| Show PECULIAR LI R W WAYS S Sf OF f NIGH HIGH rl FINANCE Cf I President of ef f New 1 York ork Life In Insurance ance Celli paD Ordered Campaign Cam Contributions Pail Paid PERKINS SERVES TWO MASTERS First Vice Ice President Is hi Member of Firm Of or Morgan i t Co and Does loes as is Ills Conscience DlO Him Nee Nev York Sept 15 ter GM W V Y 1 Par 11 of ut the fl of oC J 1 P Mor Morgan Iol gan Co 0 and Ind first vice Nice Ie in of the No Now York Yolk Life Insurance company nae I HS thu tho star tRI f at It hes ees lie clou eion of or the special commit committee tee tte probing life Insurance companies and hl hi his te testimony WAil ic re replete with revelation In the ins ment set of or e its ns applied by lIy 11 Insurance m a c e companies ghe of oC the till day ratite come when n Mr II Perkins wan WAI Halted AMk l concerning nn fin entry of or in lu n rt ledger marked Ordered paid pull b by the president The check chelk wits out payable to 10 J 1 P Morgan it Co AliI and Mr tic 11 Perhaps frankly stated it II Leas IAM n a 1 contribution to the tho Na Nt and hod been paid hold to 10 N II II Mr 11 Perkins said BAld Tile payment was seas made after lifter very 1 careful It must inuit not mint be lie considered an ordinary contribution bithe to bi th the tho fund It WAil lal geld 1 he lie Muse wo 1 1 e f felt lt that the s usell eU of theNo till the No Now York YOlk Life lre would bo he by 1 n a Democratic success Mr Perkins IIII were ct also nta inn mode mAlc do In hr 1900 KOO and 1890 This bomb homb caused n a murmur of nt con conri on v Lenon ri t I Ir abut the th IM mam w which had home h r parked packed with wIli Rland I IR hg a r room oun vs wn nc n ut r n premium 11 11 rt rr Ol one bent hent forward to tn catch the mony the cheek check Inquiry brought out that this thin expendi expenditure ture IUlo was wan IM never neon brought to Ih the atlen lion of the tho committee the wit nose terming It Il u it purely executive ac ae action lion tion It 11 wits churned I cash on nn the books book of the Hanover bank bk o I lice or ll b Mr lt i Perkins here hern Interposed I 1 would like to nuke make a 0 statement The rise fact thAt tin the cheek check IH Is drawn to J I 1 P n A Co u o has Asa no to 1 I pull out the money and It was 1111 mere merely because of ut a convenience of ot meat t I that lint tho Iho check Will was rude made r payable t to J JP P Morgan R Co o What other to 10 political feuds hue have been made lie b by the NewYork New NewYork NewYork York Ufa 1 None on to 10 ti my f knowledge Mr nil II inked Mr 11 Perkins to explain hn hol on nn the books book of the Ihl syndi syndicate cote cate action Alen h by which in is bond bonds was V H Hold cold on Dec bee 4 1901 and brought hark January 2 1002 there Ihen was nan shown on th the debit ld of ot th Ih the account 00 mid snit on the credit side and Mr 5 tr tl Perkins kins replied In that transaction we e nuked asked for 6 5 of bunks Rull only got lot and und u Wt we made U up our OUI minds to tell sell H the of ot this sum aum mid and our honks books therefore only showed When h n nIt It came tanIe to the end of the time year we told sold th Ihl the and Instead halt of taking a 10 lose lom of or we see c only took look a It loss lOlls of or 1 I arranged oth J P Morgan Morgue A Co 0 to 10 hll it II at I a price cud and then I bought It tt hark back at III the sHine me price pi Ice Attar After 1 hut hold on tu to It snit finally sold wold It at al 90 00 Our nur first t Idea Nas KS tu to sell Hell ell at SO but w wi lit finally Anally Rot not 90 The money wa Wil paid by hy check chock to J I 1 Iol ft Co Weir not the flit sale tal al and purchase for tor tho purpose of deceiving the commie eloper of or No Nn 0 It IL was wal not 1101 de II pleased It ut set the tone time an It wits HIIS run con 1 a gOO good lIeu ilea nut Hut the real IMI e wa wu was to 10 hl your OUI hooks hook read lead instead ad of ot r 1 Yen 1 tIO g hp lino linon queried n i nut nit j OO In Iii i i be i fund 11 0 i K d Were Pe you ou In a position to tn know of or oth other oilier 1 campaign contribution I dont know lh that I Is II a question that ought to be Je looked Into Unto In ill all II campaign contribution I 1 believe that till the fullest publicity should ha he attached Th They ought to be lie publicly known and there ought lusht to be bl 1 A hi law passed paned If to I that If It f the president out nut of oC hi his hll own U exe x authority without reference to tho the finance c committee pays pay out curb urh large larr sums sum a as the these how ilo do they aver ver reins come before lh the of lit the com corn company pany Pliny I r have said the committee ha has no authority over aver the agency ac accounts accounts counts and aud general expenses I think there b be u It broadening ot of this authority Mr 11 Perkins win was then thell asked about the checks for bud and miKle Ine pay payable able uble to Andiew Andrew Hamilton MUlch March 9 1904 lOOt He lit could not tell whether they had hit to todo todo todo do home horn annex annu amount account or the a ac acquisition of ot the Worth street property neither could he say ay why hy payment for tor i properly In New ew York should h be made etude to tu 1 a man living In Albany bany Assemblyman Ile ers then expressed ell hl tits hili desire to 10 ask usk a It few rew questions question about the tho sale of bonds bond on lc lee 81 II to J 1 P Morgan Co and the repurchase on i 2 J Now OI Mr Ir Perkins you acted III In the atlon for the life lite insurance com corn company i pang pan