The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-12-01
He Said He Was in the
Habit Of Depositing All
'Nylic" Funds to His
Own Personal Ac-
count.
BY Special Agreements,
He Said, He Gould
Not be Held Respon-
sibIe if Fund Should
Suffer a Loss.

New York, Nov. 27.-George w. Per-
kins, vice-president of the New York
Life Insurance company, and MEM
Der of the firm of ]. p. Morgan & Co.,
made some startling revelations before
The legislative insurance investigation
committee today, In describing his
methods of handling trust funds placed
In his care.
Mr.. Perkins told the committee that
he made practice of depositing all
the funds of Nylic, Of which he is
trustee and manager, to his own per-
Bonal account; that the securities OF
the Nylic fund were in his name or
In no name at all; that 1t would be
impossible to trace any investment
made by him for the Nylic fund in case
the committee should desire to make
such tracing; tilat by special agree
ment and understanding he could not
be held responsible II the fund should
suffer loss, although he said that
he would feel morally Obliged TO make
good any less the fund might suffer
through fault OF his own.
John A. Mccall, president OF the
New York Life Insurance company,
was called to the stand after MIR. Per-
kins had testified, and asked II he
thought 1t was right that the agents of
the company should profit through the
Investment OF nearly million dollars
Of the policy holders money. .
II do not" he replied.
He said that so far as he knew, the
k59, 900 paid to take up the notes Of
Andrew Hamilton is nowhere en-
tered upon the books Of the main Of
fee of tho company.
Inquisitor Hughes brought to light
The fact. in questioning MIR. Mccall,
that, In making up the annual state
ment to the state superintendent Of in
suranee, the items are taken from, the
books In the main office. Mr.. Mccall
sould not answer II the $4,000 APP
peared anywhere among the disburse-
ments of the company in the report
made to the superintendent Of insur-
hnce.
Questioned at great length regard
ing the transaction involving $9S0.000,
which resulted in profit Of $4,000
10 Nylic, George w. Perkins said that
on the books this transaction was en-
tered as a purchase Of $9S0,000 worth
Of bonds by the New York Life from
Kidder, Peabody C Co.. Of Boston;
that II was not really purchase, but
\ transaction, which he made for Ny
lie, in which the New York Life fur
nished the money and received bonds
"a security, taking interest on the
amount advanced. The $4,000 profit
had been turned over to Mr.. Perkins.
Nylic Is an association of agents Of
The New York Life Insurance COM
papy, for which fund is maintained
10 which the company, as well as the
agents contribute. This fund now ex-
eeeds $1,OO0.000.
Asked in what account he had de-
posted the $4,000 Nylic profit on the
Boston deal, Mr.. Perkins said:
ITO my Individual account--where
I deposited my money"
Mr.. Perkins. pressed into close quar-
ters BY Mr.. Hughes. said that he made
no separate investment of the Nylic
100000, but mixed It with his own
money, as he has with nearly all the
Nylic money. ~
"How do you discriminate between
your individual interest and your duty
rs trustee In setting apart investments
which you do ndiscriminately?" asked
Mr. Hughes.
II do as my judgment dictates
handle the money to make the most
money for Nylie," replied Mr.. Perkins.
Mr.. Perkins declared that he had no
difficulty in designating the Nglic
Fund profits on an investment and his
bwn personal profits, even though the
moneys were mixed in making the in
yestment, and no books kept.
Mr.. Perkins admitted after pressing
questions, that he had invested the
10000 Nylic profits in Steel common
ht 1919.
did you sell It or keep it?" asked
Mr.. Hughes.
Mr.. Perkins begged to be excused
Irom answering, saying that he is
chairman of the finance committee OF
ne steel corporation and that IL he
went on record 1t might be taken by
HE public as an Indication OF what he
thinks OF the stocks.
Mr. Hughes-I am not desirous OF
embarrassing you in your relations
yAsh the steel corporation, but ] mere