The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-09-21
Geo. W. Perkins Again Called
BeforeInsurance COmmittee.1
Committees Counsel Says He Is
After Facts Not Motives.
PARTNERSHIP DEALS
With Bankers and Brokers Are
Brought to Light
In Which Profits and Losses
We're Shared Equally.

New York. Sept. 21.-Ihe probing
of the methods of life insurance corr
panies was resumed today by the leg
islative investigation committee. Be
fore the days proceedings were begun.
Charles E. Hughes, counsel to the
committee, said he believed that facts
of more Importance and greater in
terest than any developed thus far still.
remained to be brought out I'VE
have not yet reached the meat of this
inquiry" said Mr.. Hughes, ''in fact
we have only started it-''
The first witness today was John F.
McCullagh Of Albany, who is employ
ed by Andrew A. Hamilton. The
checks for 100000 given by the New
York Life Insurance company to Mr..
Hamilton bore McCullagh's name as
an endorser, but the witness said he
knew nothing about the checks except
what he had read in the newspapers
He did not know whether Mr.. Harnil-
ton appeared before the legislative
committee nor did he know anything
about his employers account in the
State National bank of Albany. He
does not know of any other account of
Mr.. Hamilton's in Albany, but knew
he was elected a director of the AL
bany Trust company about year ago.
The witness said he did not know
where Mr.. Hamilton's books were nor
did he know where to find any of his
employers Cancelled checks.
Mr.. McCullagh said further that he
knew nothing whatever about the
100000 paid to Hamilton and con-
cerning which Mr.. Mccall, president Of
the insurance company, was examined
yesterday.
George w. Perkins, vice president
of the New York Life Insurance COM
pany, and a partner in the banking
firm of ]. P. Morgan & Co., was the
next witness. He was asked to pro-
l. n <711a ao1- f-v- o
j. P. Morgan & Co. by the Life COM
pany for 100000 of bonds of the
Navigation Securities company. These
bonds were sold by the New York Life
insurance company to J. p. Morgan &
Co. at the close of the calendar year,
| December 81, 1903, and bought back
on the next business day, January ..
u l9O4. The check was offered as eyi=
dence An accompanying check for
1855. Mr.. Perkins said he did not
know about, but would look it up. The
check of j. P. Morgan & Co. for $780,
asked for
Mr. Perkins then presented a state
ment of the insurance company's joint
accounts from 1897 to 1905.
Mr.. Perkins presented a number of
other financial statements that had
been requested.
! Among the accounts Mr.. Hughes
found the participation of the New York
Life Insurance company with C. T.
4 Wing & Co., in which on the purchase
of railroad bonds to the sun1-of 81 7S0.-
600, the New York Life received a profit
of $32, 1853.
The witness did not know what profits
the firm of c. T. Wing & Co. got in the
transaction.
From this account it looks as if the
New York Life put up all the money"
said Mr.. Hughes.
DO you know whothSr that is true
or not?''
"I do not. am not the bookkeeper.
but presume tile accounts are cor
rect"
Mr.. Perkins was temporarily excused
and Milton Monroe Madison, a book
keeper of the New York Life, was called
He identified extracts from the books OF
the New York Life showing that in
the Wing & Co. account the New York
Life paid out $1,700,O0G Some bonds
were withdrawn by the company leav-
ing s., 1,2S0,000 bonds in the joint account
Mr.. Perkins was recalled and said:
1--WE went into this transaction TO get
business bonds as cheap as possible. I
fear, sir, that you are under the i'm
preston that we went into this business
so as to let others make money out OF
) the action. but that is not so.''
I'VE will skip the motive" interrupts
ed Mr.. Hughes, ''let US get az the facts.
L do not wish to discuss the matter at
all with you. Let US have the facts
"All right. SIR
Did the New York and Security
Trust company buy any bonds for your
company. asked MT. hughes.
81 cannot say for that was years be-
fore took charge of that department
Mr.. Perkins said that in 1898 the New
York Life took s., 100000 of Chicago and
Northwestern 31s per cent bonds in Joint
account with Goldman, Sachs & Co.,
portion of which were sold with a profit
for the insurance company of S13,.43
Bookkeeper Madison was recalled and
testified that the profits were shared by
the Life Insurance company and Cold
man, Sachs & Co., and that il there had
been a loss it would have been shared
equally.
Mr.. Perkins again took the stand and
said that in another Joint account with
Goldman, Sachs & Co., the latter com
pany bought the bonds amounting to
81, 10000 and that the New York Life
carried them until they were sold. The
profits were divided, each receiving S12,-
1S4.
1t was shown that the profits of the
New York Life from 1899 to 1901. in
elusive, in joint accounts were $3ss.3S2.