Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1905-11-24
Bookkeeper for New York
Life Tells New In
surance Story.
No RECORD WAS KEPT
Andrew Hamilton Has ExpIana-
ton Coming---Manning
Put on Stand.

New York. Nov. 24.-Milton NJ. Madi-
son. boolkeeper of the New York Life
Insurance company. testifying today
before the insurance investigation COM
mittee said that in 1904 he received
check for 5000 as profit on loan
of 1920 900 TO the firm of Kidder. Pea
body & Co. of Boston.
No Record of Deal.
He got The check cashed at the First
National bank and gave the money to
George w. Perkins. vice president OF
the New York Life and a member OF
the firm of J. T. Morgan & Co. He did
not know what Perkins did with the
money. because no account of the
transaction appeared on the books of
the company.
Wiped Out His Debt.
Madison said in 1901 J. p. Morgan &
Co. advanced $59,310 to Andrew Ham
ilton who had been called the ''legisla-
tive generalissimo" and that on Oct
l. 1902. Hamilton was credited with
$59.310 against this account.
Denies the Deal.
Boston. Nov. PA member of the
firm of Kidder Peabody & Co, being
shown a copy of the testimony of
Bookkeeper Madison of the New York
Life with reference to the alleged loan
of the 1920, 900 TO the Boston firm, said:
There was never any such transac- |
ton. The statement is either a mis-
take or a misstatement."
Manning stand.
New York, Nov. 2i-W. S. Manning. |
Senator Depew's "cantankerous friend |
from up the river" was a witness yes
terday afternoon before the Armstrong |
legislative insurance committee Man |
ming didn't appear TO be at all cantank- |
erous. Instead of the sort of person
who doesn't care hang-who wants |
TO know you know" he turned out TO |
be n mild-mannered old man with a
weak voice and a long. scraggy gray |
beard.
John A. Nichols. who drew such
vigorous picture of Manning for Sen2- |
tor Depew and the Equitable officers.
got 81 900 year. and sometimes more. |
from the life companies for keeping
.he cantankerous one quiet.
Received hut $3.50.
Manning testified that he never in
any one year received more than $3.50
from Nichols. In recent years he had
got only $500. Nichols stated under
oath that he had paid Manning $450I
ANA sometimes $3.50 out OF each 81 900
which he got as a retainer.
Manning said that up to last Janu-
airy he had been a travelling salesman
for the Albany Chemical company. He
- Iv.a~s ~sv..aUs
from 1858 To 1875. having been in
charge OF the premium department in
the Mutual Life. secretary OF the Hart
ford Life. and general agent for var
ious companies.
Along about 1875 he undertook tOl
become life insurance expert. writing
articles on the subject. He always has
been favorable TO life insurance as an
economic proposition. but was antago-
nIstic to the officers of the companies.
Ignorant Where u Came From.
Mr.. Hughes wanted To know what
services Mr. Manning had rendered To
the Equitable in 1904. Mr.. Manning
made the astonishing statement thai
he never had been engaged by the
Equitable: that Ne didn't know until
recently that he was receiving money
from that institution. lie had been re-
tanned ny Mr. Nichols 10 keep him in
formed on legislation at Albany-the
bills that were introduced and the
progress that was made. He also was
expected to hold himself ready TO re-
spond to cali in case of an emer-
gency. He has been holding himself
in readiness since 1883. the year in
which he began To draw his pay.