Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-09-29
During Insurance Hearing
at New York City.
Perkins Of New York Life OBJ
jects TO Producing Books
But Will DO So Later--.viee Pres. Buck.
ner Also Causes Sensation.

New York, Sept 28.-Several sensa-
tional incidents developed at the SEES
sion OF the Legislative committee on
| life insurance investigation. today. The
| first was when Geo. w. Perkins, vice
president OF the New York Life IN
surance Co, and member Of the firm
Of J. F. Morgan & Co., objected TO pro-
ducing the books Of his firm showing
certain transaction Of that firm with
the New York Life Mr.. Perkins Of
fered 20 present a. copy Of the entry
In question from the books, but Mr..
Hughes demanded the books after sew
eral refusals on the part of Mr.. Per-
kins. The books will be produced later.
in the course of his testimony Mr.
Perkins questioned about the difference
In the abatement OF profits from. secur-
tiles" in the Massachusetts report nf
the company and Of net profits from
securities" in the New York report
said:
when we get national supervision
we wont have these conflicts between
the different states
Mr.. Perkins also testified TO n num-
Der of transactions in which he rep
resented j. J.. Morgan & Go. as seller
and the New York Life Insurance Co.
as the purchaser.
Another sensation was sprung. later
in the day, when Vice President
Thomas A. Buckner of the New York
Life insurance Co. detailed the adj
Vances made 10 agents and which We're
carried in the report To the state super
intendent OF Insurance as Committing
renewal premiums" 1t was brought
rtNf -Ta
vances We're loans. but were not carried
as such. Mr.. Buckner testified that
advances were made To agents some
times as Inducements to leave other
companies and enter the employ OF the
New York Life.
A situation of conflict in Buffalo in
1901. between the Equitable and the
New York Life was brought out, and in
order To get agents Of the Equitable
away from that company. liberal adj
Eances and liberal contracts were
adopted by the New York Life. Mr..
Buckner testified that these advances
10 agents in the Buffalo branch OF the
New York in 1902, alone, exceeded by
$4S,Go0 the amount really earned by
these agents. Later Mr.. Buckner ac-
knowledged this was most pXtravagant
and said In 1903. this was cut down by
half and by stiIl another half in 1904
While Mr.. Perkins was on the stand.
during the afternoon. there was some
what of a clash between the witness
and Mr.. Hughes, the first of anything
of this nature that has occurred since
the committee began its sessions, 1t
was when Mr.. Perkins was testlfying
to the moneys in the "Nylic" fund. of
which he is 4 trustee. Mr.. Perkins did
not want ii TO appear an the records
that the agents paid part of their sala-
ries into the fund under contract I'M
less the words land bonuses" appeared.
He said to Mr.. Hughes that he (Mr.
Hughes) was trying to get away from
something. and the counsel holly re-
torted that he was not and that il Mr..
Perkins would answer his questions
much better progress would be made
with the investigation.
Earlier in the day Henry r. Winthrop
of the Equitable, while On the stand pre-
sented n statement OF the transfers OF the
stock OF the Equitable at the time of its
change OF management and directorate
Most of the transfers. Mr.. Winthrop was
able to explain and some he was not AT
the time OF these transfers Mr. Winthrop
was Tie holder OF . shares He thought
the actual owner was James HYDE as he
turned the checks for dividends over to
Mr.. Hyde.
MI winthrop was again called to the
stand Just before adjournment, Mr.. Buck
ner having given way to explain a trus-
tee account brought up earlier In the day.
Mr.. Winthrop presented typewrittnn
statement OF the account and said tn.
loans would be paid off in a few DAYS
and the collateral entered on the books
OF the company. BEFORE Mr.. Buckner re-
tired. however. he was asked to produce
4 statement of the expenses of the Paris
Office with n record of the real estate held
there and the business that comes under
that jurisdiction. Mr.. Buckner had been
questioned most of the afternoon on IN.
Office. '''''"
The committee will resume its sessions
tomorrow.