The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-16
NEW YORK LIFE
AIDS REPUBLICANS
Partner of Morgan, and Official
of Insurance Company, Tells
.~. of Big Check. :.

New York, Sept. 16.-George f.
Perkins, member Of the firm of J. P.
Morgan & Go. and first vice president
of the New York Life Insurance COM
pany, was the star witness at yester-
days session of the special legislative
committee probing life insurance COM
panies methods, and his testimony
was replete with revelations in the de-
velopment of finance as applied by in
surance companies. ~
The climax Of the day came when
Mr.. Perkins was asked concerning the
entry of $4S,702 in ledger marked
"ordered paid by the president" Mr..
Randolph, the treasurer Of the New
York Life company, who. had been on
the stand earlier in. the day, had been
SHARPLY questioned as to the p4rpert
plain it.. He thought no 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. It was
made out payable to the order of j. P.
Morgan & Co., and Mr.. Perkins e frankly
stated it was a contribution to the ma
tional republican campaign committee
and had been paid to Cornelius N.
Bliss. ~
TO Protect the Assets.
Mr.. Perkins said: "This payment
was made after very careful consider
alton. It must not be considered an
ordinary contribution to the campaign
assets of the New York Life Insurance
company would be, jeopardized by q
Mr.. Perkins said contributions were
also made in 1900 and 1896. AS an
illustration, witness said the first con-
tribution was made in 1896 by Presa-
dent Mccall, who is a democrat:
| Tile contributed to the Mckinley
campaign fund and voted for Mckinney
because he felt it was in the best IN
terest Of the policyholders of his COM
| pany.'
This statement caused murmur of
| excitement in the room, which had been
crowded with spectators. Standing
room was at premium, and every one
bent forward to catch the. testimony
This was hardly necessary, for Mr.. Per
BILE voice. He paced the small plat
form upon which the witness chair is
placed, Just before the committee g ros
trum, and accompanied his explana
lions with earnest gestures, ofttimes
making suggestions to the counsel.
i An Executive Action.
/ Pursuing the check inquiry further
Mr.. Hughes brought out that this ex
penditure :was never brought to the q at
. witness terming it "purely executiv.
action.'' It was charged against casl
on the books OF the Narrower bank Off
GERS, or financial departments. Th'
3 witness did not know against what &C
count the other contributions wer
charged, but he would furnish data.
MI. Perkins here interposed.
ct would like to make one state
ment: That the check is drawn to j
. P. Morgan & Co., has no significance. ].
because Of a convenience of repay
ment that the check was made payabl
to J.. P. Morgan & Co."
s'What other contributions to politi
cal campaign funds have been mad
by the New York Lifeq'
None to my knowledge.
Senator Goo Armstrong chst q%Ssrled aaHp
fund. He asked " How came the checl
e to be such an odd amount90
! - I do not know exactly, except tina
}, Mr.. Bliss had asked for $50,000.0
a "Were you in position to know Q
: other campaign contributions" aske
e Senator Armstrong.
; In Favor of Publicity.
E. 3 81 = Z. ~ 1
y IT do not know. That is a questio
), that ought to be looked into. In a
n campaign contributions, I believe tina
n the fullest publicity should be. a
It tached. They ought to be publicl
It known and there ought to be a la
f passed to that effect
e Ills there no self-restraint above
the officers in these campaign contr
lie butions?'
t, None that I know Of. I think v
le have right to leave the matter to tt
Is Judgment Of the officers
If the president, out Of his own g:
e. ecutive authority, without reference
# the finance committee, pays out sue
= large sums as these, how do they ev,
come before the officers of the cor
pany?o
= 81 have said the finance commit,
= has no authority over the agency a
counts and general expenses. I thir
Vt there should be ! broadening Of th
authority.