Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-12-23
NEW YORK LIFE FINANCES.
Vice President Perkins Makes Hand
some Showing on His Exit.

The vice president OF the New YORK
Life insurance company, George w.
Perkins, has been the recipient OF
great deal Of criticism OF late, but
even his critics will be apt to be star
tied by the wonderful financial showing
Mr. Perkins made for the New York
IAse when he filed his resignation. The
latter document is here reproduced, ana
the full financial report appears IN
another part Of this Issue:
/ hereby tender my resignation az
vice president Of this company ana
member of the finance committee. In
so doing / desire to submit the foilow-
ing concerning my service TO the conf
pany while an executive officer:
Having passed through all the various
grades of service, including that OF an
agent In the field, ] was elected vice
president OF the company In February,
1872. The task of recognizing the COM
pany's agency department throughout
the world was Immediately assigned 70
me. | devoted myself exclusively 70
this for the succeeding eight years
During this time the old general agency
system OF the company was orokel,
IN not only In this country but In other
parts OF the world. The middleman,
who. under that system, always MADE
large profits in the form OF overriding
commissions, was eliminated. new
plans OF orga IMITATION known as the
branch Office system, by when the com.
pany deals direct with the insured ana
direct with the public, was established,
with the result that new business Is Sc
cured in a much larger volume and at
lower cost and stays on the BOOKS win
greater permanency.
Various methods have been devised,
known as the "Nylic" system, to pro-
mote the permanency OF the agents
connection with the company ana IN
crease their interest In the quality OF
the business secured. This system has
materially helped to develop large
body of unusually efficient men who. De-
cause OF these influences and OF their
absolute faith in the company, have Sc
lected service here as their life work.
They are thoroughly trained ana
equipped life insurance men. They nave
been selected after years OF effort out
of many thousands who have served the
company. They are, individually and
company. It would take years Of time
and a very large sum Of money TO re-
place them.
A feel come pride In the part l have
had in creating this organization ana,
therefore, sincerely hope that, In Justice
alike TO the organization and the policy
holders, nothing will be done to lessen
the effectiveness and value OF the work
of the men In the field.
When entered the firm OF ]. p. Nor
gan & Co. II was understood between
Mr.. Morgan and myself. ana also un-
derstood and approved by the New iork
Life Insurance. company. that the uuai
position should not continue. however
INV long connection with. and deep in
terest IN the New York Life Insurance
company made me loath to leave II, es-
peclally' AZ / came to realize that my
Connection with the financial world was
of Substantial value to the policyhoiders
of the company; and ! believe this 10
demonstrated by the statement l here
with submit as to the operations OF the
finance COMMITTEES during the period OF
my Craftsmanship.
NV business responsibilities, already
very great, have within the last rev
days been so increased by my election
TO executive positions In other COM
panies that I ask you to accept my res
ignation as Of this date. In taking
this step desire to testify most heart.
| ily to the unselfish devotion, at all
times. of my associates on the finance
Committee to the policyhdders' inter-
ests. and to acknowledge my obligation
| 10 them for their wisdom and counsel,
| without which the results accomplished
would have been Impossible.
| ALEC desire to express my apprecia-
| tion OF he cordial support ACCORDED me
| AZ all tlraes by this board, by the ON
| GERS OF the company, and BY the agents
| and agency men throughout the world.
I'm accepting Mr.. Perkins resignation
| II was resolved that, as Mr.. Perkins
| had rendered the company and It's poll.
| cyholders services which had touched
| almost every phase OF lie Insurance de-
| yelopment during Is years. and which
| have not been cxcelled In efaciepcy ana
importance by the work OF any omicer
| OF the company al any time the trus-
| tees express TO Mr.. Perkins our high
| appreciation of his long and singularly
| valuable services to the company. ana
| we congratulate him on the great OPP
| portunities which his ability and integ-
| rity have opened and are OPENING to
1 him"
L ---------s-or-s-------
Il r<~.,errnw ana NnuSuv the Fart