New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-16

o-Tou do not know anything about that? A
Tbe otSe checks called March csS q r.. 1 sS.o
Hamilton been connected with The New York Life
II any way? A-well really don't En it MI
DIN what capacity? Al think he IS under DEN, me
as q general representative of the company 49,.
o-Is not he in the Law department? An 're
l he the solicitor OF the company? A-No
o-1s he under salary? Al believe he . is;
am rot sure about that. had better not tesUIS
about 5nai 6g' to the Presidents department So
YOU distinguish the preslaent snpsnv we think
Is organized and different gentlemen nave Ttne5t
OF different things and the Preslaen residents de-
nsrtn,entethat means the things that me 7ent
mems be things that the actuary looks after
used that as expression. -. .La presidents
01Tbe law department is not the pIeeSn- bis
6epartment is It? Ayes. SIR II Is "''o'' ms
opo understand that when Judge se,,c MeSst
went the beach MI. law Irnx, that Mr. Nc
81 don't know, but it is my yo i Ras Solicitor
I think-1o he never was connected Win 'u' -ee"
sem Mr. 1a john Mccall calls attept ion
10 the fact that Judge Mccall was IN cnals ~
end that Mr. Hamilton succeeded him And tn ns5e gs
when-can yor give the date! Al U''
q. Did Mr. Hamilton live IN Albany in March
1904? Al really don't know
Mr.. Hughes then asked lLat 'Ohhii
recalled Mr.. Mccall said:
heard MI Hughes ask question IN n.i TSsaFe
here Il NswYork city: he has got apartment
here he Iii Lives P nsa IA he az Life Build
ing and he spends easily six DAYS III inc WIN III
the New-York Lfe's building
Senator Armstrong asked: Can you not add
TO that the fact that Mr.. Hamilton hVes Il" Al
bany--tnat his family is in Albany?
has 2 house in Albany
Mr. Hughes resumed the examination:
o-Ana his family resides there, with several
children and he spends Sundays there ngu aI.
Al can't tell you where he spen6s MS Sundays
Sut know he has house in A6an gss ana had a tSP
apartment here N Nf p fe ami SPENDS great
deal of tnae here IN NewYork City apd mn he sfei'us
docs Mr Hamilton practise lay in Ai T9af
and try cases there, and conduct WnateNel YES
.sTs are s, nsesT bs Goa t ms business .
osometin,es he spends considerable time there
/ pres9rae he does spend considerable time IN such
work. IN Albany.
Mr. Perkins was then recalled and Mr.. Hughes
asked;
M F 5Ss : h Of s SG bag ehs sRysdR aS
the real estate account? 80 Nit ST. IT. A-No. sir
eTog had n0iGs TO al DO all Tifh the real
estate end OF I Mai fhe Company paid for the
properties that it got on Centre ana worth S'S'
QWoud that appear in the finance eom mn, tee
records? At would appear on some IN tb o. BOOK
Q-Is there resolution auth q1,,Ion tPo P
ment by the president 10 Mr. Hanii'0h'
0G oof through MI Hamilton. for any p uPpSSseE
o-Yes. Al don't know.
Mr.. Hughes then asked that the records OF
this transaction should be furnished. ana MT
Perkins promised to bring them
MR.. PERKINS, POSITIONS.
The next point on which MT. Hughes dwelt
was the effect on the insurance conpany's in
terests of Mr.. Perkins's dual position as vice
rresident of the New York Life and as member
of J. p Morgan & Co. On this point at the out
set Mr. Perkins talked at length, outlining his
progress in the New-York Life to first vice
president at which point Mr.. Morgan first APP
preached him with an offer to enter his firm
This offer, Mr.. Perkins testified, he declined
through loyalty to the New-York Life, his &C
ton being recognized by the insurance COM
pany. which raised his salary to $4,000 But
Mr.. Perkins declared he soon saw the advantage
for the New York Life of a close relation with
a banking house In touch with international
markets. and later he proposed to Mr.. Morgan
that he should retain connection with the in
surance company and also join the firm This
Mr. Morgan first fatty rejected an impossible
relation. but later consented 10 try. The trial.
Mr.. Perkins affirmed, has continued ever since.
Mr. Perkins testified further that his salary
was cut down after the change to $4,000, but
that the directors of the insurance company ap-
proved Of the connection. He declared that in
all transactions with the New-York Life in
which the banking house had made profits he
had covered his share of the proceeds to the
New-York Life. Mr.. Hughes tried to show that
in cases where there had been a middleman, and
that 1niddleman had been W. S. Fanshawe, the
same real situation obtained. This Mr.. Perkins
vehemently denied He plunged into a long dis
cussion OF "joint accounts which he claimed
the honor of inventing.
Mr. Perkins explained the Joint account as
an arrangement allowing the insurance
pany 10 get the advantage of the bankers part
nership, and thus, through putting up more
money, get more bonds and a lower price than
otherwise Mr.. Hughes ran through long list
of these transactions, and then Mr. Perkins
furnished the following example of the Joint
account:
Now the last transaction we haa was only few
morning and found that Kuhn Loeb & co. had
taken quite a block of bonds of the Central Pacific
These are excellent bonds, and when asking for
the sale of the bonds would say that would
sell million at par and one-half less one-half,
ard interest I called up Kuhn. Loeb & CO and
asked If they had sold ali Of the bonds They said
no; that they had sold million of them at par
they wanted 10 know II we would take the entire
lot. and after dckering back and forth they finally
entire i lot at 81 or sss think Then went to
The finance committee We had some Of these
and half millions more Of them We decided
but that did want 4 million more; so sent fof
Harvey Fisk and said:
think can buy cheap enough for you TO make a
commission We DO not want them all. and If you
third OF them, and you get somebody else 10
al ANDY Ike ne T1rOFF