Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-07-03
PERKINS is ExoNERArEp.
New York Life Committee Absolves
Him Of E,Iame-Leaves Company.

PERKINS is ENONERATED.
| New York Life Committee AbsoIves
Him Of Blame-Leaves Company.
New York, July 3.--The New York
Life Insurance company's special in
Vestigating committee, composed of
Thomas P. Flower. Norman B. Ream,
Hiram r. Steele, Col. A. G. Paine, and
Clarence H. Mackay, submitted its final
report to the company board Of trus-
tees. Accompanying the regular re-
port was a special report in answer to
demand by the policy holders that
suits be brought against the trustees
responsible for the losses sustained IN
certain transactions disclosed before
the Armstrong legislative committee.
The New York Life investigators
absolved George w. Perkins and the
other members of the company's fin
ance committee from any liability for
the transactions criticised. The finance
committees management of the affairs
of the company generally is sustained.
the findings in some cases being direct
~ opposed TO those of the state inves-
tigators. There was new explanation
of at least one of the criticised trans
actions contained in the report.
Following the presentation of the re-
port Mr.. Perkins resignation as trus-
tee of the company was accepted He
handed in his resigna ton last Decem-
Der. but 1t had been kept on the table
by the board II is understood Mr..
Perkins was urged to reconsider it, but
he refused.
James A. Blair, H Walters. and
Norman b. Ream also resigned. They
say they decided 10 retire because con-
tinued service under the Armstrong
committee laws might interfere with
their personal business interests. These
men were nominated to fill the vacan-
cies:
H. H. Lurton. of Nashville. Tenn
I. A. Raven. president Of the Allan
tic Mutual Insurance Company. New
York
George f. Seward. president of the
Fidelity and Casualty Company. of
New York
James A. Eckels, former controller of
the currency and now president of the
Commercial National bank in Chica-
go.
New Light on $4,000 Deal.
CiAG VI VIC ilie1dS d SUI.
ject of special investigation by the
Fowler committee was the sale by the
New York Life to j. p Morgan &
Co. of 100000 International Mercan-
tile marine bonds and their repurchase
at the same price two days later, the
report to the state super
intendent having been made in the
This transaction furnished
the basis of work by the Armstrong
committee. and Mr.. Perkins was ex-
amined several times in regard to it.
The Armstrong committee found in it's
report that there was no bona fide
sale, that the whole purpose of the
transaction WAS to conceal the extent
Of the company's interest in the navi-
cation syndicate"
The Fowler committees findings con-
tain an explanation of the repurchase
Of the bonds not given at the Arm |
strong inquiry. The Fowler commit |
Zee says that in 1902 the New York
Life applied for participation of $1,000.
700 in the navigation syndicate and |
was allotted 100000 OF this /
amount $3.20O,Ot0 was called that year.
The following year 100000 more was
called and paid for. Tho there was
10 formal action by the finance COM
mittee respecting the disposition of
his 100000 interest. it was the I'M
of the committee that if
t could be disposed of to advantage
t should be sold.
On Dec. 81, 1903, g. w. Perkins, then
chairman of the finance committee, in
ormed Mr.. Randolph, treasurer of the
that for j. P. Morgan &
To-, of which firm Mr.. Perkins is
member, he would purchase 100000
interest at par. The report then details
he various transactions and adds:
''Your committee is advised by
counsel and reports that there was
10 liability on the part of Perkins or
my officer or trustee in connection
With these transactions"
Another Transaction O. KID.
Another much talked of transaction
,assed on by the Fowler committee
yas the Mexican Central railway bond
transaction, that occurred in June,
904. This transaction, the Arm
trong Investigators found. was not
rought before the company's finance
ommittee, and the check did not pass
hru the New York Life accounts. The
fowler committee absolves Perkins
rom all blame.
BIG LOTTERY is OPENED.