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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Jan. 12, 1906)
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JANUARY 12, 1906
77pT7oF THE "DEFENDERS"
AR a sample of the revelations made
Wore he New York insurance com-
mS the abuses disclosed in one
fare given in the New York
SSL? report as follows:
WFh-stThat the New York Life
insurance company made a loan of
SSo 000 during 1904 to a Boston bank-
ing house. The interest anu c
linns on this loan amounted to
40 000 A check for that sum drawn
o tl e order of the New Tork Life
Siq received by the company irom
The DSowers. The check for $40,000
Sw taken by M. M. Mattison, a book
keeper of the New York Life, to the
First National bank, cashed and
$40 000 in money turned over by Mat
tison to George W. Perkins. No
Mitrv of the $40,000 was made in the
books of the New York Life, mat
Mr Perkins did with the money Mat
tison couldn't say deiinitely. He be
lieved Perkins turned it over to
Nylic an organization of vthe com
pany's insurance agents. The policy
holders of the New York Life have
nothing whatever to do with Nylic;
the agents are its sole beneficiaries.
"SecondThat on the order- of
George W. P' 'kins $59,310.79, belong
ing to the policyholders of th9 New
York Life, was paid by J. P. Morgan
& Co. to Andrew Hamilton, the miss
ing legislative agent of the company.
"On December bl, 1901, J. P. Mor
gan & Co., for some undisclosed rea
son, advanced $56,720.55 to Andrew
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I tlVecltoPi?1i..,:e3,dritri oftho respoo-
wwished, ucu ino Papers' named aic
Hamilton. On "October 1, 1902, tho
interest on this advance amounted to
$2,590.24, making the total of Ham
ilton's debt to Morgan & Co., $59
310.79. On that day tho New York
Life was to have received ?87,187.50
as its share of a distribution of pro
fits of the original United States Steel
syndicate managed by J. P. Morgan &
Co. Instead, the New York Life re
ceived only $27,676.71, the difference
being appropriated by order of Mr
Perkins to wipe out Hamilton's debt
with J. P. Morgan & Co.
"Third That the statement of its
syndicate participations furnished by
the New York Life to the Armstrong
committee at the outset of the inves
tigation was false in that it did not
include any mention of a participa
tion of $2,325,000 in the original Uni
ted States Steel syndicate. This is
tne urst time so far as known that
a-y insurance company has attempted
to trick the Armstrong committee.
The company attempted to explain
this by saying the participation was
in the name of the I Tew York Security
& Trust company. But the New York
Life furniohed all the money, got
three-fourth of the profits and the
trust company one-fourth. In several
letters written by tho trust company
to the New York Life reference was
made to the syndicate participation in
these words: 'Which we are carrying
"FourthThat the original partici
pation of the New York Lii"o in this
syndicate was $2,400,000, but of this
$25,000 was given A. G. Paine, one
of its trustees, and $50,000 to George
W. Perkins. It was not shown that
either Paine or Perkins put up a dol
lar of their own money. They re
ceived their profits, however. A. G.
Paine is president of the New York
and Pennsylvania company, which is
building tho Pennsylvania tuinel
from Long Island City to New York.
"Fifth That the New York lAfe
also had an interest in the preferred
stock retirement syndicate of the
United States Steel Crrroration, gen
erally called the bond-conversion
syndicate. This, liko the other, was
arranged by George W. Perkins
through the Security and Trust company."
MONOLOGUE OF A LIFE INSUR
It is natural for man to indulge in
the vocation of graft. We shut our
eyes against scrupulous policyholders
and listen to the jingle of that siren
until she transforms us into oligarchs.
Tof ih tbp nart of wise men en
gaged in a great and ardous strug
gle for booty? Should we be dis
TinRPd to be of that number who,
having eyes see not the bank roll and
havinc ears hear not the clink and
jingle of those things which so near
ly concern their temporal weuure;
For my "party" I am willing to rob
widows and orphans or to lie for it.
I have but one lamp by which my
1nnAa tra crniAail. lUlll that IS the
lamp of experience. I have no way
of judging my future except by the
pigheadedness of my policyholders
and judging by the past I'd like to
lmmv what there has been done
vmnniv'k in mv administration for the
last forty years to justify these fool
ish hopes of publicity witn wmen tu
,io nnhlln hna ROlnrfirt itself. I Will
not suffer myself to be betrayed by
a railroad pass! Are Kiwyers and ex
aminations necessary to a work of
booty .and graft? No! I will not be
deceived; these are the last Imple
ments to which a rifled public resorts.
What means this legal array if not
frt moiro mo disconreT? I can assign
no nfhpr reason for it. It is meant
for me! It can be meant for no other.
a,i whnt Rhnil I tr.v against the
i -,:.,. f flio Annv nilhlifi? Shall I
try explanation? This has been suc
cessful for forty years but it will
wnrAr nn inncrfir. I nave done every
thing to avert tho publicity that is
now coming on if I
II I am to
wiBh to be free
preserve Invinintn Mm
purpose for which this insurance so
ciety was formed, viz., graftlng,-lf
1 am not to abandon the graft In
which I have boon ho long ongagod
I must go to Europo for my health
for a time. 1 repont it I must so to
Shall I acquire the inenim of offoc-
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