The daily morning journal and courier., 1905-09-13
JUST JUGGLING WITH
 BIG BALES OF CASH
$500, GOO IN BONDS SWUNG TO AND FRO BY NEW YORK
 LIFE AT WILL.

This Financial Trick Necessary to Keep Within Statements Made in Report to State Superintendent of Insurance Sensational Testimony Obtained From Very Unwilling Witness in Yesterdays PrOceedfngs-New Light Date
 New York, Sept. 12.-Selling $800,O00 in bonds one dsv. and buying them back the next but one, a holiday interven- ing, in order to keep within state ments made in the New York Life h. surance company's report to the super intendent of insurance, was the sensa- tiona1 disclosure made to-day at the session of the legislative insurance in- vestigating committee. The fact was drawn from Edward D. Randolph, treasurer of the New York Life Insur- ance company, late in the day, after At torney Charles E. Hughes, of counsel to the committee, had labored for over an hour to get direct answer from MT. Randolph to a direct question.
 The Inquiry had dragged through a mass of figures during almost the en- tire day, but it was not until the hour for ending the session that the sensa- tional feature was brought out.
 Earlier in he day MT. Randolph had handed MT. Hughes a schedule of sym dicate underwritings and transactions of the New York Life for the last ten years. A foot note to the schedule stated that the company had participat- ed in no syndicate transactions that had been closed out with a loss Among these syndicate transactions was the underwriting of the navigation syndi- cate, or International Mercantile Ma rine,
 MT. Hughes drew from the witness that there was an aggregate of $4,000,- 900 the New York life paid J. P Mor- gan & Co.,, on this 'joint account" MT. Hughes then took up a sales item dated December 31, 1903, of SSO0,0OO of Inter- national Mercantile Marine stock. MT. Randolph, replying to MT. Hughes, said this sale was made to J. P. Morgan & Co. MT. Hughes continued his inquiry into the matter and asked:
 "On January 2, 1904, there is an entry of a purchase of $s0O0OO. From whom hid you buy?"
 "J. F, Morgan 6 Co"
 t'Why did you sell to J. P. Morgan, then buy from J. F. Morgan & Go. on the next business day?'' .....- Because they desired to reduce it. K "Yes, but why then, did you buy it back the next business! day?'' Here Mir. Randolph began to explain and wandered several times from the subject. He was led back by the law yer, who seemingly was unable to get a reply. Finally, he said:
 Who sold the shares for the New York Lifea' saMr. Perkins I ''Who bought them again?''
 tAn officer of the company"
 ''Who was it?'' '.Mr Perkins"
 s.As matter of fact there was a re- port to the superintendent of insur- ance on December S1, 19O3?p
 #"Yes," 'Es'
 "Then the sole purpose of the trans action was that you might be able to tell the superintendent of insurance you held only $3,20O,000 of International Mercantile Marine shares?"
 The witness hesitated, and tried to evade direct answer, but MT. Hughes repeated the question, until finally MT. Randolph said: ..--..
 "Yes.''
 There was momentary hush follow ed by a murn1ur of suppressed excite ment., L..
 This closed the inquiry, but Assem-. bIyman Rogers, who was in the chair said to the witness before adjourning the sitting:
 Some of the committee are not sat isfied with your refusing to give the names of those who participated in the joint profit deals.''
 Tn answer to that, would say,' an. swered MT. Randolph, "that it is ar entirely confidential matter; there wa. no intfmation on the part of anybody of bad faith; we had expectations whicE were not realized, and I do not thinl 1t necessary to expose people who dit not actually participate in the transac. tion."
 Here MT. Rogers read from a papeI quoting from the officials of the New York Life Insurance company prom ise to give to the committee the frees access to information as to all it's af fairs, and he expectedthe witness, i that promise means anything. to an swer. ,tM
 MT. Randolph said that he though that such a matter ought not to go into the newspapers. ~
 MT. Hughes could not say wher George W. Perkins of J. P. Morgan < Go. would be called.
 Bandits, Attack Japs.
 Tokio, Sept. 12--6 D. m,-A ranor,