The Birmingham age-herald., 1905-09-22
ConpanvLust s3OO,OOO in New
 Orleans Traction Deal
PERKINS CHANGES HIS MIND
Save When He Said 'Yesv the Other Day He Meant to Say "No," and Wants to Be So
 Recorded.

Perkins. vice president of the New York Lie Insurance company. and member of the firm of J. P. Morgan & Co.,. was on the witness stand before the special legislative committee Investigating insur- ance methods during the greater part or todav,s session. When an adjournment was taken he was still on the stand and A number of questions pending to reply to which he asked permission to look up the records and submit transc-i2tlpns. There was nothing of sensational char acter in the testimony today, the only de- velopment of moment being the witness disclosure in the New Orleans Traction syndicate in which the company sus- tained loss of over sSoo,ooO.
 Emond " Randolph. treasurer of the company, had been questioned rather sharply regarding this transaction when he was on the stand last week. Today the matter was brought up when Counsel Hughes attempted to probe the collateral loan account. The bonds of the New Or leans Traction company had been bought from the New York Security and Trust company at s5. and were subsequently sold at 75 Today Perkins testified they were sold on December 31, 1903, to Fan shave & Co.,, for $93,7O0. MT. Hughes found under date of January 5, 1905, loan of that amount to Fanshawe 6 Co.,, and asked if the loan was made against these bonds. This MT. Perkins said, he would have to look up, and the question was dropped for the present.
 Running Loan to Hageman.
 hot Tol,p man, president of the Metropolitan Life Insurance company, was carrying run hing loan with the New York Life of s5c,OO0 at 11k per cent interest
 MT Perkins did not know whether this amount came before the financial commit- tee, but would look that up. Witness could not explain why, after the New York Life had bought $4,0O0,000 worth of bonds from J. P. Morgan & Co.,, s20Oo,000 worth should be sold back to that firm at the same price within two months, and no minute of the finance committee could be found to explain it.
 The transaction in the Navigation sym dicate of December 31, 1908, when MT. Perkins testified the New York Life sold MT. Perkins for J. P. Morgan & Co.,, sSO000O in these bonds, came up again when the warrant for the check of $SO0-
 
 bought back by the New York Life two days later and the $266 MT. Perkins tes- tiied was for the adjustment of interest. MT Perkins would not acknowledge that the transaction was a loan. The total holdings of the company with the Nor gan company, amounted to $39, 9,2S6'075 with a profit of S7S4, 76S. .19. The matter of the conipany's income was for the present dropped, and the way of spending the money was probed. The agency system of the company was described and at this time Vice President Thomas A. Buckner who has charge of the agents, was called He stated that the total salaries of the agency inspectors were $126,000 annually. Agency directors get an average annual salary of $30O0. The latter receive about $lO0,OOO annually in bonuses
 corrects Former Statement.
 Mr. Buckner was unable to answer many questions without referring to rec ords and will be called again. Early in the day MT. Perkins had been questioned on the joint account transactions of the New York Life, which he was unable to explain last Friday. He occupied all most the entire morning session. pre- senting statements of each account. Ar. Perkins took occasion to correct h's tes- timony of last Friday relative to the Navigation bonds when he was asked if the object of the transaction between J. P. Morgan & Co. and the New York Life Insurance company was to remove the $SOO,OOO bonds from the insurance com panys books, and reducing their holdings temporarily from $4,000,000 to $3.200,000 MT Perkins answered yes, but today said
 "I did not mean that; meant to say No"
 The investigation will be continued to- morrow.
 First Witness Called.
 The first witness today was John F. McCullagh of Albany, who is employed by Andrew A. Hamilton. The cheeks for slO0O00 given by the New York Life h. suranee company to MT. Hamilton bore McCullagh's name as endorser, but the witness said he knew nothing about the checks except what he had read in news papers, He did not know whether Ml Hamilton appeared before legislative committees nor did he know aoythng about his employers account in tne New York State National bank of Albany. He did not know of any other account or MT. Hamiltons in Albany, but knew he was elected a director of the Albany Trust companay about a year ag). The witness said he did not know where MT. Hamilton's books were would aa know where to find any of his employer s cancelled checks. MT. McCullagh said further he knew nothing whatever about the $100,0O0 paid to Hamilton and concern ing which MT. Mccall, president of the New York Life Insurance company, was examined yesterday.
 Perkins Is Again Called.
 George w. Perkins, vice president of the New York Life Insurance company and partner in the banking firm os J. P. Morgan & Co.,. was the next witness. He was asked to produce the scK for ssO0,OO0 given to J. F. Morgan & O. by the New York Life Insurance company for sSo0,00O of bonds of the Navigation syndicate. These bonds were sold by tic New York Life Insurance company to J. F. Morgan & Co. at the close of the cal endar year, December 3l 1901. and bought hack on the next business day, January 2. 1902 The check was offered as evil dence An accompanying check for s266, MT. Perkins said, he did know about, ra look 1t up. The check of J.
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