The Montgomery advertiser., 1905-09-22
PERKINS ON
 THE STAND Insurance Investigation
 Continues. NO STARTLING FEATURE New Orleans Traction Sym
 dicate Case. Metropolitan Cosnpany's President Csr- ries Big Running Loan With the New York Iase at 11-2 Ter Cent.

~9-
 New York, Sept. 2f.--George w. Per kins. Vice President of the New York Life Insurance Company, and member of the firm of J. P. Morgan X O., was on the witness stand before the special legislative Investigating committee dur ing the greater part of today's session. When an adjournment was taken he was still on the stand, number or questions pending, to reply to which he asked permission to look up the re- cords and submit transcriptions. There was nothing of a sensational character in the testimony today, the only devei- opment being the witness's disclosure in the New Orleans Traction Syndicate case, in which the company sustained a loss of over s3o0.o0o.
 Edmund V. Randolph. Treasurer Of the company. had been questioned rath- CT sharply regarding this transaction when he was on the stand last week. Today the matter was brought up when Counsel Hughes attempted to probe the collateral loan account. The bonds Of the New Orleans Traction Company had been bought from the New York Secur- ity and Trust Company at S5 and were subsequently, sold at T5. Today Per klns testified they were sold on Decem- btr sf. 1903, to Fanshawe & Co., for 70 of January s, 1g0s a loan of that amount to Fanshawe & Co, and asked if the loan was made against these bonds. This Mir. Perkins said he would have to look up and the question was dropped for the present.
 It was brought out that John R. He geman. President of tho Metropolitan Life Insurance Company. was carrying 4 running loan with the New York Life Nra 10 NHnf interest,
 MT. Perkins did not know whether tbis amount came before the Financial Committee, but would look that up Witness could not explain why, after the New York Life had bought $4,000,- GOO worth of bonds from J. P, Morgan q Go, s2,000 900 worth should be sold back to that firm at the same price within two months and ne nlnuss ,lt n. os the Finance cotnmittee co1tid peifound to explain it.
 Perktns HetIcent.
 The transaction in the nayigation syndicate of December 31, 1908, when Wr Perkins. for the New York life. sold MT. Perkins for J. P. Morgan & Co.,, $500. 900 in these bonds, came up asaln when the warrant for the check $S0O,- 266 was produced. These bonds were bought back by the New York Life two days later and the $266 Mir. Perkins testified was for the adjustment of ln- terest. Mir Perkins would not acknowl- edge the transaction was a loan
 The total dealings of the company with the Morgan firm amounted to $Ss,- 2ss,OT5. with a profit of &7S4,76S lS The matter of the company's income was Tor the present dropped and the way or amending the money was probed. The agency system of the company was de- scrIbed and at this time Vice President Thomas A. Buckner, who has charge of the agents, was called. He stated that thc total salaries of the agency inspectors were $i26,oo0 annually. Agency directors get an average an- nuaI salary of s3,000. The latter re- ceive about sl00.0o0 annually Tn bon uses. Mir. Buckner was unable 70 ah- swer many questions without referring to inc records, and will be called again
 Early in the day Mir. Perkins had heen questioned on the joint account transactions of the New York Iite which he was unable to explain last Friday. He occupied almost the entire morning session in presenting state ments of each account. MT. Perkihs took occasion to correct his testimony of last Friday relative to the naviga- tion bonds, when he was asked If the obiect of the transaction between J. D Morgan & Go. and the New York itA was to remove the $500 900 bonds from the insurance company's books and reducing their holdings temporar- liy from s4, ,oOO. 900 to $s.2oo. 900, Mir Per kins answered Yes. but today said;
 T did not mean that; meant to say No" 'S''N PrObInE Just Begun.
 The probing of the methods or ne ,nsurance companies was resumed to- dav bv the legislative investigating committee. Before the days proceed inRs were begun. Charles E. Hughes, counsel to the committee. said that ne hoiIsysd facts of more importance and greater interest than any developed thns far still remained to be brought ont I've have not yet reached the n,sst of this inquiry" said Mir. Hughes, .in fact we have only started it."
 The first witness today was John F: McCuIlagh of Albany, who Is employed hy Andrew A. Hamilton. The condl- tions for $lOo'ooO given by the New VorL Life Insurance Company to MT. hamilton bore McCullagh's name as andorser. but the witness said he knew noThinR about the checks except what he had read in newspapers. Fe did not know whether MT. Hamilton ap- ncared before legislative committee, nor did he know anything about his aunIoVers account m the NSW Ioth Stats National Bank of Albany. He S,S not know of any other account of uS uamiIton's in Albany. but knew fn yvas elected director of the Albany T-,.t Company about year ago. The a,,t1sss said he did not know where
 Sr uamilton's books were nor would S tnow where to find any of his em- niovsr's cancelled checks. Mfr. McCul- ,n1S saId further that he knew noth- it Ss" ,,.hateyer about the SiO0,009 paidsto tIsr,iIton r1s and concerning which Mir. MaTaii president of the New York Life Tn.rrance Company, was examined yesterday. -,.,- ,,,.. v,-,.,s...., Az NaS, York Life Insurance Company t nartner in the banking firm of anu NJorqan & Co. was the next wit S, He was asked to produce the nSoL for $500 0O0 given to J. P Nor e' q 70 by the New York Life In- gan oo Company for $S00.0O0 of bonds 1 s .h. Navigation syndicate. These SL Sn' were sold by the New York Life Vs.,,r.ncs yoI,u Company to J. P. Morgan & t,n .. The close of the calendar year, So,, 6o..n1bsT si. 1908, and bought back on
 ~" naDt business day, January 2. 1904.
 sIr. stie nhs.E was offered as evidence. An
 ttI"a1onarying ne Sri check for $26s. Mir. Per-
 sI.s asis he dd not know about but