Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-15
INSURANCE INQUIRY
New York Life Treasurer on
the Stand.
T OLD OF PROFITS
STATEMENT PRESENTED TO EX-
AMINERS.
Perkins Sent for to Answer Some
Pertinent Questjons-De-
velopments.
I OLD OF PROFITS

NEW YORK, September 15.-When tho
session of the legislative committee to in
yestigate the Hfe insurance business was
begun today Edmund ID, Randolph. treas-
urer of the New York Life Insurance Com
pany was again called TO the stand. He
presented a statement of the profits real
lied from the operations of the New York
Life Insurance Company's joint accounts.
1t showed profits of SS93,5il In ten years.
and was made out at the request of Coun-
sci Hughes for the committee earlier In the
week.
A book of the financial transactions in
non-ledger assets OF the New York Life
Insurance Company kept at its Hanover
Bank Office was also presented.
Checks for $1OaCOO were found in the ac-
counts Of the Hanover Bank office of the
company. They were paid to \. Hamilton.
who, Mr.. Randolph said, was connected
with the law department These payments
were made on order of the president with
out any action whatever by the finance
committee and MIR. Randolph said lie knew
nothing whatever about them. on DeCem-
her 20 another instance of creeks ordered
paid by the president to the amount of
SiS.10 was found and Mr.. Randolph said
he knew of no one but the president who
could tell what these items were for. AS
to the statement of the profits, presented
earlier, Mr.. Randolph referred Mn Hughes
to George w. Perkins. who has charge Of
that part of the financial operations Mr..
Pei kinS sent for at this stage of the
proceedings.
Taking up again the matter of checks or
dered paid by the president. Cornelius G.
White, deputy auditor Of the New York
Life Insurance Company, who WAS tenn
porariiy called. said The $1olC0o was on
account of the purchase of property in this
city TO enlarge the CpmpanyS Office facii-
ties. Mr. White was asked To produce all
hnI hi In asa.v
to these check payments.
The affairs of the Mutual Life Insurance
Company were again taken up when Au-
gustu5 ID. Juillard. a trustee for twenty
years and member of the finance COM
mittee of the Mutual, was called. MIR.
Juilliard is a stockholder in the Guaranty
Trust Company, United States Mortgage
and Trust Company, Morristown Trust
Company, Fifth Avenue Trust Company,
Morton Trust Company and Title Guaran-
tee and Trust Company and the National
Bank of America. He said he individually
participated in syndcates for the purchase
of bonds, but that his personal particlpa-
tions were In no way influenced by the fact
that the Mutual Life Insurance Company
was also a partic!pator therein
In of the japanese bond syndicates
MIR. Juiliard participated. but withdrew no
bonds He put up no money. but shared
in the profits. In the United States of Mex
leo bond syndicate Mr.. Juillard was inter-
ested. The Mutual Life Insurance Company
took S4U0,o00 in bonds, and the members
of the syndicate, while putting up no money,
shared in the distribution of profits.
He was in the navigation syndicate TO the
extent of 100000. which is still in force. He
paid the call and. like others, is awaiting
the result.
Mr. Juilliard made the statement on the
stand that he would go into any syndicate
the Mutual Life thought sufficiently safe to
participate In, and would also risk his own
money where lie would not that of the Mu-
tual Life.
Concerning the United States OF Mexico
syndicates. of which Mr.. Juilliard was a
member Mr.. Hughes said:
In these the Mutual bought bonds in the
open market and so contributed to the
profits of the syndicate. Were all the other
members OF the finance committee in that?'
Members of the finance committee act
individually. l can't tell whether they were
or not" declared the witness.
Mr. Hughes brought out that the witness
had participated in the Republic of Cuba
syndicate, his participation being to the eX-
tent OF 100000. He got his share of the
profits.
Mr.. Hughes now began TO inquire If the
Mutual was treated in any way differently
from individual partiCipators In the syndi-
Gates He elected the fact that in really
successful deals the particpators withdraw
no bonds and put up no money.
Perkins on Stand.
George w Perkins, vice president OF the
New York Life Insurance Company and
partner In the firm of ]. p. Morgan * Co..
took the stand. lie presented his original
contract with the New York Life, which
was a letter from his father in 1872 orerlng
him position as clerk. 1t was dated Pitts
burg March 81, 1872, and said in part: Il
have obtained a situation for you with the
New York Life, TO act for the present as
my clerk at a salary OF SIS per month,
commencing April L. 1872. Its continuance
will depend upon your Improvement In
spelling and writing, which will need TO be
nj Also YOUR care 10 at
tend 10 everything given you TO do prompt
ly. without making any blunders or mis-
takes and If in every respect you are hon
est truthful and faithful in your duties IL
will lead eventually to some better position
Mr. Biers hopes that you will prove to be
the coming man for the company. L will
instruct you about your duties In detail
when | reach Chicago.