The Birmingham age-herald., 1905-09-16
Mt Perkins Tells Why S48,7O2 Was Paid to Aid EIec-
 tion of Roosevelt
WAS THOUGHT ID BE FOR COMPANIES BEST IN TEREST
Witness Tells How He Can Faithfully Serve New York Life and J. P. Morgan at the Same
 Time.

New York. September 15.-George w Perkins, member of the firm of J. P. Morgan & Co.,, was the star witness at todays session of the special legislative committee probing life insurance conn panies' methods, and his testimony was replete with revelations in the develop ment of finance as applied by insurance companies.
 The climax of the day came when MT. Perkins was asked concerning an entry of s4s,702 in ledger marked "ordered paid by the president" Mr. Randolph, treas urer of the New York Life, who had been on the stand earlier in the day, had been sharply question as to the purport of this entry. but he was unable to explain 1t. He thought no one except the president could. MT. Perkins had been called to testify as to some other transactions, and after ! recess he was asked to produce the check. It was made out payable to J. P Morgan & Co.,, s, MT. Perkins frankly stated it was contribution to the national repub- lican campaign convention, and had been paid to Cornelius N. Bliss. MT. Perkins said:
 Was to Company's Interest.
 This payment was made after very careful deliberations. It must not be considered an ordinary contribution to the campaign fund. It was paid because we felt that the assets of the NeS York Life Insurance company would be jeopar- dized by democrat
 MT. Perkins said contributions were also made in 1900 and in 1896. As an illustia tion witness said the first contribution was made in 1896 by President Mccall who is a democrat.
 sHe contributed to the Mckinley cam paign fund and voted for Mckinley, be- cause he felt 1t was in the best interests of the policy-holders."
 This bomb caused murmur of conver- sation about the room which had become packed with spectators. Standing room was at premium, and every one bent forward to catch the testimony This was hardly necessary, for MT. Perkins spoke distinctly in a very audible voice. He paced the small platform upon which the witness chair is placed just before the committees rostrum, and accompanied his explanations with earnest gestures, oftentimes suggesting questions to the counsel.
 Is Purely Executive Action.
 Pursuing the check inquiry further, MT.
 
 was never brought to the attention of the finance committee, the witness term ing it purely executive action.' It was charged against cash on the books of the Hanover bank. The witness did not know on what account the other contributions were made, but he would furnish data.
 Mir Perkins here interposed:
 q would like to make one statement. The fact that the check Is drawn to J. P Morgan & Co. has no significance. l paid out the money and 1t was merely because of a convenience of repayment that the check was made payable to J. F. Morgan & Co.,"
 What other contributions to political campaign funds have been made by the New York Life?'
 "None to my knowledge"
 Explains Syndicate Transaction. MT. Hughes asked MT Perkins to ex- plain how on the books in the syndicate action by which sSO0,o0o in bonds was sold on December 31, 1901 and bought back January 2, 1902, there was shown on the debit side of the account $1G0, GOO, and on the credit side sso0,000, and MT. Perkins replied:
 II am glad that you brought that mat ter up In that transaction we asked for S5O00O00 of bonds and only got $40O0,0 We made up our minds to sell the $500, GOO of this sum and our books therefore only showed s32O0,000 When 1t came to the end of the year, we sold the $800,000 and instead taking loss or sl60,ooe we only took a loss of $S0,000. arranged with J. P. Morgan & Co. to sell it at price and then I bought 1t back at the same price. After rebuying, I held on to it and final ly sold at 9O Our first idea was to sell at 80, but we finally got 90"
 The money was paid by check to J. F. Morgan & Go.
 Were not the sale and purchase for the purpose of deceiving the commission CT of insurance?'
 No it was not Securities were de- pressed at the time and 1t was considered good deal"
 'sBut the real purpose was to have your books read ss.2oO,ooO instead of S4,ooo,Ooo?" Yes"
 Senator Armstrong here queried about the $4s,000 check to the campaign fund. He asked:
 "Is there no restraint placed on the of ficers in these campaign contributions?' "None that know of think we have right to leave the matter to the judg- ment of the officers"
 "Is the president out of his own execu- tive authority without reference to the finance committee, allowed to dispose of such large sums as these? How do they ever come before the officers of the company"
 T have said the finance committee has no authority over the agency accounts, anu general eApeHsts. tHiiih tnere should be a broadening of this author ity."
 Promises to Look Matter Up.
 MT. Perkins was then asked about the checks for $55.O00 and $S5.0O0 made payable to Andrew Hamilton, March 9, 1904. He could not tell whether they had to do with the home annex account on the ac- quistion of the Worth street property. nor could he say why payment for prop erty in New York should be made to a man living in Albany,
 Ar. Perkins knew nothing of these real