Omaha daily bee., 1905-09-16

Continued from First Page.)
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?"
Assemblyman Rogers broke in and said:
THE senator is thinking of the Scripture:
"A man cannot serve two masters"
Mr.. Perkins replied: my loyalty lies
where my duty is"
"I want to say" continued Mr.. Perkins,
right here. that since have been with
J. p. Morgan & Co., during these last four
years. that the company has marketed
more securities than the New York Life,
the Equitable and the Mutual have accum-
ulated in the last sixty years. Competi-
tioR is no longer the life OF trade; 1t is
cooperation"
Now, about the SSOO0OO sale and pur-
chase" said Mr.. Hughes, breaking in on
Mr. 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 good business invest
ment"
In other syndicate transactions you fur
nished the money!"
1--WE did"
"who conducts the joint accounts on be-
half of the New York Life?"
II do: all of them"
I'm regard to the Boston bonds, you
bought them to sell at a profit and to di-
vide It up with the partners in the syndi-
cate?"
mot at all. We bought them as a good
investment. We go into these affairs to
get possession of the bonds and we may
hold them for years for a sale. I am very
proud of this joint account I originated
It. I conduct 1t. 1t is our aim to get Sc
curities at cost prices"
Methods of syndIcateE.
''Is the loss divided in these joint &C
counts?"
Yes, but we reserve the right to with
draw our securities. The other man has
no right to our share OF the profits"
As to these joint accounts, Mr.. Perkins
said: when we desire a certain security
we go to a firm and tell them that If they
will take half of quantity Of bonds we
will take the other half. These people
sometimes say: We would like to do this.
but it is inconvenient at this time, we
haven't the money AS we are looking TO
loan money, we say: If you will be re-
sponsible for your share, we will loan you
the money and withdraw our bonds and
carry the rest at bond interest on Joint
account
Mr. Perkins explained the method OF the
New York Life in dealing with others
along this line, and was then questioned
about a purchase on November IA, 1904, Of
81 900, 900 par value Erie convertible Is at "a.
for which the New York Life paid $40 900
to W. s. Fanshaw & Co. He was asked II
Fanshaw g. Co. purchased these OF j. p.
Morgan & Co. and he replied they might
have bought them Of J. p. Morgan & Co,
he would find out.
Mr. Perkins was asked as to a number
of temporary loans that appeared on the
books but he would not testify without
the details and data which he will furnish
at a later session.
Adjournment was taken today at o o'clock
To enable members OF the committee TO re-
turn to their homes. There will be no
session until Wednesday.
Randolph Tells of PFOhtE.
When the session OF the legislative COM
mittee to investigate the life insurance bus
mess was begun today Edmund d.
Randolph, treasurer Of the New York
Life Insurance company. was again
called to the stand. He presented a
statement OF the profits realized from the
operations Of the New York Life Insurance
company's joint accounts. 1t showed profits
OF $ss3, 81 in ten years and was made out
at the request OF Counsel Hughes for the
committee earlier In the week.
A book OF the financial transactions in
nonledger contracts kept at its Hanover
bank once was also presented.
Checks for 500 900 were found Ia the ao-
counts OF the Hanover bank once OF the
company. They were paid 10 A. Hamilton
who, Mr.. Randolph said, was connected
with the law department These payments
were made on order OF the president with
out any action whatever by the finance
cnrnnnlftRa and Nj. Rnndnlnh saId he Lnau.