The Montgomery advertiser., 1905-09-22

would look 1t up. The check of ]. F. Morgan & Go. for $s00.0o0 in payment for the bonds. also was asked for.s
 Mir. Perkins then presented state ment of the New York Life Insurance Company's accounts from 1897 to 1905.
 Mir. Perkins also presented . number of other financial statements that had been requested. then he said:
 Perkins Makes Correction.
 eMr. Hughes, think I have every thing you ask for. wish to make . correction on the records. think you assumed the object of the, Navigation syndicate transactions between the New York Life and J. P. Morgan 4 Co. were to enable the former to re- duce their holding temporarily from s4.ooo, 900 to s3.2oe.0oo. You asked whether our purchase was to represent a, 900. .0eo instead of s4.00o.oo0. The record as furnished me records me as answering. yes. sir wish to correct that. did not mean that. I don't mean it."
 "You mean to say nor" asked Mir.
 q mean to say mo-" replied MT.
 Here Mr. Perkins tried to take up aot aensr ss tss Misne.s but s he would come to that later. He ask ed Mir. Perkins to produce al certifi- cates the New York Life held on De- ed Mir. Perkins to produce all certifi- patton in the navigation syndicate and he practically wished to know what instrument or certificate the New York Life Insurance company deliv- cred to ]. P. Morgan and Company on that date.
 T will be gald to furnish the infor- nation" said the witness. Among the joint accounts Mir. Hughes found a participation of the New York Life Insurance, Company with C. T. Wing and Company. Ia which on the pur- chase of railroad bonds to the sum of SI,7s0.0 900 the New York Life Co, re- ceived profit of s32,753
 The witness did not know what prof it's the firm of c. T. Wing and Com pany got in the transaction.
 From this account 1t looks as if the New York Life put up all the money whether that Is true or notf
 "I do not. am not the bookkeeper, but I presume that the accounts are correct"
 eve will skip the motive" interrup- ed Mir. Hughes. let us get at the facts, I do not wish to discuss the matter at all with you. Let us have the facts"
 All right. sir"
 Did the New York and Security Trust Company buy any bonds for your company asked Mir. Hughes.
 .I cannot say. for that was four years before I took charge of the fi- nance department of the company"
 Another Joint Aceuunt.
 Mir. Perkins said that in 1898. the New York Life Insurance Company took $2,1o0.oo0 of Chicago and North western Ia per cent bonds in joint account with Goldman, Sachs and Com pany, a portion of which were sold for profit to the life insurance com. pany of $1s,74o.
 Bookkeeper Madison was recalled and testified that the profits were shared by the Life Insurance Company and Goldman, Sachs and Company, and that if there had been a loss 1t would have been equally shared.
 Mr Perkins again took the stand and said in another Joint account with GoIdman, Sachs and Company the lat sT e2nap%1s ssn esg ss 1oaas saoens. ssas: York Life fhsurattce ConpAns carried them until they were sold. The prof it's were divided. each receiving sf2 1S4.
 It was shown that the profits of the New York Life Insurance Company from 1899 to 1901. inclusive, fin Joint accounts, were 93SS,SS2.
 
 cused and Milton Monroe Madison, a bookkeeper of the New York Life, was called and he identified extracts from inc books of the New York Life show ing that in the Wing and Company ac- count the New York Life Insurance Company paid out $1,10o,oo0' some bonds were withdrawn by the insu- rance company, leaving $1,2s0,0OO bonds in the joint account.
 Mir. Perkins was recalled and said "We went into this transaction to get these bonds as cheaply as possible. fear. sir, that you are under the im- pression that we went into this busi- ness so as to let others make money out of the action, but that Is not so,"
 Testifylng regarding another bond transaction, Mr. Perkins said that the policy of the New York Life Insurance Company has not been to buy bonds merely for the purpose of selling them
 A joint account in Missouri Pacific Ss showed profits of $9s,172 each to the in- surance company and of $9,442 to George w. Bartholomew, a broker in A joint account with Farson, Leach 6 Co. in 1901, in which bonds amounting to SLIGO, 900 were handled. The profits were divided, the insurance company receiving $22,005.
 DO understand" said MT Hughes that Farson, Leach & Co. did not put up any of the moneyT"
 Did All the Work.
 Another way of putting It." replied Mir. Perkins. They did all the work and we furnished the money. We re- ceived the money for our bonds and di- vided the profits"
 s'what is the work they did?'
 "They called our attention to the bonds and carried out the purchase and the sale"
 MT. Psrkins explained lhat the pur- chase of Long Island Railroad refund ing 4s by the New York Life of $s,- 045, 900 at 99 less 1 per cent. was a joint account with the company and W. s. Fanshawe, on which the profits 10 the New York Life were $S,1S2.50 and to Mir Fanshawe were $22.50o.
 Why did Mir. Fanshawe make so large a sum? asked Mir Hughes.
 ''That was the way we made the trade at the beginning" said Mfr. Per kins.
 In New York City bond issue and other joint accounts with Harvey Fisk & co. each firm carried its own share of the bonds and took out It's share of the profits.
 In & joint account with W. s. Fam shave & Go. in 1904 to take an issue of Northern Pacific and Great Northern bonds, MT. Perkins said J. P. Morgan &