The Minneapolis journal., 1905-11-27
NJ CALL FAMILY
HAD BIG LOANS.
George W. Perkins Explains a
New York Life-J. P. Nor
gan Deal.
Declares an Empire State Justice
and Andy Hamilton Had
Loans.

New York, Nov. 27.-In explaining
the testimony of last Friday when the
statement was made by a witness that
$56,720 was paid to Andrew Hamilton:
the legislative insurance generalissiS
mo- by j. P. Morgan 6 Co.. George
ance i } investigating ns eating Committee u M @ today
that in 1901 j. 2. Morgan ! Co paid
$5G,720 to the Central National bank
and the New York Security ! Trust
company. This payment was made, he
said, upon the request of President Nc
Call of the New York Life to take up
loans to Edward E. Mccall and An
drew Hamilton,( which those institu-
tions had made at the request, of Pres.
ident Mccall.
Edward E. Mccall is a justice of the
New York state supreme court, and is
a brother Of President Mccall Of the
New York Life Insurance company.
Profits for ''Nylie.''
Mr.. Perkins said that $40,193 which
was paid by Kidder. Peabody & Co. of
Boston to the New York Life Insur-
ance company in September, 1904, as
the pyofts of a loan to that company
of 100000, was paid to Mr.. Perkins
as trustee of the "Nylie'' fund, and
that he (Mr. Perkins had negotiated
the loan for that fund. AS the Nv
lie' fund did not have that amount of
loaned the money to Kidder, Peabody
& Co. on Mexican Central roalroad
bonds, which was deposited by the Bos,
ton company. The life insurance com.
pany received interest at the rate of
S per cent of the bonds as it's profits
! in the transaction, and the Nvlle :
fund got the $40,193. The "Nylie .
fund belongs to the agents Of the New
| York Life.
Perkins Policies.
Mr.. Perkins was the first witness
called today. He testified that he was
insured in the New York Life to the
amount of $4,000. Some of the poll.
cies l. held were taken out when ne
was an agent of the company On SIX
of them the commissions amounted to
1913, and he received these commissions
from the agent. :.-
Mr.. Perkins maintained that the com
missions on his own policies were re
turned to him as trade discounts, anc
that it was not improper for him tt
accept them as such. Mr.. Perkins sait
he did not regard it as wrong for any
man in any business to receive a trade
discount. It was his impression that Al
has been the general custom for life IN
Surance OIncefS. TO accepI IHeSe GUN
missions on his policies taken out by
them His own acceptance Of a com
j mission. Mr. Perkins said, was in par
because he took It out during priz'
competition between agents.
Cause of Rebates. :
Under the New York Life plan th
; offering Of bonuses, he said, did not pro
mote rebating. Competition between
: companies he believed to be the caus
Of rebates. ~ =,
, Mr.. Perkins said he thought Gage
Tarbell was mistaken in saying he wa
insured in the New York Life for $50
900 thru Mr.. Perkins. The policy wa
taken out thru an agent he said. H
/ knew, that Tarbell got the commission
but it was not so arranged with Nj
Perkins. The agency which took tn
, Tarbell policy is discontinued and tn
, commissions on renewals on the polio
are being paid to Mr.. Tarbell.
, Mr.. Hughes asked Mr.. Perkins t
produce a statement of all insuranc
3 policies held by the officers of othe