The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-29

~ ~ SNNuii NitS utlu DN t1dI company.
MI Perkins appeared in court and
gave bail i'm the sum of $4,000. Mr..
Fairchild is in Europe.
The indictments were reported to
Recorder Golf while another case was
being heard. The latter hearing was
suspended while the recorder listened
to the report of the grand jury.
Statement Filled by Jury.
The jury reported six indictments
against each of the accused men. Ac-
companying the indictments was the
following statement:
The grand jury respectfully presents
that in filing bill of indictment
against two persons for offenses COM
mitted in connection with the affairs of
the New York Life Insurance company.
that accepting the law of these cases
as advised by the district attorney. thew
felt constrained to find the indictments
this day filed. The grand jurors, how
ever, desire to record their conviction
that in doing the acts charged. the de-
PENDANTS We're Influenced by a desire
to benefit the policy-holders of tho
New York Life Insurance company;
that the defendants themselves neither
did nor could in any way personally
profit from the acts done, and that the
evidence conclusively showed that a
large Decuniary benefit was derived by
the pOlicy-hOlders as a consequence of
these acts"
After presenting these indictments
the grand jury was discharged with the
thanks of the recorder.
Perkins Arraigned.
When Mr.. Perkins was arraigned III
the court of general sessions he en-
tered plea of not guilty to the indict-
nIents, reserving the right 30 withdraw
the plea at later date. He was given
until Jan. u to file demurrers.
Bail for Mr.. Perkins was furnished
by ]. p. Morgan. jr., who pledged the
house at 229 Madison avenue. valued at
100000, and Cleveland II. Dodge, who
pledged six acres of land in New York
City valued at $4,000.
Recorder Goff told Mr.. Perkins that
it would not be necessary 10 furnish
two bondsmen. Mr.. Perkins replied:
Il prefer TO have two bondsmen. 1t
is my wish to furnish enough security
to make the bond doubly sure"
The impression which had become
general that further investigation of the
insurance cases by the grand jury will
he impossible on account of the statute
Of limitations, is erroneous. 1t was an
today that the inquiry will be
begin its labors in January.
Books FaIsified.
One of the transactions investigated
by the grand jury in this connection
was what was alleged to be a dummy
sale of 10000 shares of Chicago &
preferred stock and $500
shares of St. Paul stock to the New
York Security & Trust company. AS
far as appeared on the books of the
New York Life company, this transac-
ton was a complete sale of the secur-
tiles. The New York Security & Trust
however, recorded it as a
loan. Later these shares were sold by
the New York Security & Trust COM
Dany at profit to the life insurance
company OF 100000. This alleged false |
statement of sale had for its object |
with the rules of the Prus- |
sian government that a life Insurance |
company doing business in that conn |
ry shall not include corporation stocks
n its assets. but may include bonds
n such assets.
The grand jury's investigation of the
lffairs of the New York Life Insurance
company which resulted in the indict-
nents returned today, was an ONT
growth of the investigation of the in
'urance companies by a legislative
committee a year ago.
Voluminous Testimony.
So voluminous was the testimonv
AIKEN by the legislative COMMITTEES that
District Attorney Jerome was occunied
or months in examining it, George w
former vice president of the
company. and a member of one of the
most influential firms in the world. was
lrrested on technical charge of lar
eny. but that the proceeding was
learly test case was shown when II /
vas permitted to go to the highest /
curt i'm the state without opposition |
rom the accused
The pressure upon District Attorney
Jerome to proceed against high off, /