The Birmingham age-herald., 1905-09-22

| been a loss 1t would have been equally shared
 MT. Perkins again took the stand and said in another joint account with Gold man Sachs & Co the latter company bought the bonds amounting to d,4SO'OOl and that the New York Life Insurance | company carried them until they were | sold The profits were divided, each re- ceiving s121s4
 It was shown that the profits Of the New York Life Insurance company from 1899 to 1901 inclusive, in joint accounts were $3Ss. 1882.
 Bookkeeper Is Called.
 MT. Perkins was temporarily excused, and Milton Monroe Madison, a book keeper of the New York Life was called and he identified extracts from the books of the New York Life showing that in i the Wing & Go. account the New fork l Life Insurance company paid out Sl,fOO- GOO. Some bonds were withdrawn by the insurance company, leaving Sl'2SOV' bonds in the joint account.
 MT. Perkins was recalled and said: We went into this transaction to get these bonds as eheaply as possible. l fear, sir, that you are under the impress sion that we went Into this business so as to let others make money out or the action, but that Is not so."
 1 Testifying regarding another bond l transaction, MT. Perkins said that the policy of the New York Life Insurance company has not been to buy bonds merely for the purpose of selling them. A joint account in Missouri Pacific bs | showed profits of s9S, ,172 each to the in- surance company and of $9,442 to George l W. Bartholomew, broker, In joint account with Farson, Leach & Co. in 1901, in which bonds amounting to N,10O,- GOO were handled, the profits were divid- ed, the insurance company receiving $22,- l 005.
 {, Do I understand" said MT. Hughes, .'Farson. Leach & Co., did not put up any of the money2'
 i Another way of putting it." replied 1 MT. Perkins. "They did all the work 1 and we furnished the money. We re- ceived the money for our bonds and di- vided the profits"
 What is the work they did?''
 "They called our attention to the bonds and carried out the purchase and the l sale"
 MT. Perkins explained that the prr- chase of Long Island railroad refundinS As by the New York Life of $3UaJ,0O at i go, less 1 per cent, was joint account with the company and W. S. Fanshawe, on which the prpfts to the New York Life were S,1S250 and to MT. Fanshawe were s22,500.
 Why did Mir Fanshawe make so large a sunni" asked Mir Hughes.
 "That was the way we made the trade at the beginning" said MT. Perkins.
 Tn New York City bond issue and other joint accounts with Harvey, Fisk & Co. each firm carried its own share of tho bonds and took out its share of ths profit. "In a joint account with w. 5. Fan shave & Co., in 1904 to take an issue of I Northern Pacific and Great Northern 1 bonds," MT. Perkins said, "J F. Morgan & Co were the syndicate managers, and the money for the purchase was fur nished by the New York Lifs Insurance company"
 A number of othe join: accounts were gone over and then Mr. Perkins asked and was granted permission to make a statement
 Never Made Loss.
 Tn these joint acco lnts," he said. I've l have never made loss. Our profits from 1 1897 to date have been on these joint ac- counts $635922, and when the value of the bonds withdrawn are considered ths profits of every description run up to $SS6. 6Oi. There is one other person, how ever, connected with the contracts I would like to mention In order to have his name on the record-Mr Hughes him self. He is a policy holder in the New York Life Insurance company, and as such is a party to all these contracts
 Considering my vital interests in these matters" said MT. Hughes, "I intend at a future date to probe very fully lnil l them"
 Perkins Again Testifies.
 After recess MT. Perkins resumed the stand and produced a bank book of the l New York Life Insurance company, show ing the check for s266 and a deposit slir showing the check paid the New York Life Insurance company for the naviga- ton bonds on December 3l, 1903 by J. P Morgan Ss Go. The check for s266 Mir Per. l1ins testified. was for two days interest at 6 per cent which the New York Life paid J. P, Morgan & Ce on the $500, GOO MT. Hughes tried to bring out that the $S00,000 received from Morgan & Co. was taken with the expectation that it would be paid back, but MT. Perkins would no acknowledge 1t as loan
 MT Hughes then passed to the list of transactions of the New York Life In surance company with J. P. Morgan & Co. On December 31, 1902, about $4, GOO 00 of bonds were bought by the New Yorl Life Insurance company from J. P. Nor gan & Go. They appeared in the annua report of the New York Life Insurance company and on February 16 $2, 100000 O these bonds were sold s~ck to J. P Nor gan & Co for the same price. MT. Per kins could not explain this, but would | mittee on the subject could be found.
 In the collateral loans were two O. $5000O each to John R. Hegeman. presiden of the Metropolitan Life Insurance cSm pany. at IF per cent interest. One o these loans had been repaid. The other made January 2, 1902, was still running Mir. Perkins did not know whether thi' matter came before the finance committe but would like to look it up.
 ENnI,iae NLanL fo. GOeG
 The matter of the interest on the $500 GOO check was taken up again and tho original warrant drawn for the payment of $266 was presented. It was signed by the assistant treasurer. The interest wa: charged to interest account The detailed statement of the purchases of the New York Life Insurance company from J P. Morgan & Co., since MT. Perkins ha. been a member of that firm, was pre- scented. Tis personal profits as a mem Der of the Morgan firm, in dealings witl the New York Life Insurance compan, were $l0,412. These profits, Perkins testi fled last Friday he returned by persona check to the New York Life Insuranc, company.
 The matter of the New Orleans Trao tion syndicate and the $1,275,000 bond uha. were pursaased from he New Yurl Security and Trust company, was gon, into. The New York Life Insurance com pany sustained a loss on this transactio, O; over $S0A000 Mir pe.-l1ias kai1 4 was not a safe inv as ment but he denied that the bonds were purchased by the Nev York Life Insurance company from tn, New York Security and Trust compan,