs, daughter married first a
yrench Count then French Duke and lives in Pari,
Another, the Frank, who thinks he could manans
the estate better than his brother George has done also
HIVES France spends there his part of the hundred million
dollars income paid out by George ].
he keeps fine racing stable and is hiehlv annr.c;.+.a
ty the French
George and Helen Gould (now Mrs. Helen Gould shen
1d the two eldest children upon whom Jay Gould relied
look after the Others have been content with the dn
American life. When Frank was racing in France and
supplying interesting copy to the newspapers Helen
working at philanthropy in the United States and ceoroe
vas building his house in New Jersey, and raising there
family of sevan children o