The Minneapolis journal., 1905-11-25
JUGGLED MONEYS
OF POLICYHOLDERS
George w. Perkins Deals as In
surance Man and Morgan
Partner Are disclosed.

-,'--S A'Ae'AA 0ttAsAS 49, 49, s oAA
Partner Are disclosed,
Journal Special Service. lIt 5..-, @
New York, Nov. 25.- More light has
been. thrown upon the way. the money
Of the policyholders Of the New York
Life Insurance company has been Jug
gled by George w. Perkins in his dual
role of member Of the banking firm Of
J. P. Morgan & CO. and as vice presi-
dent of the New York Life.
The abuses disclosed late yesterday
at the session Of the Armstrong COM
mittee are regarded by the committee
as the most hagrant revealed during
the entire investigation. y. 1t was also
the opinion of several lawyers that
official cognizance of the acts uncov-
district attorney. - t-~- ~
Disclosed Before Committee.
These facts were brought out before
the, committees: ...... ~.
First-That the New York Life In
surance company made loan of 1872,
900 during 1904 to a Boston banking
house. The interest and commissions
on this loan amounted to $4,000. A
check for that sum drawn to the order
OF the New York Life was received by
the company from the borrowers. The
check for $4,000 was taken by M. M.
Mattison, a bookkeeper of the New
York Life, to the First National bank,
cashed. and $4,000 in money turned
oyer oyer by ~ Nattison to George g1o W. w; Per: Per:
made in the books Of the New York
Life. What: Mr.. Perkins did with the
money Mattison could not say definitely
He believed Perkins turned it over tc
the New York Nylic, an organization
of the company's insurance agents. The
policyholders of the New York Life
have nothing whatever to do with the
Nylic; the agents are it's sole benef
Charles. = ....f.. -
Paid to candy Hamilton.
second-That, on the order of Geo1rge
W. Perkins, $59,310.79 belonging to the
was paid by J. P. Morgan & Co: ,te
Andrew Hamilton, the missing legisla
tive agent Of the company. Or
Dec. 81, 1901, j. P.zMorgan & Co., TO!
some undisclosed reason, advanceo
$56,72O.55 to Andrew Hamilton: o.
Oct. IL, 1902, the interest on this ad
vance amounted to $2,590.24, making
the total amount Of Hamilton 8 deb
to Morgan & Go. $59,310.79. On tha
day the New York Life was to hav'
received $87 1880 as it's share of
distribution Of profits Of the origlna
United States Steel syndicate, man
aged by J. P. Morgan & Co. Instead
the New York Life received only $27,
676.7l. the difference being appropri
ated by order of Mr.. Perkins to wip
out Hamilton's debt with j. P. Nor
gan & Go.
False Statement Made.
Third-That the: statement - Of it
syndicate participation furnished b.
the New York Life to the Armstrong
committee at. the outset was false II
| that it did not include any mention o
participation Of $2,325,0O0 in tn
original United States Steel syndl
| cate.r. This is the first time so far a
known that any insurance compan..
has attempted to trick the Armstronl
committee. The company attempte!!
to explain this bysIaying the part1c'
patton was in the paame OF the Ne7
York Security - 3iuat company: Blu
| the New York Life furnished all tn
money, got tbree1fonrths of the profit
and the trust company one-fourth. l.
several letters written by: 3the trus
company to the New York Life refer
ence was made to the syndicate part1t
ipation in these words: (Which "
are carrying for you.'
! Perkins Got $5O,00o. .- -.
Fourth-That the original partic
/ patton of the New York Life in thi
syndicate was $2400,000, but of thi
$25, 900 was given to A: G: Paine, on
Of it's trustees, and $4,000 to Georg
w. Perkins,. 1t Was not shown tina
either Paine or Perkins put up a, 90
lar of their own money. They receive
their profits, however. A. &: Pain
| is president of the New York & Penn
svlyania company, which is buildin
| the Pennsylvania tunnel from Lon
Island city to Jersey.
Fifth-That the New York Life ha
also an interest in the preferred r.
tirement syndicate ofEthe United State
Steel corporation, called the Bon
Conversion syndicate. This, like tl
other, was arranged by George v
Perkins thru the Security Il Tru'
} company.
+,> Statement By. Perkins.
) Mr.. Perkins gave out this form
statement last hight: "The transa
tions referred to before the insuran'
investigating committed today were pc
fectl ly, proper ones. If the natur
course Of the inquiry does not make tn
clear am sure the committee Will g1'
me an opportunity to offer further test
mony in the matter'
A. G.. Paine refused to be seen.
Mr.. Perkins will be summoned by tt
Armstrong committee to explain Il
$4,000 which he took possession of al
the payment by Morgan & Co., out
the funds Of the New York Life Of $5!
900 to Andrew Hamilton. He will pro
ably be the first witness called when tt
investigation is resumed on Monday.
:. Morgan as Witness.
" The idea Of calling J. Pierpont Nc
gan as a witness is bei.ng seriously co
sidered by the committee. Mr.. NC
Egan has, the reputation Of lodging not
ing on the witness stand and OF tell1l
3 the absolute truth.
I =: The committee wants to know t.
genuine, undistorted facts concernil
5 Andrew Hamilton g relations with Nc
gan & Co., how he came to be IN the
debt and why the money belonging
the policyholders of the New York Ii
should be employed to cancel that det
With Mr.. Morgan on the stand the col
: mittee is confident it will learn t.
J.. whole truth about the matter. +..
KEFp R01Rn AIMS !.