Arizona republican., 1905-09-29
How the New York life
 Secures Live Agents
SENSATIONAL TESTIMONY
Presented Yesterday ir the Insurance InvestigatiOn-Perhins, BuCkner, and Winthrop all Chilled by the InquisitiYe Hr. Hughes.

New York, Sept. 2S.-Several sensa- tionaI incidents developed at the ses- sion of the legislative committee on life insurance investigation today. The first was when George w. Perkins, vice president of the New York Life Insur- ance company and member of the firm
 of J. r. Morgan and company object ed to the furnishing Of the books of his firm showing a certain transaction
 of that firm wiNl the New York Life MT. Perkins offered to present a copy of the city in question from the ! books, but MT. Hughes demanded the ! books after several refusals on the part of Mir. Perkins. The books will be pro ! duced later
 In the course of his testimony Per kins when asked concerning the differ cnce in the statement of profits from l securities in the Massachusetts re- port of the company and of met profits 1 from securities" in the New York re | port. said: When we get national supervision we won't nave these con flicts between the different states. % | MT. Perkins testified to a number of ! transactions in which he represented Morgan & Co. as sellers and the New York Life as purchaser.
 Another sensation was sprung later | ! A. Buckner of the New York Life de- i tailed the advances made to agents and ] which were carried in the report to the state superintendent of insurance as "commuting renewal premiums" IL was brought out as a matter of fact | that these advances were made to agents some times as inducements to l leave other companies and enter the employ Of the New York Life. A situ- atiOn of conflict in Buffalo in 1901 be- i tween the Equitable and the New York ! Life was brought out. In order to get agents of the Equitable away from that company liberal advances and liberal ! contracts were made by the New York l Life. MT. BucIlner testified that these advances to agents in the Buffalo 1 branch of the New York Life in 1902 1 alone exceeded by $4S.000 the amount ! really earned by these agents Later 1 MT. BUclner acknowledged that this 1 was most eXtarayagant, and said that ! in 1903 the amount was cut down by l half. and by half the remaining amount ! in 1904. 4 copy of a contract and a ] confidential letter to David H. Des- l becker of Buffalo. one of the agents in 1 question, showed the inducements held | out for him to enter the employ of the 1 New York Life. The confidential let | ter or supplementary contract reads as l follows:
 ! "ConfdentiaI. New York Oct II. 1901. l David IT. Desbecker Buffalo. Dear ! Sir: Referring to your agreement with ! this company of even date herewith. and subject to all its terms and con i ditiOHs it is agreed that if the busi-
 ness closed and paid for by you be- l tween this date and Dec. 31, 1903. term ! insurance excepted equals $4OO00O you
 will be entitled to a bonus of S1.OOO in cash. If you write and pay for s6OO.- | 0G0 in that time you will be entitled to
 an additional bonus of $1O00 in cash.
 'If the amount equals $500 900 you
 will be entitled to and be paid a still
 further sum of $1.OOO in cash: and if
 the amount equals a million dollars
 you will be entitled to an additional
 S100O making a total, in that event of $4.OOO
 Now the New York Life Insurance ! company is so sanguine that you will
 write this later amount, it agrees that your bonus shall not be less than $3.5OO i on the business written by you from 1 this date to Dec. 31, 1904, irrespective
 of the amount and in addition to any | other source of compensation under your contract. that $3.60O is to be | available as herein presented: S1,OOO
 cash when you sign the contract and | the remaining 150O will be due abso- | lutely as a bonus on Dec. 31, 1904. But