and also for J I 1 P Morgan toran Co q i iI CoI I completed the transaction for J 1 P Morgan organ A t Co lo because o that ho house w wa was the only place lace where I could realise a It fair sum lum for the bonds at that time We ISe Welo lo lost loet t nothing In ho that transaction end and we I made nothing but hut In financial trans transactions actions It U In III I sometime just Juet a an lie Important taut tant tnt not lIot to make mallo a loss loa as all to show how 1 a aro profit ro l IRm HH lIn hw been bean an any other othar ca case In which you have acted ltd for both bath the Ihl Nt New York Life IMp and J 1 P Morgan Co 0 iU It the seine samo time tins I 1 recall erred nn nu other transaction Armstrong Now In the transaction when did Mr Ir perkin an of the Die New York lit give III way wey to 10 Mr Ir Perkins an ot of J I 1 P tine Mor Morgan gan gat an It Co CoI n 7 I r dont understand your point Well eIl joti yron as all un an of the New NII NewYork NewYork York life Ilfe issue on one order and Perkins as a an en of leer of oC J 1 1 1 P Morgan lor 11 Co rn re relve It When were ere tre you acting for Cor the Now New York Life All II the time tame When were W you acting fo fn J 1 P Mor Morgan gout gan Co Io That hat depends on en the occasion Well If you are arc acting for fol the New NewYork ew York fork I ICe there thero I Is ii not nOI much h time left lell for J 1 P JI Morgan Co o 0 remarked Senator Armstrong Ir m atro ng Mr II r Perkins then burst Into IntI a II protes protestation tl tat tation 1011 I on Mi Mr I I J lift err II as lie T I Ihl l V i gt gilt t i tin n ii IIi I HIM Ii Ik k u h id i i 1 Tani mi 1111 i I n ni i I rr r th lh the Sett t Perk Ink Life Lit or lr J I 1 P to A sir c co Co o 1 I follow my conscience and do dowhaL what whaL 1 t think is II right Th Tn senator w was unmoved and ant caked But Sut where did your loyalty to one or orth orthe orthe th the other end enI Ro Rogers Rorer era broke in lit and nd I lair laid ala The Ih senator I la thinking of ot the scrip lure tur i 1 m man cannot serve two ma mal malera te era i Mr tr Perkins replied My loyalty lies Ilea where my duty I is I want to soy say continued Mr Per kin kins right here tint list since I Y have hae ben been with J I p Morgan Ik lk Co 0 during these last lut four years that the company has haa marketed more securities than the N New I York Life the tho Equitable and Iho tho Mu tu hays have accumulated In the he last lait eo 60 0 years eor t Competition I U la nn longer Mner the life of of Dr trade It Il I Is cooperation Now lW about the sale al and end purchase pur chase base said Mid Mr Ir Hughes breaking In Inon Inon on Mr Ir You hud had the goods In your vaults at III one time 11 And then yon got rid old of or them for tor whet purpose Because B U It t was a t a Rood fOOd bu business lne 8 In Investment vestment In other syndicate transaction you OU furnished the money T We Wo did Who conducts conduct th the Joint accounts account on behalf of the New Oe York Life I 1 do 10 All nil of them In lit regard to the olon Roston I bond bends you bought them tl to sell ell 11 at H a n profit anI and to divide It up with th the part partners partner In the syndicate te Not 01 at et all 11 We Va Caught them a n as a good Investment We go 0 Into th these thew af affair affair affairs fair fairs tn to get It pos possession islon of the bond bonds and may hold them Ihm for yeas years before sale lal 1 I am very ery proud of ot this Joint account I url originated tell It I 1 conduct It II It Is la our ouraim ouraim aim slut to get t at cost COlt In III th the 10 lots loss divided In these thel Joint ac account accounts countY counts count Y Yes 81 i hut hat we reserve the right to withdraw our securities The other men man has hUI no right to our share of th the prof profits its Ill Ax As to 10 these th Joint amounts Mr Ir Ier Per kiwi kino said Mid 11 When we desire a II certain I security We e go o to a Ii firm Arm and tell 1111 them If it they will tk take halt hair of or a of bonds we will take kit t the h other halt hair These Thee pen peo people jh pie sometime say Pay W We Ne would like ilkI t todo to do 10 this but It la is Inconvenient at aL thu time we have lune not lIot the tho mon money Aa As 16 w ar ware are rue looking Booking I to loan money we Ie ay coy a if you will wilt be he reni responsible for your sham I we will loan you OU the ilia money and withdraw with draw our bonds betide and carry the rest ret at tt bond list Interest crest on joint Mr tl Perkins explained th the method ot of t the hI New York fork Life In dealing with others along this line and ana oar I as dJ I then lien questioned about a n on Nov Ol 18 13 1 I 1904 W H of or par nhi 1111 ron ve r U hi In 41 a set nl 34 94 4 fir tor N win hl hi I th hr ti NI I te York r 11 M l niu J iMin ilia i r h Km iii 11 fl S i iV 1 I II It v tvs I is i ok ki 1 F a Ir i is t I its Co Cn purchased these of J JP P Morgan iI Co COI and h he hr replied that they ma maY have hae ave bought aught them or of J P Morgan forn te I ICo I i Co He Ha would had out l t Mr tr Perkins aas I aM asked u a k d as u to n a ium num f ii i ber bar of ot temporary luaus loans I that appeared s h ti r on the bouks books but he ha would not ll 1 testify t without the detail and data which hu ho will furnish at a later laler session elon I Adjournment woe was taken today at I 41 i 4 to 10 enable members member of ot tho the com corn committee t mitt tu to return lo iI their homes Th There r I 1 will b be nu no n U until Ul Wednesday I |
