The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-16

New York Life Contributed $48 1000 to the Cam
paign Fund in 1904
Same Thing was Done in 1900 and t896-Starng Revelations
of George W, Perkins Before New York Legislative
Committee.

Al EW YORK, Sept. 15.-George w.
IL Perkins. member of the firm of j.
p. Morgan & Co, and first vice
president of the New York Life Insur-
ance company, was the star witness at
today's session of the special legislative
committee probing life insurance COM
panies' methods, and his testimony was
replete with revelation in the develop
ment of finance as applied by insurance
companies.
Campaign Contribution.
The climax of the day came when Mr..
Perkins was asked concerning an entry
OF S4S 502 in a ledger, marked ordered
paid by the president" The check was
made out payable to J, p. Morgan *
Co. and Mr.. Perkins frankly stated il
Was a contribution to the national Re-
publican campaign committee and had
been paid TO Cornelius n. Bliss. Mr..
Perkins said:
This payment was made after very
careful deliberations. 1t must not be
considered an ordinary contribution to
the campaign fund. IL was paid be-
cause we felt that the assets of the
New York Life Insurance company
would be jeOpardiZed by a Democratic
: success"
Mr.. Perkins said contributions were
also made in 1900 and 1896.
Finance Committee Ignorant.
This bomb caused a murmur of con-
yersation about the room, which had
become packed with spectators Stand
ing room was at a premium, and every
one bent forward to catch the testi-
mony
Pursuing the check inquiry further,
MF. Hughes brought out that this eX-
pendlture was never brought to the at
tentiOn of the finance committee, the
witness terming it a purely executive
action 1t was charged against cash
on the books of the Hanover bank Of
flee or financial department
Made Payable to Morgan.
Mr.. Perkins here interposed:
Il would like TO make a statement
The fact that the check is drawn to j.
+. Morgan a. Co. has no significance
/ paid out the money, and it was mere.
~ because of convenience of repay
ment that the check was made payable
tot. F. Morgan & Co"
What other. contributions to politi-
cal funds have been made by the New
York Life"
None 10 my knowledge"
Syndicate Transaction.
Mr. Hughes asked Mr.. Perkins to ex,
plain how on the books in the syndicate
action by which $500 600 in bonds was
sold on Dec. 4, 1901, and bought back
Jan. 2, 1902, there was shown on the
debit side of the account $3.50, 900 and
on the credit side SS00 0OO. and Mr.. Per
kins replied
IN that transaction We asked for
NE N00 ne
0OU We made up our minds TO sell
100000 Of this sum and our books
therefore only showed S., 200 600 When
II came 10 the end of the year we sold
the $500, GOO and instead Of taking a loss
of $4,000 We only took a loss of $50
COO / arranged with J. p Morgan &
Co. 10 sell il at d price and then /
bought II back at the same price. After
rebuying / held on TO il and finally sold
II at 90 Our first idea was to sell at
SO, but we finally got 90"
Paid by Check to Morgan.
The money was paid by check to J.
P Morgan & Co.
Were not the sale ana purchase for
the purpose OF deceiving the commits
sioner Of insurance."
mo, il was not; securities were de-
pressed at the time. and it was consul
cred a good deal"
'But the real purpose was to have
your books read $S,2OO,OOO instead of $4-
Yes"
Senator Armstrong here queried
about the $4,000 check to the campaign
fund. He asked:
Were you in a position TO know of
other campaign contributions >"
Il don't know; that is a question
mat ought 10 be looked into. In ali
campaign contributions I believe that
the fullest publicity should be at
tached. They ought to be publicly
known, and there ought To be a law
passed 10 that effect
Presidents Great Power.
IF the president out of his own ey-
ecutive authority without reference to
the finance committee, pays out such
large sums as these. how do they ever
come before the officers of the COM
pany?"
II have said the finance committee
has no authority over the agency ac-
counts and general expenses. I think
there should be a broadening of this
authority"
Mr. Perkins was then asked about the
checks for $4,000 aud Si5O0o made pay-
able 10 Andrew w Hamilton, March !,
1894
He could not tell whether they had 10
do with home annex accounts on the ac-
QUESTION OF the Worth street Dropertv I
neither could he say why payment for /
property IN New York should be made TO
a man living in Albany.
Represented Both Ends.
Assemblyman Rogers then expressed 4
his desire 70 ask few questions ahout !
the sale of bonds on Dec. 81 10 J. + Nor 1
gan & Co. and the purchase on Ian
Perkins in.