Show J P morgana partner makes sensational statements before investigating committee and senator rogers asks questions new york sept 15 george W member of the fann of J P morgan co and arat vice president ot the now york lite insurance company was tho star witness at session ot the special legislative corn matteo probing life insurance corn 1 banys methods and alsi testimony was with revelation in tho development ot finance as applied by insurance companies IL tho climax of tho day came when sir perkins was an entry ot in a ledger marked ordered paid by the president the check was made out payable to J P morgan co and sir perkins frankly stated it was a contribution to the national republican campaign committee and had been paid to cornelius N blies mr perkina said corruption fund this payment was made after deiy careful deliberation it must not be considered an ordinary contribution to ho campaign fund it was paid because wo thought tho assets of the new york uto insurance company would be jeopardized by a democratic success sir perkins said contributions also made in 1900 and 1890 this bomb caused a murmur of con venation ven atlon about the room which had become packed with spectators stand ing room was at a premium and every one bent forward to catch the testimony pursuing the check inquiry further mr hughea brought out that this expenditure pend iture was never brought to the attention of the finance committee tho witness terming it a purely executive action it was charged against cash on the books of the hanover bank office or financial department mr perkins hero interposed 1 I would like to make a statement the fact that the check Is drawn to J P morgan co has no significance I 1 paid out the money and it was merely because of a convenience of repayment that the check was made payable to J P morgan co what other contributions to political funds have been made by the new york life none to my inov ledge explanation wanted mr hughes asked mr perkins to explain bow on the books in the syn dacate action by which in bonds was sold on december 4 1901 bought back january there was shown on the debit side of the account and on tho credit side and mr perkins replied in anat transaction we asked for of bonds and only gotaj we made up our sell the of this sum and our books therefore only showed when it camo to the end of the year we sold the and instead of taking a loss of we only took a loss of I 1 arranged with J P morgan co to sell it at a price and then I 1 bought it back at the same price after I 1 held on to it and finally sold it at 90 our first idea was to sell at SO but wo finally got 90 the money was paid by check to J P morgan co were not the sale and purchase tor the purpose of deceiving the commis lioner of insurance no it vas not securities were depressed at the time and it was considered a good deal but the real purpose was to have your books read instead ot yes senator armstrong here queried about tho cheal to tho campaign fund lie asked were you in a position to know ol 01 other campaign contributions 1 I dont know that Is a question that ought to be looked into in all campaign contributions I 1 believe the fullest publicity should be attached they ought to by publicly known and there ought to bo a law passed to that effect if the president out of his own executive authority without reference to the finance committee pays oui such large sums as these how do they officers of the ever come before the company 1 I have said the finance committee has no authority over the agency ac counts and general expenses I 1 there should be a broadening of ahli authority mr was then asked abou the checks tor and made payable to andrew hamilton march 9 1904 he could not tell whether they had to do with home annex account on the acquisition on the worth street prop erty neither could he say why pay ment tor property in now yore should be made to a man living in albany how about the bonds assemblyman rogers then expressed his desire to ask a few questions aboul the sale of bonds on december 31 tc J P morgan co and the re pur chadd on january 2 now mr perkins ou acted in the transaction tor tho life insurance corn pany and also tor J P morgan co 1 I completed the transaction for J P morgan co because that house was the only place whore I 1 could realize a fair sum tor the bonds al that time we lost nothing in thai transaction and wo made nothing bu n financial transactions it Is some imes just as important not to make a loss as to show a profit assemblyman rogers has there been any other case in which aw have acted for both the new york lite and J p morgan co at the same almo 1 I recall no other transaction A pointed question senator armstrong now in th transaction when did mr ai officer of the new york lite give wa to mr an officer of J P morgan co 9 1 I donl understand your point you as an otaw of the new york life issue an order and perkins as an officer of J P morgan co receives it when were you acting tor the new york lite all the time when were ou acting for J P morgan co that depends on the occasion well it you are acting tor the new york life thore is not much time left for J P morgan co remarked senator armstrong mr perkins then burst into a protestation mr Chair mari I 1 act as I 1 think right I 1 do not think whether I 1 am acting for the new york life or J P morgan co I 1 follow my and do what I 1 think is right the senator was unmoved and asked but where did your loyalty to one or the other end assemblyman rogers broke in and said the senator is thinking of the scripture A man cannot serve two masters mr perkins replied mv loyally lies where TO duty ia 1 I vant to pay mr right here that binco I 1 have been J P morgan and company these last four years that the compan has marketed more securities abai the new york life and the and the mutual haze accumulated m the last sixty years competition ia no longer the life of trade it is car operation now about the six hundred thousand sales and purchase said mr highes breaking in on mr ni you had the goods in your it one time yes and then you got rid 0 them for what purpose because it was a good investment in whose syndicate transactions yoa furnished the money wo did who conducts abe joint accounts on behalf of the new york lite 1 I do all of them in regard to the boston bonds ou bought them to sell at a profit and to divide it up with the partners in tbt syndicate A good investment not at all we bought them as a good investment we got into thear affairs to get possession of the bond and we hold them for years bedfor sale I 1 am very proud of this join account I 1 originated it I 1 conduct it it Is our aim to get at cosi prices Is the loss divided ati cheso joint accounts t ri S man profits t As to colne accounts mr perkins said when we desire a certain secured we go to a firm and sell them it ohp will take half of a quantity of bond we will take the other half tecsi people sometimes say wc would bliku liku to do this but it is inconvenient at this time we have not tho mone As we are looking to loan money vie say it you will be responsible for your sharo we will loan you the money and withdraw our bonds and carry the rest at bond interest on johnc account will explain i ater mr berkins explained the meihui of the new york life in dealing walh others along this line and was thou questioned about a purchase in november 13 1904 of ra erie convertibly converti blo as at 94 fo which the new york lite pud al 41 to W S fanshaw and company ho was asked it fanshaw and company purchased cheso of J P mo gan and company and replied th they may have bought them of J 1 morgan and company he would out mr was asbeil as to a number of temporary loans that appears t on the books but he would not without the details and date which he will furnish at a later session adjournment was taken today a to enable members of tie t ie committee to return to their homes there will be no session until wednesday |