Show POLICY POLICYHOLDERS HOLDERS HELD UP UPI I FOR REPUBLICAN MACHINE New York Life Contributed to the th Cam Carn Campaign Campaign Fund in 1904 I 04 J Same Thing was Done in 1900 and 1896 Startling Revelations of George W Perkins Before New York ork Legislative Committee NW EW YORK Sept Sopt II Gaorge W V VP NEW N 1 Parkins P member of oC the firm of ot J JP JP I P Morgan Co and vice president of the New York Life Insurance Insurance ance aflee company was the star witness at atI I session of the special legislative committee probing life insurance com corn companies panl g methods and his testimony te WAS replete with revelation in hl the develop development ment munt of ot finance as alii applied by insurance companies Campaign Contribution The climax of the day dy came carne when Mr Perkins was wu asked concerning an entry of or in a It ledger marked ordered paid by the president pre The check was Wk made out payable to J P Morgan Mor an anCo T CoM Co and Mr Perkins frankly stated it il 4 was a contribution to the national Re Republican publican campaign committee and had been boen bo paid to Cornelius N Bliss BUu Mr Perkins said This Thill payment was made after very I Careful deliberations 10 Iv must not be considered an ordinary contribution to tot the t campaign fund It was wa paid be cuso we felt feU that the assets of thE th the 1 New York Life Insurance company T r 1 would be jeopardized by a Democratic success I Mr Ir Perkins Perking said contributions were also made in 1900 and c Finance Committee Ignorant Y Y This bomb caused a murmur of con conversa 1 versa t ton about the room which had Jad become packed with spectators Stand Ing room rom was waa at a premium and every overy everyone everyone I one bent forward to catch the testimony testimony testimony mony Pursuing the check Inquiry further Mr Hughes brought out that thIs ex expenditure expenditure was never brought to the at attention attention of or the finance fince committee the witness terming it a purely executive ox uthe action It was charged charled against okah h hon on the books of the Hanover bank of fie tl l or financial department E Made Payable to Morgan Mr Perkins here interposed I 1 would like to make a statement f The fact tact that the check is I 1 drawn to J 1 t P Morgan organ Co has hu ha no significance I paid pId out the money and it was wu mere more I ly because of 0 tI a convenience of ot repay repa repayment ment meet that the chock cheek eh k was wag made payable toa P Morgan Moran Co I What hat other others contributions to o political cal eal en funds litre been made by b the New York ork Life Ut I None to my m knowledge p If te Syndicate Transaction i Mr rr Hughe eked caked Mr rk to ex ox explain e plain hoV on the books in the syndicate i action by which oot in bonds b was 8 SOW on Dec 4 Mil 1111 i bought baught back 1 J th M hown shown en oa the tide aide of ot th the account t 1 and andon anden on en the credit tt side NIh and Mr Per king kins replied In that transaction we asked for tor of bonds and only got We made nade up our minds to sell seU aN of this sum and our books therefore only showed how When it j came to the end of oC the year ear we e sold the O and Instead of taking a loss I of or 1 OO we e only took a loss lose of SO 50 KH dOe I r arranged with J P Morgan Mor an Co to sell aU it at t a price and then I l ought it back baek at the same price After I held on to it and finally sold s ld It at M Our first Idea was wa to soil sell at SO se S but we e finally got cot ot M so Paid by Check to Morgan TIle TM money was paid by b cheek check t to te J P F Morgan Co I ere not the sale Ie and purchase for fer 1 4 the th purpose of deceiving the commis commissioner C stoner of insurance No It was wall not securities wet were da o e f pressed e d at the time and it was co cord con SJ er rd l a good deal But the real purpose Hie was wa to have your books read 1100 OOOO Instead of or 4 1 Yea Senator Armstrong here queried about the check chock to the campaign I fund He asked ked Were Yare you in a position to know of other campaign camp contributions f I dont know that is a question J that ought to be looked into In all aU J campaign n contributions I believe that the fullest publicity should hould be at They ought to h he publicly I known and there ought to be a ala law passed to t that effect Presidents Great Power N the out of or his own ex executive x authority without reference to toI I the finance committee pays py out such large sums as q these how do they ever come before the of oC the com coin company pan pany panI I have hae said MId the finance committee has no authority over the agency ac and general expenses ex pen IHS i think I there should be a broadening of this thie authority Mr r Perkins PerIcles Pekin was w then asked uke about abut t Ut checks chek for tor 0 and ld 46 5 made Dat Datable pa 1904 able to Andrew W Hamilton March J i 19 Bo Re could not nt tell tel whether they had to i do with home annex accounts a count on the th ac so acquisition aC of the Worth orth tre t neither could cul he say any why parmen et t for tor I property In tn New York b b be m 4 to toa toa a 0 man living thin in Albany mac Represented Both Ends 1 Assemblyman Rogers ROer then expressed ex his hI desire delre to ask uk a I few int ou QU Uon t the sale Ie of bonds on Do flee 31 3 to J P Met Mor Morgan gan Co and the on Jan