The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-13
PLANS LIFE INSURANCE UNION.
PAUL MORTON CALLS on OTHER
PRESIDENTS TO MEET.
Expects That Cost TO the Public VIII he
Lessened by Cooperation 10 Prevent
Extrayagances, Reduce Expenses ana
Unite In Keeping Tab ON Legislation.

ExDects That Cost 10 the Public VIII be
Lessened by Cooperation 10 Prevent
Extrayagances Reduce Expenses and
Unite In Keeping Tab ON Legislation.
President Paul Morton of the Equita BILE
Life Assurance Society has asked the
presidents OF the principal life insurance
companies of the country to meet on Decem-
Der 2I to form a national organiza ton.
Mr.. Morton sent TO the heads OF more than
thirty companies this letter:
NEW YORK. Dec. 3, 1900.
MY DEAR SIR: | am impressed with the
lack Of cooperation among the large life In
suranee companies. and respectfully urge that
we meet and discuss a plan OF an organization
the objects Of which shall be:
l. To promote the welfare of policyholders.
2. To advance the interests of life insur-
ance companies in the United states by the
intelligent cooperation of officers In charge.
Z. To prevent extravaganza and reduce
expenses by encouraging uniformity OF prac-
tice among life insurance companies In mat
ters of general administration.
T. To consider carefully measures that may
he introduced from time to time in legislative
bodies. with a view to ascertaining and pub
licly presenting the grounds that may exist
for opposing or advocating the proposed
legislation, according as the welfare of the
companies and their policyholders shall point
to the one course or the other.
S. To consider anything that may be suit
sblv a matter of general concern to the life
insurance business.
a. II YOU agree with me that such an organ
ization is necessary and are willing your
company should become q member ! will be
glad to call a meeting as early az possible to
further consider the matter.
Personally IL seems to me that much good
can be accomplished by more cooperation
between insurance companies.
Copies of this letter have been sent to the
presidents of the principal life insurance COM
panies. Very truly yours,
PAUL MORTON, President.
In further explanation Of his purpose
in calling the meeting Mr.. Morton said;
The letter was not intende ed for publication
at this time, and IL is to be regretted that
some one who received 1t evidently saw TIT
20 give II out prematurely. But there is nc
harm done. 1 believe in a maximum amount
of publicity, and as president of one of the
large companies | am not going to enter into
any agreement or combination that will moi
promote the public welfare.
| consider that 1t il just "a essential for the
executives Of the life insurance companies OF
the United States to have "a national associa-
ton as il is for the fire und erwriters. life in.
gurance actuaries, national bankers anC
physicians Of the country. or any other body
Of intelligent men to have similar associa
tons. Much good can be accomplished by
mutual acquaintance, cooperation and uni
form practice, and | shall be very much dis
appointed If great Improvements cannot b,
made in the administration of the bushes,
and the cost of life insurance cheapened To tn,
public.
State Superint endent of Insurance Otto
Kelsey arrived at his office, II Broadway
vest erday morning and conferred with the
Various committees and companies repre-
scented in the present fight for control O
the New York and Mutual life INSURANCE,
companies. No one was on hand to repre-
sent the New York Life. The Mutual wa
represented by James NJ. Beck for the lega
department.
Samuel Untermyer and George r
Scrugham we're on and to look after tn
interests of the int International policy holders
John Dewitt Warner for the Mutual Lift
Poicyholders' Association, and Albert 5
Bard as counsel for the selected fusiol
ticket in the Mutual.
Supt. Kelsey said at the beginning OF tn
conference that he would send five deputie
to each Of the companies to act as electio
officers, and that when the counting of tn
vote began late on Tuesday, the last day c
voting. he would select a large force q
~canvassers. He said he would appoint a
many of these as il was found necessar
TO get the vote counted quickly.
An argument followed as to how man
representatives there should be for tn
different committees opposing the candt
dates OF the administ ration in the tw
companies. Mr.. Beck for the Mutual wante
to have it so tina there would be only on
representative of each opposing committee
After considerable talkSit was decided b
Supt. Kelsey that as many challenger
would be allowed to each committee g
there were tables for counting the vott
in the Offices of the companies. In otht
words, there will be from ten to fftee
watchers or challengers for the oppositio
committees.
Former State Superintendent of lnsul
ance Lou Payn had a talk with Supt. Kelse
when the conference ended.
Supt. Kelsey returnedto Albany last nigh
but before leaving he announced that B
would return here IN Friday and renal
until after the vote had been COUNTIES
Mr.. Kelsey Intends to take charge Of II
election personally.