The New York herald., 1922-05-12

him. according. TO Edwin. not by reason
Of lack of confidence in the trustees, bur
by reason of the fact that it would, in
effect. give one trustee power to act
and constitute a single trustee for two
of the six trusts. which in Howard 5
opiRion would violate the provisions OF
the will.'
Since December 81, 1921, there have
| been renewed efforts to agree on a trust
company to act for the trustees, but
! Edwin showed that attempts to har-
monize conflicting points of view seemed
to have been exhausted. He said
This is due partly to the fact that
trustees are Withholding Georges share
and certain parties are afraid that a
substitute trustee might feel obliged to
carry out the terms of the will and
pay it,"
| Justice Delehantys prior decision IL,
| the affairs of the Gould estate. handed
| down Tuesday was to restrain George
| Gould from pressing an action in the
! Surrogates' Court for the payment of
| S644.904 alleged to be income withheld
from him and impounded by his former
| cotrustees. Justice Delehanty refused to
permit the litigation to continue in the
Surrogates' Court on the ground that it
was duplication of accounting proceed
| ings pending in Supreme Court.
In the trial of the sl2.600.O0O suit
against George J. Gould and Myron T.
Herrick before Justice Finch in Supreme
| Court it was indicated that the statutes
| OF limitations In both Ohio and New
Jersey may be invoked by the defend
ants. They are being sued by receivers
, for the Wabash Pittsburgh Terminal
Railway company.
Just before adjournment yesterday
Morgan J. O'Brien, representing Ambas-
sador Herrick cited the Ohio statute OF
limitations. Earlier in the day Edgar
/ T. Bracket had called Mr.. Gould to the
stand to show that his domicie was In
New Jersey 1t was then agreed among
counsel that in briefs to be submitted
| each side might cite statutes of lmita-
tions apd decisions on similar cases.
Wabash Contracts Recalled. Z
| Most of the days was spent in pre-
senting statistics of financial transac-
| tions in which New York banks had
aided the syndicate in its projects in the
/ vicinity of Pittsburgh in 1903 and 1904
1t was shown that the Equitable Trust
| Company shared in the loans of the
Mercantile Trust Company, the local
fiscal agent OF the syndicate. to the
extent of $5,299.000 in those years.
Horton Brewer, since 1915 assistant
! secretary of the Wabash Railroad Com.
| pany, produced copies of correspon-
! dence which passed between the syndi-
/ cate managers and directors of the
railroad in April, 1904, concerning re-
financing plans which were to be un-
| dertaken after the syndicate had ac-
| quired control of the Wheeling and Lake
Erie Railroad. The directors approved
the proposals. which included an issue
OF $4,000, 900 bonds, traffic contracts
between the Wabash and the Pittsburgh
Carnegie and Western Railroad anC
delivery OF s6 600. 900 of Pittsburgh Ter
minal Railway bonds to the Wabash.
| Members OF the board who acted or
these proposals. It was shown. wer'
George l.. Could. Joseph Ramsey
Jr: Winslow s. Pierce. Russell Sage
Cyrus J. Lawrence, Thomas Fl. Hubbard
James Hazen Hyde and Edgar r
! Welles. When Mr.. Bracket elected tn,
! Information that Russell Sage was pres
ent at meeting of the executive com
mittee to which details of the proposed
agreement were submitted, he remarks
| drily TO Louis Marshall, counsel for th'
4 receivers:
"If the late Russell Sage was there
/ guess that was enough to put to sleey
any domination OF Mr. Gould"
Justice Finch will hear the summa
tion OF counsel later.