New-York tribune., 1905-11-28

re A nsssS for ss STs snoan, A
Of tbo IN Svs nnd s hoaa "heh " 50
A1No. It has been long since segregated and a, the
dated In another way.
INVESTMENT WAS IN STEEL
Q,-How much is the Ny1ic part of It? Att Is
something oxer $4,000. because this particular
o.-What vas That purchaser Att was in Steel
Q:IAnd what was The total Investment you made
Q.-In what way did you set apart the Nyc share
o5 liz Al a. set It apart in mem memoTandnm Until
wanted TO sell the stock or keep it as permanent
&c o1Are there any securities representing that
s4Ooo9 set apart for the NylIc trustees? 40. nor
ticular check as a check I am constantly changing
and have been selling them one day and buying
s can ana Rhch must HOs do and have done If
would make $4,000 out OF that much money IN
oeYou SAID you had S,le4,ooo of marketable Sc
sR6Mns GF am SRs nyf Of bose the
time have very large percentage OF those nn In
Of the eash on hand d haxe o9 not oeT{
st2Gk ESehfangs seSpritsS 49Tep, asked you If you
keep 9P' hi! Sh9'c@ehT aceouht N 59 6oeR ANS
Of ofeg Zach N year eaI Mf KnssIey and Mr. Weeks
together and furnish them with list Of the Sc
memorandum Of the cash. and we join In state ate
these agents who gather together IN ian. Jan.
uary to the amount of securities and cash they
which shows what YOU buy or sell for Nylic: a
No, sir; not as such. because do not do 1t that
that comes aiong that I think is to their adyan,
tage, they not being committed to any " klaa @ u
investment, and use that money any way l
On connection with your individual matters?
with my money with other banking projects. IN
syndicate transactions, in purchases ana safes VI
stock and bonds / saw fit TO 90 IT.
QHow do you keep track of It without Gbere 9qoAs
Al keep track of It in memorandum mere
are usually not more than one two transactioSns
at time. l work them all out until am WINS ing
to deposit absoluts securities Or money with tlelr
fund. ,,o,,-
ThFg no sssuTV thai q S S can PSS FGHE snE
other amount that has been paid me- a99 see Sec 81 ~
out and make investment for that particular
9Vg pT should think you would. trustee a.. A.
You might thiak 80. suppose hsppen to o. haEe tEe
more in bank. $40 600 more at thai 6 1[9; "
And oertaniy Il what wanted to buy only easd 1,
for sa9ooO. would take the $4,000 and leave 'hS
SIMPLE TO WORK OUT"
Nv the Chairman-Do understand you, you IN.
vested the Nyiic funds mixing with your own JUST
81 svs SG9 NyS a9 the best end Of it? is one way
putting il do not d do int 1t at a ne tbe eFo oon6ons
seem to me to warrant xsettlenTi;enr' ei'i'e' O'
q You select out these most successful ones Tor
the Nyc? A-They generally run hand q. IN orE nam II
together, ana II lSb VI SOu-SSt 0A4A4i'0 -
By Mr. cox-The audit the end Of the a;,gf ysar
o"You said you and Mr. Kinsley and MI weeks f6
got together af 3 agrged go 1m mean 90 TO say that
we got together and ! exhibited TO them All tus
for this fund and 1t has been my custom TO as6
them to put valuation on Inc L9 sec ioinsa in a
written memorandum showing the ,, aouht INC n not OF
we held held for a Rt fR of securities we fod be
caire II would 90 ali over the United States as
what we do end up with definite list Of secur
ties? Al do with them, but not with the aseheS
oWhat docs that amount to- in the next Tess st
the next month eg1 y9T ipf fe have been the sole
executive manager of this fund and INC aa If
anybody thanked me for any success.
Rv Mr. Tuly-Do you keep a parcel memoran-
dun? Al keep it on my blotter. or something, or
in my cardcase: it is comparatively small thlhs
compared with my greater transactions
Q-You always have memorandum A..hes; oss
By MI Hughes-Do you mix these with moneys i
of other people whom you represent! A'-Aes' Sit'
osuppose qr You should sit down now to trace the
sd ie2 60 through the securities in which you have
nIested from time to time to find out just what
securities for Nylic represented that could you sD
any other check I ever had for the NyIlc funo-
BY Mr. Cox-What would happen in the Nylio
fund If you should diehow would an accounting
ever be made for anybody in connecuon Win that
fund If YOU were not there? Al have either the
securities or the cash. OF d - 'E~0
nav any balance unsettled, and difference with
per cent interest would be paid for that fund, as
7 have with most every trust account carry so
that the fund cannot ever lose; they have per
cent For instance. made memorandum OF that
kind specifically in detail before went TO Europe
Q.-ITave you such a memorandum at this pres
ent moment? NO / may stu have have that
1 nado before went 10 HuToPe' I +L+
would show what Nylic is entitled to? Al could
at any time prepare such memorandum
Ono. but is there SuCl a memorandum II e3-
!stence at this moment? A--Weil, to-day, 1t hap,
pens to be substantially that would be So 1t could
Q.-Then there is such a nemorandumf A.-No'
curities aside for the Nylic fund and the cash
o.ET6en if you shouldl die at this moment there
would not BE- any reeoTdf "a A5s M he ssse rseoTd i
have been gone as It happens e. for Or sig & weeks and
QoWhere is that memorandum Of the securities?
Alt is not memorandum: it Is in the securities
Q.-By Mr. HugheszzThat was set apart before
Now. Eso we are back last year in 1904 When
yoa have transactions in moneys Ike the s4olsS 60
n SsTe R Toq not ger eGGf Si have oen0 gone and
carried large part Of Nylie money in cash be. be
to buy securities, Another time would buy, up TO
the fq limit and have 9coss ones yo IN PSe have 9cTe @
through Nylic. through your various Investments
can YOU make up memorandum Of what Nylo is
entitled to xGegt d ae0Tang 1s to 9 IS no So iqea @
cause I have had a memorandum or each trans"
action
THE $4,000 MIXED UP.
o-Then you can trace for US the s4ooof A.
Nvic fund and did not invest that $4,000. If
man pays you fee for a certain case. are you
hound to invest that particular fee in particu-
lar thing or do you put 1t in your general fund.-
OI am not trustee of my funds. A.-The same
thing You handle them. You either invest them
or spend them. That is what do with this Nylc
fund do 1t when I like and as like. for the
best interests Of the fund.
O-You said you should not keep this $4,000 sep
arste from other Nylto fund did not keep 1t
separate from any funds? Al kept it with the
Nylc funds I handling until L made en- in.