| Show basl sums expended by people abid jno orae seems to know where ache goes or for what purpose new york sept 21 tho probing of the methods of life insurance companies was resumed today ly the legisla ive investigating B fore the days proceedings were begun charles E hushes counsel to tits com alt ee said he believed hat facts of more importance and greater interest nan any developed thus tar still remained to be brought out wo have not yet reached the meat of this inquiry said mr hughes in tact we have only started it the first witness today was john F mccullagh of albany who Is employed by andrew A hamilton the checks tor given by the new york life insurance company to mr hamilton bore name as an endor Bor but the witness said he nothing about the chocks except e had lead in the newspapers ha know whether mr hamil lon appeared before legislative committees mit tees nor did he know anything about his employers account in the new york state rational bank of albany he did not know of any other account of mr hamiltons in albany but knew he was elected a director of the albany trust company about a vear ago the witness said he did not know where mr hamiltons books were nor did he khow where to find any of the employers cancelled checks mr mccullagh McCull eald further chait he knew nothing whatever about the paid to hamilton ond concerning natch mr mcball president of the new yorla life insurance company was examined yesterday ceorge W perkins vice president of the new york life insurance company and a partner in the banking firm of J P morgan oo 00 was diio next witness he was asked to produce check for SOO given to T P morgan co by the new york life insurance company for SOO of the navigation syndicate these tends were sold by the new orl afe insurance company to J P co at he close ottie year december 31 1903 and bought the next business day january 2 1904 the check was offer oil AS evidence an accompanying cieck for mr perkins said he dd not know about but would look 11 ap the check of J P morgan cj for in payment for the bonds also was asked for sir perkina then presented a state of ahe new york lite insurance companas comp anys joint accounts from 1897 w 1903 mr perkins presented a number of other financial statements that had been requested among the joint accounts mr hushes found a participation of the ew york life insurance with C T wing and company in which by the purchase of railroad bonds to the sum of the new york life insurance company received a profit of the witness did not know what the firm of C T wing and company got in the transaction from this account it looks as if the new york life put up all the money said mr hughes do you know whether that is true or not 1 I doa not I 1 am not the bookkeeper but I 1 presume the accounts are cor icat mr perkina was temporarily excused and milton monroe madison a bookkeeper of the new york afo ufo was call tid he identified extracts from the of the new york lite showing in the wing company account the new york life insurance company paid out some bons were withdrawn by tho insurance company leaving bonds in the joint account mr perken was recalled and said we went into this transaction to get business bonds as cheap as possible I 1 fear sir that sou are under the impression that we went into this business so as to let others make money out of the transaction but that is not so we will skip the motive interrupted mr hughes let us get at the facts I 1 do not wish 0 o discuss the nutter at all with you let us davs ahe facts all right belr did pe new york and security trust company buy any bonds tor 5 our company asked mr hughes 1 I cannot say tor that was tour years before I 1 took charge ot the finance department of the company mr perkins said that in the new york life insurance company took of chicago and north western 3 per cent bonds in joint account with goldman sach company a portion of which were sold with a profit for the insurance company of bookkeeper madison was recalled and testified that the profits were shared by the life insurance company and goldman sachs company and that if there had been loss it would have been shared equally mr perkins again took the stand and said that an another joint account with goldman sabbs company the latter company bought the bonds amounting to and that the new york life carried them until they were sold the profits were divided each receiving it was shown that the profits of the new york life insurance company from 1899 to 1901 inclusive in joint accounts were |
