The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1905-09-21
New York Life Contributed
the Sum CT $4,000.
AFRAID Of DEMOCRATS
Company Claim That Assets Would
Have Been Damaged Under Par
ksr-Same Thing Was Gone
in Bryan Campaigns.

George W. Perkins, member Of tho
firm of ]. P. Morgan & Co., ana
first vice president of the New York
Life Insurance company, was the star
witness at Fridays session in New
York of The special legislative COM
mittee probing life insurance COM
panies' methods and his testimony
was replete with revelations in the
development of finance as applied by
insurance companies.
The climax came when Mr.. Per-
kins was asked concerning an entry
Of $4S,702 in a ledger marked "Or
Gered paid by the president" Mr..
Randolph, treasurer of the New York
Life, who had been on the stand ear
lier in the day, had been sharply
questioned as to the purport of this
entry, but he was unable to explain
it. He thought 20 one except the
president could. Mr.. Perkins had been
called to testify as to some other
transactions and, after a recess, he
was asked to produce the check. 1t
was made out payable to j. P. Nor
gan & Co. and Mr.. Perkins frankly
stated it was contribution to the
national republican campaign conven.
ton and had been paid to Cornelius
Bliss. Mr.. Perkins said:
"This payment was made after
very careful deliberation. It must
not be considered an ordinary con.
tribution to the campaign fund. 1t
was paid because We felt that the
assets Of the New York Life Insur.
ance company would be jeopardized
by a democrat"
MIR. Perkins said contributions were
also made in 1900 and in 1896 AS
an illustration, witness said the first
contribution was made in 1896 by
President Mccall, who is a demo
crat. "He contributed to the McKin-
ley campaign fund and voted for Nc.
Kinley because he felt it was in the
interests of the policy holders"
This bomb caused a murmur Of
conversation about the room which
had become packed with spectators.
Standing room was at a premium, and
every one bent forward to catch the
testimony. This was hardly necessary
because Mr.. Perkins spoke distinctly
in a very audible voice. He paced
the small platform upon which the
witness chair is placed, just before
the committees rostrum, and accom-
panied his explanations with earnest
gestures, oftentimes suggesting ques-
tio1s to the counsel.
Pursuing the check inquiry fur
ther, MIR. Hughes brought out that
this expenditure was never brought
to the attention of the finance com.
mittee, terming it purely executive
action" Il was charged against cash
on the books of the Hanover bank
Office or financial department.. The
witness did not know against what
account the other contributions were
made, but he would furnish data.
what other contributions to po-
litical campaign funds have been
made by the New York Life?"
"None, to nay knowledge"
Mr.. Hughes asked Mr.. Perkins to
explain how on the books in the
syndicate action by which sSOO,000
in bonds was sold on December 81,
1901, and bought back January 2.
1902, there was shown on the debit
side Of the account $4,000 and on
the credit side 100000, and Mr.. Per.
kins replied:
81 am, glad that you brought that
matter up. In that transaction we
asked for s5,00O,00O Of bonds and
only got 100000. We made up our
minds to sell the 100000 Of this sum
and our books, therefore, only showed
s3,20O,000.