The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-29
70 DIRECT EQUITABLE PROBE.
,orIS MARSHALL MAY NE iTTOR.
yEY ron LEGISLATIVE QUIZ.
MD Time Friend Of supt. Hendricks Said
10 Have Bcen Seiected-President
Morton Disinisses ,society's Diggest
General Agent for Insub ordination.

IN Have Bcen SeleCteO-Ffe6l0ent
! Morton Disinisses ,society's Disgest
General Agent for Insub ordination.
Louis Marshall formerly OF Syracuse,
~ did time friend OF Superintendent Hem
sricks Of the State Insurance Department,
-.s said last night to have been selected
a, counsel for the legislative insu rance COM
n,tee headed by Senator Armstrong OF
Rochester.
Mr., Marshall was delegate to the oon-
.dutional convention OF 1894 from SYRIA
c,se after which he came to New York and
hung out bis single,
Mr.. Marshall was spoken OF last night as
ana OF the keen corporation lawyers OF New
York city.
President Paul Morton Of the Equitable
life Assurance Society yesterday dis
missed Archibald c. Haynes, one Of the
.odety's general agents in this city. Al
though Mr.. Morton did not announce the
,eason for Haynes's removal, II Is known
10 be characterization.
For several weeks Haynes had been call
iua meetings OF the agents working under
his direction and critcizing the policy OF
bis superior officer, Second Vice-President
Gage f. Tarbell. Mr.. Haynes, 1t was
said, had been warned that he must cease
talking but had paid no attention to the
warnings. He placed his resignation in
Mr.. Morton's hands several weeks ago.
TO take effect Dec. 81, but IL was reported
since then that he was reconsidering his
sction.
Notice of his removal was conveyed to
Mr.. HAYNES in this letter, dated July %:
Archibald c. Haynes, Esq, rs Broad strect.
Nen York city:
DEAR SIR: You are hereby notified
that the agreement made between the
EQUITABLE Life Assurance Society Of the
United States and yourself dated the 18th
day Of December, 1899, together with all
agreements modifying said contract or
supplementary thereto, is hereby terminated
forthwith, without prejudice to any claim
which the society may now or at any future
time have against YOU
This letter is signed by Mr.. Morton as
president,
Mr.. Haynes has the reputation Of being
not only one Of the best general agents in
the Equitables employ, but also one Of the
leading insurance agents OF the world
II is said that his agency holds the record
|
one year. 1t was reported yeste rday that
Mr.. Haynes made annually in commits
sions more than 500 900, which exceeds the
amount OF the presidents salary by
$4,000
The clause in President Morton's letter
relating to the fact that Mr.. Kaynes's re.
mova would be without prejudice to any
claim which the society has against him
refers to Mr.. Haynes's obligation to the
society on account Of money advanced fol
the agency work. This obligation IL said
to be now about $780, When the Frica
10 be $S70, 900, the largest amount advanced
10 any of the society's general agents.
The only security which the society has
against this loan is Mr.. Haynes's interest ir
renewal contracts. According to the trich
report, tine Haynes loan was about six times
"a large as his annual renewal interest
The Trick committee report also called
attention to he fact that IN agent q contra CT
contains clause to the effect that in the
event of his leaving the society and entering
the employ Of another insu rance comp any
and endea voring to carry the society's busi-
ness to the other company he absolutely
forfeited all claim on an and all future
renewal commissions.
Whether Mr.. haynes would forfeit his
removal interest if he became the agent
for another company and sought to transi Ell
any Of the policies was natter which
was not explained yesterday. 1t was said
though, that the advances were not re-
garded strictly as present claims against
ar. HAYNES, but that they would probably
be offset in tine by renewal interests on
contracts from his office. No action will
be taken at present in regard to the ad-
yances
Mr.. Eayness removal, it was raid, need
tare no effect on the agents working under
his direction. The agents contracts, while
proposed by Eaynes, are made out direct
with tho society, and they will be able to
60 right on under another general agent:
That there n light be some detection
among the agents, though, was considered
probable yesterday. Mr.. Haynes has
about one hundred OF them under his dir &C.
ton At their last meeting in his Offices
he advised them to work for two weeks
ng,F he under the
Tarteil did not yield to his den ands that
they be Paid salary until the society g
business recovers and be allowed to solicit
insurance outside this county,
Mr. Morton's removal Of Haynes was re-
earded yeste rday as Of ger eral significance
1t meant,i was said TT at the new president
would not accept the d:c.ation OF any man
employed by the society, no matter how
valuable his services might be, and that
under the present management there would
never he Afforded an opportunity for any
man or set Of men to put themselves for
ward as bigger than the society itself.
Mr., Haynes refused to discuss Chairman
Norton letter.
Chairman Mortons action also was in
terpreted to he a thorough approval Of
Second Vice-Presdent Tarbell's stand
and as Indicative Of an intention on the part
Of the new management to cut down ad-
nnces TO agents.
"A list Of the persons carried on the Equita-
6e's pension roll and the amounts which
!ney receive was made public yesterday.
There has teen general reduction Of one
9lrd from the amounts which the pen
toners formerly received, representing
ayearly saving Of 81 ,Oco in addition to the
HHvns that has already been effected
through tire discontnuance by Chairman
Norton of the 81 900 month paid TO George
hsquire and other pensioners. MH. Hyde e
pension OF $25 0OO Is not 9iven in the list
St has been referred to the society's law
yen for advice as to whether 1t may be
oat on or not. Here is the list. the first
seven being former clerks
w. g: Hoagland, $500; T. j. DcGray, $500;
=. A; Hillyer. $720; F. Sellen, 81 600; r. G.
lambert, 81 200; w. A. w. Rowland, 81 400;
!; 4. Cummins, 81 800; j. Stahl, formerly
y the agency department, 81, 500; W. Ho]ls-
uy statistician, $500; W. H. Bridgman
the agency department, 1850; w. P.
LASTED, formerly superintendent OF
stter department, 5000; Mrs. Shepherd
nomans, wife Of the late actuary, s. 600;
-. toring, former registrar, $500; Mrs.
samuel Borrowe widow OF the former