The Montgomery advertiser., 1905-09-13

evade direct answer, but Mir. Hughes repeated the question until finally MT. Randolph said:
 Yes"
 There was a momentary hush fol- lowed by murmur of suppressed ex- eitemenf
 Following up the navigation syndi- cate transactions. Mir. Hughes referred tos an item on the schedule on sgndi-i .cat6 transactions under date Of Decen- her 30, 1904 by which sso0.oo0 of bonds were sold to J. s. Morgan Co, of London for $720,0O0 Mir. Randolph admitted that this was an outright sale and the loss of $sO.oo0 was charged off to the profit and loss account. MT. Hughes left the point and took up an association known as "Nylic" with the New York Life Insurance Company. He got from the witness the admission that on April II. 1904 sale of s5o,000 stock to "Nylic" was made. Of this associa- ton Mir. Perkins was a trustee and "Nylic' bought and sold stock for the benefit of the comapny.
 The Subterfu9e.
 The usefulness of the New York Security and Trust Company to the New York Life came out when 1t was testified that. while tho insurance com pany was not taking collateral loans, it made practice of lending its money to the trust company, which made the collateral loans
 MT. Hughes took up the accounts of the money deposited with the New York Security and Trust Company in 1902, which was called account number four. It ran from $6.750. 900 in May and June up to $1 2,031, 900 in Septem- Der and ended at well over $1,O00.000 in December
 Now" said Mr. Hughes. why did you reduce the amount deposited with the New York Security and Trust Com pany in July. 1904. to $1.5O0.00O and keep 1t at that even figure to the end of the year? Your balance at the be- ginning of 1904 was $S.000, ,0O0"
 MT. Randolph professed ignorance, the impossibility of remembering every transaction. and interrupted again and again. r....
 Mir Hughes begged the witness to refrain from general conversation" and repeated the question. Mir. Ran dolph finally said:
 There was a question at this time whether our relations would continue with the company. The consolidation Company was taking place at this time"
 Now. prior to the end of 1904 the trustees of the New York Securities and Trust Company held 5,Oc5 shares. ! that is. a majority of the ten thousand | shares?"
 Yes"
 well. in March 1904, when the total stock of the company was increased | to SOOOo shares, were the holdings of the trustees increased?'
 Witness was then led through the | change of the name of the trust com pany and admitted the three accounts | with the old company were closed and l four opened with the new one. When | the money was withdrawn from the | New York Security and Trust Company | 1t was deposited with the First Nation | al Bank. This admission was elicited | from the witness after much pressure 1
 Two Per cent Interest.
 Tn reply as to interest paid by the | various banks where the insurance | company had deposits Mir Randolph | except the Bank of Montreal which paid | 2i-2 per cent.
 Tn discussing the syndicate to handle the New Orleans Railroad securities, which transaction was closed out in 1904 Mir Randolph referred to a re- ceiver being appointed. which was un- forseen by the New York Life when the securities were taken up. Witness also said that some parties to the com many had expected to join in handling inc securities had failed to do so, but when asked the names refused to give them.
 This closed the inquiry. but Assemb- lyman Rogers. who was in the chair said to the witness before adjourning the sitting
 Some of the committee are not sat- jsAed with your refusing to give the names of those who participated in the joint profit deals.
 'In answer to that I would say" an sversd Mir Randolph, that 1t Is an en- ttreIv confidential matter; there was no intimation on the part of anybody of had faith: we had expectations which ,vsre not realized and do not think ,t necessary to expose people who did