Evening star., 1924-01-11
ADMITS SPECULATING
/ WITH TRUST MONEY
Nicholas F. Brady Insists, How
ever, Investments We're
Safe and Proper. ID !.
LIBERTY BONDS NOT TAKEN
Three Million Dollars Worth Sub.
scribed for, He Said.
By the Associated Press.


ALBANY, n. V. January ia
slight element of speculation existed
in certain investments made by the
executors and trustees of the An
thony Y. Brady estate for the
trusts created by the financlers WILL
Nicholas F.. Brady, his elder son, VINO
is an executor and trustee or the
estate, testified. The witness quail
fed his testimony, however py as
serttng that the investments were
safe and proper and that his counsel
lad given information that under the
VIII the executors and trustees were
isgally entitledfto make them.
The testimony WAS given at the
Wearing on the 1919 and 1920 ac-
.ountings of the executors ana trus-
tees, to which objections nave peeh
made by Mrs. Carl Tucker ana MIS-.
Francis P. Garvan, daughters OF An
der the trust. Charging irregularities
on the part of the executors and
trustees, @ho are their brothers
Nicholas F. and James Cox Brady,
and the Central Union Trust Com,
pany Of New York, they have ask
that s8,000,000 be surcharged against
the accounts. 1t was testified that
James was made a director OF TINS
company.
Admits Speculation.
Attorney Isador J. kresel. question
ing Brady for the third successive
Gay, conferred his queries largely on
me financial dealings of the trustees
and executors with Wall street
Lrokels. Attorney kresel, by success
;ive questions. drew from the wit
ness admission that his brother'
tn 1
OF Blair & Co. stock in his name with
rust money and took a certificate
of purchase IN his own name.
Asked directly whether he believed
he was speculating when he invested
money of the Tucker trust in buying
400 shares of Maxwell stock, which
was not and had not been paying
dividends, Brady replied that there
was an element of speculation in the
purchase.
Tucker trust ever bought securities
which were not Immediately taken
up and paid for brought the liberty
bond transaction to the foreground
again today. Brady said that the
trustees started early in 1918 to buy
asmillion dollars worth of 31:s for
each one of the trusts.
Bonds Not Taken Up.
Attorney Kresel disclosed that after
bonds had been bought for the trusts
they were not taken up and brokers
were charging approximately per
cent for the year until they were
paid for. Brady explained that the
buying of these securities was in
the hands of James Cox Brady. When
he had bought about million dol
lars worth he went to Washington
in the motor transport school.
t"Then we had the Malbone street
accident. which threw the Brooklyn
Rapid Transit into the hands of the
receivers" Brady said. We had the
Spanish influenza, which took off
two members Of our immediate fam
lily and, a short time later. one of
Mrs. fuckers children. All that time
after the Malbone street accident to
the end of the year there was too
much for any one person to do and
my brother was out of business. The
thing slipped through"
At the morning session Brady had
testified that he and his brother had
given orders that the losses sus-
tanned by the trusts in this transac-
tion be made up out of the brothers
personal accounts.