Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-09-29
PERKINS MUST SHOW BOOKS
Agent for Morgan and New York Life al
First Refuses to Produss Records.
BIG BONUSES ARE PAID TO AGENTS
New York Life spends s4s,OOO in one
Year as Inducement to secure
Services OF Equitable
Solicitors.

| NEW YORK, Sept. 2S-Several sensa-
tional incidents developed at the session Of
| the executive committee on life insurance
investigation today The first was when
George w. Perkins vice-president of the
New York Life Insurance company and a
member of the firm of ]. p Morgan & CO.,
objected to producing the books Of his firm
| showing certain transaction of that firm
with the New York Life. Mr.. Perkins
! offered TO present copy OF the entry In
question from the books, but Mr.. Hughes
demanded the books after several refusals
on the part Of Mr.. Perkins. The books will
| be produced later.
In the course of his testimony Mr.. Per-
kins asked concerning the differences in the
statement of profits from securities In
the Massachusetts, report of the company
and of met profits from securities in the
| New York report, said:
when we get national supervision we
won't have these conflicts between the diff
! ferent states"
Mr.. Perkins testified to a number of tran
| sactions in which he represented Morgan &
Co., as seller and the New York Life In
surance com. any as purchaser.
Big Advances to Agents.
Another sensation was sprung later in
| the day when Vice President Thomas A.
Buckner of the New York Life Insurance
company detailed the advances made to
agents and which were carried in the report
! to the state superintendent of insurance
as committing renewal premiums" 1t was
brought out as a matter of fact that these
advances were loans but were not carried
as such. Mr.. Buckner testified that ad-
vances were made to agents sometimes 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 advances and liberal con-
tracts were made by the New York Life
Mr.. Buckner testified that these advances
to agents in the Buffalo branch of the New
York Life in 1902 alone exceeded $4,000, the
| amount really earned by these agents
Later Mr.. Buckner acknowledged this was
most extravagant and said in 1903 the
amount was cut down by half and by half
the remaining amount in 1904
Hughes and Perkins Clash.
While Mr.. Perkins was on the stand
during the afternoon there was somewhat
of clash between the witness and Mr..
Hughes, the first of anything Of this ma
ture that has occurred since the commit
tee began its sessions. 1t was when Mr.
Perkins was testlfying to the moneys in
the "Nylic" fund, of which he is trus-
tee. Mr. Perkins did not want 1t to ap-
pear on the records that the agents paid
part Of their salaries into the fund under
contract, unless the words land bonuses
appeared. He said to Mr.. Hughes that
he (Mr. Hughes) was trying to get away
from something and the counsel hotly re-
torted that he was not and II Mr.. Perkins
would answer his question much better
progress would be made with the investiga-
ton.
Transfer OF Equitable Stock.
/ EARLY In the day Henry r. Winthrop
while on the stand presented a statement
} Of the transfer OF the Equitable at the
time of its change OF management. Most
of the transfers Mr.. Winthrop was able
to explain, but some he was not. At the
time of these transfers Mr.. Winthrop was
; the holder Of twenty-five shares. He
thought the actual owner was James II
Hyde. as he turned the checks for divl
dends over to Mr.. Hyde.
Mr.. Winthrop was again called to thu
stand just before adjournment, Mr. Buck
ner having given way. to explain a truste,
account brought up earlier in the day
Mr. Winthrop presented a typewriter
statement of the account and said tn,
|
E the collateral entered in the books OF tn,
/ company. Before Mr.. Buckner retired h,
5 was asked to produce a statement of tn,
r expenses Of the Paris Office, with a recort
1 OF the real estate held there and the bust
4 ness that comes under that jurisdiction
5 Mr.. Buckner had been questioned most o
e the afternoon on the foreign business AM
: it's cost to the home Office. The commit
r tee will resume its sessions tomorrow
: Squire Account still Mysterious.
Henry Greaves, a clerk employed by tn
| Equitable Assurance society, continued hi
>, testimony before the legislative insuranc
u investigating committee today. He CAV
. further details Of the payment of checks t
!, the George II. Squire. trustee, account
= Concerning one entry Of $4,000 deposited I
u the account on July u, 1901 and the imme
:, date withdrawal of the sum by draft, Mi
- Greaves said he knew nothing. He did nc
know where the money came from nor b
whom 1t was withdrawn. He could suppl
no information as to the profits of a one
T. half interest In a Chicago & Alton synd
is cate credited to the George H. Squire, trui
le tee, account.
y Oher syndicate profits In 1902 and ~
" deposited with the American Deposit an
m Loan company to the credit of this accour
Is witness was unable TO explain. On Ma
Ar l. 1901 a new book for these entries wa
&c opened and a balance of s62,77O was cree
tied. The bank deposit book was kept
. Thomas d. Jordan, at that time comptroH'
OF the Equitable. Checks for deposit
II this account MI Greaves said he deli
cred to Mr.. Jordan.
Hyde Ordered Payments,