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The New York herald. [volume] (New York, N.Y.) 1920-1924, May 12, 1922, Image 5

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Four Trust Companies toj
Hety Administer llis |
Father's $00,000,000. |
Edwin Tells of Delays and
Difficulties in Handling
Their Affairs.
.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
ALL these 1
k because c
period. Some
for hats that wen
A very fine collection of
good seasonable shapes, f.
of straws and fabrics, trimr
flowers, novelty ornaments
material. Black and almi
wanted color.
for hats that n crc
Dozens and dozens ot j
choose from, in large ar
styles, beautifully trimmi
flowers, feathers and ribbon:
and colors.
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:
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
Paris Hat
cAt Less Th
lats are from our regula
Dur policy forbids them i
have only been in our a
nderful values and ever;
hats in |
ashioned ^
ncd with /\ / \ c
and self \W jk t 1 J'?
3st every , /
Original \
formerly 21
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
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.
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
: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
' o .1 ' ' mod effect
? 7 \ and every
Ve / \ f
.' J
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 !
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
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.
Out stan'li rig
.Stock anil I
Hon a
Capitalization. A sets.
p. s. steel $1,400,200,101 $2,110,101,110
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
Itctlilehem $240,P31.HIM $11,',,422.OS .
Lackawanna .... 1(1,144,100 Stl.it11.1is
Total $207,27S.iai 24.*kl.017.tl,YI
l of
:duced simply |
rond a certain
\\\ are really 11
n hats that ncrc J
every occasion and every |
m the very small, close
shape to elaborately trimis.
Almost every material
' coloring.
- ?
)r hats that ncre
jchapcaux of Milan straw,
r braids, new fabrics, silks
s, beautifully trimmed and
vanted color.
Third Floor
i outer of t In* Anti^ouisl
(iliost Goes in Quest of New
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
This meeting had been arranged. Di
. ~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.
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,
Riding F
Imported Christy derbi
ji #6.50 to #
i| Milar. and hemp hat*,
Non-crushable t
$4.50 to ?i
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
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.
'weed habits for children frorh
8 to 12.
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
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
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
;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.
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 *
/ 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
I /
f *
" J
i^Dunlap I
C Straw I
I ? Hats
for lhe summer l*>22 o
. rciiitjc upwurd in price town
? ' s520 f
now shown
: Ys &?
A !>rt??-cr> .W" <1 Street* < ,
j between liroadwqy a Nu?miu St ^
// I
H in
HaKi t tn
V/ V4 M. VV/
lire?the Sports
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.
vn Tweed Seen
istinctivclydressed horsene
always rinds a number
[ in dark brown tweeds,
medium weight and can
from now till next Octo aight
lined, reinforced.
;eree lined.
ing Shirts
E shirts, #2.75 to #4.50
tar dimity shirts . #4.50
%ts ... #5.75
vertible collar . #9.50
zAt 34th STREET

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