New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-14
PERKINS OUT; PEABODY IN
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r,.,r,aiy. 1Ss2 The task of reorganizing the COM
ps 's Immediately assigned to me. devoted myself
aTing this time the old general agency system of
rs Company was broken up. not only in this
Gentleman who. under that system always made
large prohts in The form Of overriding commissions
" me branch office system, by which the company
e eas was established with the result that new
Business is secured In a much larger volume and
- a lower cost, and stays the books with
gysrious methods have been devised, known as the
.rSvlic' system. 10 promote the permanency of the
cents connection with the company and Increase
51 7sE system has materially helped to develop a
large body OF unusually efficient men, who, be-
cause Of these influences and of their absolute faith
a. he company. have selected service here as their
life work They are Thoroughly trained and equipped
life insurance men. Ihey have been selected after
ears of effort out Of many thousands who have
effectively, OF enormous value to this company
II would take years of time and very large sum
I feel some pride in the part have had in Gre
eting this organizau0n On and therefore sincerely
The poicyholders, nothing will be done to lessen
he effectiveness and value of the work of the
N the field.
When / entered the firm of J. P Morgan s. Co. it
and also understood and approved by the New-York
Life Insurance company. that the dual position
should not continue. However, my long connection
With and deep interest in the New-York Life In
IL,
SALLY as came to realize that my connection with
the financial world of substantial value to the
demonstrated by the statement herewith submit
as to the operations of the finance committee dur
inE the period of my Craftsmanship.
Nv business responsibilities. already very great,
bT INV election to executive positions in other com
panies that ask you to accept my resignation as
most heartily the unsesh devotion at all times,
UolicvboIders interest and to acknowIedge nv OBJ
igation them for their wisdom and counsel,
Shoq5 ThHa the results accomplished would have
also desire to express my appreciation of the
board. by the officers of the company and by the
agents and agency men throughout the world.
THE BOARDS REGRETS.
Nj Perkins still remains a director of the
company. The report from the assistant treas
urer, which accompanied the letter of resigna-
ton showed that in the last five years securi-
ties TO the amount Of 81. 556 947671 have been
offered to the company. Out of these offerings
the committee purchased $2S4. sos, 5S4 bonds, of
which it still owns $3.50, 500 AT. The net profits
have been SS,615, 800, exclusive Of interest The
present market value of these bond holdings
shows an increase over their purchase price Of
s1404,674, making a total profit in five years
of S1001999G The company has approximately
S312000000 of bonds, which have an average
Of fifty years to run, at an average rate of over
~ per cent. and which are worth on the market
upward Of S10Q00.000 more than was paid for
them
On accepting the resignation. which Mr. Per-
hns presented in person. the board passed the
following resolutions:
Whereas. George W. Perkins a ,nernbe- NJ +bi
board has To-Day rendered his resignation as Vice
member o. me finance committee: and.
company has extended through the entire neriod
Of MS business life and covers that portion Of the
Whereas. Mr.. Perkins has rendered this con,nsr,
and its poicyholders services which have foI4cba5
almost every phase Of life insurance development
which have extended with controlling force to the
work and policies OF this company during the last
flteen years, and which have not been exceIIed in
efficiency and importance by the work of any Off
Ger Of the company at any time therefore be It
We express TO Mr. PERKINS OR 'p bis
q his long and singulary valuable services to the
rtanties which his ability and Da Rte f haSs
opened and are opening to him 't~r
There was no discussion over the selection of |
vice-president, and Mr.. OrTs election was
unanimous In the official report of the meeting
Il was not stated what salary he would receive |
nor could the amount be learned last night M
Perkins has been drawing SIS 900 since his entry
into the Morgan firm. For years the ranking |
Nlce-presfdent has been chairman Of the finance
committee. but yesterday the committee elected |
John Claf1In as its chairman. No statement was |
maze as to what salary he would receive It |
was said that the board was unanimous in tba |
opinion that the duties which Mr. Perkins ner- |
formed had best be divided. A trustee who was
present declared that the housekeeping COM |
nlttee would hold a meeting IN q few days and |
make outline Of its work
The following trustees We're present at the |
meeting: President John A Mccall, Vice Presi-
dents Perkins, Buckner and Kingsley and
Messrs. James A Blair, John Claf1in, Thomas P
Fowler, William B. HornbIower, John S Ken
nedy, Woodbury. Langdon, George Austin Nor
rison, Henry c. Mortimer, Alexander E. Orr.
Augustus G. Paine, William B. Plunkett Ed
mund D. Randolph, Hiram R Steele, James
Stillman and Oscar S. Straus