The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-10-03

New York, September 2S.-Several
sensational incidents developed at the
session of the legislative committee
on life insurance investigation today.
The first was when Geo. w. Perkins,
vice president OF the New York Life
Insurance Company, and member OF
the firm of J. P. Morgan and Compa-
ny objected to probing the books Of
his firm showing a certain transaction
of that firm with the New York Life.
MI. Perkins offered to present a copy
of the entry in question from the
books, but Mr.. Hughes demanded tie
books after several refusals on the
part of Mr.. Perkins. The books will
be produced later.
In the course of his testimony Mr..
Perkins. when asked concerning the
difference in che statement of profits
from securi .es" in the Massachusetts
report of the company and OF met
Dorfts from securities" in the New
York report said:
when we get national supervision
we wont have these conflicts between
the different states"
Mr.. Perkins testified to a number of
transactions in which he represented
Morgan and Company as seller and the
New York Life Insurance Company as
purchaser.
Another sensation was sprung later
in the day when Vice President Thorn
as A. Buckner. Of the New York Life
Insurance Company, detailed the adj
vances made to agents and which were
carried in the report to the state SUP
erintendent of insurance, as "cOmmut-
ing renewal premiums" 1t was
brought out as a matter of fact that
these advances were loans to agents,
but were not carried as such. Mi.
Buckner testified hat advances were
made to agents, sometimes as induce
ments to leave other companies and
enter the employ of the New YORK
Life. A situation of conflict i n u
in 1901 between the Equitable and the
New York Life was brought out, and
in order to get agents OF the Equtta-
BILE away from that company, LIBERIA
advances and liberal contracts were
made by the New York Life.
Mr.. Buckner testified that these ad-
vances to agents IN the Buffalo branch
of the New York Life in 1902 alone
exceeded by $4,000 the amount really
earned by these agents. Later MT.
Buckner acknowledged this was mostly
e-xtravagant and said in 1903 the
amount was crt down by half and
by half the remaining amount in l9O2.
A copy of a contract and a conn-
Dental letter to David II. Desbecker,
of Buffalo, one of the agents in ques-
ton. showing the inducements held
out for him to enter n employ OF
the New York Life was read. The onh
Dental letter showed that the New
York Life Insurance Company agreed
to pay MI. Desbacker a bonus or S4,ooo,
and to make certain advances to nlm.
ANY return for these advances, Mr..
Buckner said, were carried as an as
set. until the end OF the year., ana
then they were charged off to proht
and loss.
While Mr.. Perkins was on the stand
during the afternoon, there was some
what of a clash between h witness
and Mr.. Hughes the first Of anything
of this nature that has occurred since
the committee began it's sessions. 1t
was when Mr.. Perkins was testify1ng 20
the money in the "Nylic' fund, of
which he is trustee.
Nh. Perkins did not want it to ap-
pear on the records that the agents
paid part of their salaries into The
fund under contract, unless the words
s'and bonuses" appeared. He said to
Mr.. Hughes that he (Mr. Hughes) was
trying to get away form something .and
the counsel horly retorted that he was
not and that if Mr.. Perkins would an
swer his question, much better prog
ress would be made with the invest1-
cation.
Earlier in the day Henry r. Win
throp of the Equitable, while on the
stand, presented a statement of the
transfers of the stock of the Equitable
at the time of it's change Of manage
ment and the directorate. Most OF
the transfers MIR. Winthrop was able
to explain, but some he was not. At
the time of these transfers Mr.. Win
fhrop was the holder of twenty-five
shares. He thought the actual owner
was James II. Hyde, as he turned the
checks for the dividends over to Mr..
Hyde.
MI. Winthrop was again called to The
stand JUST before adjournment, Mr..
Buckner having given away to explain
a trustee account brought up earlier
in the day.
Iii. Winthrop presented a typeWrit-
ten statement of the account q said
the loans would be paid of in q few