The daily morning journal and courier., 1905-09-29
MORGAN & cos BOOKS
 ARE TO BE PRODUCED

Continued from First Page)
 surances excepted, equals $4OO,OOO, you
 will be entitled to a bonus of $1,OOO in cash. If you write and pay for $6OO,00O in that time you will be entitled to a , bonus of $1,O00 additional in cash. If the amount equals $S0O,000 you 1 will be entitled to and be paid a stili
 further sum of $1,O00 in cash;' and if the amount equals million dollars you will be entitled to an additional $1,0OO, making a total in that event of $4,000.
 Now, the New York Life Insurance company is so sanguine that you will write this latter amount, it agrees that your bonus shall not be less than $500 1 on the business written between this
 date and December 31, 1903, irrespective of the amount and in addition to any
 other source of compensation under
 your contracts; that $3,500 is to be
 available as herein prescribed, S2,OOO in cash when you sign the contract, and
 the remaining $1.5OO will be due you absolutely as bonus on December @1,
 1903. But this $1,5OO remaining bonus
 shall be available to you in the, follow ing manner: ''-
 As a loan to be absolutely liquidated and paid by you on December S1, 1903, if you are still in the service of the company, $500 available when the first $5O,OOO of business is paid for, $500 when the second $50,0O0 is paid for and $500
 when the third $5O,OOo of business is paid for. .t
 Tt shall also be a matter of contract between you and the company that, should, in any year., your business equal or exceed $105,U06, all paid up business (term insurance excepted), you will be entitled to a commission of 5 per cent. on renewal premiums paid
 on the third and fourth years insur- ance, ill addition to the rates specified in section 20 of that agreement ITO further facilitate your business
 with the New York, Life Insurance
 company it is mutually understood that you will have working balance to your credit of $1,500 for the first year
 of your contract. Said $500 is availa- ble to you in cash not exceeding $50 a week. This $1,5OO is simply an ad-
 vance and is to be charged to your ac- count
 Tt is further understood and agreed that this $1,500 is to relate to only one
 year of your contract, and your bo- nuses to extend up only to the time
 mentioned.
 And it is further agreed in the con- tract that this term shall not affect the terms of your other branch office con- tract with the company
 Yours truly,
 New York Life Insurance Company, By Thomas H. Buckner, Fourth Viee-President.
 Approved 18th day of November, 1 1901" + This is the contract under which MT. Desbecker, with a number of other agents, entered the employ of the New York Life in Buffalo. While MT 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 it's sessions. It was when MT. Perkins was testifying to the moneys in the "Nylic" fund, of
 which he is trustee MT. Perkins did not want 1t to appear on the records
 that the agents paid part of their sal aries into the fund under contract, un- less the words ''and bonuses" appear ed. He said to Mir. Hughes that he (Mr Hughes) was trying to get away from something, and the counsel hotly retorted that he was not, and that if
 Mr. Perkins would answer his question
 much better progress would be made
 with the investigation.
 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 meht and directorate. Most of the transfers MT. Winthrop was able to ex- plain, and some he was not. At the
 time of these transfers MT. Winthrop was the holder of twenty-five shares.
 He thought the actual owner was James H. Hyde, as he turned the
 checks for dividends over to Mir. Hyde.
 MT. Winthrop was again called to the
 stand just before adjournment MT.
 Buckner having given way, to explain
 a trustee account brought up earlier in the day. MT. Winthrop presented a typewriter statement of the account,
 and said the loans would be paid off in a few days and the collateral entered
 on the books of the company. Before
 MT. Buckner retired, however, he was asked to produce a statement of the expenses of the Paris office, with a rec ord of the real estate held there and the business that was under that juris- dictiOn. MT. Buckner had been ques- toned most of the afternoon on the foreign business and it's cost to the home office.
 The committee will resume it's ses- sions tomorrow.