Omaha daily bee., 1905-09-13
MORE HIGH FINANCE
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fused to give them. This closed the in
auiry, but Assemblyman Rogers, who was
in the chair, said to the witness before ad-
tourning the sitting; Some OF the COM
mittee ARE not satisfied with your refusing
to give the names Of those who participated
in the Joint profit deals"
In answer to that I would say" an
swered Mr., Randolph, rthat 1t is an en-
tirely confidential matter: there was no in
timation on the part Of anybody Of bad
faith"
After adjournment Mr.. Hughes said the
examination Of Mr.. Randolph would prob
ably be resumed tomorrow.
Deceiving the Prussians.
Today's session was the fourth held by
the committee and the inquiry was re-
sumed, where it was broken on by adjourn
ment on Saturday, when e ID. Randolph,
treasurer Of the New York Life Insurance
company, explained the transactions by
which the New York Life insurance dis
posed OF assets objected to by the Prussian
government
Mr.. Randolph said that there was no
reason on the books of the finance commit
tee OF the insurance company referring to
the loans made to Marshall and another
employe named Madison. He stated also
that he did not make any delivery of the
certificates of stock
Mr.. Randolph said that the sale Of the
Chicago & Northwestern stock was
recorded in the books Of the company and
that the New York Life Insurance company
received 81, 10000. which was deposited with
the New York Security and Trust company.
Regarding both the Chicago & North
western stock and the Chicago, Milwaukee
& St. Paul, Mr., Hughes asked:
You kept control OF the stock after il
went off your books so as to make any
profit you couldT'
"Yesv
Taking up the nonledger assets, Mr.. RAN
dolph said they did not appear on the
ledger, but a record was kept in a card in
dex. A card for such an index showing
the record and sale of 2,l00 shares OF Erie
for $4,000 was introduced in evidence. This
card, It was brought out, was the only rec
ord kept of this transaction. Cornelius c.
White. deputy auditor OF the New York
Life, was then called. He said this $4,000
received for the Erie stock was credited to
the financial or Hanover bank for the In
surance company,
Mr.. Randolph again on the stand, said
that 5000 shares of Union Pacific railroad
preferred stock which was received as
bonus for underwriting, never appeared as
a ledger asset as it cost nothing. He said
that while the stocks objectional to Prussia
were ostensibly sold of. no such steps
were taken in regard to Union Pacific.
The Union Pacific stock, Mr.. Randolph
said, was sold at different periods. from
1899 to 1904
The question of syndicate operations was
then taken up. Mr. Hughes drew Mr..
Randolphs attention to the fact that
stocks received by the New York Life as a
bonus for underwriting were recorded in
the card index as nonledger assets, while
bonds received for underwriting appeared
as an asset on the ledger. Mr. Randolph
did not know why this was done. He pre-
sented Mr.. Hughes with a pamphlet en-
titled participation, in Syndicates by the
New York Life Insurance Company for
Ten Years Past"
This was offered In evidence by Mr..
Hughes and was alleged to show that tho
New York Life had in that time madc no
syndicate transactions which had resulted
in a loss. These syndicate operations were
entered into and were being probed when a
recess for luncheon was taken.