Evening journal., 1905-09-29
WASHINGTON HAS
A GREAT INTEREST
Sooner or Later Life lnsur
ance Probe VIII be Trans
ferred There
DISCUSSION OF CONGRESSMAN
Ry WlIlsm WolH smlth.

INSURANCE lnNtcllNHAlNl now lN pro-
gress in New York. followed more
closely than I'M Washington. The matt
urai interest felt by policyholders. bus
iness men or politicians I'm the details
of the intimate relationship between
life insurance companies and high hn-
ance. is heightened in our case by the
general feeling that sooner or later the
drama will be transferred TO this stage
and ultimately the matter, as the case
Of the regulation Of railroads. viii be
fought 10 a conclusion in Congress.
Many feel IL great pity that the
Armstrong committee is not Con-
gressional body and that the testimony
was not taken here instead Of in New
York. Il would have so enlivened the
deadly dull summer solstice which
paralyzes the city Beautiful.
However, as that was an impossibil
ity. Washingtonians are perforce con-
tent 10 speculate as to the future of
life insurance i'm this country, the re-
lations between the great companies
and the leading political parties, and
the possibility Of the Federal Govern
ment taking control. These specula-
tions are now reinforced by those OF
Senators and Representati drifting
in to perform departmental chores ac-
cumulated on their hands during the
vacation period II WAS not strange.
therefore. that a group of Congressman
at the Arlington last night should
have discussed the situation with much
earnestness.
CONGRESSMEN GIVE VIEWS.
As the talk was private and purely
Informal. and several of those present
expect to debate the matter In Con-
eress this winter, IT IS impossible to-
give their names, but the views ex-
pressed are Of interest as Indicating the
trend Of thought on the part Of public
men. One was a member from the
South. another from New England and
a third from the Middle West. In the
lparty was also a man connected with
the insurance business and whose
name has been frequently mentioned
during the investigation. Several out
siders Of no special importance COM
pleted the group.
Naturally the discussion arose over
the contributions Of the New York
Life to the Republican campaign fund.
The Southerner good naturedly ques-
toned the propriety of this transact
ton especially as il went to you an"
he drawled. Now / believe IN shak-
ing down the corporations for they
contribute TO both sides. but 81 is au
unfair advantage for YOU to take. to
get money from insurance companies"
mot at all." retorted the Western
Republican: "you fellows would have
taken it just as quickly il you could
have gotten it,"
Certainly" responded the Southern
Ter, "but we couldn't get It, OF course
we could not have won If we had q
million more of ready cash. but il Bel
mont and Taggart had been more ac-
tive we might have had something
> from some Of the life insurance COM
y lpanies. 1 win say one thing" he con-
= ltinued, "and that s that the testimony
le lgiven by George w. Perkins has i'm
e. lpressed me more favorably than any
Z thing else in the whole investigation.
X Paul Morton has received a great deal
y OF credit most Of it undeserved I be-
p reve-for / don't like Morton"-he
: added parenthetically. "for cutting
y down the salary formerly paid Alex
v ander from 100000 to $4,000 a year
y when he stepped into his shoes. Bat
u Morton simultaneously swung the axe
on an salaries above a certain figure
- paid by his company and while he is
now receiving Ss0000 IA year or ten
times his former salary as Secretary
of the Navy-which I almost said was
an he was or is worth-the men who
have given their lives to the service
of the Equitable have had their salar-
les decreased by oue-hfth.
Morton really never reduced his
= own salary for he never had 100000
to cut. and while he went from $4,000
to $4,000 a year the men on ten fif-
teen or twenty thousand already en-
ploysd by the Equitable had to suf-
fer Now Perkins seems to be made
OF different stuff. He was getting
100000 year when he went with
Morgan and Company and voluntarily
requested his salary from the New
York Life be reduced 10 S25.000 a
year. He did not go down the line par
ing salaries of others. but cut of
-fourths Of his salary at one
stroke. Moreover he and Mccall have
been so straightforward about theli
transactions that for one am inclined
TO think that after an they knew theh
business and that looking after three
or four hundred millions Of other peo-
- Pies money is no child's play and
: should be I'm the hands of real fnan-
ciers such as these men are"
Whats the matter Joe?' said Tho
Western statesman. Have you gone
over to the enemy?" NO indeed
warmly responded the Southern NJ
c.. but it is refreshing TO find a mar
like Perkins after the Hydes an,
Alexanders. / was in New York q
p few days ago and learned that Per
kins turned over to the New Yorl
= Life all his commissions or interest II
p" the profits accruing to him as mem
- ber of J. p. Morgan & Company, On
bonds sold by Morgan & Company t'
the New York Life"
; 81 see President Roosevelt has beer
j. discussing the advisability Of the Re
publican campaign committee return
: ing the New York Life contribution.
suggested the Southern member. "Yo,
ought to be able to tell us ahou
that" he added addressing his Re
publican colleague from New England
Il am not personally informed wal
The response. "as the President ha'
not consulted me. I can say. howeyer
that such action is not f7vorably re-
garded by any Of the leaders OF th'
party with whom / have discussed 81
Personally / see no reason why tn
Kew York Life should not make
reasonable campaign contribution
whenever its officers believe the IN
terests Of the policyholders viii b
subserved thereby. I understand tina
Mr. Mccall is a Democrat and as h