The Barre daily times. (Barre, Vt.) 1897-1959, 1905-11-25
PROFIT NOT
ON RECORD
Witness Says G. W. Perkins
Made $4,000 Of This Sort.
NY. CO. BOOKS DON'TSHOw
Transaction Was One of Company
Loan to Firm in Boston
Mystery in Hamilton
Fund,
NY. co. BOOKS DON'TSHOW

New York, Nov. Testimony to
the effect that George w. Perkins, mem
Der Of the firm OF j. P. Morgan q CO.,
and vice president of the New York Life
Insurane Company, had received profits
amounting to $4,000 on a loan Of $780,
900 made by the company to Boston
firm-which he caused to be placed in
a fund of which he is trustee, and of
which profit he caused no record to be
made on any of the New York Life In
srfance Company's books, was ELECTED
yesterday by Chief Inquisitor Hughes
from Milton NJ. Mattison, clerk in the
company's financial department.
The information regarding the transae-
ton in question was brought out only
after the witness had shown much hest
fancy, and had demanded of Mr.. Hughes
the name of his informer.s
The committees counsel made no reply
to the Witness demand, but passed his
question as to whether there were eases
in which third parties had received pro-
fits on transactions OF the company
without any record showing on the
books
Then, slowly, question BY question,
the information was brought out that
Mr.. Perkins had, in the instance referred
10, received the profit on a loan, without
causing any record to be made Of his
sction.
The witness in response to questions,
finally said he believed Mr.. Perkins had
used the money to swell the fund known
as the "Nylic which in the New York
Life is devoted to rewarding agents for
results obtained, No entry to show how
the money was used, the witness said,
had been made ON the books of the com
pany.
Earlier i'll the session Mr.. Hughes
learned from the same witness that An
drew Hamilton Ind received more than
$4,000 direct from J y. Morgan & CO.,
which amount represented the eompany's
share in profits on an interest IN the
United States Steel organization scheme, |
disguised 50 as to apepar as the partici-
patton Of subsidiary company. No re-
cord of this payment was to be found
on the company's books.
As a result of yesterdays discoveries
~ IL HBltSlACANAt tCA Will lldL ID X iNA0i% |
gan will be called upon to tell the com
mittee why he should have had an ac-
count with Andrew Hamilton OF the New
York Life.
Peremptory demand was made in the |
course Of the investigation hearing upon
the New York Life to produce imnedi- |
ately its file containing all the data upon
its participation, direct or indirect, in |
the United States Steel syndicate.
In calling for these records Lawyer
Hughes, representing the committee, de- |
liyered singing rebuke to Milton a. |
Mattison, clerk in the New York Lies |
financial department, who produced what |
purported to be complete list Of his |
concerns syndicate participations.
Madison had been on the stand only a |
few minutes when Mr. Hughes elected |
from him the information that the list |
was really not complete at all. On the
contrary, it contained no record Of Target
amounts Of money deposited in the New
York Security and Trust Company,
which, as shown by correspondence, were |
put there to be used as subscriptions to /
United States Steel.
The witness at first denied that such |
was the case, but later admitted that /
the deposit was made i'll connection with
a deal engineered by George w. Perkins,
the purpose Of which was to use the
company's money in subscribing To
United States Steel. without committing
the company to the participation the
risk being ostensibly taken BY the Sub
sidiary Trust Company.
A letter dated April ~, 1908, showed
that the New York Life was receiving
returns from the dividends on the
United States Steel syndicate. An en-
closed check was referred to as represent