The Barre daily times. (Barre, Vt.) 1897-1959, 1905-11-28
Perkins Had UsedSl 100000
For Benefit Of Nylic.
AND THIS WAS INTEREST
New York Life Advanced the Boston
Loan on Per Cent Collateral
Perkins Explains U. S.
Steel Deal.

New York, Nov. 2s. George w. Per-
skins, vice president Of the New York
Life Insurance company and member
of the firm Of J. p. Morgan & Co.,
occupied most of the time of the in
surance committees hearing yesterday
The point Of chief interest in his testi-
mony, perhaps, was his elaborate ex-
pL.uation of the New York Lies loan
IL Boston banking firm, and why the
profits on this SAC, 900 were taken and
ssscil BY Mr.. Perkins without any record
of the matter appearing on the COM
Pany's books.
His explanation, in effect, was an add
mission that he took practically $1,000
600 Of New York Life funds and invest
ed it-through the loan mentioned-fo for
the benedict of Nylie, the organization
of agents attached to the company.
He declared that the lean sought at
Morgan & Co.'S office was one which
had to be acted on instanter, and he
had authority, as trustee, to act for
Nylic. AS Nylic had not the necessary
money. he got the New York Life to
advance it, taking Mexican Central rail-
road bonds as collateral The interest
for the time carried amounted to $40,-
900. The check for this amount came
to the company, because it was the
company which the Boston house recog-
.nized in the transaction; but he took
the check for $4,000, because it was
profit belonging to Nylic, and he had
it cashed because, as it did not belong
to the New York Life, it ought not to
appear on its books.
This, in brief, was Mr.. Perkins ex-
spIanation of how the New York Life
was and was not interested III the tram
sBactiOn.
The witness also offered an explana-
fi0n Of the indirect participation of the
New York Life in United States Steel,
uncovered last Friday by Lawyer
Hughes.
Mr.. Perkins was evidently not in the
best of humor, and the rigid examina-
lion to which he was subjected did not
Improve his mood. At one time he in
sisted upon reading an address which
he had prepared, and it was only when
MIR. Hughes delivered forcibly worded
direction to the witness, bidding him
answer questions as they were put, that
he desisted.
81 suppose / must submit said Mr..
Perkins, excitedly, but think it an
outrage that should not be permitted
to explain everything, considering the
recent criticism in the press
1You will have ample opportunity to
explain everything said Mr.. Hughes,
s'bltt you viii please not made speech.
We have not the time. :"
Mr.. Perkins failed to explain just how
Il was that j. r. Morgan s Co. paid
money to Andrew Hamilton for the
New York Life Insurance company. He
said Morgan g. Go. had taken up several
of Mr.. Hamilton's notes at the request
of President Mccall. Just what these
notes were for witness could not ex-
plain.
A book was produced in which the
payment OF 900 to Mr.. Hamilton was
referred to as being made under the di-
rection OF Mr. Perkins. Bookkeeper
Mattison here testified that this was
the only reference to the payment on
any book Of the company,
Mr.. Perkins admitted, in explaining
the interest of the New York Life in
United States Steel, that he had been
in full command of the situation, and
had directed the business in that connec-
tion. He declared that the company
was safeguarded from any possible loss
on its So 1886, 900 indirect participation,
and yet he admitted that he feared to
make any record on the books of the
company because of the possibility that
the facts would be used against the
New York Life.
Asked whether the facts could be
changed by an entry in the books Mr..
Perkins said they might have been dis
torted, as many other facts were being
distorted.
MIR. Hughes was quick to answer this
fling.
Eve don't have to get your books,
it seems, to get the facts. The facts
are not always on your books" he said.
Mr.. Perkins admitted that he believed
il would have been improper for the
New York Life to participate directly