Arizona republican., 1905-09-16

P. Morgan and company because that ! house was the only place where I i could realize a fair sum for the bonds 1 at that time. We lost nothing in the transaction and we made nothing, but in financial transactions it is some times just as important not to make i a loss as to show a profit
 Assemblyman Rogers asked: Has there been any other case in which you have acted for both the New York Life and J. P. Morgan and company at the same timer"
 q recall no other transaction"
 Senator Armstrong: Now, in the transaction, when did MT. Perkins an officer of the New York Life gave way to MT. Perkins, an officer of J. ?. Nor gan and company"
 "I don't understand you"
 Well, you as an officer of the New York Life, issue one order, and Per kins. as an officer of J. P. Morgan and company receives it. When were you acting for the New York Life?"
 All the time"
 "When were you acting for J. P. Morgan and company"
 That depends on the occasion" Well, if you are acting for the New York Life, there is not much time left for J. P. Morgan & company" re marked senator Armstrong. MT. Perkins then burst into a pro- testation. MT. Chairman, l act as l think right. l do not think whether l am acting for the New York Life, O. J. P. Morgan and company, l follow my ! conscience and do what 1 think is right
 The senator was unmOved and asked: But where did your loyalty to one or | the other end?"
 AssembIyman Rogers broke in and | said: "The senator is thinking of the ! scripture. Q man cannot serve two l masters"
 MT. Perkins replied: My loyalty | lies where my duty is" "I want to say" continued MT. Per l kins. right here, that since I nave been with J. r. Morgan and company. during ! these last four years, that the com pany has marketed more securities than the New York Life the Equit- able and the Mutual have accumulated in the last sixty years, competition is no longer the life of trade; it is CO., operation"
 Now. about the $SOO,OO0 sale and purchase" said MT. Hughes, breaking in on Mir Perkins. You had the | goods in your vaults at one timer"
 Yes"
 And then you got rid of them, for what purpose?"
 Because it was a good business in vestment.'
 Tn other syndicate transactions you furnished the money?' | We did"
 Who conducts the joint accounts on behalf of the New York Life?"
 ''I do. all of them"
 Tn regard to the Boston bonds, you 1 bought them to sell at a profit and t0 ! divide it up with the partners in the l syndicate?"
 Not at all. We bought them as d good investment We go into these af- ] fairs to get possession of the bonds and we may hold them for years before the sale. am very proud of this joint ac- l count. I originated it. I conduct it. It is our aim to get at cost price"
 ''Is the loss divided in these joint ac- 1 cOunts?"
 Yes; but we reserve the right to l withdraw our securities. The other man has the right to our share of the profits"
 As to these joint accounts MT. Perlc- ins said:
 When we desire a certain security We go to a firm and tell them if they will take half of the quantity of bonds | we will take the other half. These ] to do this but it is inconvenient at this | time, We have not the money
 As we are looking to loan money we say: If you will be responsible for i your share we will loan you the money and withdraw our bonds and carry the rest at bond interest on joint account" 9
 MT. Perkins explained the method of the New York Life in dealing with l others along this line and then was l questioned about a purchase on Nov. 14 1904, of $1.OOO,0OO par value Erie | convertible fours at 94 for which the New York Life paid $94.OO0 to w. S. | Fanshaw and company He was asked | if Fanshaw purchased these of J. P l Morgan and company, and replied that they might have been bought of Nor ! gan and company.
 Perkins was asked about a number ] of temporary loans that appeared on the books but he would not testify without the date and the details which i he will furnish at a later session. l Adjournment was taken today at i 1 o'clock to enable members of the com | mittee to return to their homes. i There will be no session until We'd nesday.