New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-13
ITO RESTRAIN THEIR AGENTS
INSURANCE COMPANIES WILL COMBINE.
TWISTING, IS LITTLE TRICK THAT MUST BE

P TWISTING" IS A LITTLE TRICK THAI MOSi DE
sToPpED-A REPRESENTATIVES, MEETING
conference OF life insurance men was he'u fes'er.
day at the Fifth Avenue Hotel The following list OF
those present indicates the representative character
ana importauce Of the gathering T. W. Russell. pTesi
dent of the Connecticut General Life Insurance Com
nanv lanes g. patterson. president Of the Travellers
Rodney Dennis secretary OF the Travellers; {. {.
Whitney of the New York Life Insurance COMPANY ;
W H. Hart president of the Vermont; William IL.
Colo president Of the Brooklyn: James W. Hull Sccfc
,arv Of the berkshire Life Insurance Company William
Fairbanks vice president Of the Peoples Industrial In
surapce Company: NJ. V. b. Edgery. president of the
Massachusetts Mutual: J. II. Rhodes president Of the
John Hancock Mutual a. &. Bullock president OF inc
State Mutual: John Fl. DRYDEN president Of the Pru
dentsl Insurance Company Of America: J. l.. HalSey
vice president Of the Manhattan; Charles Dewey. peS
dent of National John X. Hegeman. vice president
of the Metropolitan Life Sheppard Homaus president
of the Provident saving; John Ii. Hacombe. vice
president Of the Phoenix: Henry r. Hyde. president.
James W. Alexander. vice-Drcsident. and John A. NC
Call, controller of the Equitable; c. ii. Burforu' pfe
dent of the United States Life: Hugo Wesendonck'
president Of the Germania.
Letter., were received from the officers of other com
panies expressing their sympathy with the objects o.
the meeting
James G.. Patterson elected chairman and j. L..
Ialsey was made secretary. on taking the chair
President Patterson said that the meeting had been
called to consider and if possible effect. certain re
forms In the life business. lie referred TO
the practice which has prevailed TO a greater or less
extent of company negotiating with agents In the
service another. tempting them by higher cOHiiS
sions to twist policies from the original COMPANY.
Following the charmans remarks. Henry b. HYDE
offered resolutions calling for the elaboration OF
plan for putting stop the practice spoken of and
the adoption OF agreement which should be DlulhI
upon all companies who sign it. The following
were In substance, the principal points suggested as
the basis for the agreement: Each company SIGNING IL
shall stiprlate that it will not employ, negotiate
or contract with any manager. subnanaSer {"
agent, whether employed directly or indirect
" BY any other company, party 10 the
agreement except upon the written consent OF the
rival company. IL an agent leaves one company ana
lnters the service of another his contract should pro
hibit him from twisting the policies OF the company
he has left Further. the companies should agree 'a'
An the transaction OF their general business the same
rule in regard twisting" policies should be Cd
served far possible
A court is provided TO pass upon the eneloihN "
employment of any agent who has been found guilty
of pronounced ireguarity in the conduct OF ms bnS
ness Companies who enter into the agreement pro
posed are to inform their agents exact pondns
agreements from them, and refuse to employ any
agents who will not assent TO the combined pan
Penalties are suggested for violation of the agree
men and court IS proposed for the trlai oi al NO
latiOns of the compact.
Mr.. Hyde's resolutions called for the appointment
by the chairman of a committee Of nine 10 CONSIDER
the whole subject. formulate plan of reform dnc
report at a subsequent meeting. In accordance WIN
the resolutions adopted the chairman appointed the
following committee: MeSSrs Patterson McCuiuy;
Beers HYDE Edgerly Dewey, Palmer, Hegeman and
Pearson The meeting adjourned subject to the call OF
The committee of nine then held a short session and
discussed their work informally and adjourned To meet
at their chaiTmans call some time WITHIN the next
few weeks. ,. ,
In point of numbers and personal prominence Oh
AZ the most important OF the kind ever held. There
was great unanimity of opinion expressed, and the
coming together many rival companies on a com
mon ground is considered significant of new era In
life insurance business. THE movement has JnSt
started" said one Of the representatives. ana ulce
Is avery promise that IL will lead to many changes
and reforms than were projected Yesterday