George Walbridge Perkins was an American banker and businessman.
Background
He was born on January 31, 1862 in Chicago, Illinois, United States, a descendant of John Perkins, who emigrated to New England in 1631, and the son of George Walbridge and Sarah Louise (Mills) Perkins. His father had been in business in Buffalo before moving to Chicago, where he entered the life insurance field and became distinguished for his public spirit and philanthropy.
Education
Perkins did not attend the Chicago public schools until he was ten years old.
Career
At fifteen he left school and became an office boy for the New York Life Insurance Company. Rapidly advanced, he became first vice-president by the time he was forty-one. Among other reforms he revolutionized the company's agency system. The practice had been to farm out territory to middlemen or general agents, who appointed those that did the actual soliciting for policies. These solicitors were often underpaid and improvident, frequently made misrepresentations in order to get initial premiums, and transferred their allegiance as the general agent did his. To end this shifting of personnel Perkins, in 1892, began to dispense with the general agents as fast as their contracts expired. He made the local agents and solicitors a loyal and permanently attached force by employing them directly and by introducing on January 1, 1896, the so-called "Nylic" system of benefits based on length of service and amount of policies written.
He also made various trips abroad and obtained permission for his company to do business in Russia and other leading European countries. When he, after repeated solicitations, joined the banking house of J. P. Morgan & Company on January 1, 1901, he relinquished most of his duties with the New York Life but remained connected with it until 1905. He further devised a working organization for the United States Steel Corporation and the scheme, in force since 1903, of annual offerings of preferred stock to employees on advantageous terms.
At the close of 1910 he withdrew from Morgan & Company to devote himself to work of a public nature and to the dissemination of his views on the correct solution of the business problems of the day. He made numerous addresses, many of which were later published. Of these perhaps the most important were "The Modern Corporation" in The Currency Problem. Addresses Delivered at Columbia University (1908), National Action and Industrial Growth (1914); The Sherman Law (1915), and Profit Sharing (1919).
He had already done notable public service by serving as chairman from 1900 of the Palisades Interstate Park Commission, which under his able direction developed the park from a few hundred acres to fifty square miles of playground. He was chairman of the national executive committee of Progressive party and furthered its cause with all his dynamic energy.
During the World War he was chairman of a joint state and municipal food supply commission for which he drew up an admirable report on marketing conditions in New York City.
He died at Stamford, Connecticut.
Achievements
Politics
In 1912 he became nationally prominent by joining the Progressive party.
Views
He believed that competition should be replaced by cooperation in the business world; that great corporations properly supervised were more efficient than small competing units; and that workers should receive retirement pensions and share in corporate profits.
Personality
He had an original mind and expressed himself concisely, forcibly, and convincingly in his writings, although he was an ineffective speaker.
A rare executive, who could inspire his subordinates with enthusiasm, he had no recreations but worked incessantly with tireless activity, not even taking time to read books.
Quotes from others about the person
He had an engaging presence and in Andrew Carnegie's words, sweetened "sordid business dealings by the amiability of his manners".
Connections
He married Evelyn (Ball) Perkins in 1889 and they had two children.