The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-29
Six Indictments,

IL
as the "Prussian loan,' the specifica-
ton under the charge of forgery being
the. classification Of bookkeeping entries.
1t is alleged that certain railway stocks
were transferred by the insurance COM
pany to the Security and Trust COM
pany in order to comply with the Prus.
sian law, but that the transfer was not
bona ide.
The grand jury coupled with the in
dlctments presentment as follows:
Grand Jury's Statement.
p The statement, in full, as it was pre-
sented to Recorder Golf, follows:
"The grand jury respectfully nre.
sents, in fling a bill Of Indictment
Z against two persons for offenses com
mltted in connection with the affairs of
the New York Life Insurance com
pany that, accepting the law of these
cases as advised by the district at
torney, they felt constrained to find the
Indictment this day filed.
The grand jury, however, desire to
record their conviction that in doing
the acts charged the defendants were
pollcyholders of the New York Life In.
surance company; that the defendants
themselves neither did nor could in anv
way personally profit from the acts
done, and that the evidence concl1.
slvely showed that a large pecuniarv
benefit was derived by the policy
holders as a consequence Of these
Maximum Penalty.
The maximum penalty in the event Of
conviction is five years in the state
prison; 80 that, upon six indictments,
each one of the indicted men could get
thirty years in state prison. No fine
clause is prescribed by law. It is
either Jail or suspension of sentence.
Mr.. Perkins was the only one of the
accused present in court. A bench
warrant will issue in the case of Mr..
Fairchild, who is in Europe.
In order to show that the banking
house with which Mr.. Perkins is con.
nected, still has the greatest confidence
in him, j. Pierpont Morgan, Jr., ap-
peared at the district attorneys office
and insisted upon being accepted as
one Of the bondsmen for Mr.. Perkins.
The indictments are the result of the
grand jury's investigation of the New
York Life company's affairs and deal
with certain stock transactions made
after the Prussian government had re-
fused to permit the New York Life to
do business in Germany as long as it
carried railroad and Industrial stocks
and bonds in its treasury. It was for
the purpose Of getting around that OBJ
lection that the New York Life, thru
Mr.. Perkins, had blocks of Chicago &
Northwestern and Chicago, Milwaukee
& st. Paul stock and bonds transferred
to the New York Security & Trust
company and to the Central National
bank, making it appear as tho these
transactions had been genuine sales.
Presidents Organize.
New York, Dec. 29.-The Associa-
ton Of Life Insurance Presidents was
organized at meeting here yesterday
and constitution and bylaws adopted.
Ten Of the fourteen presidents who at
tended the meeting voted in favor Of
the, adoption Of the constitution and
bylaws, the others being excused
from voting until they can consult with
their boards Of directors. They were
given until Jan. Is to vote by mail and
the meeting adjourned until Thursday,
Jan. II, when an executive committee
will be chosen. ,a-. a.. s
The objects of the association are
set forth to be improvement of the life
insurance business by the Inauguration
Of better practices with the aim of ulti-
mately increasing dividends and there
by reducing the cost of life insurance
to policyho1ders.