The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-10-03
VICE PRESIDENT PERKINS IN
MORE WHiRLwiNo TESTIMONY
Refuses to Produce Books Of ]. p.
Morgan g. Co., Showing Certain
bond Transaction.
WARNED sY ATTORNEY HUGHES
District Attorney Jerome Was an In
terested Listener to the Testi-
mony Of Mr.. Perkins.

mony OF Mr.. Perkins.
New York, Sept. 2S.-As a result of
the legislative investigation into the
big life insurance companies, G. H..
Venner, a banker and a policy holder
In the New York Life, today wrote to
John A. Mccall and George w. Per-
kins. president and vice president, re-
spectively. of the company, demanding
their designations He also took steps
looking to their removal by the state
authorities.
Mr.. Perkins was on the stand at the
inquiry in the city hall this afternoon
and gave further testimony regarding
the transactions between the New
York Life and J. p. Morgan & Co. He
was questioned at considerable length
about the "Nylic" fund for agents and
warmly defended the practice OF pay
ing bonuses.
Mr.. Perkins refused to produce a
book belonging to J. P. Morgan G Co..
In which is supposed to be record Of
the famous navigation bond transac-
ton. He said Mr.. Hughes could have
O copy of the memorandum, but coun-
sci declared he wanted to see the book
and warned Mr.. Perkins that he had
better produce 1t.
District Attorney Jerome was pres
ent and eagerly listened to the testi'
mony of Mr.. Perkins.
Mr.. Venner sent a letter to Mr.. Nc
Call and Mr.. Perkins demanding their
designations, and then wrote letter to
Attorney General Mayer in which he
said that he submitted to the consider
alton of the attorney general sufficient
evidence OF the misconduct of Mccall
and Perkins to justify the attorney
general in bringing an action to re-
move Mccall and Perkins from their
respective oflces.
Mr.. Venner says: "As policy hold
er, | respectfully request you, the at
torney general, to institute such action.
or permit me to do, as provided by the
laws of New York state"
At his Office in Wall street this after
noon Mr.. Venner said that he had held
a $4,000 policy in the New York Life
for twenty years, and that he had paid
the company in premiums $23,4O0.
Mr. Perkins was called to the stand
in the afternoon.
In whirlwind fashion he continued to
give out startling facts concern
ing the transactions of the New York
Life Co. He stated that on Dec. 81,
1904. the New York Life had dealt in
,f hol
been negotiated for the company by J..
p. Morgan & Co. and Drexel, Morgan
e. Co. This sum represented the New
York Life Insurance Co.'S participation
in syndicates, representing interests
amounting to 81 ,000
"On Dec. 81, 1904" said Mr.. Perkins
"the value of these securities owned by
the New York Life was s90,5O7, ,905. On
Sept 25, 1905, their value was 500, ,S99,-
154 This shows an increase in value
of 1891 ,249 l consider that hand
some profit"
The "Nylic club" was against brought
up by Mr.. Hughes.
What was the total amount of this
fund at the last accounting"
1T was S937 ,77733.'
"How much did the company put into
that?"
"Seventy-six thousand six hundred
and ninety-nine dollars and eighty-sK
cents"
Now. l understand that the agents
put rs per cent of their salary into the
fund every year How much of the
fund is represented by that?"
about 100000"
"And how much of the fund is
bonuses?"
"The sum of $524 900"
Mr.. Perkins then launched out into
an explanation Of the word bonuses. ="
"The way you put 1t. Mr.. Hughes.
would make Il seem that the agents
get the bonuses for nothing" said Mr..
Perkins. 81 want to make the fact
clear that they have to work very hare
for everything they get"
But" said Mr.. Hughes, isn't 1t a
fact that when you hire an agent you
make contract with him to pay him
a certain salary?"
"And bonuses"
"You must answer my question d.
rectly. Mr.. Perkins"
''Well. suppose we do contract to
pay him salary"
''That is all want to know"
"But." persisted Mr.. Perkins. II In
sist upon explaining this word. 'bo-
muses."
II know what 1t means. II means
something good"
Bonus is an unfortunate word, as
used In this connection. People gener-
ally think of bonus as q gift, but the
man who gets them In our company
has TO work hard for them and produce
results"
Considerable mystery surrounded