New-York tribune., 1906-04-12
FIGHT TO HIDE NAMES.
INSURANCE. MEN III VORK
Fields and Hamilton Sad To Be
Pushing Publicity Bill.

EfctGS 0H1 1A0"tftCCH D0fO 4 BE
Pushing Publicity Bill.
-be mutual life insurance companies. which
.,.,s are affected by the proposed law recurring
-. nublication Of lists OF policyholders. have he
- last desperate fight TO defeat that measure
= The Legislature, or at least to obtain a vital
amendment. Some officials declare that the fate
= he Mutual Life and the New Tork Life de-
~.r6s on the defeat Of the bill They saw that
r4uage" Hamilton and Andy a. Fields are using
.,- utmost efforts for the passage Of the bill as
:. stands. seeing a chance TO injure the COM
panies.
The International Policyholders' Committee
.,-ough Samuel Untermyer. has also taken up
she 6rht II wants the bin TO provide that the
.ompauies print lists and furnish them at a
,or.naI cost to any committee of poIicyholders
1bich can demonstrate its stability TO the State
srnerfutendent Of Insurance.
@1y5ge" Hamilton last night was asked about
,ts charge that he was pushing the polcyholder
list bill
Under the old way of doing insurance busi-
,ess the publication Of lists of policyholders
Uould have caused considerable hardship to the
,ornanies." he said. Since the reform. which
n course aboIishes twisting cannot see that
fbe companies viii be harmed I am in favor Of
The bill as Il stands"
The poIIcyholders' committees are afraid that
y-be bill passes without amendment the insur-
snce companies VIII make access TO the lists so
difficult that the committees cannot copy the
ramss they need in time for the election. In
-soeDt letter 10 Senator Bracket Samuel Inter
rnver said that he was informed the companies
we're already preparing the lists in directory
s-rlc and that they would be placed in the
hands Of their agency forces long before the
committee could gain access TO them. He feared
mat al sorts Of devices would be employed 10
make i impossible for the committee 10 copy
the lists in time 10 eIecuoneer. Besides asking
the printing Of lists. Mr.. Untermyer urges that
the agents be prohibited from gathering proxies
or distributing circulars, and that the officers of
the companies be prohibited from using the cler-
icaI force Of the companies for similar purposes.
BRIEF FOR THE COMPANIES.
What is practically brief for the companies.
written by James F. Mcintosh. general counsel
f9r the New York Life and sent 10 members Of
the Legislature. says, in part:
For any company 10 publish the names and
addresses Of its policyholders cannot but be dis
astrous the existing business and TO its in
sured. Even now, when all insurance companies
keep secret as well as they can the names and
addresses Of their policy holders, their insurance
contracts interfered with lapSed or can
celed through the unfair competition or GER
TAN INSCRIPTIONS agents OF other companies
There are agents to-day who devote themselves
almost exclusively 10 This sort Of business.
Twisting IS the term employed in insurance
parlance for this unfair competition. II is in
EuranCe piracy. II Is recognized by all decent
companies as an existing evil which they de-
pore and would stop If they could. In the past
has been possible 10 deal with il. in some
MEASURE TO check II, because the names and ad-
iEsses Of The insured have not been disclosed.
therefore, twisting by the wholesale was not
possible
The requirement is not fair. Its observance,
even though adding 70 the present prosperity Of
outside companies. viii have demoralizine ef-
feet upon the entire insurance business. It will
be injurious alike 10 the company and to its
policyhodeTs-to the one because It viii destroy
much business, the cost Of obtaining which il
las paid; 10 the other. because it will expose
mem 10 the opportunities Of agents Of other
companies.
Mr. Mcintosh then takes up the expense Of
getting out such q list. declaring that IT will
cost the New York Life $4,000 TO make out one
such list The bill calls fori six lists. and does
not take into account the expense Of keeping
them Up 10 date. He declares a list made on
June 10 would become inaccurate and incor-
rect by November 15 in respect TO 214, 800 poll
oes- n closing, the brief says:
From every point Of view, and for reasons
many q which have already been suggested, the
!-an q having the companies mail communica-
mons handed them for that purpose by groups
u polrNh0ders would be incOmparabIy prefer
az a1ie 10 publishing these names and addresses to
al the world
L would be better for the policyholders wish
ing 10 communicate with each other for il
would save them the trouble and expense of
copying The lists and addressing the envelopes
ana what difference does il ma Ike who mails the
leiierSs But some stubborn ObJeCtOr not un-
oersLardirg nor caring how injurious the conse-
QuelleS may be Of this measure as now pro-
posed, objects 10 this and says. The companies
would r0r mail them" Why not? Can they not
Is well be trusted 70 mail what the law requires
them 10 mail as TO make out a, list the law re-
CURES them 10 make QUIZ
Sucn O. law would be better for all the policy
holders. whether they wished TO communicate e
"Iin eacn other or not. Il would hold intact and
preserve the policy contracts Of the company
non The invasion Of other companies and the
Iootllg Of their agents thus conserving the prop
efTF u the pOl!cEholders II would undoubt-
esly be less expensive II would preserve the
confidence Of the policyholders. shield them from
loss
The international Poicyholders' Committee
has protested against The act disqualifying pres
ent members of the boards OF life insurance
companies from serving after the election On
November u. The committee thinks that Ire
pohcyhoIders should have the right TO choose
The trustees Of the New York Life held their
regular monthly meeting yesterday, but trans
acted little except routine business. The officers
are usually elected in May. but il was the opn-
Ion of the trustees that the present officers
Should hold over until November. II elected ar
The next meeting their terms would expire in
November under the new law.
SECOND SUIT AGAINST FIELDS.
The summons in a second suit against Andrew
G Fields was served in the afternoon by the
law department Of the Mutual Life. in less
Than half an hour Fields entered his appear