The Montgomery advertiser., 1905-09-16
PERKINS HAS
 A SENSATION
 E- New Ye X Lies Political
 s,ntributions. LIBEE L TO REPUBLICANS A Cheek for $4S.702 is Ex-
 plained. Company Felt That its Assets Would Be Jeopardised by . Democrat. The Insurance investigation Proceeding.

| ucIlDcI UT tnG IlIfn OI Js r l Morgan and Company, and first vict
 president of the New York Life Insu- | rance Company, was the star wit | ness at today's session of the special
 legislative committee probing life in
 surance companies methods, and his testimony was repiete with revelations
 in the development of finance as ap- piled by insurance companies. | The climax of the day came when Mir. Perkins was asked concerning an 1 entry of $4s.702 in a ledger marked Ordered Paid by the President" Mir Randolph, treasurer of the New York l Life, who had been on the stand ear ] Her in the day. had been sharply ques- tioned as to the purport of this entry, but he was unable to explain 1t. He l thought no one except the president could. MT. Perkins had been called to testify as to some other transactions | and after a recess he was asked to i produce the check. It was made out payable to J. P. Morgan and Company and Mir. Perkins frankly stated 1t was a contribution to the National Repub-
 lican campaign fund and had been
 paid to Cornelius N. Bliss. Mir. Per
 kins said:
 This payment was. paid after very careful deliberation. It must not be considered an ordinary contribution | to the campaign fund. It was paid
 
 New York Life Insurance Company would be jeopardized py a Democrat" Mr. Perkins said contributions were also made in 1900 and in 1896. As an illustration, 1t was said the first con ' tribution was made in 1898 by Pres | ident Mccall. who is a Democrat. He contributed to the Mckinley campaign fund and voted for Mckinley because he felt 1t was in the best interests of | the policyholders."
 This bomb caused q murmur of con versation about the room, which had | become packed with spectators. Stand | ing room was at a premium and every one bent forward to catch the testi- mony. This was hardly necessary, for Mr. Perkins spoke distinctly in a very audible voice, He paced the small platform upon which the witness chair is placed, just before the committees rostrum and accompanied his words ! with earnest gestures, oftentimes
 suggesting questions to the counsel.
 Pursuing the check inquiry further. Mir. Hughes brought out that this ex- | penditure was never brought to the attention of the finance committee. the witness terming 1t purely executive action"
 Would Furnish Data. It was charged against cash on the books of the Hanover Bank. The witt ness did not know against what ac- count the other contributions were made. but he would furnish data. MT. Perkins here interposed: T would like to make one statement. The fact that the check is drawn to J. P. Morgan and Company has no signifi- canoe. I paid out the money and it was merely because of a convenience of repayment that the check was
 made payable to J. P. Morgan and Company" I A..nL.. ! cal campaign funds have been made by the New York Life?' l None to my knowledge" i Senator Armstrong here queried
 about the $4S,000 check to the cam
 patRn fund He asked: "Is there no
 self restraint allowed the officers in
 these campaign contributionsr'
 None that I know of. I think we
 have a right to leave the matter to the judgment of the officers" 1 If the President out of his own ex- l ecutive authority, without reference to
 inc Finance Committee. pays out such large sums as these, how do they ever come before the officers of the conn pany?" 'I have said the Finance Committee | has no authority over the agency &C., counts and general expenses. I think there should be a broadening of this authority"
 MT. Perkins was then asked about the checks for $55,000 and $45,00O made payable to Andrew Hamilton March g. | 1904. He could not tell whether they had to do with the home annex &C., count or the acquisition of the Worth why payment for property in New York should be made to a man living in Albany.
 MT. Perkins knew nothing of these real estate deals, but promised to pre- | sent the records.
 | Assemblyman Rogers then expressed his desire to ask few questions about J. P. Morgan & Go. and the repurchase on January g.
 Now. Mir. Perkins, you acted in the transaction for the insurance company and also for J. P. oMrgan & Cor Business Maxim. q completed the transaction for I. P. Morgan & Co. because that house was the only place where I could real ize a fair sum for the bonds at that time We lest nothing in that trans action and we made nothing. but in financial transactions 1t Is sometimes just as important not to make a loss as to show a profit"
 Mir Hughes-'You did not change your position at allr' ASsemDlyH an RoBerS-Has there been any other case in which you have acted for both the New York Life and l J. P. Morgan & Go. at the same time ?''
 "I recall no other transactions" MT McKeen-"Did you confer on tbis matter with any other member of I P. Morgan & Cor
 No"
 Tn effect. you acted at once fo, both J. p. Morgan & Co. and the New York Life.''
 Yes. There was no possibiIitv q, loss and had no other course onen tc me but to do as I did,
 Did any of J. Morgan Co.'S peo- pie know of the transaction?" T presume those who saw if tbrougb did"
 | Senator Armstrong-"Did vou n.- sonally carry the stock from inc Ns,,, York Life to J. P. Morgan & Co.'S of- hce?"
 T have made no deliveries since !, have been in the service of the com pany."
 "whO then. made the actual deliv- ery7" sN