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HMD GOULD OUT AS ESTATE TRUSTEE Four Trust Companies toj Hety Administer llis | Father's $00,000,000. | UKOltUK IS DISPLACED Edwin Tells of Delays and Difficulties in Handling Their Affairs. EQIAL DIVISION SOON! ? .Meeting' Terms of Will Oncei Thought Impossible, but Now 95 P. C. Done. Justice Delehanty in Supreme Court' signed an order yesterday permitting' Howard Gould to resign as trustee of lite Jay Gould estate, and appointing j i: <. rmiinrr* inmi vumpuiiy, me Equitable Trust Company, the United States Trust Company, and the Farmers Ix>an and Trust Company to act in his stead as co-trustees of four of the six funds totaling 160,000,000 created by Jay Gould. George- J. Gould, Howard Gould. Edwin Gould and Mrs. Helen Gould Shepard had been designated by their father as trustees of each other's shares and those of Anna and Frank Gould. George was.removed in July, 1919, for alleged misconduct, and pending the appeal of that decision of Justice Whitaker, the funds have been administered by Edwin, Howafd' and Mrs. Shepard. In granting Howard Gould's motion to withdraw Justice Delehanty ordered that it be accepted witliout prejudice to any action by anybody in the case. In approving the application of Edwin Gould for the substitution of corporate trustees in the place of the three individuals, Justice Delehanty ordered: 1. That the Bankers Trust Company t.nke the nlafp of Howard ttnnlH in r.il ministering two funds set aside for Edwin Gould and Mrs. Helen Gould Shepard. 2. That the. Equitable Trust Company take the place of George J. Gould "until and unless the order removing him as trustee shall be reversed by the courts on appeal" to hold and Invest the one share which he previously held for Howard Gould and also to hold ajid invest BROAD i oAn Original ALL these 1 k because c period. Some wo Z.00 for hats that wen 5.95 A very fine collection of good seasonable shapes, f. of straws and fabrics, trimr flowers, novelty ornaments material. Black and almi wanted color. 3.95 for hats that n crc 10.00 Dozens and dozens ot j choose from, in large ar styles, beautifully trimmi flowers, feathers and ribbon: and colors. j for Howard Gould tho one share whlc) was bequeathed to George J. Gould. 3. That the United States Trust Com pauy act for Howard Gould in admin isir&tiou of the one share which he hai held for Frank J.Vlould. I. That the Farme.s I,oun and Trus Company act for Howard Gould as true tee of the share of his sister, the Dueh e.-s de Tallyrand, the former Ann: Gould. The corporate trustees will have th .'ui; powers of their predecessors. The! compensation is not to be limited as pre scribed by Jay Gould, but may be t'txei by agreement with the beneflcia.-ies, pro vidlns it does not exbeed the statutor: limit. The trustees have been receivinj yi'J.,000 annually. Under Jay Gould's will me trust funi for ueorge. tint' - Ills removal, nan beei administered by Edward, Howard am Helen Gould: the fund for Edwin b; Howard and Hel< n ; the fund for ll.nvari by Edwin and Helen; the fund fo 1' rank by Edwin. Helen and Howard the fund for Helen by Edwin and How ard, arid the fund for Anna by Edwir Howard and Helen.. Edwin Gould, through Alton B. Par'aei revealed to Justice lJelehanty some o the difficulties under which the admin istratlon of the estate has been carrier out. He said that Howard Gould's ab seiioe from the United States has pre vented and embarrassed the estate he cause the income cheeks for each lif beneficiary have to be signed by at leas two of the trustees. Division \ut Possible. Edwin Gould asserted that til" iru.? tees have not yet been able to set u the six separate trusts as provided !p til will. The late Judge John F. I 'ilhn who died in 1914. und had been nouns* for the estate, had advised the trustee! he said, that the division was not a Hint ter of Immediate necessity, that' It wn impossible because of pending iltigatioi and furthermore that. Inasmuch as th estate consisted