The Birmingham age-herald., 1924-01-12
BROTHER ANSWERS
 S|sTERS' CHARGES
Was Advised He Had Right As Trustee To Make
 Investments


 element of speculation existed in cer- tain investments made by the execu- tors and trustees of the Anthony N. Brady estate for the trusts created by the fnancier's will. Nicholas F. Brady. his elder son, who Is an exscu tor and trustee of the estate. testi- fled today. The witness qualified his testimony, however, by asserting that the investments were safe and proper and that his counsel had given Information that, under the will. the executors and trustees were legally entitled to mako them.
 The testimony was given at the hearing on the 1919 and 1890 &C., countings of the executors and trustees. to which objections have been made by Mrs. Carll Tucker and MrA. Francis P. Garvan, daughters of Anthony N. Brady and beneficiaries under the trust. Charging irregu- larfties on the part of the executors and trustees, who are their brothers, Nicholas F. and James Cox Brady. and the Central Union Trust oom- pany of New York. have asked that $S,ooo,o00 be surcharged against the accounts. It was testified that Jame es was made director of this company. Attorney Isidor J. Kresel, ques- tfoning Brady for the third successive day. centered his queries largely on tho financial dealings of the trustees and executors with Wall street brok- CTS Attorney Kresel, by successive questions. drew from the witness ad- mission that his brother, James Cox, subscribed to 10000 shares of Blair and Company stock in his name with trust money and took a certificate of the purchase in his own name. At the time of the subscription, did you know that there was q law which makes 1t crime for a trustee to Invest trust funds in any name other than his own as c trustee or executor, and that a misdeameanor Is committed if the trust funds are not kept separate from his own mon Advised In Matter.
 "We wore advised at that time that the statute did not apply under our fathers will" Brady said.
 It was disclosed that Blair and Company did . banking and broker age business. In reply to questions, sraoy stated tho funds were invested TOT the trusts in the Maxwell syndi- cate. which was financed by Blair ana Company. Brady said he had about S250,000 interest in the Max well syndicate and that his brother. James, was much moro heavily in- volved.
 Brady said that the trusts were made part of the Maxwell syndicate, organized to underwrite new stock Tor the Maxwell company.
 Asked directly whether he believed ne was speculating when he invested money of the Tucker trust in buying zoo shares of Maxwell stock, which was not and had not been paving oividends. Brady replied that there was an element of speculation in the purchase
 Questioning as to whether the Tucker trust ever bought securities wnicn were not immediately taken up and paid for brought the liberty bond transaction to the foresround again today. Brady said that the trustees started carly in 1918 to buy million dollars worth or : l-8s for each one of the trusteea
 Attorney Kresel disclosed that aftsr . million dollars worth of these bonds had been bought for the trusts they were not taken up and brokers were cnargins approximately six per cent Tor the year until they were paid for. Brady xplained that the buying of these securities was in the nanos or James Cox Brady. When he nad bought about 8 million dollars worth. he went to Washington in the motor transport school
 Orders Re~tatutionC. Q
 Then we had the Malone street accident. which threw the Brooklyn Rapid Transit into the hands of the receivers" Brady said. we had the Spanish influenza, which took oft two members of our immediata family, and a short time later. one or Mrs. Fuckers children. All that time after the Malone street acci- dent to the end of the year there was eoo much for any one person to do. The thing slipped through"
 AZ the morning session. Brady had testified that he and his brother had given orders that the losses sustainsd ny the trusts in this transaction be accounts, @i