The Washington herald., 1906-12-13
PLANS LIFE CO. TRUST
Paul Norton Urges Thirty
Big Concerns to Combine.
TRIES TO KEEP IT A SECRET
President Of Equitable Urges Insur-
ance Heads to Join In Association.
Explains that He Is Acting for
Benefit of Policy Holders-Critics
Declare He Proposes Lobby Bureau.

New York. Dec. 12-That Paul Morton,
former Secretary Of the Navy in Presi-
dent RooseveIt's Cabinet, and now Presi-
dent of the Equitable Life Assurance
Society. planned a gigantic combination
OF the heads OF the thirty principal in
surance corporations of the United
States. having become prematurely
known. he hurriedly issued a statement
tonight declaring that he meant no
harm in his plan.
He declares that he had intended to
keep the matter a secret, but that he
would have taken the public into his
confidence as soon as the organization
had been effected. and that it was his
intention simply to have the presidents
meet and confer at stated times as TO the
best means for safeguarding the interests
of the policy holders.
Skeptical citizens. however, and there
are many of them. included in their
ranks ali who are fighting for the sue
cess of the international policy holders
trustee tickets. openly assert that If the
proposed combination is formed, It Will
have for its object the notification OF all
laws that interfere with the companies,
especially with those that limit the
amount of insurance that any one con
Germ can write in a year.
The result of the disclosure that Such
an organization was contemplated has
stirred up bitter feeling in this city to
such an extent that open charges OF dis
loyalty are being made by prominent in
surance men. The meeting is 10 be held
on December q in this city
In explanation of his purpose in calling
the meeting. Mr.. Morton said tonight:
I consider that it is just as essential
for the executives of the life insurance
companies Of the United States to have
national association as IL is for the IRE
underwriters association. or any other
body of intelligent men to have similar
associations Much good can be accom-
plished by mutual acquaintance, CO.
operation. and uniform practice
State superintendent of Insurance Otto
Kelsey arrived at his Office, IL Broadway,
this morning and conferred with the va
riious committees and companies repre-
sented in the present fight for control Of
the board Of trustees In the New York
and Mutual Life insurance companies
No one was on hand to represent the
New York Life. il being stated at the
offices of the company that 1t was
thought unnecessary. as the officers had
full confidence in the ability of Superin-
teGdent Kelsey to see 10 it that fair
election was held.
Superintendent Kelsey said at the be-
ginning of the conference that he would
send five deputies TO each of the COM
panies to act as election officers. and that
when the counting Of the votes began
late on Thursday the last day OF voting,
he would select q large force of canvas
sers. He said he would appoint as many
of these as il was found necessary TO get
the vote counted correctly.
Superintendent Kelsey returned TO Al
bany tonight, but before leaving he an
nounced that he would return here on
Friday and remain until after the vote
for trustees in the two companies had
been counted Mr. Kelsey intends TO
take charge personally Of the election