The daily morning journal and courier., 1905-09-16
MORGAN SECRETS.
(continued from First Page)

SuTdLCe company ana dlso IO4 "' | Morgan & Coz"
 T completed the transaction for J. P. Morgan 6 Co. because the house was the only place where I could realize a fair sum for the bonds at that time. We lost nothing in that transaction and We made nothing, but in financial transactions it is some times just as important not to make loss as to show a profit"
 Assemblyman Rogers Has there been any other case in which you have acted for both the New York Life ana J. F. Morgan & Co. at the same time?''
 T recall no other transaction
 MT. McKean-"Did you confer on this matter with any other member of J. P Morgan & Coz
 "No.''
 Tn effect you acted alone for both J. P. Morgan & Co. and the New York Life?"
 "Yes. There was no possibility of loss and had no other course open to me but to do as did.''
 Did any of J. P. Morgan & Co.'S people know of the transaction?''
 T presume those who saw it through"
 Senator Armstrong; Did you per- sonally carry the stock from the New York Life to J. P. Morgan & Co.'S of- fice?"
 T have made no deliveries since I have been in the service of the com pany."
 Who then made the actual deliv- ery?"
 You should ask the custodian of the securities. I did the initial work and was responsible for the transaction"
 Was there any delivery"
 We got draft-I know that"
 Now, in the transaction, when did MT. Perkins, an officer of the New York Life, give way to MT. Perkins, an officer of J. P. Morgan & Co?''
 T don't understand your point"
 Well. you, as an officer, of the New York Life issue one order and Perkins, as an officer of J. P. Morgan & Co.,, re- ceive it. When were you acting for the New York Life; when for J. r. Morgan & Co.,? When were you acting for the New York Life?''
 All the time"
 When were you acting for J. P. Nor gan & Cor"
 That depends on the occasion"
 Well, if you are acting for the New York Life, there is not much time left [ for J. P. Morgan & Co.," remarked Sem ator Armstrong.
 Mir. Perkins then burst into a protest ation:
 MT. Chairman, I act as I think right, I do not think whether I am acting for the New York Life or J. P. Morgan & Co.,, I follow my conscience and do what I think is right
 The senator was unmoved, and asked:
 But where did your loyalty to one or the other end?" Assemblyman Rogers broke in and said:
 The senator is thinking of the scrip ture. A man cannot serve two mas ters.'''
 MT. Perkins replied:
 My loyalty lies where my duty is.''
 T want to say" continued MT. Per kincc, right here, that since have been with J. P. Morgan & Co during these last. four years the company has mar keted more securities than the New York Life, the Equitable and the Mu- tual have accumulated in the last sixty years. Competition is no longer the life of trade; it is cooperation.
 Now, about the $S00,000 sale and pur- chase" said MT. Hughes, breaking in on Mir. Perkins, you had the goods in your vaults at one timer" Yes"
 And then you got rid of them for what purpose?"
 Because it was good business in- vestment."
 Tn other syndicate transactions you furnished the money?"
 We did"
 Who conducts the joint accounts in behalf of the New York Life?"
 T do; all of them"
 "In regard to the Boston bonds, you bought them to sell at a profit, and to divide it. up with the partners in the syndicate?" "x
 Not at all. We bought them as a good investment. We go into these af- fairs to get possession of the bonds, and we may hold them for years before sale am very proud of this joint ac- count. originated it. I conduct it. It isour aim to get at cost prices
 ''Is the loss divided in these joint ac- counts?"
 Yes, but we reserve the right to | withdraw cur securities. The other man has no right to our share of the prof1ts."
 You control only your half?"
 That is all"
 You have one-half the profit on the | while?"
 Yes"
 You certainly are entitled to the profit you have made" said Mir. Hughes.
 Thank you," replied MT. Perkins, with a sweeping bow.
 AS to these joint accounts Mir. Per kins said: "When we desire a certain security we go to a firm and tell them if they we will takethe other half These peo- we will takethe other half. These peo- pie sometimes say, We would like to do I this, but it is inconvenient at this