of real estate and s? eurities, it was not mathematically d visible Into six equal parts. Practical obstacles, as far as litigs tion is concerned, have been removei lie thought, and "the time has now at preached much nearer the point wher an actual division will be necessary 1 the event of the death of any of th life tenants, In which contingency th interest of the deceased life tenar must bo paid over to the rcnviinderme designated under the will." Since litigation before Justice Whit aker. by which George Gould was ri moved as trustee. It was ruled that th directions contained in the will concern ing division into shares were absoluti Edwin pointed out that the trustee then renewed their efforts to divide th estate. This process, lie says, has nor proceeded to a point where ?5 per- con of th?; assets will presently be divisib! into six equal shares. The trustees exj erienred further diff : cutties in physical limitations of van I space, and it became necessary to rt j move papers, securities and all otlie I holdings of the estate from the estat ; vault, at It? Broadway to vaults of th Uankers Trust Company. There were strict provisions prohibit l ing the commingling of estate fund. | and one trustee would not assume th | responsibility of going to the estat j vault alone. It therefore became necej 1 sary to have two trustees present vvlic i the vault was opened. , Am still another argument for the at i polntnvnt of corporate trustees, Ed w I I asserted that the. trustees were prepui I ing: to turn over this task to a sins! I trust company when difficulties uros in the tying up of the Income of Georg , J. Gould. After this Howard refused to sign a 1 authorization for a cotrustee to act *ft mmmmmmxmmmmmmmmmmmammmmmmmmms -jmmmmwmdommi WAY &ak5 ScQ \ EXTRAORI Paris Hat cAt Less Th I lats are from our regula Dur policy forbids them i have only been in our a nderful values and ever; f hats in | ashioned ^ ncd with /\ / \ c and self \W jk t 1 J'? 3st every , / Original \ formerly 21 12 ityles to _. . . i I hese exquisite ha id small pans |abds_mnn) ed with three weeks ago. >. Black and woven hair h; all trimmed with in W\ sales final. None se THE i lilm, according. to Edwin, not by reason of lack .of confidence in the trustee*, but - bv reason of I ho faet that it would, in j Hallway company. ; Just before adjournment yesterday ! Morgan J. O'Brien, representing AmbasI sador Herrick. cited the Ohio statute of e limitations. Earlier in the day Edgar T. Brackett hud called Sir. Gould to the stand to show that his domicile was in 3' New Jersey, it was then agreed among counsel that in briefs to he submitted H each side might cite statutes of llmita- i ' tions aid decisions on similar cases. : ie | Wnltuali Contract* Hecnlled. iMost of the days was spent in prei senting statistics of financial transae1, tions in which New Vork banks had >- aided the syndicate in its projects in the e vicinity of I'l'ittsburgh in 1303 and 1304. n It was shown that the Equitable Trust e Company shared in the loans of the e Mercantile Trust Company, the local it fisral agent of the syndicate, to ttie n extent of $.ri,233,000 in those years. Horton Brewer, since 1915 assistant - secretary of the Wabash Railroad Com. rany, produced copies of eorrcspone derice which passed between the syndlcat.e managers and directors of the railroad in April, 1904, concerning re 11 r 1 ci 11 < i n k (Jian? wiiicii w?rr iu u? uii'' dertaken after the syndicate had acK quired control of the Wheeling: and Lake j !l Erie Railroad. The directors approved ' e the proposals, which included an issue : , of $50,000,000 bonds, traffic contracts ! j" between the Wabash and the Pittsburgh, I Carnegie arid Western Railroad and delivery of $0,000,000 of Pittsburgh Ter- j ' ntlnal Railway bonds to the Wabash. Members of the hoard who acted r.n i these proposals, It wis shown, were [ .. George Gould, Joseph Ramsey i s Jr. : W.inslow S. Pierce, Russell Sage, e' ) Cyrus J. Lawrence, Thomas H. Hubbard, p I James