The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-15

any syndicate the Mutual Life thought
sufficiently safe to participate in, and
would also risk his own money where
he would not that Of the Mutual Life.
Every Man for Himself.
Concerning the United States ct
lizard was member, Mr.. Hughes said:
In these the Mutual bought bonds
! In the open market and SO contrlpnJed
to the profits Of the Syndicate. Were
all the other members of the finance
committee in that9'
members Of the finance committee
act individually. / can It tell whether
they were or not" declared the WIT
ness.
Mr.. Hughes brought out that the
! witness had participated in the Repnb-
lie. Of Cuba syndicate, his participation
being to the extent OF $lOO,00O. lie
got his share of the profits.
Mr.. Hughes now began to inquire 1t
the Mutual was interested in any. way
differently from individual participa-
tors in the syndicate. He elected the
fact that in really successful deals the
participation Withdraw no bonds, put
up no money and make profit with
out cost to themselves and then ne
asked: PIN
"Gene rally it is understood that
when the Mutual goes into a syndicate
it will be the purchase of bonds outside
of partia ipation2''
eyes, but we never go, into, syndi-
cate if w would not be willing to take
up the be nds.'
= Cot ltrol of Trust Company.
Mr.. Jul lizards connection with the
NJ 'orristow Trust company was next
COZ asidered. He could not state that
the Mutua ] controlled the company, tho
seve val di rectors Of the Mutual We're e,
Mutu al Ii fel made large loans to trust
comp; mics. Mr.. Juilliard said:
ttTl ,e NJ .utual loans to no company.
It max es eposits with them.' -.a
Perkins on Stand. RI
: Georest w. Perkins, vice president of
the New Y, ork Life Insurance company
and part aer in the firm OF ). z. Nor
gan & Cc., presented his original con
tract, with, the New York Life, which
was a lett V from his father in 1872
% Tfdsr dste ID 3tt5burg, March r. 1872
and said in art: ...
ct have a ,tained, a situation for you
with the New York Life, to act for the
present as MI clerk at salary OF $2s
per month, CO mmenclng April l, 1917
lCS continuing WILL "oPono W } o". AAi
provement in spelling and writing
which will nee 1 to be very rapid. Also
| mon your care to attend to everything
given YOU to do promptly, without max
| inc any blunder or mistakes, and If il
| every respect y GU are honest, truthful
and faithful in J our duties it will leae
eventually to sol ne better position. Mr.
Beers hopes that you will prove to be
| the coming man, for the company.
I11f1 ~
detail when I rea CHI Chicago.''
Deeply 1ntere sted in Inquiry.
Mr.. Perkins wen t on: :;
1T want to say, I was 16 years OLE
when the letter wa, written. l wanted
to leave school and go to work at once
I have tried to live up to the iniunc
considerable factor in the New Yorl
Life and 1 have used my best efforts
president. to promote it's. interests; J
have reorganized the financial and tn!
agents Departmental l believe W.
other company. We are deeply inter
ested in the investi: cation because We
are the largest trust fund in the coun
trv. We have over :s4OO, 100000.
i ttT believe I have been the most in
f1uential one factor in bringing into thu
New York Life the hundreds Of thou
sands that. are there, and it has beer
conserve their interes Is ~ '"s h.
Joined Forces W it'll Morgan.
In 1892 Mr.. Perkinsi said he was ap
pointed third vice pre- 'sident In charg
} of agencies thruout The world. Thi
was given wide latit Jude in making
changes. He succeeded to the first vic
presidency in 1908 with a salary O
$25 900. Before he entered the firm O
J."P. Morgan & Go. he drew salary O
$4,000 from the New York Life, bu
, it was reduced on his, entering thi
firm. ~, '...~-.
, Mr. Perkins entered with great de
tail into the manner of his becoming
, partner in the Morgan house and ais
his relations to the New York Life
He declared that any profits accruin
to him on bonds sold to the New Yor,
Life by J. P. Morgan & 90. he turne
F back to the insurance company by hi
personal check. .3.E
MI. Perkins was asked if w. S. Far
; shave & Go. purchased bonds Of j. F
r "They do,'' was the reply.
Y, " 7 Is the !, My, NsW York Life buy
/ No Profit for Him. 4:
"They do. But what is your point
the witness demanded. y ~.
"Do you want to know if there
}, any underground method whereby
d get profit in securities sold to tn
0 New York Life?'
!. "That's it, said Mr.. Hughes. \
t "Well, there s nothing of the kin
done," Mr.. Perkins replied.
!. SUMMER COLDS. >
" Laxative Brorno Quinine. the worldwide col
|. cure removes the cause Cali for the full nan