Up for auction a RARE! "J.P. Morgan" George Walbridge Perkins Hand Signed TLS Dated 1916.

ES-6416E

George Walbridge Perkins I (January 31, 1862 – June 18, 1920) was an American politician and businessman. He was a leader of the Progressive Movement, especially Theodore Roosevelt's presidential candidacy for the Progressive Party in 1912. Starting as an office boy, he became a leading executive in insurance, steel, and banking and was always on the alert for new and better ways to do business. He was a top aide to financier J. P. Morgan and handled complex issues involving U.S. Steel, International Harvester, and other large corporations and insurance companies. He was vice-president of New York Life Insurance Company and a partner in J.P. Morgan & Co. He served as president of the Palisades Interstate Park Commission from its creation in 1900 to his death. Perkins was born on January 31, 1862 in Chicago, Illinois. With only a high-school education, he began work as an office boy in the Chicago office of the New York Life Insurance Company. By 1898 he had risen to the position of vice president. Perkins played an important role in the development of New York Life. A strong believer in the Efficiency Movement, he sought out instances of waste and believed that any practice could be improved by careful analysis. For example, he noticed that the old routine of farming out territory to middlemen, who in turn appointed men who did the actual soliciting for policies, was inefficient. The local agents were underpaid and often made misrepresentations in order to get initial premiums. Perkins, starting in 1892, made the local agents and solicitors permanent employees. In 1896, he introduced an incentive with a system of benefits based on length of service and value of policies written. He opened up new insurance markets in Russia and elsewhere in Europe. Perkins joined J.P. Morgan & Co. in 1901 and negotiated many complex deals, especially the formation of the International Harvester Corporation, International Mercantile Marine Co., and Northern Securities Company. He also helped reorganize Morgan's United States Steel Corporation.