The Montgomery advertiser., 1905-11-28
MONTGOMERY. ALABAMA TUESDAY. NOVEMBER 2s 19O5

ment of it to the New York Life. Mir. ! Perkins said he knew nothing about the | expenditures by Andrew Hamilton for the New York Life Insurance Com pany.
 Did Not sfgn Letter. Mir. Hughes read letter written in 1899 and signed by Mir. Perkins's name directing an employe of the New York Life how to prepare statement of MT. Hamilton's expenses to the Prussian Government. MT. Perkins said he did not sign the letter and that some em- ploye must have used his name. The Hamilton matter, he said. was always considered a confidential account. J. P. Morgan & Co. never had any other account with Andrew Hamilton than the one under inquiry. MT. Hughes asked why the New York Life did not pay the bills of Hamilton and E. E. Mccall If it was New York Life business. Mir. Perakins said Mir. Mccall said he felt that rood way to do was to pay 1t out of the profits.
 Tn that way 1t would not get on the New York Life's books" said MT. Hughes.
 Yes"
 Mir. Perkins said voluntarily that the plan of syndicate participation dis closed was made by him. He added that the New York Life's profits by it were more than s435,o0e, or eighteen times his salary as vice-President. He declared it was not a devious" way as described by Mir. Hughes, and said he was perfectly willing to stand on his record.
 Mir. Perkins said President Mccall had sent letter to Hamilton's address in Europe and to his Albany office to be forwarded and asked him to come and testify. Mir. Perkins did not know whether MT. Mccall asked Hamilton to send an accounting if he could not re- turn to New York.
 Mir. Hughes then read the notes given by Edward Mccall and An drew Hamilton to the bank and trust company Mfr. Perkins did not know whether the amount was for legal cx- penses. He said the debts to J. P. Morgan and Company were liquidated from the profits the New York Life received in steel syndicate participa- tfon.
 Payment to Hamtlton.
 Mir. Hughes read from a biotter of the New York Life Company showing the payment of $59.31e to Andrew Ham, ilton. Asked if the payment appeared in the report to the State Insurance De- pertinent Mir. Perkins said he did not know but understood President Mccall settled. Asked why Mccall and An uIeW fldHiiiton AOt lHoHty Ou tHtiA notes from the Central National Bank and the New York Security and Trust Company, MT. Perkins said he did not know but would find out.
 Mir, Perkins said he did not see or have any communication with Mir. Hamilton during his recent visit to Eu- ropo.
 Mir. Hughes then asked NIT. Perkins to explain why he tPerkins) received & profit of s40.1e3 which was paid by Ktdder, Peabody and Company of Bos- ton to the New York Life for loan of ssso,0oe in 1904. MT. Perkins said that Robert winsor. of Kidder. Peabody and Company of Boston called at the office of J. P. Morgan and compsny in June. 1904, and asked them to take np joint account with his firm fin connection with the Mexican Railroad Company.
 MT. Perkins told him that J. P. Morgan and Compans could not do it. but that he (Periips9 would take care of it. Mir. Perhfns said further that he took up the business for the Nyiic fund, which is owned by the agents of the New York Life Insurance Company of which MT. Evans Is trustee. Part of the proposition was that the Mexi- can Railroad Company should be sup piled with $2.o00,0O0 at once.
 The Nylic fund did not have so much cash and Mir. Perkins did not wish to ulbluTO ILb iuNCSlNuCttbf HO uS aEEdHBCa with Edmund D Randolph, Treasurer of the New York Life Insurance Com- pany to take si.00o,o00 worth of Mexi. can Central bonds at 5 per cent inter- est from Kidder, Peabody and Com pany and to carry them for the inter- est.
 Profit Paid to Perkins.
 The New York Life Insurance Com pany said MT. Perkins. paid Kidder. Peabody and Company $s50.00o and held the bonds until August II. 1904. when the Boston firm paid the loan, interest on $1,000. 900 and $4o,19S profit on the transaction to the life insurance com pany. The profit of $40.193 was paid to Mir. Perkins as trustee of the Nylic fund.
 The profits were sent to the New York Life Insurance Company he said, because the company was the only party known to Kidder, Peabody and Company In the transaction and the check was cashed and the cash paid to Mir. Perkins because if it had been cashed and entered on the books of the New York Life Insurance Company 1t might have been said that the company received the profit and then gave 1t away.
 MT. Perkins said the profit of the Mexican Central deal was derived by the sale of $2,000,000 of bonds by Kid dbTs HedDOQy N 1o. lHS NyAtI Ahhu paid nothing on the bonds. The trans action was not reported to the Finance Committee of the New York Life In- surance Company MT. Hughes asked if ttfere was any other consideration than the loan of $930.000 for which Kidder, Peabody & Go. paid the $40,- 193 He replied that was all with the exception of the taking of the joint account
 In reply to questions Mir. Perkins said the Nylic fund was held by him as re- sponsible for any loss that might have resulted from the deal ''on my word
 ITO whom did you give your word?" asked Mir. Hughes.
 T did not give 1t to anybody" said Mir. Perkins. q did not need to-"
 Not Liable for Loss.
 He said the New York Life was not liable for any loss Mir. Hughes then asked several questions to locate the $40.1s2 in a statement of the assets of the Nylic. The money, Mir. Perkins said, was never checked over to the "Nylic" trustees. but was invested MT. Hughes asked how 1t was invested. MT. Perkins said the funds of the Nylic were handled as a part of his own in- dividual account Asked how he dis criminated, Mir. Perkins said he never had any trouble in discriminating. Mir Perkins said he did not want to say how he invested the $40,193 before such an audience, but 1t was put into United States Steel common stock at 1912
 Did you keep or sell it?''
 I'm chairman of the Finance Com mittee of the United States Steel Cor poration and if I say what I did with