Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-09-22
The Truth Being Sought
By Insurance Committee,
G. w. Perkins Of New York
Life Occupies Time, Thursday,
Explaining Buying and Selling Of Various
Stocks by the Company.

WI ~ A'Np ~. w. Per-
Ems, vice president of the New York
Lie insurance Co., and member of the
inn of j. p. Morgan & Co. was on
the witness stand. before the special
legislative committee probing ins,r-
ancc companies methods during the
greater part of today's session. when
IN adjournment was taken. he WAS
still on the stand with a number of
questions pending, to reply to which
he asked permission to look up the
records and submit transformations.
There was nothing Of sensational
character in the testimony, today. the
only development of moment being the
witness disclosure i'm the New Orleans
traction syndicate in which the COM
pany sustained Il loss of over $500. OOO
Edmund V. Randolph treasurer of
the company. had been questioned
rather sharply regarding this transact
ton when he was OH the stand. last
week. Today. the matter was brought
up when Counsel Hughes attempted to
probe the collateral loan act. The
bends of the New orleans Traction Co.
had been bought from the New York
Security and Trust Co. at SIS and were
subsequently sold at Is. Mr. Perkins;
testified they were sold on Dec 81, 1909
to Fanshawe & Co. for 1897 800 Mr..
Hughes found under date of Jan 3.
1908. Il loan of that amount to Fan
shave & CO.. and asked if the loan was
made against these bonds. This Mr..
Perkins said he would have to look it
w and the question was dropped for
the present.
II was brought out that John r.
Hegeman. president Of the MctropCli-
tan Life Insurance Co. was carrying
l running loan with the New York
Life of $4,000 at -. per cent. interest.
A1r. Perkins did not know whether this
matter cane before the finance CON-
mitter and would also look that up.
Witness could not explain why after
the New York Life had bought $4,000
900 worth of bonds from J. p. Morgan
& Co, $1,000, 900 worth should be sold
back to that firm at the same price
within two months. and no minutes Of
the finance committee could be found
to explain it.
The transaction in Navigation syndi-
cate bonds of Dec. 81. 1903, when Mr..
Perkins for the New York Life, solo
Mr.. Perkins for J. =. Morgan & Co.,
$500, 900 in these bonds. came up again
when the warrant for the check of
SS00,066 was produced. These bonds
were bought back by the New York.
Life two days later and the S266. Mr..
Perkins testified. was for the adjust
ment of interest. Mr. Perkins would
not acknowledge the transaction was
a loan.
The total dealings OF the company
with the Morgan firm amounted to
S392S6.O15 with Il profit Of $7S4,76S19
ne Kramer of the companys income
was for the present dropped and the
way of spending the money was prob
cd. The agency system of the COM
pany was described and at this point
vice President Thomas A. Buckner,
who has charge of the agents, was
called. He stated that the total SAL
7rics of agency inspectors We're S126.-
900 annually. Agency directors get an
average annual salary Of $4,000. The
latter receive about 100000 annually
IN bonuses.
Mr.. Euckner was unable to answer
many questions without referring to
records and will he called again.
Earlier i'll the day Mr. Perkins had
been questioned OH the Joint account
transactions of the New York Life IN
surancc Co. which he was unable to
explain, last Friday. He occupied al
most the entire morning session, and
presented statements of each account
Mr.. Perkins tool, occasion to correct
his testimony. of last Friday, relative
t the Nav igation bonds when he was
asked if the object of the transac tion
between J. p. Morgan g. Co. and the
New York Life Insurance Co., was to
remove the $500 900 bonds from the in
surance company's books. and reduce
their holdings temporarily from s4-
C00.600 to $1,000 900. Mr.. Perkins
answered yes, but today. said 'T did
not mean that. meant to say No"
Before Mr.. Perkins took the stand
John F. McCullagh. of Albany. a clerk
tor Andrew Hamilton. was called in an
attempt to probe further into the $780,
coo check matter but Mr.. McCullagh
could give no information and was
excused.
The investigation viii be resumed,
tomorrow.
HARMONY PREVAILS.