Omaha daily bee., 1905-09-16

ber 80 another instance OF checks ordered
paid by the president 10 the amount OF
$3.50 was found, and MIR. Randolph said
he knew Of no one but the president who
could tell what these items were for. As
10 the statement OF the profits presented
earlier Mr.. Randolph referred MIR Hughes
20 George w. Perkins. who has charge OF
that part Of the operations. Mr.. Perkins was
sent for at this stage OF the proceedings.
Back TO the Mutual.
The affairs Of the Mutual Insurance COM
pany were again taken up when Augustus
n. Juillard, trustee and a member Of
the finance committee OF the Mutual. was
called. Mr.. Juillard is stockholder In
the Guaranty Trust company, United
States Mortgage and Trust company, Nor
ristown Trust company. Fifth Avenue
Trust company Morton Trust company
and Title Guarantee and Trust company
and the National Bank Of America. He
said he individually participated in syndl
Gates for the purchase OF bonds but that
his personal participations were in no way
Influenced by the fact that the Mutual
Life Insurance company was also particl-
2ator therein
In one Of the japanese bond syndlcates
Mr.. Juilliard participated, but withdrew
no bonds. He put up no money but shared
in the profits. In the United States OF
Mexico bond syndicate Mr.. Juillard was
interested. The Mutual Life Insurance
company took 100000 in bonds and the
members Of the syndicate while putting
up no money, shared in the distribution
of profits
Concerning the United States Of Mexico
syndioates, Of which Mr. Juillard was a
member, Mr. Hughes said.
In these the Mutual bought bonds in
the open market and so participated in
the profits of the syndicate"
Were all the other members of the
finance committee in that?"
Members OF the finance committee. act
| ing individually. I cannot tell whether
they were or not" declared the witness.
Perkins Tells Things.
George w. Perkins, vice president Of the
| New York Life Insurance company and
partner in the firm of J. p. Morgan & Co.,
took the stand He presented his original
contract with the New York Life, which
was a letter from his father, in 1872, offer
! ing him a position as clerk. 1t was dated
Pittsburg March q. 1872. and said in part:
| have obtained a situation for you with
| the New York Life to act for the present
as my clerk at a salary of S25 per month,
commencing April /, lS12 Its continuance
| Will depend upon your Improvement In
spelling and writing, which will need to be
| very rapid; also upon your care TO attend
without making any blunders or mistakes.
truthful and faithful in your duties, It viii
| lead eventually to some better position.
Mr.. Beers hopes that you viii prove to be
| instruct you about your duties in detail
when l reach Chicago.
Mr.. Perkins went on:
II want to say l was l6 years old when
the letter was written. l wanted to leave
school and go to work at once. I have
tried to live up to the injunctions in this
! letter"
Mr. Perkins said he succeeded to the
first vice presidency in 1908, with a salary
of S25,OOO. Before he entered the firm OF
]. p. Morgan & Co. he drew a salary Of
! 900 from the New York Life. but 1t was
reduced upon entering this firm.
| Turned Money Back.
| Mr. Perkins entered with great detail into
| the manner Of his becoming a partner in
| the Morgan house and also his relations to
| the New York Life. He declared that any
profits accruing to him on bonds sold to the
New York Life by J. p. Morgan g. Co. he
turned back to the insurance company by
his personal check.
Mr. Perkins was asked II w. s. Fam
Shave & Co. purchased bonds of J. p. Nor,
gan & Co.
"They do" was the reply.
Does the New York Life buy OF w. s.
! Fanshawe?"
They do but what's your point?" the
witness demanded. DO you want to know
If there is any underground method
whereby 1 get a profit in securities sold TO
/ the New York Llfe7'
That's it," said Mr.. Hughes.
WELL there's nothing of the kind DONE"
Mr.. Perkins replied.
"Will you tell us, Mr.. Perkins, what ex-
| actly are the relations OF the New York
Life and the ]. P, Morgan company? Do
you personally profit by these relauons?"
Big Surplus in Sight.
| Mr.. Perkins arose and said:
! we have been very successful in devel-
oping our agency work. Our business was
| increasing and the organization pretty well
completed. We made an estimate as to
what the figures would reach and we found
that in twelve years IT would reach $780,
| 10000 1t was a startling proposition and
| it became evident that we ought to have
banking facilities. We wanted a man con-
versant with the work. l was selected, after
connect the man who was to be insured
with the people who were TO invest his
money. At this time Mr.. Morgan made me