The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1905-09-20
new YORK LIFE
Insurance Company Contributed
to Republican Fund Ia
THE PAST CAMPAIGN.

|
George ". Perkins, of J. P. Morgan
Co.. the Star Witness at Fridays
Legislative irquiry. Parker's
Election Would Impair
ComDaBy's Assets.
George W. Perkins, member OF th
firm Of J. P. Morgan & Co., and frs
vice president CT the New York Lii
Iniurance company, was the star wit
ness at Fridays session OF the specia
legislative committee in New Yorl
probing life insurance companies
methods and his testimony wa
replete with revelations In f
nance as applied to insurance com
pan.es. The climax OF the day cam
when Mr.. Perkins was asked concern
an entry OF s4S. .702 in ledger mark
ed ordered paid by the president"
Mr.. Perkins had been called to ties
tify as to some other transactions AM
after q recess be was asked to produc
the check. 1t was made out payabl
to +. P. Morgan & Co., ard Mr. Per
kins frankly stated it was contribu
tlon to the national republican cam
paign committee and had been paid Il
Corneinous n. Bliss. Mr.. Perkin!
said:
"This payment was made after very
careful deliberation. 1t must not bt
considered an ordinary contribution tt
the campaign fund. 1t was paid be
cause We felt the assets OF the New
York Life Insurance company would
be jeopard.zed by Democratic sue
cess"
Mr.. Perkins said contributions were
also made In 1900 and 1895. AS al
illustration witness said the first con
tribution made was In 1896 by Presi.
dent Mccall, who is q Democrat He
contributed money to the Mckinley
cam mpaign fund and voted for Mckinley
because he felt it was in the best in
teresss OF the policy holders OF his com
pany." This boom caused a murnul
Of conversation about the room, which
had become packed with spectators,
Standing room was at premium, anc
everyone bent forward to catch the
testimony. This was hardly necessary
tor MIR. Perkins spoke distinctly, in a
voics audible throughout the room.
he paced the small platform upon
which the witness chair is placed just
before the committees rostrun arc
accompanied his explanations with
earnest gestures oftentines suggest.
ing question to the council.
Pursuing the check inQ liry further
Mr. Hughes brought out that this ex-
perditure was never brought to the
attention of the finance committee,
the witness terming it purely execu-
tive action" 1t was charged against
cash on the books Of the Hanover bank
office OF financial department.. The
witness did not know against what ac-
count other contributions were made,
but be would furnish data.
MI. Perkins here interposed:
II would like to make one statement.
The fact that the check is drawn to J.
P. Morgan & Go. has 70 significance.
I paid out the money and it vas mere
iy because Of a convenience OF repay
ment that the check was made paya.
BILE to J. P. Morgan s Co."
What other contributions to poll
tical campaign funds have been made
by tie New York Ltte?"
None to ny knowledge ~
MI. Hughes asked Mr.. Perkins tc
explain how on the books in the syndi.
cate action by which $500 900 in
bonds was sold on December 81, 1901,
and bought back January 2, 1902,
there was shown On the debis side Of
the account s160, 900 and on the credit
side sS0O,000, and Mr.. Perkins re-
elied:
II am glad that you brought that
matter up. In that transaction we
asked for IS, OGo, 900 OF bonds and only
got 100000 We made up oul
minds to sell $500 900. When it came
to the end OF the year We sold $780,
600 and instead Of taking loss Of
$3.50 coo, we only took loss OF $780,
600. arranged with ]. P. Morgan s
Co., to sell it at a price and then
bought it back at the same prics. AT.
ter rebuying 1 held on to it and final.
ly sold it at 90. Our first tidea was tc
sell at 80, but Ee finally got 90"
The money Was paid by check to j
P. Morgan s. Co.
"Were not the sale and purchase
for the purpose Of deceiving the com
missioner Of insurance."
mo, it was not; securities we're de-
pressed at the time and it was consid
cred good deal"
But the real purpose was to have
your books read s3,200,000 instead Of
81, 600, ooO?"
Yes"
Senator Armstrong here Querlec
about the s4s, 900 check to the cam
paign fund. BE asked: How came
the check to be such an odd amount?'
81 do not know exactly except that
Mr.. Bliss had asked for $50, 000."
"Were you in a position to know Of
other campaign contributions" asked
Senator Armstrong.
Il don't know, that Is question
that ought to be looked into. In al
campaign contributions I believe that
the fullest publicity should be at
tached. They ought to be publicly
known aud there ought to be a Law
passed to that effect"
lis there no self-restraint allowed
the offcers in these campaign con