The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-09-26

New York. September 21.@George
w. Perkins. vice president of the New
York Life Insurance Company. and
member of the firm of j. P. Morgan
& Co. was on the witness stand before
the special legislative committee prob
ing insurance COMPANIES methods dur
ing the greater part of today's session.
When an adjournment was taken. he
was still on the stand. with a number
of questions pending to reply to which
he asked permission to look UP the
records and submit prescriptions.
There was nothing of a sensational
character in the testimony today. the
ONLY development Of being
the witness disclosu~~ in the New
Orleans traction syndicate. in which
the company sustained a loss of over
$500. 900.
Edmund V. Randolph. of
the had been questioned
rather sharply regarding this transac-
ton when he was on the stand last
week.
Today the matter was brought up
when Counsel Hughes ATTEMPTED to
probe the collateral loan account The
bonds of the New Orleans Traction
~ Sli 1SL '>S1I kAO
New York Security and Trust Com
pany at SIS. and We're subsequently,
sold at rs. Mr.. Perkins testified they
were sold on December 81. 1908. to
Fanshaw & Co.. for s937,500.. Mr..
Hughes found, under date OF January
4. 1905. a loan of that amount to
Fanshaw & Co. and asked him if the
loan was made against these bonds.
This MI. Perkins said he would have
to look up. and the question was drop
| ped for the present.
It was brought out that John Reg
man president Of the Metropolitan
Life Insurance Company. was carry
, ing a running loan with the New York
| Life of $4,000 @. at IL per cent. in
| whether this matter came before the
finance committee and would also
loOk that I'D. Witness could not eX-
plain why. after the New York Life
had bought 100000 worth of bonds
from J. P. Morgan & Co. S ,0O0,0 900
worth should be sold back to that firm
at the same price within two months.
and no minutes Of the finance COM
mittee could be found to explain it.
The transaction in navigation syndi-
| cate bonds of December 81. 1903. when
Mr.. Perkins for the New York Life,
sold Mr.. Perkins for J. P. Morgan &
| Co.. $500. 900. in these bonds. came UP
again, when the warrant for the check
of $500. 266 was produced. These
/ bonds were bought back by the New
| York Life two days later. and the
S266. Mr.. Perkins testified was for
the adjustment of interest. Mr.. Per-
kins would not acknowledge the trans
| action was a loan.
| The total dealings Of the company
with the Morgan firm amounted to
| $39,2S6,O75. with a profit of S7S4.768.-
1 I @ Tho oonnn N, III tho 0nrrn ma nyy'C in
| come was for the present dropped.
and the way of spending the non
was probed. The agency system OF
the was described. n at
this point Vice President Thomas A.
Buckner. who has char~o of the agents
was called. He stated that the total
salaries of agency inspectors were
$4,000 annually. Agency directors
get an average anr-~1 salary Of So
600. The latter receive about $780,
600 annually in
Mr. Buckner was unable to answer
many questions without referring to
records and will be called ago..
Earlier in the day Mr.. Perkins had
been questioned on the "Joint &C
count transactions OF the New York
Life Insurance which he
was unable to explain last Friday. He
occupied almost the entire morning
session. and presented statements OF
each account Mr. Perkins took occa-
sion to correct his testimony of last
Friday relative to the navigation bonds
when he was asked if the object OF
the transaction between j. p. Morgan
& Co.. and the New York Life Insur-
ance Company w~~ remove the
$4,000 bonds from the insurance
! company's books -" reduce their
holdings temporarily from $4,000, 900
to $4,000. 600. Mr.. Perkins answered
yes. but today said: IT did not mean
that: I meant to say No." y
Before Mr.. Perkin took the stand
John F. MCCULLOUGH. of Albany. a
clerk for andrew Hamilton. was call
ed in attempt to probe further into the
500. 900 check matter. but Mr.. McCul-
Tough Gould give 20 information and
was excused
The investigation will be resumed