New-York tribune., 1900-01-10
OPEN INSURANCE WAR.
NEw-YoRK LIFE AGENTS GO OVER TO
THE EQUITABLE.

THE EQUITABLE.
TROUBLE OVER THE ABRoGATIoN OF THE
AGREEMENT BETWEEN THE TWO
PANIEs-sTATEMENTS
FROM BOTH SIDES.
The rupture OF an agreement between the Equit-
able Life Assurance Society and the New-York Life
Insurance Company in December the non
employment OF each others agents has developed
into open warfare between those companies, and
yesterday afternoon G. E. Tarben second vice
president Of the Equitable, asserted that $50 city
agents OF the NewYork Life had come over to the
Equitable and signed contracts to transact business
for the Equitable until further notice. Mr. Tarbell
said that these agents were already doing
business for the Equitable. and that before the
end of the week their ranks would be swollen by
a great many more of the New-York Lifes men.
The New-York Life broke an agreement with us
toward the close of last year and tried to get our
agents and business and got left. and that's about
ali there is OF it, said Mr.. TarbeL This state
nent was supplemented by the following from Mr.
Tarbell:
At our forteth anniversary James W. Alex
enoer, the president, made the announcement that
stitute reform in the compensation of agents.
larger renewals for some years after. this being
70 the interest of both policy holders and agent
On December 26 the New-York Life. Insurance
duce our agents from their loyalty to the society
e 70 the seeond vice Re s The OF bea6 sa9
of the agency department, to the effect that an
panies was abrogated This agreement was to the
eneei that neither of the two companies should
the other company. At the same time this letter
telegram TO every agent Of the New-York
Life saying: The arrangement with the Equitable
the Equita bic tried 10 induce the New-York Life to
fons lasted foF three DAYS at the end ae of Whch
time the officers of the New-York Life declared
same time they sent telegrams to all their agents
saysng:s gs agreement with Equitable is liable to be
four hours The next day they notified the Equit-
on Monday. January s the whole Manhattan de-
agency directors. who are as ;- follows r. J. Nix i
": G. ElsbeTe. J. T. Hawke Julius Bohm, W. f,
Franklin, Fred Taman and J. Wenbech and over
M ana and Signed With FReG he RenaSie tRs m
tar as I we know the efforts Of the work Life
The Manhattan department of the New-York
Life was the banner agency of that company. and
entire business in the United States.
When the statement of Mr.. Tarben was shown
70 George w. Perkins. second vice-president OF
the New-Yo-k Life. by Tribune reporter last
night Mr Perkins said
Our annual statement for 1899, made public sew
era days ago. shows that did by far the largest
business last year of any company in the world
ex ,utive stan Of the Equitable The Equitable
seems to have made up their minds that nothing
short OF wholesale raid, planned on Sunday and
carried out in the night could check the onward
ever. OF yesterday and to-day as to the number Of
m fl from m s our 0 IN the o are
or FIVE of our agency men in the city. with whom
10 changes that occur in every great business on
January went over to the Equitable, but the
agents working under them have not gone and will
not go. .,,. ,,-.,;.o,,. - -
and dining our right and left of late, and
offering ali sorts induce nents 20 them. We have
sumo stock company ike the FqatabIe can spend
pany Ike ours operated for the policy holders BEN
e1it. is, Of course, restricted.
Nearly six hundred agents of the New York Life
reported bright and early at the main office. No
34s Broadway, yesterday morning, in response to
kilograms sent out by Mr.. Perkirs the night before
II TO prevent a stampede of their agents in
large numbers that kept Mr. Perkins. Mr.. Kingsley
and others the New-York Life Building working
all night. At the close OF the days work Mr.. Per-
kins issued the statement already referred to.
II is sad that the Equitable its new allies
by offering greatly superior inducements both an
salaries and commissions The present rate OF
compensation by the New-York life is 65 per cenc
Of the first years prenium After that the solicitor
must look to new insurance for remuneration The
Equitable offers 80 per of the first year 25 per
cent OF the second. and on for several succeed
ing years so that the agent receives a continuous
remuneration from one insurance
Mr.. Tarbe wrote letter Oh January to Nj
Perkins. of the New-York Life. which greatly en-
bittered executive staffs of the two companies
and made the warfare between the companies a
certainty After referring TO previous correspond
ence between himself and Mr.. Perkins Mr. Tar
bells letter says:
In view of all this not warranted
IN feeling that by ridding yourselves of all obiga
tfons which might hamper your movements at the
present time you have hoped to draw away from
the Equitable its workers in the field with the os
fincf object Of securing advantage to Your com
psnv al the expense of the Equitable? If this be
so we believe that you have entirely mistaken
the character of the Equitable's representatives as
= hody and that You yourselves will regret the
Say that YOU broke an agreement which you have
admitted was entered into in the interests or de-
cency'
The New-York Life officials said last night that
they had induced a number of their agents to re-
pent of their hasy action and that the net gain Of
agents by the Equitable would be small one. 1t
was also said that several agents. seeing their op
rortunity worked both ends by securing long
term contracts greatly increased remuneration
Vsiting and revisiting both main offices during the
dew and requiring the warning officials to raise
their bids each successive visit
TRANSATLANTIC TRAVELLERS.