The New York herald., 1922-05-12

for Howard Gould the one share which
was bequeathed to George ]. Gould.
3. That the United States Trust Com
pany act for Howard Gould in admin
istration Of the one share which he has
held for Frank j. AGould
g. That the Farmers Loan and Trust
Company act for Howard Gould as trus-
tee of the share of his sister, the Duch-
ess de Tallyrand. the former Anna
Gould.
The corporate trustees will have the
rts, powers of their predecessors. Their
compensation is not TO be limited as pre-
scribed by Jay Gould. but may be fixed
by agreement with the beneficia-ies, pro-
viding il does not exceed the statutory
limit The trustees have been receiving
$4,000 annually.
Under Jay Goulds will the trust fund
for George. since his removal, has been
administered by Edward. Howard and
Helen Gould: the fund for Edwin by
Howard and Helen the fund for Howard
by Edwin and Helen: the fund for
frank by Edwin. Helen and Howard ;
the fund for Helen by Edwin and How
ard. and the fund for Anna by Edwin,
Howard and Helen.
Edwin Gould. through Alton 3. Parker.
revealed 20 Justice Delehanty some OF
the difficulties under which the admin
istration OF the estate has been carried
out. He said that Howard Goulds abb
sence from the United States has pre-
vented and embarrassed the estate be-
cause the income checks for each life
beneficiary have to be signed by at least
two OF the trustees.
Division Not Possible.
Edwin Gould asserted that the t-us-
tees have not yet been abe TO set up
the six separate trusts as provided in the
will. The late Judge John F. Dillon.
who died in 1914, and had been counsel
for the estate, had advised the trustees.
he said. that the division was not mat
ter of immediate necessity. that II was
impossible because of pending litigation
and furthermore that. inasmuch as the
estate consisted of real estate and Sc
curities. it was not mathematicaliy d.
visible into six equal parts.
Practical obstacles. as far as litiga-
tion is concerned have been removed,
he thought. and "the time has now APP
preached much nearer the point where
an actual division will be necessary In
the event of the death of any of the
life tenants, in which contingency the
interest Of the deceased life tenant
must be paid over to the remaindermen
designated under the will"
Since litigation before Justice Whit
aker, by which George Gould was re-
moved as trustee. 1t was ruled that the
directions contained in the will concern
ing division into shares were absolute,
Edwin pointed out that the trustees
then renewed their efforts to divide the
estate. This process, he says. has now
proceeded to a point where 95 per cent.
of the assets will presently be divisible
into six equal shares.
The trustees experienced further diff
culties in physical limitations of vault
space, and it became necessary to re-
move papers. securities and all other
holdings of the estate from the estate
vault at lac Broadway to vaults of the
Bankers Trust Company
There were strict provisions prohibit
ing the commingling OF estate funds,
and one trustee would not assume the
responsibility of going to the estate
vault alone. 1t therefore became neces-
sary to have two trustees present when
the vault was opened.
AS still another argument for the ap-
rointment of corporate trustees, Edwin
asserted that the trustees were prepar-
ing to turn over this task to single
trust company when difficulties arose
in the tying UP or the income of George
J. Gould.
After this Howard refused to sign ar
authorization for q cotrustee to act fol