Daily Kennebec journal., 1905-09-16
In Insurance Cos. Affair
Continues in New York.
Vice President Of New York Life
The Principal Witness
Examined During the Oay--.His Explanation
OF Ledger Entries.

New York. Sept. Ii. -tie"rge w. Per-
kInS, member of the firm OF j. L. Nor
gan & Co, and first president of the
New York Life Insurance Co.. was the
star witness ut today'S session of the
special Legislative comnittee which is
probing the methods If life insuranc.,
companies i'll this stat" ard his tesii-
| mony WAS rcpletc Whh revelations i'll
the dc tvelopMcnt of finance as applied
by ins'lrlnc" companies.
Mr.. Perkins was first called Just pre-
vious 20 the hour for luncheon. He Re-.
sumed immediately after the recess Lnd
WAS Oh the stand when adjournment
was taken for the day.
The CimtX Of the lay oantp when Mr.
Perkins WAS asked concerning IN entry
"f SiS,10 III :, ledger marked "Orderrd
| nHid by the president" Alr. Randolph,
tn" treasurer of tn New York Life
company, who had been on the stand
earlier in the day had recn sharply
questioned as t" the purport of this
entry. but u" was unable to explain it.
He thought no on" but the president
could. Mr.. Perkins mad lccn called 20
testify as to some otner transactions
ana after the recess. h" WaS asked to
produce the check. It WdS made out
payable to J. +. Morgan & CO., ana
Mr.. Perkins; frankly stated that it was
:. contribution to the rational Repub
li~in campaign committee and ha
been Paid to Cornelius y. Bliss, Mr..
Pcrkin; said: This payment was
made because we felt thai. the assets
% the New York Life Insurance Co.
would he icopardizeI by Democratic
success.
Mr.. Perkins sail contributions Were
also made in 1900 ami in 1896.
This bomb exploding, created a stir
in the dcnsely packed ROOM
Pursuing the cheek inquiry further,
Mr.. Hughes brought nut that this ex-
penditure was never brought to the at
tention OF the finance committee. tn
witness terming it Il purely executive
action
Witness here int"rposei:
Il would like to make ouC statement.
The fact that the check is drawn to j.
F. Morgan & CO., had 10 Significance.
paid out the money and it WAS merely
because OF Il convenienr. of repayment
tnat the check wa; made payable to J.
p Morgan & CO.
his desire to ask a fow NJ, stions about
the sale Of bonds on Iccc:nbcr 81. TO j.
f. Morgan & Co. AMI The rc-purchase
on J3nuary >.
Nov. Mr Perkins" hr said. "yoI
acted in the transaction .rr the life in
surantc company and also for J. =.
Morgan K Go. ~
Il completed the Transactions for j.
tI,.,t
was the only place .vlcrc could real
izc a fair sum for IN bonds at that
time. we lost nothing III that trans
action and We mad" nothing but in
financial Transactions il is something
;rst IS important no, to make a loss
DC to show ID profit"
Assemblyman Rogcrs-."Has there
been any other case III Which you hnNc
:rted for both the New York Life .tnd
J i. Morgan d CO.. AT III" same time
II recall 40 othc" t.Hn*@ ction."
Senator Armstrong DID you per
souallv carry the stori; from the New
York Lif" tn J. t. Morgan Il COS.
office
II hive made no deliveries sine" |
have. been il the service of the com
rany."
Nov im the Transaction. when did
Mr.. Perkins an officer Of the New
York Life give way 10 Mr. Perkins ;,n
officer of j. p. Morgan u: 60. ~
Il don't understand your point"
"NV, Ii. YOU. ns an officer of The NV
York Life issue ON" order and Perkins.
~ officer Of J. +. MoIg:rI d Co. r"-
Give il. When were you acting for the
Ecw York Life: whom for J. ,. Morgan
& co." When were you acting for the
New York Life"
AN the time.
when were you #"ting for j. +.
Morgan & 90.
THAT depends on the Grcasion.'
..weII if YOU ara ac:;n:; for the New
yarl, Life, there is not mach time left
for 7. y. Morgan 81 Co" remarked Sen
;itor Armstrong.
MIR Perkins then burst into protest
alton:
Mr. Chairman: ] act as J think
,iybt do not think whether ! ~!
| ,ctinp for the New York Life or J. j.
| Morgan & 90. follow my conscience
| and do what | think is right.
| The senator was unmoved ana asked:
| "Hut where did your loyalty to ono
| ar to the other end?
| Mr.. Perkins replied
"My loyalty lies where my duty IS
| Mr. Perkins WIS then questiohc1
| about , purchase in November IA. l'oi-
of 81 900, 900 par value Erie convertih!e
fnurs 1t "a. for which the New fotk
1ifc Maid s94O.CoO to ". : Fanshaw \
70 He was asked whether fanshi" y
~ nu,chased these of j. P. Morgan &
70 and replied thar they might havo
,ouobt them of J. P. Morgan & Co. ne
would find out.
| Mr. Perkins was asked as 10 q mum,
Der of temporary loans thaI app~ali ss4;f,
on the books. but he would not testi.y
u.;thort w tbe details and data which ne
viii furnish at a later session.
Adjournment was takeE at lour
O'clock. to enable members OF 'ne ~, vonI-
mittee to return to their homes. lher7
will be no session until "C'eS
To-day the English lady Is .he 80 w.,