New-York tribune., 1922-05-12
Gould Trustees
Appointed for
Divided Estate
Four Companies Will Adj.
munster Affairs OF Prop.
critics Formerly in Hands
OF George Gould Alone
Edith X. Also Figures
b'l! of Costs Filed Agains,
Her Following Vain At
temp, to Reopen Divorce

Inc Gould family again was much
'epreasnted in the Supreme Court vcs-
'e'oay' where various members fir
urea IN three different CAGES. In ono
justice Delehanty named trustees to
succeed George J. Gould. removed. and
howard Gould, resigned of the estate
OF Jay Gould. In another, George !
nould added some testimony in the
action brought by the receivers Of the
Wabash Pittsburgh Terminal Railway
Company to recover Sl2,600,0oO from
Mr.. Gould and Myron I. Hcrrick.
American Ambassador TO France. and
IN the third counsel for Frank J. Gould
nled bill Of costs fo, $40 against
Mrs. Edith Kelly Gould. who made an
unsuccessful effort to reopen her d.
vorce suit against Mr.. Gould here, the
Appellate Division holding that she no
longer was the wife of Frank J. Gould.
who obtained divorce decree in Paris.
Howard Gould asked to resign as one
Of tie trustees Of his fathers estate
because of his absence from this ooun-
try and his illness, which made it i'm
possible to give much time to his du-
ties. His resignation was accepted.
without prejudice to thc rights and
CLAIMS OF the parties (hls sisters and
orothers) TO the action now pending
against George J. Gould. Also his in
come from the trust estate, said the
justice. may be subject to mpounding
or liability that he or the other trus-
tees may be under TO the trust estate
Trust Companies Step III
Justice Dclehanty appointed as trus-
tees, in place of Howard Gould and
funds established by Jay Gould for his
six children, the Bankers Trust Com
pany, the Equitable Trust Company
the United States Trust Company and
the Farmers Loan and Trust Company
Under the will Of Jay Could each of his
executors and trustees were to receive
$4,000 for their services. but the trust
companies are not limited to this al
lowance. Edwin Gould, one of the trus.
tees, made an affidavit in which he said
that with the removal Of his brother
George ]. Gould, by the court as trus-
tee and the absence of Howard Gould
the estate under the trusts was pre-
vented from having prompt admins
tratlon and caused considerable embar-
1assment. Income checks have to be
signed by at least two trustees, and
sometimes 1t was necessary to send the
checks to Europe for signature
The estate was never divided into
six parts, as Jay Gould provided, until
after the removal of George J. Gould
as trustee. This delay in complying
with the provision of the will was due
it was said, TO the advice of the late
former Judge John +. Dillon, counsel
to the estate, who said there was no
immediate necessity for such separa-
ton Of trust funds, and besides thu
the securities and property of the
estate under the trusts we're not
mathomatically divisible. The litiga-
ton that has arisen and the contin-
gency Of death Of any of the benc-
ficiarics, said Edwin Gould, made the
division necessary, as the fund Of &
deceased beneficiary must be paid to
the estate has been divided into six
equal parts.
This division Of the securities ere
ated a problem with regard to the
vault space. None Of the trustees
wanted to go alone to the vault, so that
i became necessary for two to visit it.
The securities were removed 20 the
vault OF the Bankers Trust Company
Howasu GOULD refused to turn his au-
thori.y as trustee over to one Of tho
others, mot by reason OF any lack Of
confidence on his part Of the trustees,
out because Il would in effect give ono
trustee more power to act and consti-
tutc b single trustee for two of six
parts, which would violate the pro
visions of the will
An effort was made to agree on one
trustee. but il was found impossible
by the trustees to reach any such agree
ment, because Of their conflicting
views and the fear that one trustee
appointed as substitute trustee might
be obliged to carry out the terms OF
the will and pay George j. Gould his
share of the income from the cSta te
This income is now withheld By his
brothers and sisters pending the out
come Of a proceeding to compel him to
account for his trusteeship.
George j. Gould, recalled to the stand
yesterday in the action Of tho rcceiv-
ers Of the Waba Pitts sburgh Terminal
Railway Company, testified that he has
been resident of New Jersey since
1898 and that his Fifth Avenue HON G
there in the winter said Mr.. Gould,
when be was in New York on business.
Herrick Case Argued
Another witness yesterday told Of
lhe Equitable Trust Company neins
one of the participants in the loans
made to the Pittsburgh Toledo SynLi-
cate. which was to buy and construct
roads to give the Gould system an en
trance into Pittsburgh. The Mercan-
tile Trust Company, which did thc
financing for tho syndicate, paid hack
to the Equitable Trust Company So
81 ,os5, which included per cent ~
terest.
Former Justice Morgan j. OBrien,
appearing for Ambassador Herrick
said his client received an invitatioi,
in May, 1901, to become the syndlcata
manager He quoted from sections OF
the laws of Ohio to show that the laws
of that state fixed the limitation Of
the bringing Of such an action in which