Arizona republican., 1905-09-16
JOINT ACCOUNTS More Testimony About Life
 Insurance PERKINS PLAYING PARIS
His Explanation of a Dual Role or Serving Two Master Some Bond Deals and Contribution for a Campaign.

New York, Sept. 15.-Geo. w. Per Morgan and company and first presi- dent of the New York Life Insurance company, was the star witness at the days session of the special legislative committee probing life insurance com paniesf methods, and his testimony was replete with revelations in the developments of finance in connection with insurance companies.
 The climax of the day came when MT Perkins was asked concerning an entry of $4S,7O6 in a ledger, marked ordered paid by the president" The check was made out payable to J. |. Morgan and company, and MT. Per kins frankly stated that it was a con tribution to the national republican committee and had been paid to Cor neIius N. Bliss.
 ~Mr. Perkins said: This payment was made after very careful delib eration. It must not have been con sidered an ordinary contribution to the campaign fund. It was paid because We felt that the assets of the New York Life would be jeopardized by a democratic success. MT. Perkins said contributions were also made in 1900 and 1896.
 This bomb caused a mumur of con versation about the room, which had become packed with spectators. Standing room was at a premium, and every one bent forward to catch the testimony. Pursuing the inquiry fur ther MT Hughes brought out the fact that this expenditure was never brought to the attention of the finance he mo a purely executive action" IL was charged against cash on the books or the Hanover Bank office or the finan- cial department.
 MT. Perkins here interposed: q would like to make one statement. The fact that the check is drawn to J. P. Morgan and company had no signih- canoe. I paid out the money and 1t was merely because of a convenience of repayment that the check was made payable to J. P Morgan and com pany."
 What other contributions to pollu- cal campaign funds have been made by the New York Life?'
 None. to my knowledge"
 MT. Hughes asked Mr Perkins to explain how on the books in the syn dfcate action by which SS0O.0O0 in 
 and bought back on January ?, 1902, there was shown on the debit side of the account $160.OOO and on the credit side $500. 900. and Mir. Perkins replied: 'In that transaction We asked for S5OOO. 900 of bonds and only got S4OOOO We made up our minds to sell the $SOO.OOO of this sum and our books therefore only show $3,20O,OOO. When it came to the end of the year we. sold the $SOO,OO0 and instead of taking loss of S160,0O0 we only took a loss Of $S0.0OO. I arranged with J. P. Morgan and company to sell at a price and then l bought it back at the same price. After rebuying I held on to it and finally sold it at 90. Our first idea was to sell at so, but We finally got 9O." The money was paid by check to J. P. Morgan.
 Were not the sale and purchase for the purpose of deceiying the cOmmis- sioner of insurance?"
 No, it was not; the securities were depressed at the time, and it was con- sidered a good deal"
 ''But the real purpose Was to have your books read $3,2O0,OO0 instead of $400O,0O
 Yes"
 Senator Armstrong here queried about the S4S,O0O check to to the cam paign fund. He asked: Were you in a position to know of other cOntTi- butions?"
 q don't know; that is a question that ought to be looked into. All campaign contributions should be giv- en the widest publicity. They ought to be publicly known, and there ought to be law passed to that effect
 If the president out of his own eX- ecutive authority, without reference to the finance committee, pays out such large sums of money as these, how do they ever come before the officers of the company"
 'I have said that the finance com mfttee has no authority over the agen- cy accounts and general expenses. l think there should be a broadening of this authority"
 MT. Perkins was then asked about the checks for $55, ,OOO and $45,000 made payable to Andrew Hamilton, March 9, 1904. He could not tell whether they had to do with the Home annex accounts on the acquisition of the Worth street property. neither could he say why payment for property in New York should be made to a man living in Albany.
 Assemblyman Rogers then expressed his desire 10 ask a few questions about the sale of bonds on December 31 to J. P. Morgan and company and the repurchase of them. "Now Mir. Per kins you acted in the transaction for the life insurance company and also for J. P. Morgan and company"
 'I completed the transaction for J.
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