Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1905-11-28
While Mccall Sheds LiQht
on Steel Trust Deal.
PERKINS TESTIFIES ABOUT
MEXICAN RAILROAD JOB
Investigation by Insurance Committee
Still Prolific Of Daily Sensations.
Randolph on Stand Today.

New York, Nov. 27.-One Of the
most interesting features of the life
insurance investigation developed only
a few minutes before the adjournment
OF the committee today, when Theo-
dore f. Banta, cashier of the New
New York Life Insurance company.
testified that about the beginning Of
1901 Edmund d. Randolph, treasurer
OF the company opened the vaults Of
the company removed New York City
stock valued at $500 900, and put
check of the Central National bank for
$7O00 900 in its place. Mr.. Banta said
he helped to open the vaults at the
order OF Mr.. Randolph, and that he
supposed Mr.. Randolph acted for the
finance committee.
The stock was withdrawn. The
transaction was not recorded on the
books of the company, so far as Mr..
Banta knew. The effect of the oper-
alton would be that anyone having
that stock would have $780, 900 worth
ot untaXable property at the end OF
the year.
Mr.. Banta did not know who re-
ceived the stock. Mr.. Randolph Is ex-
pected to be one OF the witnesses to-
morrow.
Much evidence was given both by
Mr. Perkins and President Mccall
about the New York Security & Trust
company's participation in the United
States Steel corporation syndicate to
the extent of $3,250, 900, having the
deposits Of the New York Life COM
pany for about that amount. The
New York Life got rs per cent OF the
profits and Mr.. Perkins contended
that Il was safe and profitable Slp
ture. President Mccall said the lie
insurance company should have par
ueipated directly instead of indi-
rectly.
Perkins Describes Transaction.
George w. Perkins. vice president
of the New York Life Insurance COM
pany and member of the firm of J. p.
Morgan & Co.. bankers, described the
transaction which resulted In his re-
CENT of $40,t93 from Kidder. Peabody
& Co. of oston, as half of the profits
Of the sale of 100000 worth Of
bonds of the Mexican Central Rail-
road company. Milton NJ. Mattlson.
bookkeeper of the New York Life. had
previously testified that $930, 900 OF
the life insurance company's money
was used In the transaction and that
Mr.. Perkins got the profit. Mr.. Per-
kins said today that he went into the
transaction Tor the Nyllc fund, which
Is owned by the agents of the New
York Life company and that he in
vested the profits for that fund. The
life Insurance company. he said
prohted to the extent OF five per cent
interest on the loan of $3.50. 600. He
stated that the company had no right
to the $40.l9S profits.
Mr.. Perkins also said that ]. =.
Morgan & Co had taken up the notes
of Andrew Hamilton and r. T.. Mccall.
formerly justice OF the New York
state supreme court. amounting TO
S56,310. at the request of President
Mccall OF the New York life. and that
the amount with Interest was paid to
Andrew Hamilton by the New York
Life from the proceeds OF a syndicate
in United States corporation stock.
President Mccall said today that he
had told the Central National and Il.
e. Mccall that Hamilton was good for
$4,000 and they had then taken
Hamilton's notes. President Mccall
said the New York Life owed Hamil-
ton the $56,Si0 and took the syndl-
cate profits to pay him. The result
was that the payment did not appear
on the books of the company. The
reason was that he wanted to keep
Hamiltons expenses down.