Show TWO d REPORTS OF NEW YORK LIFE One Ona for and the Other For the Empire State DOCUMENTS DO NOT AGREE INSURANCE INVESTIGATION IS SENSATIONAL RI EV YORK Seit 28 Several sen gen sensational gena senI N NEW I a incidents developed at the session of the legislative commit committee tee on life Insurance investigation to today today today day The first was waz when George W VT Perkins vlee vice president of ot the New NewYork NewYork NewYork York Life Lite Insurance company and member of oC the of or J P Morgan Moran Co objected to producing the books oY t his hl l Ann showing a certain transaction tion Uon of that Arm Aria with the New Ne York I Life ute Mr Perkins offered to present a aI copy oPY of ot th entry in la I Question Uon from the books but Mf Mr Hughe Hughet demanded the I books after several evenal refusals refUl tJ on the tbt th part of WI jjr Perkins Perkin The books book will wUl be beI produced later Difference in Reports I In tin the course of his hta testimony Mr Perkins Perkina when a ked concerning the difference in the statement of profits from securities in the Ute Massachusetts report of Qt the committee and of no profits from securities in the New York report said Mid When we get et national supervision we e wont have these theae the e conflicts between the Ute different states tate Mr Perkins Perk testified to a number of transactions in which he represented Morgan Mo a Co as aa seller adler and the New NewYork NewYork York Tork Life Insurance I urance company as pur purchaser chaser chaMI Books Were Cooked Another sensation was wa U sprung later in the day when hen Vice Pre Thomas rhomas ThomasA A 4 Buckner of the New York Life In Insurance Inaura aurance aura nee company detailed the advances made to agents and w which were carried in the report leport to the state superintend superintendent ant ent of insurance as ali computing renewal premiums Tt n was brought brou out opt as a matter of ot filet feet that these thea advances were wOre loans were not aj ni ns huth suCh Mi Bucknor l that ad Continued on Page Page 2 I TWO REPORTS OF NW YORK LIFE Continued from Page 1 vances were mada mado to agents some sometimes sometimes sometimes times as inducements to leave other othea companies and enter the employ of the th New York Life Extravagant gant Use of Money A situation of conflict con lct In Buffalo In 1901 between bet een the Equitable and the New York Life was t Ut In order to set get et agents oiE pf the Equitable away from that company y liberal lIb ral ad advances advances vances and liberal c n tr t were made by the tIme New York Y rk Life Mr Buckner testified that these advances to agents in the Buffalo branch of or the tIle New York Life in 1902 alone exceeded by the amount really earned arnd by these agents Later Latet Mr Buckner acknowledged acknowledged acknowledged edged that this was vas most extravagant and said that in 1903 the amount was cut down by b half und arid by half the re remaining remaining amount in 1904 Copy of Contract A copy COP of a contract and a confidential confidential letter to David H Desbecker of Buffalo one of the agents in question showed the inducements held out for or him to enter the employ of the New NewYork NewYork York Life The confidential letter or supplementary contract reads as fol follows follows lows hows Confidential New York Oct 11 U 1901 1001 David H Desbecker Buffalo Dear Sir Referring to your agreement with this company of even date here herewith herewith with and subject to all an its terms lerms and conditions it is agreed ed that if the busi business business business ness closed and aid paid for by you be between between between tween this date and Dec 31 1903 term insurance excepted equals you will be entitled to a bonus in cash if IC you write and pay for in that time you will be entitled to an addi additional additional bonus of ot 1000 in cash I If U the amount equals you will be entitled to and be paid a still further sum of 1000 in cash and if the amount equals a million dollars you oU will Ill be entitled to an di n additional 1000 1006 making a total in that event ev nt of Extreme Liberality Now the New York Life Insurance company is so sanguine that you will wm write this latter amount it agrees agree that your our bonus shall shaU not be less than on the th business written by you between this date and Dee Dec 31 n irrespective of the amount and in addition to any an another other source of compensation under your contract that 3 OO is to be avail available available available able as herein prescribed 2000 in cash when you sign the contract and the re remaining remaining 1500 will be due you rou absolutely absolutelY absolutely as a bonus on Dee Dec 31 1903 But this 1500 remaining bonus shall shaH he be available to you OU In the following man manner mannor nor ner As a loan to be absolutely liquidated liquIdated dated and anti paid by you PU on Dec Dee 31 n 1903 if you are still in the tle service of the company available when the first of business is 18 paid for tor when the second of business is paid for 50 when the third of busl busi business ness ne ime is paid for forIt forIt forIt It shall also be a n matter of contract between you and the company that should in any year your our business ex exceed exceed exceed all alJ business term Insurance excepted you will be entitled to a commission of 5 per peg cent on re renewal renewal e newal premiums paid on the third and fourth years earl insurance nce in addition to the rates specified In Ip section 20 of that agreement Working Balance of 1500 To further facilitate your business with wilh the New York Life Insurance i company it is mutually mutual understood that I you will have a working to I your credit of 1500 for the first year of oj your our contract Said 1500 is avail available available available able to you ou in cash not exceeding 30 a n week This 1600 is simply an ad advance advance advance vance and is to be charged to o your oUr ac account account account count It is further understood and agreed that this 1500 1800 Is IH to tt t relate to only one tWO I year of your yom contract Contra t and your to extend only up un u to the time men mentioned mentioned mentioned 1 And it is further agreed In the contract con contract contract tract that this term tern shall shaH not affect the terms of your other branch office con contract contract tract with the company Yours truly NEW NEV YORK LIFE INSURANCE CO COBy COB COBy By B THOMAS H II BUCKNER BUCKNEll Fourth Vice President This is the contract under which Mr Desbecker with a n number of other agents the employ of the New NewYork NewYork NewYork York Life LICe in Buffalo Mr Hughes Got Angry While Mr Perking was on the stand during the tho afternoon there thoro was some somewhat somewhat what of a II clash the witness and Mr Hughes HuShes the first of anything of this nature that had occurred since sinco the committee began bega its sessions It was when Mr Perkins was testifying to the flue moneys money in the Nylic fund of which he is trustee Mr Perkins did not want it to appear on the records that agents put part rt of oC their salaries I into the fund under contract unless the words and bonuses appeared Ho said to Mr Hughes that he lie Mr Hughes was trying to get away way from something and the th counsel hotly re ae returned returned turned that he was not and that if Mr Ir Perkins would answer his hils questions much bettor progress s would bo ho made with the tho Investigation I The committee will 1111 resume its ses aes sessions sons tomorrow J |