Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-12-21
Aims of the Organization.
Not Participating Policies.


Three of the smaller insurance companies,
the Washington Life, controlled by Thomas
F. Ryan; the Provident Savings Life, con-
trolled by Timothy L. Woodruff, and the
United States Life, of which DR.. John p.
Num- the physician of the late Jay Gou!d,
Is president, announced yesterday tEat az
ter the first of the year they would write
only non-participating policies A paruci.
pating policy is one in which the insured
shares-or is led to believe he shares-in the
profits of the company.
Under the new insurance laws "nlch pc
come operative January l, companies DO
ing business in this State.cannot write both
participating and non-participating pollcles
They must confine themselves to one or the
other. The Equitable, the Mutual ana tne
New York Life have decided to write only
participating policies, on which the pre-
MUM payments are much heavier than for
non participating insurance. This has re-
moved the three leading competitors from
the non-particpating fed, and the three
smaller concerns, all of which are stock
companies, expect to build up big bust
ness.
On behalf of the Washington Life this
statement was made yesterday
Our proposition to policy-holders is to offer
them insurance just as merchant offers
them his goods. When he takes non-par-
ticipating policy the insured knows Just
what he is buying and just what he is go
ing to get. The company will try to make
its offerings attractive as possible, which
means as low in price and as liberal III
eventual values is consistent with SAFETY
The company will make its profits out of
handling the policy holders money, just
as a bank makes its profits out of hand
ling its depositors' money"
New York Life Disturbed.
The New York Life officers were consid-
erably disturbed yesterday by the publicity
given the formation of the new North
American Life Insurance Company by
group of New York Life men, and the in
timation that the immense agency organiza-
ton maintained at the expense of the
policy holders of the New York Life was
going to turn in business to the new COM
pany. John c. Mccall secretary of the
New York Life, said
that We neither have nor are to have any
connection with this new company. The or
ganizers of the company are, to be sure,
men who have been trained in the service
of the New York Life, but they all left our
employ to enter upon this new venture.
I'VE have absolutely no agreement or I'M
Outstanding with them to handle any bust
ness that comes to us in excess Of the Arm
strong laws limitations, as has been init
mated"
1t was noted that Mr.. McCall's statement
did not deny that some of the executive
heads of the New York Life are financially
interested in the new company, or that they
expected to profit by having the New York
Life agents turn in participating bust
ness, class of insurance which the New
York Life cannot write after January l.
The counting of the ballots cast in the
elections in the Mutual and New York Life
will not begin until after Christmas. None
of the leaders of the opposing tickets would
bulge yesterday from their widely sep
arated estimates of the result.
Mr. Untermyer lodged a formal protest
against the inspectors counting bal OTIS sent
in by policy holders whose names and ad
dresses We're not on the official lists filed
with the state insurance department by the
company. He contended that many thou
sands of policy holders names We're kept off
the official lists whom the international
committee was unable to reach with its
campaign literature, but who We're person
ally solicited for votes by the agents.