The New York herald., 1921-01-06
LOUIS NOMINAL HEAD
New Amsterdam Casualty
Co. Gives Him 80 Per Cent.
of All Earnings.
DIAMOND RING FIGU RES
Intimate Dealings With
Criminals Revealed in Mag
istrate's Inquiry.

Testimony taken yesterday in the
bail bond inquiry, over which Magis-
trate Simpson is presiding in the Grim
inal Courts Building, indicated that the
brothers Topper-Louis and Joseph L.
reap generous profits from their
business.
Thomas l.. Perdum, vice president
OF the New Amsterdam Casualty Com
pany In charge of its New York busi-
ness, continuing his evidence, testi-
fed that his company's premium of 2
per cent, the regularly authorized
charge permitted by the State on bail
bonds executed, yields a revenue to the
company of about 100000 u year. OF
that amount 80 per cent, or 100000
annually. is split flfty-fifty between
Louis Topper. the corporations special
agent and his personal bondsman, DR..
Jacob Wachsman, a practising ply
sician OF $40 Forty street
Brooklyn, giving to each OF them
$4,000 a year income to start with.
But that is only the beginning An
annual revenue of 100000 on a basis
of per cent premium charge means
that the New Amsterdam executes
yearly an aggregate OF $5.000.000 worth
of bail bonds in this territory covering
criminal cases. its officers and agents
testified yesterday that agents who
execute those bonds under powers of
attorney supplied by the company
habitually exact for their own exclusive
benefit bonuses or extra premiums.
These sometimes are as high rs per
cent. of the face OF the bond executed,
but agents agreed that fair average
of the sums charged probably would be
8 per cent.
Louis Topper the Keystone.
Three per cent. on S5,00o,0o0 WORTH
of annual business written nets S150.000
as the approximate sum total OF
bonuses exacted. The company's vice.
president and it's assistant secretary,
William l.. McGinty. agreed that all this
business is written either by Louis Top
per and his three or four lieutenants or
else by Joseph Il. Topper and the four
or five subordinates who make their
headquarters in his Centre street office
and who were commissioned attorneys
Of fact by the New Amsterdam on
Louis's recommendation. -wo of Jo-
seph's subalterns testified yesterday that
none of them has any share In the
bonuses accruinG on bonds they write,
but that Joe pays to each OF them flat
salary of $40 week.
Allowing Joe salary roll of SIC, 900
year. there still remains. Il was
shown, neat revenue from which the
Topper brothers can indemnify the
company for an occasional forfeited
bond, where the indemnity collateral
may not have been large enough to
cover the loss. and TO defray rental and
other expenses of the Centre street
office.
Both Mr.. Perdum and Mr.. McGinty
testified that although their company
bestows powers of attorney upon each
OF these $40 a week men, who work ur-
der the direction OF Joe" Topper an
ex-conviet. and thus empowers them to
incur company liabilities running an
nually into millions Of dollars no effort
Is made before so empowering them to
investigate their personal qualifications
or character. For all that the company
looks TO Louis Topper. its special agent,
and holds him respon nsible. though he IL
bonded by DIR. Wachsman In the sum of
$50 200 only.
In no way does the company officially
recognize the other brother. It's Off
GERS swore that they never knew that
half dozen of their accredited agents.
whom Louis vouched for. were paid for
their services exclusively through being
on "Joes" payroll Mr.. Perdum said
IL always just assumed that Louis was
looking after them in some way
Concerning the cxaction of bonuses
in excess of the legal manual" premium
of per cent. the vice-president and
assistant secretary took the position
our agreement with our special agent,
| Louis, is not that he and his men shall