The sun., 1905-09-13

fact, furnished the committee with all data
In reference to the transactions before
the hearings began. Mr.. Hughes replied
that he thought there was no occasion
or on nH hSa s cause smn at 70
plain OF the New York Life,s stand In tho
matter. The committee, he said, was
satisfied that the company was doing
everything that II could to aid the COM
mittee. Then Mr.. Hughes expressed me
anything further on that point.
Mr.. Hughes asked again ~ what book
an entry Of the Chicago Milwaukee and
81. Paul transaction had boen made. The
witness replied that the transaction had
been entered in the oompany's purchase
and sales ledger.
the M name Of Il the S New % YORK security and Trust
Coppanyl 4. IT. must be 20. ;,o. r,ro,,..r,
Q. What want to get at Is what the entry
there was n Desembsr 1901; xas i IT, entered
stocks3 a. Absolutely, .,
q. Without explanation? A. Without ox-
PLANTATION.
The witness admitted that the cash re-
oeived on this transaction, 81 10000 was
credited to the New York Life in the New
|, York Security and Trust Company books.
Mr.. Hughes wanted to know whether there
wasn't also an entry in tho oompanys g
bank book relating to that item. The wit
ness said he didn't know as 10 that.
which were placed to your credit on account
Of these stocks in December. 1901 we're placed q
to your credit as the proceeds OF the saie OF
Q: Was there any entry made IN your
books prior 10 January 1, 1902. Of any loan
Ress By Sy any
o. The entry Of the sale aud receipt. Of tho
would ike to explain when ] say impossible.
II we had entered loan or an Obligation
Of the company on one side we would heye
other. The whole purpose was to get these
stocks. out, We couldn't show any loan II
'"e q. So. as You You closed your books on pecem-
sale sale Of ibis stock and the receipt Of the pur-
O. And the cash balances that you had at the
close of tho year 1901 included this price?
A, They were suaranteed In the The. respective ,h CITY
by the respective amounts.
NO oRLIGATIoNs-REALLY.
The witness said that on the other side Of
the New York Life's accounts there were
no entries of any liabilities or obligations
to the New York Security and Trust Com
pany to return any part. of the money
cations. The securities were passed out
and never came back to the New York
Life again. The stocks were sold and
liquidated themselves.
o. That was the state OF the case when you
made your report at the end OF the year,
o. The cash balance that you then reported
included the moneys which you had received
as the proceeds OF this stock2 A. As a matter
Q. And there was no liability on the Other
side OF the account against that? a. NC
liability existed. so there was none stated.
NJ Ropdolph aa III that there had never
been any entry in the New York hfe''
books relative to the notes drawn by the
company's employees to the trust com
pany. The witness said that, while he knew
| OF no actual memoranda regarding the prt
forma sales, he thought that the New Yorl
OF the sort in regard to the securities. fE'
examining committee OF the board O
| trustees, he said, would have to have som'
sort Of memoranda to be able to locate tn
securities when they made their e1amina
| ton once month.
When the actual sale OF the Chica go
Milwaukee and Northwestern stock wa!
made no further entry, the witness said
was made in the books in regard to the dis
position of the stock. 1t was the sam'
also, he said, In regard to other stocks
which the New York Life disposed OF II
this way II any profit was s,o.aa MADE e,,t whs, 3s
profit was entered on the company's prof
and loss account, and II any loss resulted
corresponding entry was made IN the sam
account.
The other witnesses who testified yester
the New York and Pennsylvania Company
and trustee Of the New York Life. Oar
New York Life. and Cornelius C. White
deputy auditor OF the trust company
The hearing will be resumed at 1870 o'cloc