Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-25
sGOULDS FIND WAY
TO lend LITIGATION
Settlement Terms for Ten
Year Legal Row Over Estate
to Be Given 10 Courts.

I By tho Associated Press.
I NEW YORK, December 2o.~~tor
1 the first time in 10 years, the 5o-odd
: members Of the family of the late
Jay Gould. flnancier and railroad
/ builder. will spend christmas agreed
/ as to their shares of the family estate,
which has shrunll from approximately
So. 000.0 to s50, 900. 900.
1 Desire for harmony, it was an
( uounced, led all the persons involved
/ to sign yesterday 4o-Iage "sttpula.
| tion for compromise, which will end
the case, in all details, If approval Is
accorded the settlement by the SUI
preme Court Of New York and the
Chancery Court of New Jersey.
Such approval, attorneys for the
4 signers explained, Is requisite because,
I in addition to the adult inheritors,
I there are several infants to benefit
from the agreement. some of whom
/ reside with their parents III New
! Jersey
Follows OGorman Plan.
In general the agreement, follows
7 the basis for settlement contained in
the November. 1925. opinion of former
Senator James A. O'Gorman as
g feI6T6e III Ife accounting action IiISI
Instituted in 1916.
Under the opinion. the four account
ing trustees, who were held RESPONSE
bic for estate losses of $50, 900, 900, will
pay $4,000, 900 to the six separate
trusts, created in the Gould will, and
TO Frank Jay Gould and the Duchesse
de Talleyrand (Anna Gould), the only
two life beneficiaries who We're not
trustees.
It was the objections of the two
latter children of Jay Gould that
forced the long legal fight against the
four trustees, George J. Gould. Edwin
Gould, Howard Gould and Mrs. Finley
j. Shepard Q1elen Could, and their
showing as stewards Of the estate
funds.
Huge Fees to Lawyers.
Should the courts approve the set
Element, one of the longest and most
costly estate litigations on record viii
have closed. Thirty-five law firms
have participated and it is estimated
$3.000,000 has been spent in legal
effort to interpret the will of the
financier to the satisfaction Of the
numerous litigants.
At some points in the litigation,
brother has testified against a sister
and a sister against a brother, and
according TO the attorney for George
j. Gould. the Severe examination"
given him prior to the accounting
trial resulted in his early death in
1923.
Announcement Of the settlement
was made by Taylor. Knowles & Jack,
attorneys for the trustees: Leonard &
Walker and Samuel Seabury, attor-
neys and counsel for Frank Jay Gould
and William Nelson Cromwell, and
Sullivan & Cromwell, representing the
children OF the Duchess de Talley.
rand.
COmpOses Family Quarrel.
In the peroration to the detailed
terms Of the settlement the attor.
neyS say the signers have agreed
that settlement and compromise
would tend to compose family differ
ences which have arisen out of the
administration of the estate, and out
of the trial Of the action. and would
tend to remove existing impediments
to sentiments of family unity, and
would also the sooner permit. the
estate TO be administered In accord.
ance with the intention of the estator.
Jay Gould, and freed from the ad.
ministrative embarrassment to which
continued litigation for possibly many
years to come would subject It."
The settlement involves the follow.
ing lump sum payments by Edwin
Gould, Helen G. Shepard, Howard
Gould and executors OF trusts created
by the Jay Gould will:
Two million dollars to the trustees
of the trust for George Gould. S.. 900.
900 to the trustees of the trust for
Edwin Gould. 1900. 900 to the trustee
Of the trust for Helen g. Shepard,
s2,000.000 to the trustees of the trust
for Howard Gould. $4,000. 900 to the
trustees Of the trust for the Duchesse
de Talieyrand, 100000 to the
trustees OF the trust for Frank j.
Gould.
Other Payments Required.
The agreement also requires the
payment of $2.750,000 each to the
trustees of the trusts for the Duchesse
de Talleyrand and for Frank Jay
Gould.
The interests of the three children
of George J. Gould by his second wife
are taken care Of in stipulation pro.
viding for the payment by Edwin
Gould. IIelsn Gould Shepard and
Howard Gould of 100000 to be held
In separate trusts Of 100000 each.
The same three members of the
family are to pay $4,000 for the
beneft of the seven children of
George ]. Gould by his first wife, the
money to be divided equally among
the children.
The booklet of detailed terms, finan.
cially affecting the so or more parties.
Is now in the hands Of Referee
OGorman, who will hold a hearing
Fuesoay TO consider recommendations