The herald., 1898-03-19

Ia his duty to respect Il. I think Commits
stousv CItania II HONEST IA his intentions.
and the Insurance companies need not have
much trouble y they will only show dis
position to mest him half way"
INEvElgr or WAR
The vast sums at stake in aife Insurance.
Mr. WcCalrs company alone carrying
nearly one thous and millions Of dollars In
the shape of pail for insur ance, make the
probable action ;of the companies In the
event that war with Spain 10 declared
especially interesting at this time. Presi-
dent Mccall, when asked what would os
the eject upon Insurance policy contracts
I'm case that any Of the assured assume the
risks of war by entistip- g in the army, said
In effect as follows.
s.Eyery civilian in the United States hold
ing a policy in the New York Life insur-
ance company today is perfectly free 70 go
To war tomorrow or any other time In the
futura. In event of bis doing SO, and meet
ing with death. his policy would be paid
In fun and at once, without deduction ana
without the paym ent on his part OF any
extra premium in any shape or form.
.Yt IA true that a large number OF our
o,d policies contain clauses preventing the
holders of them from going to war. We
have decided that all such clauses shall be
null and void and we have also decided
that the holders Of such policies need not
even apply to the company to have the
clause stricken out. Our action makes the
annulment of this clause In all United
states policies autc matte.
81 think, among the many reasons that
have led to this position, the following Is
the strongest: The United States - not
going to war unless In righteous and just
cause In such q cause the interests OF the
United States must be defended. NO set
of men have any greater share In these In
terests than the 900 policy holders OF the
New York Life Insurance company, who
have organized this company for them
selves and who are conducting Its business
for themseave:;, sharing their own prof1ts
from their own investments. How absurd
II would be for a certain number of them
to say that, II a certain other number OF
them were Willing to take up arms to de-
fend their property, the ones who stayed
at home W ould charge the ones who went
to such de Tense a heavy extra premium,
forfeit their insurance altogether, or In
some other way seriously Jeopardize their
policies. There are no stockholders in this
company to make money out Of the policy
holders, else the case might be reversed.
1.-THE policies Of many life insurance
companies contain restrictions as to the
insured's occupation. mode of life, and
places wherein he may reside or travel.
which are bad enough. for these are In a
measure in his control. But the question
of O mans gctng to war is something be-
yond his control II he sees 1t Is his duty
to 60, or II his government calls on him to go.
he must go. Aswell might his partners scale
his interest in q large commercial busf-
ness or in any other general undertaking
in which he is engaged as for life insur-
ance company to Immediately differentiate
against him in favor of the other policy
holders of the company, his partners in
the business.
1--WE may. in case of war, suffer some ex-
ira mortality, but we are confident that our
position, as defined above, will be approved
and indorsed unanimously by our policy
holders and the insuring public.
Therefore we are sending out. to resi-
dents of the United States, new policies
for delivery that are entirely free from
all conditions and restrictions as to
mans occupation, place of residence. or
countries to which he can travel after ne
gets the policy. We are doing this that
there may be no question as to a mans
right. under his policy, to engage in war
tomorrow If he wants to.
"This is our position today and will
be until war is declared. Then we would
undoubtedly cease writing new policies on
the lives Of men who are about to enlist
as any other course would be unfair to
our present membership"
A SUCCESSFUL CAREER
President Mccall is a man of fine pres
ence and a decided business air, which
might be expected from a man occupying
a position which commands salary larger
than that of the president of the United
States. He is genial. withal, and is not
averse to looking back at the steps by
which he has attained his present infiuen-
tial position. He was formerly insurance
commissioner of the state of New York
and afterward state comptroller, and was
rendered the presidency of the New York
Life Insurance company some six years
ago, at the time when it was in rather
troubled waters. Since his accession the
affairs of the company have prospered
; wonderfully on all lines, the surplus has
doubled, and the paid-for insurance has
| increased at a rate that marks an era in
the life insurance business.
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