New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-29
N. Y. LIFE BOND DEALS UP
SECRET FUNDS PROBED.
ur. Perkins,s Manner Makes Mr.
Hughes acrimonious.

Charles f. Hughes. of counsel for the Armstrong
insurance committee. and George ". Perkins. OF
the firm Of J. P. Morgan & Co. and also vice
president Of the New-YOrk Life Insurance. Com
pany supplied the feature Of yesterdays ses-
sion Of the insurance hearing. Mr.. Perkins. in
reply to some questions regarding entries OF a
transaction in which, as has frequently been
shown in other cases. he occupied a dual role.
volunteered the suggestion that he would fur
nish an entry copied from the books OF ]. P.
Morgan & Co
But I should like the book itself" insisted
Mr. Hughes who was plainly nettled at ths
attitude assumed by the witness.
II can't bring the book that IS don't know
whether can or not persisted Mr. Perkins.
but I will bring a copy Of the entry, he con-
tlnued notlouing to his secretary TO make q
note Of the matter
Wei. we will require that book" ssIa
AIr- Hughes with sudden, sspertty ana n
a tone that made 1t clear to both the Witness
and all present that the entire power OF the
committees legislative authorization would b
invoked. if necessary TO force the production
Of the particular ledger
There was number Of similar inteTchanges
yesterday in situations when Mr.. Perkins was
volubIe and good natured at the first session.
and subdued hut smiling at the second MI
Perkins was rather contentious and elusive yee-
terday. and Mr.. Hughes met this new mood
with the first show Of actual acrtmony he has
yet manifested
The most interesting transaction TO which
Mr. Perkins testified was that involved IN the
purchase OF $4.OOO,OOO St. Louis Terminal bonds
from J. P Morgan & Co. At previous hearing
it was brought out that these bonds had been
acquired and that there had been purchase or
an equal amount of bonds Of thres other rail-
roads from J. P. Morgan & Co. on Decsmber 81.
1902, the bonds being sold back TO the vsnoon
at the same figure early in the next year. MI
Perkins explained that the Insurance. company
carried these three blocks Of bonds until ths
Terminal bonds were ready for offering, this
transaction merely providing 4 per cent bonds
for the money in the interim. On the intricate
tangIe OF relations shown by this deal Mr.
Hughes dweIt with great emphasis
YELLOW DOG'' ACCOUNTS MIXED.
The new EQUITABLE yellow dog fund. turned
up late on Wednesday, namely. the George H
Squire Trustee" fund investigated mEon
more deeply yesterday, and found 70 lead into
still another Of these blind accounts, this time
held in the name Of a clerk Of the EQultaoles
This final yellow dog" fund was the Louis M
Bailey Account Mention Of this account was
made in an Item Of transfer in the George r.
Squire Trustee Account" Entries IN the latter
account of 100000 and S65.OOU were identified
of these records as diversions to the navigation
syndicate participation
Orr of the tangle of entries In the George II.
Squire trustee ''Iittle black book the follow
ing items were finally recognized; SlOoOeo %
7 w Alexander to reduce the y. W A No .
account. the first discovered yellow dog" ac-
count. amounting to $685., 600; $65,O0O paid TO
the Mercantile Trust Company for purposes un-
known. and 81, 500 to the Equitable Trust Com
7,ar IN
ration syndicate The Equitable participation
in the Navigation syndicate in the shape OF q
loan Of S25O.OOO in the name Of Louis NJ Bailey
fs still carried on the books OF the society. re-
duced by the S27,50O above mentioned A let-
ter from Mr.. Squire to william l. ColIieu' ia
troduced in evidence, showed Jne OQuHo a.
count 10 be unquestiOuably the property OF IhS
FSouitabIe LIE Assurance Society ana not q
private account. A transcript OF Ihe Il N
Bailey account introduced at the close OF the
session showed two items Sl9Ao1@ % anu
$221. 300 IS, the former loan on tne NsVls@I'9l
syndicate and the latter on participation I.t
west Virginia Central and Western Marylano
syndicates which Nh Winthrop tesuaed Il
was ths intention OF Paul Morton 70 take Up.
having them and taking over the securities held
against them as collateral Ihe Transcripts was
the work Of expert accountants
4 y71lrnrer Of transfers OF stock In the Equl-
table explaining the changes in ownership al
ready known, were discussed Documents Wers
introduced indicating the manner IN Wh1ch tne
GALAXY oF the elder HYDE was raised Tor his
various services, and the $4,000 provision or
an annuity for his WIDOW, ana S1SOUU lot
IN, widow Of James W Alexander in case the
fa++e~ zhor1ld die The agreement for the latter
was unknown The proceedings by which the
ea1ar,, was raised and the annuities provided
4oT we're 11nrecorded in any specific minute, and
the apparent secrecy OF their contamination at
+-ac@a9 attentfon The annuity TO the widow
OF Henry b Hyde has already been disallowed-
AGREEMENT ABOUT AGENTS.
At the very close of the investigation. Mr..
Hughes in examining Thomas Buckner fourth
y-ice-president Of the New-York Life, uncovered
rether interesting agreement. "gentlemen's
agreement" as he termed il, existing between
the officials OF the Equitable Mutual New-Yorlx
Life and Prudential. with reference to employ
ing each others agents. In 1900 and the sue
cesding two years It seemed that the Equitabls
and the New-YOrk Life had had a rather sharp
battle on this question The Equitable appeared
to have carried of about hundred of the New
York agents Of the New-Yorl Life. and, follow
ing this. the New-York Life had retaliatsd by
carrying of the Buffalo agents of the Equitable
paying bonuses, which found their way to the
profit and loss account. After this costly tilt
the agreement had been made that one OF the
above mentioned companies should hire an
his former employment at least six months Nor
even then was he likely to be employed unless
he could produce pink card which would show
him to be in good standing. otherwise an assIls
who had quit his employe stood bad chance OF
getting a new job. The pink card was apparent
ly the patent of ViCe-P President Buckner-
District Attorney Jerome was again a sPec-
tatOr at a portion Of the afternoon session. anu
II is understood that he has been maklns q
careful examination Of the testimony taAst 49,
Wednesday with the purpose OF settInk ths
question Of whether II affords basis Ior criiii'