George Walbridge Perkins
| George Walbridge Perkins I | |
|---|---|
Perkins in 1914
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| Born |
January 31, 1862 Chicago, Illinois |
| Died | June 18, 1920 (aged 58) New York City |
| Resting place | Woodlawn Cemetery, the Bronx, New York |
| Children | George Walbridge Perkins, Jr. |
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 the Theodore Roosevelt's Progressive party of 1912. Starting as an office boy he became a leading executive in insurance, steel and banking, 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 until his death in 1920.
He 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, and by introducing in 1896, his system of benefits based on length of service and value of policies written. He opened up new insurance markets in Russia and Europe.
He joined J. P. Morgan's bank in 1905 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.
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