The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1905-09-29
FOR NATIONAL
SUPERVISION
Morgan's Partner Makes I'm.
portant Suggestion
DEfleD THE COMMITTEE
Practically Refused 10 Produce
Books Of J. p. Morgan
& Co. For Investigation.

NEw YORK. ksi't sD.-1-arsr "
frftins. partner q J, D. M"fgan a
Go sbi vice prusidsai q ne Ns~
Yea tlfe insursnrs cumpany. dsnel
ihs legislative Insurance cutnmlitas
When 30 declared be- upald nos pro.
duo = ceftalA box bsloassns 10 J. n,
Mofgan a "a.
he hsd t.stined that there vas q
mrmofandum ~ The famsas natisa,
tion boni transarsig. IN 100 between
i,eFklns and rsFkins whereby tsujopu
worth - securities wcFe tst,t oni %
The Nee fofk ilfss rrpust O. tts state
superintendent q Insurance.
You viii please proince that beaf.
Mr rsftins.- ssid Attorney Iiugssos.
-iou have = Guy of that m-npran.
dun. Ne. liughes.- snapped The young
nnanrisf.
-iou viii hriHs tina, baok hsrr.- Dc,
eiar.i the attorney.
-i'ii hrinE a copy % the mcDoran.
dun
4 shall have o. demand tho rrsipc.
ton q that book Add liuEhcs giyw.
sr-i ansTily.
You are taking stsosi !. y. Morgan
a Co now. Wen take this matter no
later
The passage at arms endei with a
warning by AR. Hughes that the books
would have 90 bc produced.
In the course Of his testimony Afr.
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 re-
port. said:
When we get national supervision
we won't have these confIcts between
the Different states"
Mr.. Perkins also testified 90 q mum.
Der Of transactions In which he repre-
scented Morgan & Co. as seller and the
New York Life Insurance company a.
the purchaser.
Another sensation was sprung later
when Vice President Thomas A. Buck.
ncr OF the New York Lfe Insurance
company detailed the advances mnS.
10 agents and which were carried In.
the report 90 the state superintendent
OF Insurance as committing renewal
premiums" II was brought out as
matter OF fact thar these advances
were loans. but were not Carried as
such. Mr.. Buckncr testified that ad-
vances were made TO agents sometimes
rs inducements IN leave othor cumpa-
MES 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 20 get agents Of the Equitable
away from that company liberal adj
vanccs and liberal contracts were
made by the New York Life. Mr..
testified that these advances
10 agents In the Buffalo branch of the |
New York Life in 1902 alone exceeded |
by $4,000 the amount really earned by |
these agents. Later Mr.. Buckner ac- |
this was most extravaganza
and said In 1908 this was cut down by |
half and by still another half In 1904.
A copy Of contract and confiden.
tial letter to David II. Desbecker OF
Buffalo, one of the agents In question. |
showing the inducements held out for |
lin to enter the employ OF the New
FORK Life was introduced and read.
rhe letter said In part:
"ReferrAg to your agreement with
his company Of even date herewith
Ind subject to all its terms and condi-
ions, It Is agreed that II the business
'losed and paid for by you between
his date and Dec. 81, 1908, term in
urance excepted, equals 100000 you
viii be entitled to bonus Of $1,000 In
ash. II you write and pay for $780,
100 in that time you will be entitled to
n additional bonus Of $1,000 In cash.
"If the amount equals 100000 you
viii be entitled to and be paid still
urther sum Of $1,000 In cash, and II
he amount equals $l,oO00O0 you will
m outitioI 60 IN additional q M0 1