Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-27
Vice President New York Life
on the Stand Today.
MONEY PAID HAMILTON
OF PAYMENT TO
TAKE UP LOANS.
Made Upon the Request Of President
McCall-Redgnation Of the
McCurdy Family.

In explaining the testimony OF last FRI
day. when the statement was made by a
witness that $50. TO was paid to Andrew
Hamilton. "the legislative insurance gen.
eralissimo.'' by J. P. Morgan & Co, Geo.
w. Perkins testified before the Insurance
investigating committee In New York to-
day that in 1901 J. P. Morgan & Co. paid
$50. 720 to the Central National Bank and
the New York Security Trust Company.
This payment was made. he said. upon the
request of President Mccall OF the New
York Life to take up loans TO Edward f.
Mccall and Andrew Hamilton, which those
institutions had made at the request of
President Mccall
NEW YORK. November 27-George w
Perkins. vice president of the New York
Life Insurance Company and member OF
the firm of j. p. Morgan q Co, was the
first witness called before the legislative
life insurance investigating committee to-
day. He testified that he Insured In
the New York Life Insurance Company to
the amount of $4,000. Some of the policies
he held We're taken out when he was an
agent OF the company On six of them the
ceived these commissions from the agent.
Mr.. Perkins maintained that the commits
slonS on his own policies were returned to
him as trade discounts and that 1t was not
improper for him 10 accept them as such.
Mr.. Perkins said he did not regard 1t az
wrong for any man in any business to re-
ceive a trade discount. 1t was his impress
sion that 1t had been the general custom
for life insurance officers to accept the
commission on policies taken out by them.
His own acceptance OF a commission, Mr..
Perkins said, was in part because he took
1t out during a prize competition between
agents
Under the New York Life plan the offer
ing of bonuses. he said. did not promote re-
batting Competition between companies he
believed to be the cause of rebates.
Tarbell Got Commission.
Mr.. Perkins said ne thought Gage E. Tar
bell was mistaken In saying he was insured
in the New York Life for $50. 000 through
Mr.. Perkins. The policy was taken out
through an agent, he said. He knew that
Tarbell got the commission. but it was not
so arranged with Mr.. Perkins
The agency which took the Tarbell policy
Is discontinued and the commissions on re
newals on the policy are being paid to Mr..
Tarbell. Mr.. Hughes asked Mr.. Perkins TO
produce statement of all insurance policies
held by the officers of other companies in
the New York Life.
At this point Chairman Armstrong OF the
inestigvating committee asked: ITO what
people are rebates allowed?'
'"They ought not TO be allowed at all. Mr..
Perkins replied. They are allowed to peo-
pie in the insurance business"
II any agent were detected In rebaung 10
outsiders he would be punished, the witness
said 1t never struck MI Perkins that this
was discrimination. He did not believe,
however, that there was any statute allow
ing officials to get rebates.
Participation in Deal.
What was the New York LIES partici-
patton in New York Security and Trust
Conpanys participation in United States
Steel syndicate?" asked Mr.. Hughes
THE New York Life Insurance Company
had no direct interest in the syndicate re-
piled Mr. Perkins. He added. however.
that the trust company did have and had
also an arrangement with the New York
Life by which the New York Life got 20
per cent of the profits in that participation
The trust company's participation WAS
So, 900, 600 IL that syndicate. Mr.. Perkins
wanted to read a statement, but was not
permitted to do SO. The New York Life,
he said, was guaranteed against loss I'm the
syndicate