New-York tribune., 1899-12-29
TALK or An INSURANCE WAR
OPEN COMPETITION TO FOLLOW ENDING
OF COMPACT BETWEEN EQUITABLE
AND NEW YORK LIFE

AMI NEN-1OKk Ilf
A quarrel agents rebates and commissions
In far away Russia has created bad feeling between
the Equitable Assurance Society and the New
York Life Insurance Company. OF this city. and II
is considered by many not unlikely that the sever
ance OF relations heretofore cordial between the
two companies may lead to open warfare between
them. The rebate compact which has existed pe-
tween the companies for some time has oeeh
terminated, and the result OF this is that In many
distant cities where agent has done business
for both companies, thus saving considerable ex-
pense for the maintenance OF separate agencies
there Will hereafter be open competition Ihe
Equitable first withdrew from the rebate COM
pact" and Informed its rival OF its action The
Equitable then decided to terminate the agreement
under which Russian agents represented both com
panies. whereupon the New-York Life Informed
the Equitable there could be sectional arrange
ment. and that It would be better 10 discontinue
their previous understanding altogether in all coun-
tries This is looked upon as presagng war but
the presidents OF the two companies yesterday de-
MED that warfare was imminent President James
w. Alexander OF the Equitable. when seen by
Tribune reporter at the Equitable Building In
Broadway. yesterday afternoon. said:
In reply to your inquiry, would say that KNOW
OF no warfare between the Equitable and another
large company. We have enough TO do In nahdlnS
our own extensive affairs without concerning our
minding our own business. IL Is not new thlng
that "A compact between the companies throughout
y.
That occurred some time ago The understanding
was entered into with the hope OF Graduating Ger
operation II failed accomplish desired results and
produced fresh and serious difficulties As a natural
consequence. It went TO pieces The Equitable was
not the first company to withdraw. and the sense
of the majority OF the large companies was against
its continuance The Equitable has started reforms
more effective
FER has terminated understanding that II had
with this company In reference to the employment
a ia Danaa fhaWh has
ten US to that effect. II takes two. however, TO
make a quarrel and the Equitable is not quarrel
some. should soon think OF bank presidents
/ making war one another and for this reason
Will 10 be U 1a 10 ny % Pe none % S
respective companies. We certainly shall at all
times defend the interests OF policyholders and
conduct our business IN a way becoming It's magni-
tude and importance.
President John A. Mccall OF the New-York Ii'e
said
There is no hostility on, our part toward the
start the new year without a compact or any Kind
, IN force We shall do as we please about our VI,
pleases about its business.
/ y p. Kingsley. third vlce-president OF the New
York Life. supplemented this statement by the fol-
lowing:
| The article which appears in morning paper
with regard TO the termination OF an understanding
which has existed fOr time between the
! Equitable Life and the New York Life was not an
accurate presentation OF the case The understand.
ing between the companies was terminated In this
way: The Equitable informed us recently of the
termination OF II forthwith in the Empire OF Russn.
I We thereupon stated that such an underst tandng
TTooHh, net not be kept up IN sections and that as a
/ II altogether everywhere This does not indicate
the inauguration OF any warfare between the com
/ panies. and II isn't at all probable that anything
/ OF that sort will happen
President Richard A. McCurdy Of the Mutual Life
when asked II the quarrel between the Equita bio
/ ana the wYOrk Life would involve other com
, panies, said The difference IS between the New
YORK IAfe and the Equitable and have no com.
| ments 10 make