New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-25
LAPSED POLICIES GOOD.
OFFER OF EQUITABLE.
Morton VIII Renee Those Dropped
Since Investigation.

That Charles K. Peabody has no present in
tertion Of resigning the presidency OF the Mutual
Life company was positively announced yes
terday by trustees he may do so later, how
ever. IS he took the position temporarily.
There was a rumor that Andy Fields was
about READY 10 follow the example OF Andy
Hamilton and do a reappearing act. The rea-
son for this was his friendship for Richard A.
McCurdy just as Hamllton's friendship for the
late John A Mccall was supposed 10 have
brought the Judge" hack 10 America II was
stated on authority however, that Fields had no
intention Of returning. The suit which the Nut
ual Life has brought against McCurdy is gen.
orally taken TO mean a following out OF the COM
psnv's housekeeping plans That II Will result
IN any definite returns to the company Is not De-
Iieved by those who know the way in which
McCurdy left his property before sailing Tor
Paris.
Andv Fields acted for the various yellow
soaJs funds in Albany. and there are many rea-
sons why he viii not return. Andy Hanll-
inns Efforts al influencing legislation were large
IL confined 10 outside states. He was in close
touch with Fields. but left the actual Legislative
business In this state 10 the latter
There is a chance that Governor Higgins VIII
take hand IN the local insurance game. That
he could assign an assistant attorney general
10 the case 81 campaign contributions by the
insurance companies Is not questioned. II has
been done in several previous cases. The as
sistant attorney general could conduct HIS case
as Il II had never been taken up by Judge
o'suTivan and District Attorney Jerome. At
forney General Mayer was in the city yester-
day but declined 20 discuss any such possibility
The Equitable Life Assurance Society
through its president. Paul Morton, Is making
IN appeal 70 those who have given Up their
policies since the insurance scandals we're un-
earthed. AIr. Mortons letter notes that the
poIicyholder has discontinued his policy and
isncloses first Of all. the cOmpany's financial
statement for the year Just closed. Mr.. Morton
says in part:
The chartered accountants have examined
The bonds and stocks owned by the society, as
well as the collateral held for secured loans. and
certified that they are worth the values az
which they are stated in the annual statement.
They ind that fun provision has been made for
al liabilities.
No other insurance company ever before had
Independent auditors make such an exhaustive
examination Of its affairs, and I congratulate
the poliCyhOlders the result
There has been a radical change in the man
segment Of this society. and the housekeeping
viii be complete The economies and savings Of
The new administration viii approximate more
than SlOoQOO0 year, which II capitalized on
basis Of per cent is equivalent TO an additional
investment Of S250000O0. From all this you
can see that the financial condition OF the so
Getty Is most gTatlfylng The constant EFFORT OF
the new management viii be TO get the best re-
suits for the poliCyhOlders.
Mr. Morton then advises the lapsed policy
holders that If they are still a satisfactory risk
they can be reiustated. He points out that the
old policy which they gave up is a better one, if
1eiHststed, than any new one could possibly be
As the Equitable was the first OF the life insur-
snce companies 20 be tangled I'm the disclosure
mesh it has suffered more lapses than the other
companies Of the Big Three This letter, It is
supposed. win bring many Of them back into the
Equitable fold again.
The Life Underwriters Association Of New
York gave z luncheon yesterday in the restau-
rant under the Flatiron Building which was at
tended by five hundred agents. This luncheon
had TWO objects. 10 continue the agitation
against the Armstrong measure for the Iimita-
lion Of expenses OF new business and 70 increase
the membership Of the association T. Reid Fell.
president Of the association. presided. The first
speaker was Charles Jerome Edwards chairman
Of the executive committee, who urged all the
life insurance agents to become members Of the
association. William Q. Johnson, who has been
I'm charge Of the agents fight for larger first
premiums and longer renewals reviewed the
contest which had been made at Albany and
offered the encouragement that the Armstrong
committee was inclined TO be more lenient
Lawrence Priddy Of the New York Life COM
pany who Is a member of the board Of go-er-
nors Of the anti-rebate bureau. made a sp3rfted
talk against rebating in any and al forms He
told the agents that the companies were unauj-
NOUS In disspproving the rebate practice and
he made Il plain that harsh measures vvouI5 he
used against agents who ventured 20 rebate IN
the future.
AN INSURANCE cTrTr ~ D.3rc