The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-27

Lne united states government money,
the First National bank borrowed prop
erty belonging to the New York Life
and put it into pawn with the treasurer
Of the United States to secure the
money advanced.
The First National bank Is known in
Wall street as j. Pierpont Morgan IS
bank. George W. Perkins, the partner
of Mr.. Morgan, was, at the time Of this
transaction, first vice president Of the
New York Life and chief director Of all
it's financial operations. George F..
Baker is the president of the First
National and has intimate financial
dealings with Mr.. Morgan 8 firm.
49, Some Lobby Money. 'o-"
An equally interesting affidavit was
made by Edward A. Anderson, con-
troller Of the New York Life. This was
put. to him: "It appears that the ledger
account, legal expenses shows an ex-
/, 1896, Of the sum of 81, sis, 1887. OF
this sum, $861,OS850 was paid to An
drew Hamilton and 81 1854, 034.S7 to va
Erious other parties. State in detail, Civ
ing names, amounts and'1 dates, what
portion of this latter amount was paid
| for The purpose Of aiding or defeating
legislation pending before legislative
| bodies.' -',-.-.r's. .,'. -. % -..-. -,
| Mr.. Anderson sworn answer to this
statement. was as follows: :
! Determination of vouchers other
than. those which were paid to Andrew
| Hamilton discloses items amounting to
| e$7, 466 as having been paid for the bur
poses of aiding or defeating legisla-
ton - .>.,.:
y The report Of the five commissioners
Of insurance covers eighty three printed
pages. In the section entitled HInter-
est and rent due and -accrued,O it
makes a curious disclosure CONCERNING
the loan of 100000 made to E. H.
| Hartman. - -
|, Favor to. Hartman.
| The loan matured on June IA. 1905,
but Mr.. Hartman, in hquidating it,
neglected to pay any interest.
The company also failed to discover
the fact that Mr.. Hartman had paid no
interest until the matter was called to
their attention by the examiners en-
ployed by the insurance commissioners.
and Mr.. Hartman did not make good
the interest charge until Jan. 1, 1905.
On this subject the report says:
This item, includes $6,25O, the inter
est due on the Hartman loan, June IA,
1903. It will be recalled that on that
L.. ~ IIoIi 1ihdA JdlO OIL HIS loan or
$5OO,OO0 at 8 per cent interest and AT
the same time effected another loan for
the same amount at 81 per cent inter
est. The failure of the company to col
lect the interest due on June ID. 1905,
| on the Hartman loan was due to the
failure of the company to notify thu
borrower. and this amount has been
paid since, Jan. l. 1862
| .r 'Tsoon - IXr r1,-a
The section in the report devoted tt
collateral loans shows that the New
York Life is onetwelfth participant
| in loan of 100000 made to Senator
! William A. Clark by the First Nationa
| bank. The collaterals against the loa1
are bonds of the San Pedro, Los An
geles & Salt Lake railroad. which Sen
ator Clark is building. No collatera
whatever is deposited with the New
| York Life to secure that company. The
report on this subject says, referring
to the loan:
For this the company has only 6
letter from the vice president of thu
First National bank Of New York city
stating that the bank holds this col
lateral for the insurance company
! Some Railroad Deals.
| Ine report tnen says:
i Another loan, the collateral 70
which attracts attention, is the one TO
81 100000 to Kidder, Peabody & Co,
the security for which consists of 5000,
600 of New York, New Haven & Hart
ford per cent debentures, and 1921,
600 Of Chicago, Burlington & Quincy
illinois division, 4 per cent 1949 bonds
! The first mentioned security was found
| but for. the Chicago, Burlington
/ Quincy bonds, a receipt signed by j
/ 2. Morgan & Co. and bearing date O
June 3d. 1905, was exhibited, shown,
that Kidder, Peabody & Co. had PAL,
$549,655 in full for 1921, 900 of tn
4 bonds under the syndicate agreemen
dated Feb. s, 1905, between j. P. Nor
gan Co. and the syndicate sub
scribers.'
Deferred Dividends.
4 Considerable space is given in the re
port to the deferred-dividend policie
! issued by the company. A number o
tables are printed which shows tina
4 the actual results are away below TIL
estimates given by the company whe
the policies were written. In 1881 tn
], estimate on ffteen-year ordinary lif
J policy called for $484 and the actua
, result was $348. On a twenty-year OF
4 binary life the 1881 estimate called fo
d 1854 and the actual result was $780,
On a tWenty-year twenty payment lif
Z. the estimate called FOR $1.3i4 and til
!. tactual result was $500. On a twenty
year endowment policy the estimat