Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-09-21
Mr. Hughes Says That the Meat
OF the Life Insurance laqliry
Has Not Beea Reached.
PERKINS AGAIN ON THE STAND
Asked to Produce Certain Checks --- lie
Is Told that Facts Not Motives
Are Wanted.


the methods Of lie insurance COM
pahleS was resumed today by me leg
sl''lNe INVESTIGATING committee b'-
ir'e inc Gays proceedings were nesuu
'n'IleS J.. hughes counsel to the COM
! 'n''tee' Sdld He peileNed inal Ia'l7 OF
more importance ana greater interest
IMAM any developer mus TAR sun I'-
/ manned 10 De Drought out we n"''
! not yet reach II the meat OF this W-
quiry," said Mr. Hughes, "u fact we
| h,,.o o,,y st.,tod 49,
-
ne hlst witness toda| was John T.
| McCullagh Of Albany. who is employed
| by Andrew A Hamilton. The checks
fo, t,oo ooa H., a.. ,,,.. >.s,,. vi. H..
| i'' F''''''' Civ" 10y '"' We" YIN '"''
| insurance company To Mt Hamilton
bore McCullaehs name as am on-
dnrso, hr, ,h, y.,t,cgg .,ta hr l,,r,y
ho'hihg ABOUT inc che'kS except "na'
| he had read in the newspapers, He did
moi know whether Mr. Hamilton an
-, 80. ,..,',.,.... ..,..,..,,,.I..
P''''u ''''' ''s''l'''''
nor dld ne know anything about ms
employer account In tho New York
state Notio,,.l h,,,l 90 ,,har,. 40
.'''''''' O"''' W. '''''''''
uIa hot Know OF any otner e'''uhl "'
| Mi Humillon's IN Albany, but know
ne was elected q director Of the Albany
IT.. .,,,,,,...,,. -, go. .,., 7,,,
"'' '''"p'"F "oou' ~ F1'' 's' '''
witness SAID he ana not Know Where
Mr. HamiltOns books were nor did he
no,c kpow whore =, find any of his
''"P''N " Na"'''INu '"''N'' 'HI' ''N
Cullogh said further that he knew
| nothing whatever about the 100000
paid TO Hamilton and concerning
which Mr.. Mccall, president Of the
New York Life Insurance company
was examined yesterday.
George w. Perkins, vice president Of
the New York Life Insurance company
and partner In the banking firm Of
j. F. Morgan CO., was the next
witness, lie was asked to produce the
check for 100000 given 90 J. T.. Nor
gan & Co, by the New York lIts
Insurance company foy $500 900 bonds Of
the Navigation syndicate These honds
We're sold by the New YORK Lite IN
| surance company TO j, PierpOnt Mol-
gan Co., at the close of the calenda'
year Dec, 81 1903, and bought back
ON the next business day Jan, >. 1905
The check was offered as evidence An
accompanying check Tor $500 MI. Per-
kins SAID ne did not know about, but
would look II up, The check OF j, ~
Morgan & CO., for SNOO0oo In payment
for the bonds also was asked for.
MIR Perkins then presented state
ment OF the New loIk Llle insurance
| Company's joint accounts from 1877
to 1905.
MIR, Perkins presented huhpeI OF
other financial statements that had
been requested,
Among the JOINT accounts Mr., Hughes
found a participation or the Ne" YORK
Life Insurance company with {. I.
Wing & Co, In which ON the purchase
of railroad bonds TO the sum OF w.
100000, the New YORK Lie Insurance
company received proht OF VIZ 'o5'
The witness ana not KNOW what pro-
fts the firm Of G. r. WING & CO. got in
the transaction
From THIS account It looks AS II the
Now York Life put w al the money
| said Mr. Hughes, DO YOU know
| whether that Ia true or not"
Il do not am not the bookkeepcr
| bun ! presume the accounts are corr
| rect
Mr.. Perkins was temporarily excused
| and Milton Monroe Madison, a book
| keeper Of the New YORK Lie. WAS
| called. lie idcutined extracts rom the
| books OF the New YORK Life showing
| that In the Wing & Co. account The
| New York Lie Insurance company
| paid out El,tooVoo. some bonds were
| Withdrawn by the insurance company,
! leaving Sl2SOOOO bonds IN the joint
| account
| Nh Perkins was recalled ana shd.
we went Into this transaction 10
| get business bonds as cheap as posi-
| bic. fear sir, that you are under inc
| impression that we went INTO THIS busl-
ness 50 as to let others make money
| out OF the Transaction but tht II not
So
we Will SKIP the motive interrupt
| ed Mr.. Hughes let us get AT the facts,
| do not wish to discuss the matter at
| all with you. Let us have the facts
IAN right sir
| did the New YORK n security trust
| company buy any bonds Tor your COM
| pany?' asked MT hughes
| Il cannot say FOR that was four
| years before | took charge Of the
| finance department OF the company
Mr., Perkins said That In 1885 the
! New York Life Insurance company
| took S2lO0,00O of Chicago North
| western 3ls per cent bonds IN JOINT ac-
count with Goldman Sachs y CO.,
| portion Of which were sold with a proht
| for the Insurance company Of 1890.
Bookkeeper Madison was recalled
| and testified that the profits were
shared by the life insurance company