Hazen Hyde and Edgar T. Welles. When Mr. Rrackctt elicited the n information that Russell Sage was present at a meeting of th" executive com). mittee to which details of the proposed n agreement were submitted, he remarked drily to Louis Marshall, counsel for the le receivers: ie "if the late Russell Sage was there, :e 1 guess that was enough to put to sleep any domination of Mr. Gould." ,n Justice Pinch will hear the summair ; tton of counsel later. at 14th SI )INARY SAL! \ :s & Repro< an Half Price r stock, and have been re remaining in our stocks be) issortmcnts thirty days, j i . r i _ y nat is in pcrrecc conaiuoi fr^ \ ' \ need, fro I i c \ 1 britrrtned ' o .1 ' ' mod effect ? 7 \ and every Ve / \ f .' J r Paris Hats ~i 9.50 to 45.00 X .50 " ts have iheir original r , i j CJiarminc / or them only arrived c Milan straw, fabric smart 'iai tts in the collection, crepe itnitable French taste. in every \ nt C.O.D., or on approval. - effect, give one trustee power to act i anil constitute a single trustee for two ! I of the six trusts, which in Howard's j t i opinion would violate the provisions of | . the will," Since December 27, 1921, there have A been renewed eftorts to agree on a trust company to act for the trustees, but i Edwin showed that attempts to har- I 8 monizc conflicting points of view seemed I r to have been exhausted. He said : ~ "This is due partly to the fact that trustees are withholding George's share ! " and certain parties are afraid that a ; k substitute trustee might feel obliged to j ' carry out the terms of the will and I pay it." 1 Justice Delehanty'8 trior decision li> ; " the affairs of the Gould estate, handed il down Tuesday, was to restrain George >' Gould front pressing an action in the d Surrogates' Court for the payment of r $644,904 nileged to be income withheld : from him and impounded by his former - cotrustees. Justice Delehanty refused to t, permit the litigation to continue in the Surrogates' Court on the ground that it r, was a duplication of accounting proceedf ings pending in Supreme Court. In the trial of the $12,600,000 suit | against George J. Gould and Myron T. ] Herrlck before Justice Finch in Supreme " Court it was indicated that the statutes I of limitations In both Ohio and New ' c Jersey may be invoked by the defend- ! 1 ants. They are being sued by receivers for the Wahash Pittshurirh Terminal ! NEW , YORK HERALD^ BETHLEHEM STEEL U JOINS LACKAWANNA' 1 ontiniiod from First Page. ] of the deal will be .'onducted through j the Guaranty Trust Company and the I Bankers Trust Company, bankers for | the Bethlehem interests. The total production capacity of the consolidated company will be j.OOO/'OO j tons of ingots, of which 1.80O.OU0 tons | Will Ue NUppilCll oy mo hnriMinm properties and 3,200.000 by the Betide- | , hem plants. The finished steel output i *, will be a little less than 4.000,000 tons i * annually. The total ingot capacity of | H the t'nited Stntes Steel Corporation is i iipproximately 22.000,000 tons. | '(1 Mr. Grace revealed yesterday lor the | v first time that last fall the Bethlehem ! ( company had made an examination of , j the Inland Steel Company with a view j to acquiring that property, hut that ! M negotiations had never progressed far. j A survey of the Bethlehem and La-k- , awanua plants was conducted by the ( leading interests in both corporations , around Christmas time of last year, he added. S Thomas I,. Chadhourne, who is eon- I ducting the legal details of the six company merger, made this comment on Lnckawanna's union with Bethlehem . "The withdrawal of the Lackawanna Steel Company will in no way aff 'ct the plans fov the merger of ttfe independent steel companies, which will fe concluded on a six company basis " ! Mr. Chadbourne sought to make it plain that the Lackawanna management had been fair with the othefcoi.i I panies. He said tlml the Lackawanna people had told the six eonipanv men some time ago that discussions were under way with Bethlehem. With the