The Birmingham age-herald., 1905-09-16
journed until next Wednesday.
Began at $25 a Month.

the rest at bond il terest on joint ac- count !"
 Adjourned until next Wednesday.
 Began at $25 Month. When MT. Perkins first took the stand he presented his original contract with the New York Life, which was letter from his father in 1872 offering him 3o- siton as clerk. It was da'ed Plttsbur6' March 28, 1872 and said in part:
 "I have obtained for you a situation with the New York Life to act for the pr, sent as my clerk at a salary or $2o Fer month, commencing April l, 1872. It's continuance will depend upon your lm- 1 provement Tn sielilng and writing, which will need to be very rapid Also upon your care to attend to everything given you to do promptly. without making any blum ders or mistakes, and if in every respect you arc honest. truthful and faithful in your duties it will lead eventually to inn mediate better position. MT Beers hopes that you will prove tc be the coming man for the company. I will instruct you about your duties in detail when I reach Chica Go."
 MT. Perkins went on: 'T was 1s years of age when the letter was written. I wanted to leave school and go to work at once I have tried to live up to the injunctions in this letter. l have been considerable factor in the New York Life and I have used my best efforts whether as office boy or as first vice president, to promote it's interests; I have reorgan- ized the financial and agents depart ments I believe we have a company at least the equal of any other company. We are deeply interested in the investiga- ton because we are the largest trust fund in the country. We have over $4GO,- 100000. I believe I have been the most influential factor in bringing into the New York Life the hundreds of thousands that are there and it has been my in- terest to keep them there with conserva- tive interests"
 In 1892 Mir Perkins said. he was ap- pointed third vice president in charge of agencies throughout the world. This office was created at that time and he was given wide latitude in making changes He succeeded to the first vice presidency in 1903 with a salary of $25,- GOO. Before he entered the firm of J. P. Morgan & Co.,, he drew a salary of $75,O00 from the New York Life but it was re- duced upon entering this firm
 Tells of Partnership.
 MT. Perkins entered with great detail into the manner of his becoming a partner tions to the New York Life. He declared that any profits accruing to him on bonds sold to the New York Life by J. P. Nor gan & Co.,, he turned back to the insur- ance company by his personal check. MT. Perkins was asked if w. & Fan shave & Co.,, purchased bonds of J. P Morgan & Go.
 'They do," was the reply.
 Docs the New York Life buy of w. S. Fanshawe?'
 They do, but whats your point?" the | witness demanded. Do you want to know | if there is any underground method whereby I get a profit in securities sold l to the New York Life?"
 That's It." said MT. Hughes. 1 ''Well, there's nothing of the kind done" | MT Perkins replied.
 exactly are the relations of the New York | Life and the J. P. Morgan & Co.,? Do you 1 profit by these relations?"
 Describes Agency Work. 1 MT. Perkins arose and said: I We have been very successful in de- 1 veloping our agency work. Our business | was increasing and the organization pret- | ty well completed We made an estimate as to what the figures would reach and we | found that in twelve years it would | reach a billion dollars. It was startling l proposition, and 1t became evident that | we ought to have banking facilities. We | wanted man conversant with the work. was selected after discussion for the work. We wanted to connect the man l who was to be insured with the people
 who were to invest his monev At this
 time MT. Morgan made ne d flattering
 offer.
 'I could not see my way clear to leave the New York Life. and I declined the
 offer. As result of that decilnation I
 had my salary raised to s75,Ao5 d year.
 While that was large, 1t was not more than what I refused from MT. Morgan.
 Finally one day the pror sition Was
 made to me to occupy the lIdl position
 1 now occupy with both conc arns
 "The arrangements I made were that my salary should be reduced on the New York Life and that my efforts should be directed towards the banking business"
 MT. Perkins then went on to explain his connection with .,th concerns In various financial transactions, being questioned particularly as to sales made by the New York Life and J. P. Morgan x Co to each other. This line of inquiry occupied the remainder of the session.