The $500,000 to his namesake and grandson, Jay Gould, son of George J. Gould, was to be held in trust by George J. Gould, with authority to apply the same to the support and education of the child, and to pay one-quarter of the same to him at the age of twenty-five, one-quarter at the age of thirty and the remaining half at thirty-five, with power to pay the same at earlier periods in the discretion of his father. The bequest to his son George J. Gould was in substantially these words: “My beloved son, George J. Gould, having developed a remarkable business ability, and having for twelve years devoted himself entirely to my business, and during the past five years taken entire charge of all my difficult interests, I hereby fix the value of his services at $5,000,000, payable as follows: Five hundred thousand dollars in cash, less the amount advanced by me for the purchase of a house for him on Fifth avenue, New York City; $500,000 in Missouri Pacific 6 per cent. mortgage bonds; $500,000 in St. Louis, Iron Mountain and Southern railway company consolidated 5 per cent. bonds; $500,000 in Missouri Pacific railway trust 5 per cent. bonds; 10,000 shares of Manhattan railway stock; 10,000 shares of Western Union stock, and 10,000 shares of Missouri Pacific stock--all to be taken and treated as worth par.” He appointed as executors and trustees of his will his sons George J. Gould, Edwin Gould and Howard Gould, and his daughter Helen M. Gould, with a provision that in case a vacancy should occur by death or otherwise his son, Frank J. Gould was to be an executor and trustee when he shall have reached the age of twenty-one years, and in case of another vacancy he appointed his daughter Anna Gould, to fill such vacancy when she shall have reached the age of twenty-one years, no bonds to be required. George J. Gould and Helen M. Gould were appointed guardians of Anna Gould and Frank J. Gould during their minority. All the rest of his estate was devised and bequeathed to the said executors and trustees in trust; first, to divide the same into six equal parts or shares and to hold and invest one of such shares for each of his said children, George J. Gould, Edwin Gould, Howard Gould, Frank J. Gould, Helen M. Gould and Anna Gould, with authority to collect and receive, pay and apply the income thereof to each child for life, with power to each to dispose of the same by will in favor of issue, and in case of death without issue the share of the one so dying to go to the surviving brothers and sisters and to the issue of any deceased child, share and share alike, per stirpes, and not per capita. He directed that these trusts should be kept separate and distinct, and that the accounts thereof should be kept separately; that no deduction should be made by reason of any gifts or advancements heretofore made to or for any of his children.