The Providence news. (Providence [R.I.]) 1891-1906, 1905-12-14
PERKINS
RESIGNS;
ORR CHOSEN

New York. Dec 14--George w. Per-
kns. who is a junior member OF the hrm
OF j. Z. Morgan & Co. resigned yester-
day as vice president and as chairman of
the finance committee Of the New York
Life Insurance company. The board of
trustees accepted the resignation.
Immediately following this it announced
the appointment OF a committee TO in
vestigate the affairs OF the New York
Life.
Two officers were elected TO fill the va
cancies left my Mr. Perkins, Alexander
r. orr succeeding him as vice president
and John Clafiin as chairman or the n
nance committee. Mr.. Orr was formerly
president OF the Chamber OF Commerce
and is now president OF the Rapid Tran
sit commission Mr.. Clafiin is the head
OF a wholesale dry goods business In this
city -
PERKINS'S RESIGNATION.
Mr.. Perkns's letter OF resignation.
which follows. was dated Tuesday. IT
read:
IL hereby tender my resignation as vice
president OF this company and member
OF the finance committee. In so doing l
desire to submit the following concern
ing my service TO the company while an
executive officer:
Having passed through all the va
rious grades OF service, including that or
an agent I'm the field, l was elected
vice president OF the company In Feb
ruary 1892
'The task of reorganizing the COM
pany's agency department throughout the
world was Immediately assigned to me.
| devoted myself exclusively 10 this for
the succeeding eight years.
During this time tho old general agen-
cy system OF the company was broken up
not only in this country, but In other
parts of the world The middeman. who
under that system always made large
prints in the form OF overriding commits
sions, was eliminated.
"A new plan of organization, known as
the branch office system, by which the
company deals direct with THE insured
and direct with the public. was estab-
lished with the result that new business
Is secured in a much larger volume and at
a lower cost and stays on the books with
greater permanency.
SHOULD NOT CONTINUE.
Various methods have been devised
known as the 'Nylc system, to promote
the permanency Of the agents connec-
ton with the company and increase their
interest in the quality Of the business Sc
cured.
This system has materially helped to
develop "A large body Of unusually eff
cient men. who, because Of these intluen-
ces and of their absolute faith In the
company, have selected service here as
their life work
'They are thoroughly trained and equip
ped life insurance men. They have been
selected after years of effort out OF many
thousands who have served the company.
"They are individually and collectively.
OF enormous value to this company. 1t
would take years of time and very large
sum of money To replace them.
II feel some pride I'm the part | have
had in creating this organization and.
therefore. sincerely hope that, in justice
alike TO the organization and the policy
holders, nothing will be done 10 lessen
the effectiveness and value OF the work
OF the men In the field.
"Nhen / entered the firm OF J. p. Nor
gan d CO. il was understood between Mr..
Morgan and myself and also understood
and approved by the New York Life In
surance company that the dual position
should not continue.
However. my long connection with and
deep interest I'm the New York Life Insur-
ance company made me 10th TO leave It,
especially as / came 20 realize that my
connection with the financial wori was
OF substantial value to the policyholders
of the company, and | believe this Is de-
mODStrattu Dy the sltAtHlfib dS W Niit
operations OF the finance committee dur
ing the period OF my chairmanship.
COMMITTEE TO INVESTIGATE.
"My business responsibilities, very
great have within the past few days
been so increased by my election TO execu-
tive positions in other companies that /
ask you to accept my resignation as of
this date.
I'm taking this step uesire to testify
most heartily to the unselfsh devotion
at all times OF my associates on the fl
nance committee TO the policyholders in
terests and 10 acknowledge my obligation
TO them for their wisdom and counsel
without which the results accomplished
would have been impossible.
81 also desire to express my apprecia-
tion OF the cordial support accorded me
at all times by this board. by the officers
OF the company and by the agents and
agency men throughout the world
The board OF trustees announced the ap-
pointment OF the following committee OF
inves tigatlon:
Thomas Fowler. Norman r. Roam.
Clarence N. Mackay, Hiram r. steele,
aud Augttafttc q Paine