Bethlehem-Lackawanna consolidation and that proposed of six other independent Companies, including , the Youngstown Sheet and Tube Coin- ! pany. Republic Iron and Steel ConUtool nnH DpflnnrKT ; party, Steel and Tube Company o' j America. Brier Hill Steel Company and Inland Steel Company, the steel Industry of the country will be represent!' I by three large Interests and several Important independents. The three >ig interests will be the United States S 'e| , Corporation, the augmented Bethlehem Steel Corporation and the new six company merger, whatever it may be decided to call it. Among the important 1 independent interests will be the Jone-' & I.aiighlln Company, Crucible K.eel j Company and Colorado Kuel smd Iron Company. The following table gives a comparison between the outstanding stock and bond capitalization of these three leading interests as at present proposed, together with their assets as reported ir, the balance sheets of tiie various concerns. 1". S. STKBI, CORPORATION. Out stan'li rig .Stock anil I Hon a Capitalization. A sets. p. s. steel $1,400,200,101 $2,110,101,110 Sl\ COMPANY MERGER. Mlilvale Steel anil Ordnance $112,131,100 $270,7711.71!!' IP-public Iron anil Steel OS,401.000 12.1,727,1711 Inland S'eel Co.. 30,400,171 tl1.12a.2kl Steel Tube Co.. 1S.121.lkiO 114.400. ,K"7 Ilrler Hill Steel.. 17.300.000 44.773.1S2 Youngstown 2P.r74.4fkl *71.000,tkki Total $330,104,071 $1100,Oil,US Estimated. HETH1.KH EM -1,AC K A WANNA M ERGER Itctlilehem $240,P31.HIM $11,',,422.OS . Lackawanna .... 1(1,144,100 Stl.it11.1is Total $207,27S.iai 24.*kl.017.tl,YI rREET l of tactions :duced simply | rond a certain \\\ are really 11 n. 7.50 n hats that ncrc J 15.00 every occasion and every | m the very small, close shape to elaborately trimis. Almost every material ' coloring. i i - ? 0.00 )r hats that ncre 26.50 jchapcaux of Milan straw, r braids, new fabrics, silks s, beautifully trimmed and vanted color. Third Floor FRIDAY, MAY 12, IAPANESE PSYCHICS, DR. PRINCE'S LATES1 i outer of t In* Anti^ouisl (iliost Goes in Quest of New Kxperienee. Scokiuif new psychic fields. Dr. Wal er Franklin Prince, president of ih l m or lea n Society for Psychical Re f-arch. ventured last eveuina into th of ?tn IV.iar Vincli-.ai.umil treet of Prof. Hideo Kim lira of Tokic apanese inventor of the philoaoph: ailed Creativiam, for the purpose o litnessing a demonstration of though runsference by the professor, his wife ilme. Komako Klmura, and Mri .eonara Muckay, who identified her elf as the secretary of Edwin Mark Hin. This meeting had been arranged. Di V \ ;|U4r3\ . ~o [[ Tu \ -i The Aristocr | Riding Hal H! w r trorlaim thr smf : tlie aristocrat because it i of the finest medium ported gabardine, and ored in the classically c ing habit mode. A touch of individuals duced by the unusua and two-button doub effecf. In wood brov brown mixtures. #65 IMan-O-War En< in Whipcord I I A woman always look ough horsewoman in whipcord habit, built ance as well as smartne< A choice of oxford gra\ whipcords, made upo lines. Silk serge lined, #55 Riding F Imported Christy derbi ji #6.50 to # i| Milar. and hemp hat*, Non-crushable t $4.50 to ?i lj| BROADWAY vhmmmmmmmmmmmmmmmmm 1922. / Prince entered upon the scene bda input with cordiality. He asked the broadly built, good looking Japanese: "What is youi title?" addina. "I alH ' ways like to address men by their title when th< V have one ' Ti e profe-sie was becomingly hunibb He -aid Inhad no title. So I Jr. 1'rlnCe said. "I ; shall call you Huron." Thereupon h<> i turned about, and without the aid of I i any thought transference other than , lty word of tnouth, was apprised of the I fact that there was a reporter present. ! Dr. Prince stiffened and then sal down. I Prof. Klmura, with the aid of his wife ' and Mrs. Mackay, exptatned, somewhat ] haltingly. what the professor Intended to demonstrate. He is able, it would " seem, to train people, as he has trained '* Mine. Klmura. so that anotlier person holding Madame's hand, for