Janow 1 Z Now ow Mr Ir Perkins you jou acted in itt the transaction for tor the life insurance compa company U th I In ny n and also al for tor J P Morgan A Co or orI j I completed the transaction rot for J P Morgan Morgn Co because that tbt hose bout b wS I the only place where I could a fair fir sum for tho the bonds at R that time thu Um W We lost lo nothing in that transaction and ao we adf nothing but in financial transactions U jt is sometimes just as a g important not to tomake tomae make mae a loss loas as a to t show a profit Assemblyman RogerR Has tir lan any other case In which you have K for both the tha New York Ut I t and ami J ac P I Morgan organ Co at the same iame time ut tI II I recall real no other transaction See the Point I Senator Now In th tt the tress trans transaction action acton when who did Mr Perkins an a officer J of ot the New York Life Lite Cl way wa to Mr r 4 Parkins an aa officer of ot J P F Morgan Mor Co 7 CoI I dont d nt understand your point paint pint Well you as an officer of ot the tie New Ne ew York Tork Life Li Issue one ene onE order and an Perkins as an a an officer of J P Morgan otan 0 O Ce re receives re H it WU were we y yeu u acting fa f the celo I New York Tork A LIZs ft tb All IAU the time When Whan Wh n were you acting for tor J P Mor Morgan Mor Morgan gan Co Ian That depends s on the occasion Well Wel If lf I you YU ar are acting for far tI the New New NewYork York Tork Life thorn there is Ii not flot miten mut mu time left len for J J J P 1 Morgan Co remarked Sea Sen Senator ator Armstrong J Light tg Dawns Upon Perkins 1 t SIr r then burt burst bur t into a ft 8 protestation tion Mr Chairman I act as I think right I do not nt think whether I 1 am acting leUn for forthe forthe forthe the New York Life Lire or J P Morgan Morgn Co T I follow my conscience and do what I 1 think is 1 Tight The Tt senator was ws unmoved and an nd asked nut flut where did your our loyalty to one or orthe orthe the other end t s1 Assemblyman i Rogers Roger broke in and said The he senator S Is I thinking of the scrip scripture scripture ture A man Ian cannot serve two masters Mr I Perkins replied My loyalty lies le Ies wore where my duty dut is Business in Securities I west want to sy say continued Mr PArk Prk PArkIns Ins ni rh here that since I have ben been with wih J P Morgan Morrn Co during these last four years fat that the ny has marketed more securities than the New NewYork NewYork York Life the Equitable and the Mutual have accumulated in the last sixty years years Competition on n is no longer the life te of trade it i is Ii coO r ton Now about but the sO sale and pur purchase purchase chase said seId Mr Hughes breaking in on Mr Ir Perkins Perkin you had the goods In your our vaults vault Yes Y at one oe OJe time timo And then thee the you vou ou got grot rid ot of them for tor what purpose Ree tU It was ws s a good business in investment investment vestment In Iii other oter syndicate transactions you OU furnished furnish the money mone moner We r e did cd Who conducts the joint J accounts of behalf of the t New Nw York Life LICe T I do all al of qt Q them HIn In to the Boston bonds vou OU YU bonda bought them to sell sel at a profit and to divide dv diate it I up with Wih the partners In the syn syndicate s n Not at all al We Ye bought them as a good investment We 10 o into those these thee affairs to tolt wet ret lt of o the bonds and we f may mn hold hol them tar for years erf before a sale T am Rm very verv ery of this joint account I orl orlI mated it I I conduct it I It I is ia our aim to get at east cast st priors prices Ts s the lose lees 10 divided in these joint ac accounts ac counts Yes Yea 18 but bt we reserve the te th r ht to with withdraw draw raw rw our 11 securities The Tie other man has hasso MO so 0 right to ta our nor or share of the profits How It Is Worked said As Aa to t these joint accounts Mr Perkins When we desire a certain security Hurl we wego wego go 8 to a firn rU and n tell tel them if it they wilt wi take half ht of a quantity of bonds we wilt will wi tak tk the th other halt half These some sometimes sometimes times say sa we would woul like Jko to do this but it I is Inconvenient t this thi time we e have not the tb money mn As A we are to loan 1 Ioa money mOle we say Sy If f you will wi be re responsible for tor your char haN har we wll wf loan lon jou yU Ou the money mOoty and withdraw our bonds and andery carry ery the rest relt at bend Interest on joint account a t Mr 11 Perkins explained e the Ue method of the New York in d with others along alone sIon this line lie and was WR then than th questioned tont about abut a purchase on Nov No 13 la iDOl of ot L 1 1 ew ow sr nar r value Brie rte c ble 48 at SM it for which the tle New York TrAo paid opo to W S Co C ie He ne was WiS WiSke asked ke It if Fr w ft Co Ce purchased d these Ot J P Morgan Co C and ad he tes that they Ue may bayt hyt bou b t inert th hern of 0 j P PM M Mer rg A Ce Co C He 1 Mr was asu as a as kS to a num nm number bet ber b of temporary loans lons that appeared on the te bok but he would not testify with without wih without out the details d tanS and data lata which he ha will wi furnish at a later se eslon on Adjournment vas as taken today at 4 ocl k to enable members m of the com committee 0 I to return to their homes home home There i will m be b no sessIon until Wednesday I II I |