New-York tribune., 1905-11-28
CROWD JEERS PERKINS AT HUGHESS REBUKE.
ATTEMPTS TO Make SPEECHES STOPPED BY MERCL
LESS CROSS ESTIONING--SIGNATURE DENIED.

$2,37j000 he could dictate terms He got the
stock from ]. P. Morgan & Co.
was the matter brought before the finance
commttee?'' Mr.. Hughes inquired.
No, we We're careful not to have any record
made did not consider it proper to have
a record in our books of the stock transaction"
Mr. Perkins explained that the New-York Life
did not stay out altogether, because it was such
good thing" The members of the finance com
mfttee all knew of the deal and approved. They
agreed that it should not appear ON the books.
Fhe New-York Life supplied the money through
he medium of its deposit in the trust company.
IIr. Hughes touched upon S50OG0 allotment TO
ur. Perkins's friend in Chicago. Mr.. Perkins
admitted this. but knew nothing about the de-
tails The only agreement that existed between
the trust company and the New-York Life IP-
parentIy was a tact understanding that the
Nev-York Life balance should not be with
drawn
At this stage Mr.. Hughes began to be curious
as TO why the books Of the NewYork Life
showed no evidence of this profitable transac-
ton. The bookkeeper was charged with this re-
sponsfbility of omission. but Mr.. Perkins was
insistent that there was no reason for tnclud-
ing it, az lit not a direct participation
Later it was explained that the omission was
made because the New-York Life was not
committing itself" Then a book produced
with a memorandum referring to the transao-
tion. Over this there was long wrangle- At
last it was conceded that this memorandum was
the only reference to the affair on the companys
books and that "a non-ledger asset the
bonds were not reported to the State Superin-
tendent of Insurance at the end Of the year. In
reply to the question Mr.. Perkins said he hoped
not
Abandoning the attempt TO get clear state.
ment of how the New-York Life was in the
vr{fb in
that were not booked, although they were profits.
Mr. Hughes turned to the Andrew Hamilton
phase of this transaction Mr. Perkins told OF
en- explanation made to him by President Nc
Call that IN connection with several bank ac-
counts money had been advanced to Judge
Hamilton by the Central National Bark and
the New-York Security and Trust Company be-
tween 1896 and 1901 to the amount OF S59,3lO,
and that he had arranged for the payment
through J. P. Morgan & Co. Mr. Perkins
started grafton profits OF the syndicate
What we want to know Is about the Haulil-
ton account" Mr.. Hughes brusquely reminded
him What were these notes for?" Mr.. Per-
kins knew ]. p Morgan & Co. had carried them
for nearly year. What the money was used
for Mr. Perkins didn't know; Mr.. Mccall had
not told him. Mr.. Hughes ran through the
checks. They aggregated SSS,OOO and three
amounting to $4,000 in the name Of Mr..
McCalrs brother. Justice f. E. Mccall. but bear
ing dates before the time he went on the bench
T.
should be paid by J. P. Morgan S Co, and. a.
the testimony on earlier days showed. the
amount OF the payment deducted from the
profits In the United States Steel transaction.
''Why shouldn't the Sew-YOrk Life pay itS
own bills and not let J. z. Morgan do itF hs
inquired. MI Perkins could not explain bu
was sure it "for the best, he haZdTdcd
the guess that they we're Tor legal expenses. but
declared he knew nothing about these This
statement led to a surprise later
Where does this S59,310 appear on the book
of the New-York LiFeZ-- MT Hughes inquired
innocentIy Then followed the usual hide and
seek" game that attended the search for All
these records yesterday. 3r Mattison CLERK
and Mr. Perkins both searched through 'arouf
books. Finally Edmund y. Randolph treasure
OF the company. put end 20 al fencing ~
the frank admission that the entry VAS never
made a debit,
npi9 The transaction appear in the report so
the Superintendent OF Insurance. persistec ~.
Hughes rernorseIe4sly. Instantly Mr- Perkins
MAS of with a long statement.
Just answer my question insisted Mr..
Hughes, unkndly.
,.iI don't know" said Mr.. Perkins, showing
eipnS of strong resentment at such dfsCiplinar2-
treatment One or the notes had been discounted
nv Daniel E. Lynch, who waived protest il,
Int MI Perkins could not clear up Mr.. Lynch's
part, :.
tesfIaed ne knew nothing about the details Of the
I1amflton payments. Ar Hughes introduced
memorandum bearing his signature and giving