| Show tf r t morgan man tells of new york lifers deals nek york sept 21 george W pcr kin vice president of the new york life insurance company member of the firm 0 J P morgan co was on the witness stand before the special investigating committee probing insurance methods during the greater part of to days session when an adjournment journ ment was taken he was still on the stand with a number of questions pending to reply to which he asked permission to look up the records and submit transcriptions was nothing of a sensational character in the testimony today the only development of moment being the disclosure of the transaction with the new orleans traction syndicate in which the company sustained a loss of over edmund V randolph treasurer of atre company had been questioned rather sharply regarding this transaction when he was on the stand last week today the matter was brought up again when counsel hughus attempted to probe the collateral loan accounts the bonds of the new orleans traction company had been bought from the new york security and trust company at 85 and were subsequently sold at 75 mr perkins testified that they were sold on december 31 1903 to fanshawe Fen shawe co tor BOO mr found under date of january 6 1905 a loan of that amount to fanshawe co ana asked it the loan was made against these bonds this mr perkins he would have to look up and the question was dropped for the present it was brought out that john R hegeman president of the metropolitan life insurance company was carrying a running loan with the new york life insurance company of at one halt per cent mr perkins did not know whether this matler came before the finance committee and would also look that up witness could not explain why after the new york life had bought in of bonds from J P morgan co worth should be sold back to that farm at the same arico within two months and no minutes of the finance committee could be found to explain it i the transaction in navigation syndicate jond of december 31 1903 when mr perkins for the new boik life sold to mr berkins for J P morgan co in these bonds came up again when the warrant for he check of was produced these bonds were bought back by the new york life two days later and the mr perkins testified was tor the adjustment of interest mr perkins would not acknowledge the transaction was a loan the total dealings the morgan firm amounted to with a profit of 19 the manner of the companas comp anys income was for the present dropped and the way of spending the money was probed the agency system of the company WAS described and at this time vice dent thomas A buckner who was in charge of the agents was called iio stated that the total salaries of tha agency inspectors were annually agency directors get an average annual salary of the latter receive about annually in bonuses mr buckner was unable to answer many questions without referring to records and will be called again early in the day mr perkins had been questioned on the joint account transactions of the new york life which he was unable to explain last friday he occupied almost the entire morning session and presented of each account mr perkins took occasion to correct his testimony of last friday relative to the navigation bonds until he was asked if the object of the transaction be iween J P morgan c co and the naw york lite insurance company was fo remove the bonds from the insurance companas comp anys books and reduce their holdings temporarily from to mr perkins answered yes but today said 1 I di f not mean that I 1 meant to no before mr perkins took the stand john F mccullagh of albany a clerk for andrew A hamilton was called in an attempt to probe further into the check matter but mr mccullagh could div no information and was excused tho will be resumed tomorrow |
