The daily morning journal and courier., 1905-09-29
MORGAN ( CO'S BOOKS
 ARE 10 BE PRODUCED
MEMBER OF FIRM OBJECTED BUT THEFs ARE DE-
 HANDED.

George ". Perkins Again Questioned
 Before the New York Legislative Life
 Insurance estigatiOn-Testifies to
 a Number of Transactions in Which
 He Represented Morgan & Co. as SeI-
 Ter and the New York Life as Pur-
 chaser--Advances Made to Agents
 Causes Sensation.
 New York, Sept. 2S.-Several sensa- tional incidents developed at the ses- sion of the legislative committee on life insurance investigation to-day. The first was when George W. Perkins. vice president of the New York Life In- surance company and member of the firm of J. P. Morgan & Co.,, objected to producing the books of his firm showing. a certain transaction of that firm with the New York Life. Mir. Per kins offered to present copy of the en- try in question from the books, but Mir. Hughes demanded the books after several refusals on the part of MT. Perkins. The books will be produced later. .'I t@.. -.
 In the course of his testimony MT. Perkins, questioned about the differ ence 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 the conflicts between the states"
 MT. Perkins testified to number of transactions in which he represented J. P. Morgan & Co. as. seller and the New York Life Insurance company as the purchaser.
 Another sensation was sprung later in the day when Vice President Thom- as A. Buckner of the New York Life Insurance company detailed the ad- vances made to agents, and which were carried in the. report of the state su- perintendent of insurance as commit ing renewal premiums" It was brought out as a matter of fact that those advances were loans but were not carried as such. Mir. Buckner tes- titled 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 or- der to get agents of the Equitable away from that company, liberal advances and liberal contracts were made by the New York Life MT. Buckner testified that these advances to agents in the Buffalo branch of the New York Life in 1902 alone exceeded by S4S,000 the amount really earned by these agents. Later MT. Buckner acknowledged that this was, most extravagent, and said that in 1903 this was cut down by half, and by still another half in 1904
 A copy of a contract and a conf1den- tial letter to David H. Desbecker of Buffalo, one of the agents in question, showing the inducements held out for him to enter the employ of the New York Life was introduced and read. The confidential letter, or supplement tary conpfaet, reads as folloWs: Confidential.
 New York, October Il, 1901. "Mr. David H. Desbecker, Buffalo, N. Y.
 Dear Sir:--
 Referring to your agreement with this company of even date herewith, and subject to all its terms and condi- tions, it is agreed that if the business closed and paid for by you from this date and December 31, 193,, term in- -fCnrnt til,l1ad- ni, II.i aclatl, pa erc !