Instance; p can by concentration transfer their 11 thoughts to Madame's mind and make ' ! her do as they desire. I>r. Prince said K "Very interesting" once or twice and j listened intently. Then lie said: . "I am sorry that I must he unpleass. ant. I was not told ttiat there was to - be any reporters present. I cannot per , mlt you to give any demonstration when there are reporters present. I never . | allow my name to he used unless I give '1 m i* ne "is^aing Hoi ou will be interested to \> artment is prepared to tell ewest riding equipment. '1 ats, boots and crops ? you Tweed on Horseback A Spring Recipe "lie most popular favorite, w ithut doubt, to enter trie rlHTng ring lis season is the tweed sports habit. p To the left we see a young miss earing one ot tne Deitecl models f imported tweed. They come 1 tan, brown or heather mixtures, .einforced with suede in matchig color. Silk serge lined. #33 'weed habits for children frorh 8 to 12. #27.50 r or brown mmW n straight iats ' Riding es from London Tan or black boo 9.75 fiortcd Russia cal $8.50 to $12.50 *2t weed hat?. Mahogany or blat 5.50 calf. English moc S I X T H l&tka & iout a statement X Have prepared myself. J am very sorry, but I eunnot stay. If you care to make an appointment to come to my office, where there are no reporter*, i shall be very glad indeed to witness a demonstration. Hut | nothing to-night; nothing to-night." Consternation was thereupon shown h> all present, t xplutiatlons followed and then entreaties by tile i'rof. aiid Mine. Kiniura. But the hunter of the ghost of Mary Ellen MacDonald of Antigen i ah and of other spooks whose fame lias been spread broadeast by the newspapers 1* '. on this oeeusion. adamant. "There 1j T.o harm done none whatever," he said, beaming even at the reporter. "I simply have had publicity enough." Thereupon Dr. I'rince departed as flic ! Kimuras promised to meet him ut his | office at the earliest possible dale. khkkii rnoiti i.iii i im. -lit hid .' i Detroit, May ii. ? Mrs. Helen Joy Doe, daughter of Henry B. Joy. Detroit j capitalist, to-day was granted a decree i of divorce from Howard 1!. Dee, whom r.he charged with being a "golf maniac." | Mrs. Dee asserted her husband neglected | her and t he children, spending much of I his time on the golf links. Habit Is bby! ;now the Equestrienne 1 I you just what is what in Phere is a host of new hab may get a glimpse belc When in Doubt Choose Gabardine There are those cquegfrici who have more habits than hoi But for those who arc makii selection or hut one naoit, we < pest the gabardine. Summer Winter it looks smart and proper thing. | Imported gabardine in oxforc tan, with buckskin reinforceme and serge silk lining. $39.50 A < V/k Acqi / ll \ Americai / Ni 111 \ sPorrs co f 0 K \ appearan {^Ja \ \ports ri( \ V n f / /coat, he \ / " W / broad be & fl ? fli / ^a^emo | /II ] \y * W / I Amongd J / women o i I appearing 1 They arc 2 fj he worn 4 n her. Sti yjy\ and silk s Boots Rid ts of genuine im- Peter P.in ridin f, Knglish model Soisette shirts Convertible col k hoots of genuine Khak' flannel ! lei ... $18 Silk shirts, con ? F I.OOR (Company I / f * " J f8r> i^Dunlap I C Straw I I ? Hats for lhe summer l*>22 o . rciiitjc upwurd in price town ? ' s520 f now shown : Ys &? . 431 FIFTH AVENUE I) A !>rt??-cr> .W" <1 Street* < , m 16 MAIDEN LANE J j between liroadwqy a Nu?miu St ^ // I l! H in II Your HaKi t tn V/ V4 M. VV/ lire?the Sports Model n women's interest in stumes has resulted in the ce of a most attractive J:nqj habit, with flaring ige patch pockets and iselle at the left wears such model in the mediumabardine which comes in ful tan-and-brown mixso in straight line models. $42.50 vn Tweed Seen Horsewomen istinctivclydressed horsene always rinds a number [ in dark brown tweeds, medium weight and can from now till next Octo aight lined, reinforced. ;eree lined. #49.50 ing Shirts E shirts, #2.75 to #4.50 #4.50 tar dimity shirts . #4.50 %ts ... #5.75 vertible collar . #9.50 1 zAt 34th STREET 11