The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1905-09-22
NEW YORK LIFE
lnsnratice Company Contributed
tosRepubIican Fund In

THE PAST CAMPAIGN.
George WI Perkins, Of j. p. Morgan &
Co.,, tas Star Witness at Fridays
Legislative Inquiry. Parker's
Election Would Impair
ComDaDy's Assets.
George w. Perkins, member Of the
firm of j p. Morgan 81 Co., and first
vice president Of the New York Life
Insurance company, was the star wit.
ness at Fridays session Of the special
legislative committee In New York
probing life insurance companies
methods and his testimony was
replete with revelations In II.
nance as applied to insurance com.
panies. The climax Of the day came
when Mr.. Perkins was asked concern.
an entry OF 848. 702 in a ledger mark.
ed ordered paid by the president"
MIR. Perkins had been called to tes.
tify as to some other transactions and
after recess he was asked to produce
the check. 1t was made out payable
to j. p. Morgan & Co., and Mr.. Per.
ktns frankly stated 1T was contribu.
tion to the national republican cam.
paign committee ard had been paid to
Corneilious N. Bliss. Mr.. Perkins
said:
This payment was made after very
careful deliberation. 1t must not be
considered an ordinary contribution to
the campaign fund. 1t was paid be-.
cause we felt the assets OF the New
York Life IDaurance company would
be jsophrd.z4d by Democratic suo-
cess"
| MIR. Perkins said contributions we're
also made in 1900 and 1896. AS an
| illustration witness said the first con.
tributlon made was in 1896 by Presi.
dent Mccall, who Is Democrat He
contributed money to the Mckinley
campaign fund and voted for Mckinley
because he felt 1t was IN the best in
tereSts Of the policy holders of his com.
pany." This boom caused murmur
of conversation about the room, which
lad become packed with spectators,
Standing room was at q premium, and
everyone bent forward to catch the
testimony, This was hardly necessary
for Mr.. Perkins spoke distinctly, in a
$50 hlea tbr0ug'
He pace0 uue small platform upon
which the witness chair Ia placed just
'fore the committee's rostrum and
accompanied his explanations with
earnest gestures oftentilnes suggest.
Ing question to the council.
Pursuing the check inquiry further
Mr.. Hughes brought out that this ex.
penditure was never brought to the
attention Of the finance committee,
the witness terming 1T purely execu.
tive action" 1t was charged against
cash on the books Of the II anover bank
Office OF financial department.. The
witness did not know against what ac-
count other contributions were made,
but he would furnish data.
M Perkins here interposed:
Il would like to make one statement.
The fact that the check Is drawn to j
p. Morgan 81 %. has no Significance.
L paid ont tue money and Ii was mere.
ly because OF convenience OF repay
ment that the check was made paya
BILE TO j. p. Morgan s. Co."
What other contributions to poll
| tical campaign funds have been made
by the New York Life?"
None to my knowledge" "
| ~ IItt.t nDlr
explain how on the books In the syndl
cate action by which $500 600 In
bonds was scli on December 81, 1901,
and bought back January 2, 1902,
there was shown on the debis SIDE of
the account $l6O. 900 and on the credit
side $800,000, and Mr.. Perkins re.
Piled:
am glad that you brought that
matter up. In that transaction we
asked for $5, ,000,0 600 Of bonds and only
got S4,O00,000. We made up our
minds to sell $500 600. When IL came
to the end Of the year we sold $500.
600 and instead OF taking a loss OF
al6O, 900, we only took loss OF $50.
600. l arranged with j. p. Morgan &
Co., to sell 1T at price and then
bought 1T back at the same price. AT.
ter rebuying held on to 1t and final.
ly sod 1t at 90. Our frat idea was to
sell at 80, but we finally got 90"
The money was paid by check to j L.
p. Morgan e Co.
Were not the sale and purchase
for the purpose Of decciving the com
missioner Of insurance."
No. 1T was not; securities we're de-
pressed at the time and it was consid
cred good deal"
But the real purpose was to have
your books read $3,2O0,00 instead OF
81, 600 00O?"
Yes"
Senator Armstrong hero uuericd
about the S48 600 check to tile cam.
paiRn fund. He asked "How came
The check to be such an odd amount?"
L do not know exactly except that
Mr.. Bliss had asked for $50, ,000."
Were you In q position to know Of
other campaign contributions" asked
Senator Armstrong.
L don't know, that is question
that ought to be looked into. In ali
campaign contributions l believe that
the fullest publicity should bo at.
tached. They ought to be publicly
known aud there ought to be law
passed to that effect"
Is there no self. restraint allowed
the olli1era In these campaign con.
tributions?"
None that / know Of. l think wo