New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-16
Contributions of $l5O,OOO by New-York Life to
Republican Campaign Funds Shown.
MYSTERY OF 100000 USED AT ALBANY.
Holding by Witness Both Insurance Company and P Morgan &
Co. Defended-Mo Praise Of Joint Account" Deals.


and chairman of the finance committee OF the
New-Yorl 7 life insurance Company and mem
ber of the firm of J. P Morgan & Co. as repre-
senting the New-York Life's contribution to cor
nelius N Bliss. chairman of the Republican Ma
tional Committee for campaign purposes. MI
Perkins also testified tha1 similar Subscriptions
had been made in the two Mckinley campaigns
This incident caused a profound sensation as 1t
furnished the first tangible evidence of connec-
ton between the insurance company and po-
litical party.
Another sum- 100000. covered by two checks
from the same account Of the cornpany's books.
was traced through the legal adviser Of the
New-York Life to Albany, and through an
Albany bank to some unknown destination. at
a time in 1904 when the Legislature was in ses-
sion. Mr. Hughes's questions on this point
clearly indicated that he suspected this might
have some relation to the famous insurance
lobby" at the State Capitol. It was shown
about both these items that they were not reg
ularIy put down in the New-York Life's &C
counts but were carried under blind entries in
a private book containing so-called 'non-ledger'
assets of which no account was rendered to the
State Superintendent of Insurance
The book in which these check items were dis
covered is one kep<apparentIy to record the
transactions of stocks which are given to the
insurance company as bonuses in syndicates.
AS the insurance company does not hold stocks.
and as these cost nothing in money they are
thus kept out of the sworn reports to the IN
surance Superintendent, and furnish a free ac-
count from which disbursements can be made
without ever getting to public notice or to their
regular books The book is not even kept at the
main office but at the Hanover-st. branch
MR. PERKINS A STAR" WITNESS
In every way Mr. Perkins qualified as the
.'star' witness of the investigation up to date
He declined to follow the usual custom of wit
nesses in sitting in a. witness chair. He stood
I'M and not merely answered questions but
asked them At times he had every aspect or
delivering stump speech. He raised his fore
finger to the committee and unwound for their
benefit the mysteries of high finance, speaking
SO rapidly as to battle the swiftest stenogra-
phers. once he advised the committee on rem
edies for existing evils. Nor did his testimony
lack a picturesque touch. for at the outset he
produced the time stained letter. written TO MIN
bv his father more than thirty years ago an
rouncine his appointment as office boy in the
empIov of the New-York Life at the magnificent
salary of S25 a month. Mr.. Perkins outlined in
detail his rise to position carrying SfoVVV
salary in a. quarter of a century. For systems
and methods in the insurance company he rep
resanted Mr. Perkins not merely had warm
nraise but he acknowledged authorship for the
s.iofn+ account and many other of the intricate
methods Of transacting business that nave Deen
considered in the last week
Hardly less striking than his revelations re-
garding political contributions was Mr.. Perkins 5
testimony that through his relations to J. p
Morgan & Co. and to the New-YOrk Life he
had. as chairman of the New-York Life finance
committee sold TO ]. P. Morgan & Co. 100000
par value of international Mercantile Marine
bonds or December 81, and then exactly re-
versed the proceedings on January 2, without
any recorded authorization from either the In
surance company or the banking house Mr..
Perkins insisted that the delivery was made. and
Indignantly brushed aside Mr.. Hughes's insist
ence that the purpose of this was to make a
showing in cash instead of securities in the an
nual report submitted to the Superintendent OF
Insurance Mr.. Perkins defended this close re-
lation between his insurance connection and
his banking connection. despite the obvious
criticism contained in the interrogations of Mr..
Hughes and members of the committee as TO
where one began and the other ended.
COMMITTEE HAD BEEN WARNED
The revelation regarding the New-York Lifes
contribution to the Republican National Com
nittee for the last campaign fund came as a
profound sensation TO the audience. but not to
the committee which learned of the situation on
Thursday night The fact is that members We're
warned of the result of pressing their inquiry in
this direction, and insisted that they would per
form their duty and give the fullest publicity to
every item no matter what interest or political
marty was affected. In the morning Mr.. Hughes
had attempted to elicit from Edmund Randolph
the Significance of an item OF s4S702 so. which
appeared as a debit in account kept in the
Hanover branch office, Of so-called 'unclaimed
or "non-ledger" assets. This check bore the
initiated explanation, BY order Of the presi-
dent" but Mr. Randolph knew nothing about 1t
and referred the subject 10 Mr.. Perkins. He
took a similar position with regard to other
items which caused later sensation
When Mr. Perkins took the stand Mr.. Hughes
handed him the check for the first Of these items
and asked him to explain It, The hum of con-
versation died suddenly away when Mr.. Perkins
said. with absolute calmness:
..Tbis check was a payment TO ]. P. Morgan &,
20 and was for a contribution of $5000O to
rorna1ius Bliss, chairman of the Republican Ma
+ionaI Committee. The check represents all of
that sum that was called for"
Are YOU accustomed to contribute to cam
paign funds"
~ will state that the New-York Life did in
the first and second Mckinley campaigns. I am
glad YOU brought this out"
Il intended to bring it out" retorted Mr..
Hughes He then said:
o.-By the first Mckinley campaign YOU mean
1896? Al the first Mckinley campaign and
the second Mckinley campaign and the Roosevelt
and Fairbanks campaign
O.-Yes? A.-MT. Hughes I TO say that
these payments were made after great deal of
liberation and not made, would say for
political campaign fund. The funds were made I'D
In the first instance. and in the Mckinley cam
paign. because believed the integrity of our
assets was being protected believed ~ was an
a abSOlutely legitimate thing TO DO 10 protect the
property Of hose hundreds of thousands OF people
everywhere. and in the second campaign be-
lieved the same thing. And when ne that St.
Louis platform believed q more than ever. and