The free lance. (Fredericksburg, Va.) 1885-1926, 1905-09-19
BIG CHECK T0CANPAIGN
New York Life Gave $48,7O2 to Ma
tional Republican Committee.
SOME INTERESTING TESTIMONY
George Perkins, Of J. p. Morgan & Co.,
Proves Capable Witness Before In
surance Probers-some Secrets OF

Proves Capable Witness Before In
suranoe Probers-some Secrets OF
High Finanoiering.
New York. Sept. 16. - George w
! Perkins. member OF the firm OF j. 7.
Morgan & Co. and first vice president
of the New York Life Insurance com
panv. was the star witness at the SEES
sion of the special legislative commit
tee probing life insurance companies
methods. and his testimony was re-
plete with revelations in the develop
ment of finance as applied by insur'
ance companies.
The climax of the day came when
Mr.. Perkins was asked concerning an
entry of $4S.702 in a ledger marked
ordered paid by the president. me
check was made out payable to J. T.
Morgan 4 Co., and Mr. Perkins frank
" stated il was contribution to the
national Republican campaign commit
tee. and had been paid to Cornelius
n. Bliss. Mr.. Perkins said;
This payment was made after very
careful deliberation. II must not be
| considered an ordinary contribution to
the campaign fund. 1t was paid be
cause we ielt the Nssets Of the New
York Life Insurance company would
be jeopardized by a Democratic sue
cess"
Mr.. Perkins said contributions were
also made in 1900 and in 1896. As an
illustration. witness said the first con
tribution made was in 1896, by Presi'
dent Mccall. who is Democrat. lie
contributed to the Mckinley campaign
fund and voted for Mckinley because
he felt it was in the best interests oil
the policyholders of his company
This bomb caused a murmur OF con
versation about the room. which had
become packed with spectators.
what other contributions to politi'
cal campaign funds have been made
by the New York Life?"
"None to my knowledge"
Assemblyman Rogers then ex'
messed his desire to ask a few ques'
tions about the sale of 100000 OF
bonds on December 81 to J. P. Nor
gan & Co. and the re-purchase on Jan
uary 2.
"Now. Mr. Perkins. you acted in the
transaction for the life insurance com
pany and also for J. p. Morgan &
Coz"
81 completed the transaction for }.
p. Morgan & Co, because that house
was the only place where could real
ize a fair sum for the bonds at that
time"
In effect you acted alone for both
]. p. Morgan & Co. and the New YORK
Life?7
Eyes. There was no possibility OF
loss. and I had no other course open
TO me but to do as did
"Now. in the transaction, when did
Mr. Perkins. an officer Of the New
York Life. give way to Mr. Perkins
an officer of J. p. Morgan & Coz
81 don't understand your point.
''Wen. you. as an officer OF the New
York Life. issue one order and Per
kins. as officer of ]. p Morgan & Co.
receives II. When were you acting for
the New York Life; when for J. r
Morgan & Co? When were you act
ing for the New York Life?"
"All the time"
"When were you acting for ]. P.
Morgan & Coz"
THAT depends on the occasion.
well, if you are acting for the New
York Life, there is not much time lett
for J. P. Morgan & Co." remarked
Senator Armstrong.
Mr.. Perkins then burst into a pro-
testation: "Mr. Chairman, act as |
think right. I do not think whether
am acting for the New York Life or
j. P. Morgan & Co. follow my con-
science and do what think is right
The senator was unmoved, and
asked: "But where did your loyalty to
one OF the other end?"
Assemblyman Rogers broke in and
said: "The senator is thinking Of the
Scripture, "A man can not serve two
masters"
Mr.. Perkins replied: my loyalty
lies where my duty is. want to say
continued Mr.. Perkins, right here,
that since have been with ]. P. Nor
gan G. Co. during these last four years
that the company has marketed more
securities than the New York Life,
the Equitable and the Mutual have ac-
cumulated in the last 60 years. Com
petition is no longer the life OF trade;
II is cooperation"