New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-22

as you know? A-Nerer to my knowledge. NO.
sir
o:.5Then the New-York Life Insurance Company
aaeDnadent OF It asf in the price that
mght be realized for the stock OF the New
over and above F4 the PRICE Of 500 share, did you
regard the ew-Orleans Traction syndicate as =
1Gf o 'hs eop9 March
interest In the other matter it was proper invest
ment.
NOT A GOOD INVESTMENT
QmYou haven't quite answered my question yd In
Judgment. a good investment? A-No, sir;
say that we might not have made it at that time
in that way had nos been for the other interest
ia m e1a seenrg Trust o
good I fnE the o1ev snow 'na' "
QIThe interest you referred to- the contingent
York Security and Trust company stock sci! for
more than 500? A-That we might secure that ad-
dtional benefit. Yes. sir.
Mr. Perkins, in answer to questions. said he
knew nothing of the $685., 600 which President
Mccall testified he had given to Judge Andrew
Hamilton, and for which no accounting had yet
been made. Such matters did not under
his control.
TELL or THE AGENCIES.
For the last hour OF the session Mr.. Perkins
and Thomas A. Buckner ffdst vice president
Of the New-York Life, testified to the agency
machinery Of the New-York Life. Mr.. Perkins
made brief statement outlining the manner in
which he had changed it's operation He testified
that there were 215 agency directors in the do
mestic field and forty in the foreign field, that
there were ten agency inspectors in charge or
the directors and that these last received sala-
rfes ranging from $4,000 down. The total sala-
amounted to s196o6 In addition the agency
inspectors receive a bonus of 81 on 81 ,0O0fo new
business.
Thomas A. Buckner testified that the salaries
eed and
from 81 soc to $4,000 He said that the directors
received a bonus of $4,000 in 1908. Mr.. Buck
ner insisted that there secret arrange
ments discriminating between agents, and esti-
mated the average commissions paid to agents
below 80 per cent.
Mr.. Hughes here read from the companys
report showing that the first years commits
sions paid for the year amounted TO S7.2I6,-
1853 81, and stated that that sum was in excess
by at least 100000 Of the so per cent.
Turning to his accounts, Mr.. Hughes pointed
out S125,7S5 charged to expenses of conventions.
How much business do these agents have to
do to be entitled to attend conventions" he
asked
clubs. The man who writes 100000 insurance
belongs to the 100000 club. and the who
writes 100000 insurance to the other club;
100000 men meet in July; 100000 men are di-
vided into States, and meet as convenient.
The various items of the accounts Of the
agency department for 1903 were gone through
and explained.
In 1903 S4221S95 40 expenses had to be
charged against the premiums, besides s6,640,000
for regular commissions. That is, total expenses
were $10,7S5,573, and first year premiums were
$13906,4SS.
In 1904 the total expenses were s11,116S64,
and first years premiums were S14,049, 507 OF
the s11.116.S64 expenses s6,65413S were commits
sions on first years premiums and s6.462,726
We're bonuses and other general expenses
At the session to-day the investigation of
the agencies will re resumed. The adjournment
tomorrow will be taken until Wednesday. as
the committee desires to give its counsel time
to examine the vast mass of testimony already
taken. member of the committee said last
night that action had been taken in any way
indicating any purpose Of calling either Thomas
Taggart, chairman of the Democratic National
Committee, ex-Judge Alton B. Parker.