The Providence news. (Providence [R.I.]) 1891-1906, 1905-11-28
NATIONAL TREASURER
To Be CALLED

k
Mr.. Randolph said the loan OF $3.50 900
to Kidder, Peabody and company was not
acted upon by the finance committee of
the New York Life Insurance company.
because IL was not customary to report
loans to that committee.
Asked why he did not cash the check
for the New York Life Insurance com
pany, Mr.. Randolph said it did not be-
long on the records of the New York
Life.
The company's share was five per cent
interest on the Mexican Central bonds.
And TO furnish all the money said
Mr.. Hughes.
REMOVED STOCKS AND BONDS.
Asked about the removal of $7OO. coo
worth of New York city stock from the
vaults of the New York Life Insurance
company for a few days and the substi-
tuition therefore of a check of the Central
National Bank for 100000 which was told
yesterday by cashier Theodore r. Banta,
Of New York Life, Mr.. Randolph said the
statement was correct in the main.
He did remove the stock as Banta testi-
fed, but at that time he was not the
treasurer of the company, but chairman
Of the executive committee. He prob
ably acted under instructions from Mr..
Gibbs. then treasurer, now dead.
"Who got the stock ?"asked Mr.. Hughes.
Il do not remember. Only three men
then had access TO the vaults he said.
tion OF having possession OF the stock.
Mr.. Randolph said he had no recollec-
but remembered I'm a general way tina
the Banta statement was correct.
The stock was absent from Jan. 4 to
Jan. 3. He thought there was other SINH
lar instances. He said he could only con-
lecture as to what purpose the TRANSACT
ton served but he regarded the facts as
significant
AS UNTAxABLE
lie agreed with Mr.. Hughes in the con-
lecture that IT was done TO enable some
body to put them in untaxable securi-
ties.
Mr.. Randolph believed that the First
National bank acted for the Merchants
National bank in the transaction and
possibly for others. The loaning OF Sc
curities for such n purpose was repug-
pa7t to him, he said, and he would not
do it. There was one case where bonds
were lent and It was good business and
good citizenship II they were not non
taxable bonds. 1t was time Of financial
street. whe the secretary OF the treas
ury demanded high class securities and
the New York Life Insurance ompany
deposited Massachusetts, and New York
city bonds with the United States gov
ernment for the First National bank Of
this city and received for that over $50. 900
besides interest.
SAVED HIS SALARY.
81 might say. as Mr.. Perkins did, that |
saved my salary by the transaction
added Mr.. Randolph.
William s. Fanshawe. member OF tho
banking firm OF Harvey Fiske company.
was called. Mr.. Fanshawe said that I'm
December. 1904. he bought from the New
York Life Insurance company New Or
leans Traction stock OF the race value OF
81, 2J0. 600. or the stock he received $1,000
900 in face value, worth $4,000, from the
New York Security and Trust company.
and s250.0oo OF face value, slS7,500 actual
value. from George w. Perkins, trustee
OF the Nyllc fund.
Mr.. Fanshawe rave his checks for $3.50
coo to the trust company and SlS7.5c 20 Mr..
Perkins and then borrowed s9SI.50 from
the New York Life Insurance company on
the bonds as collateral. lie then sold
the bonds md paid Is per cent OF the
profits 10 the New York Life Insurance
company.