New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-07-30

days ago leaves the service OF that concern he
VIII take an important executive place with an
other Insurance company viii found an in
surance company OF his own. according TO in
formation in insurance circles yesterday That
he viii organize a company is considered
the more likely by his friends. His agents con-
slider that such a prospect is likely. and none
have taken steps toward getting new places
Mr.. Haynes sent a circular letter 10 all his
solicitors yesterday telling them that. they
knew he had severed his connection with the
Equitable IL they wished to continue TO work
for that company they would have 10 obtain con-
tracts directly with the society he said, and he
advised them TO about II at once. as his plans
were such that he could not retain them I'm his
service under the old conditions. The agents.
however believe that he has I'm view plan
which will open opportunities for them better
than they could have with the Equitable. and
they are standing with him.
Mr.. Haynes and a few OF his most trusted
solicitors in the last few days, il was learned
have visited many of the men whom the
Haynes agency has written policies They
have asked these polcyholders IL they would
change their insurance from the Equitable TO
another company. II trustworthy evidence
should show them that they would be better
protected. Affirmative answers received
IN almost every case. IL said.
The new company which Mr.. Haynes is con-
S>mplating his friends say. would be built
along the lines he has indicated recently Soon
SITTER the Equitable trouble began Mr.. Haynes
and Mr. Tsrbell were allies, but later Mr.
Haynes began much harsh criticism of the
agency department, whose head Mr.. Tarbell is,
and OF the deferred dividend plan on which the
Equitable writes most OF its insurance.
company formed by Mr.. Haynes il is said,
would have either an annual dividend Of the
surplus belonging to poiieyholders five
year dividend period. which Mr. Haynes has
advocated. II would be purely a mutual COM
psny, an agent said.
The provision Of the New-YOrk insurance
laws that any insurance company must have a
minimum capitalization OF 100000 could be
obviatei by buying the stock from the surplus
and turning IL into the treasury for the benefit
OF the poicyholders. IL was said. Soma clause
would doubtless be put in the charter by which
the company might buy the stock at any time
within ten years If the business written in that
time should have reached given figure. say
S25oo0oo0
Mr.. Haynes at his Office all day yester-
day holding conferences with his soliciting
agents. He declined 10 say word regarding
his plans.
Paul Morton president OF the society. was at
Newport yesterday. James Hazen Hyde was
there also. II could not be learned whether
there was any conference TO be held there or
whether their presence there the same time
was purely a coincidence.
In connection with Mr.. Morton's recent order
that no Equitable employees should talk 10
newspaper men. he has received a drOll letter
from Dallas Tex. Dallas paper commented
editorfsly on the order The letter. an applica-
ton for an important executive place. gave as
sole reason for the application that the writer
was deaf and would be unable to hear the talk:
therefore unable to repeat IL TO the detriment of
The society. He did not possess the Qualifica-
ton Of dumbness, he said.
a report that Louis Marshall, OF Guggen-
heimer, Untermyer Marshall was 10 be coun-
sci 10 the Legislative investigating COMMITTEES
was considered Ill founded in Wall Street II
was pointed out that Samuel Untermyer, Mr.
harshans partner, had been Mr.. Hyde's per-
sonal lawyer, and II was extremely unlikely that
the investigators would select for their counsel
one so nearly allied 20 faction in the late un-
pleasantness.