The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-07-10
GENERAL AGENT
HAS RESIGNED
Archibald C. Haynes to Leave the
Equitable Society.
TO TAKE EFFECT DEC. 81.
TEXT OF THE LETTER SENT TO
PAUL MORTON.

: New York, July 9.-Archibald 6
Haynes. general agent for the Equitable
Life Assurance society, controlling its
largest and most important agency
with headquarters in Broad street, New
York, sent his resignation today to Pau
Morton, chairman Of the board Of di-
Teotors. His various offices are i'm the
heart of the financial district. and he
counts among his customers many
noted men. In his letter of resignation
he said. in part:
"As ! never intend TO use my inhu-
ence i'm the future in the direction OF
inducing the public TO buy loaded par
ticfpating premiums in any company
or society other than purely mutual
organization, and as the commissions
on stock or nOu-participating policies
paid by the Equitable are so unreason-
ably small that agents who are per
fectly willing to work upon moderate
COMMISSIONS could not maintain them
selves and in view of the mixed con
troll Of the society, / have decided tt
discontinue my active operations tol
and with the society on and after Dec
81 next, and hereby tender my resig-
nation. to take effect from that date
without prejudice TO any and all claims
] may have against the society under
contracts.
Indebtedness of $4,000.
Full publicity was given to my &C
counts with the society by the report
recently made by the committee OF IN
Vestigation, of which Henry 9. Flick
was chairman In that report state
ment was made that my Indebtedness
to the society was something ike $s1u'-
600, as of April IS this year.
4 have no reason to suppose that the
said committee intends to be in any
way unfair to me, but L must call at
I a M rnf-a
pared to admit such total indebtedness
as Of said date. which is somewhat mis-
leading, for the reason that said hg-
ures embraced not only my individual
Indebtedness to the society, but thai
Of every agent operating under my
general contract.
When my account with the society
is closed. as of Dec. l this year, all eX
perience In life insurance indicates tha
every dollar owing to the society 10y
under my contrac- Tor when an
responsible, viii be fully paid off, in al
probability in about five years.
Only Himself Involved.
Il desire to state to you that my
conclusions regarding the present state
OF the society are free from interter-
ence of any person connected with tht
society or any other general agent, ana
no one is involved, directly or Indirect
". in the position WnlCn ldhe-
Mr. Haynes transcript of his address
to the agents at the recent meetings
SAYS he has confidence in the trustees
named for the society. but adds;
In corporations there is usually
dominant individual. Therefore, If the
majority stock of this society can D'
sold from one man to another, the in
'fuence of the majority stockholdeF'
must certainly be felt.
Mr.. Haynes says that because OF th'
uncertainty of the future of such I
company. the public may not be VIII
ing to buy insurance on the mutua
plan. and urges agents to contine thel
efforts to selling insurance on the stool
policy plan. The address continues
The prtmium income OF the societ.
last year was about $6O,OOO.OOO- a
nearly all of the same was on ioade'
participating plan of insurance, 1
means that. based upon past expert
ence. about $4,000. 900 of said $60,O00OO
should be saved annually for the pur
pose of creating dividends