New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-14
SLAP FROM M'CLINT0CK
Calls International PoHcyholders
Committee "SmdU Potatoes.

Emory McClntock. vice-president OF the Nut
ual Life Insurance Company, having been quoted
as saying that he approved of the makeup OF
the international policyholders' committee. said
yesterday that he wanted to make his position
clear.
II think that, individually. they respect
able and able men," said Mr.. McClintock. but
as a committee 1 consider them as very small
potatoes 1 think they out OF place.
might illustrate by saying that they remind me
of the definition of dirt given by college pro-
lessor, when he said that dirt was matter out
of place.
Mr. McClintock is much pleased with the re-
port of the select committee Of the House of
Lords in England which has declared that IL
does not think it desirable 10 compel foreign
companies to deposit funds in that country.
THAT report" said he, rs the best thing that
has appeared on insurance from any source In
the last ten years. They put nothing in the re-
port to which 1 objected. and included every
thing for which l asked"
Vice President McClntOck spent several weeks
in England early in the summer, and appeared
before the committee of the House of Lords
which was appointed 70 inquire into what steps
should be taken TO provide adequate security for
the British policyhOlders in life insurance COM
panies which have headquarters outside or the
United Kingdom.
There no developments yesterday IN the
situation caused by the sudden resignation OF
Seymour Eaton as secretary OF the international
PoIicyholders Committee Mr.. Eaton is still at
his home in Philadelphia Ex-Judge Alton b.
Parker chairman Of the executive committee. To
whom Mr. Eaton addressed letter on saturday
asking that he be allowed to state his reasons
for resgning before the entire committee. did
not cOne down from EsOpus yesterday. There
will be meeting Of the executive committee to-
morrow when Mr. Eatons request will be con-
sidered
Vice-P President McClntOck denied report
that the decision of the Mutual Life to leave
France was to be reconsidered. and, when asked
why the New York Life could afford to remain
in France. while the Mutual Life could not see
its way clear to do SO. replied:
1t is a question of principle opinion. In
the first place the New York Life is not preju-
diced against putting UP money anywhere as a
special deposit ! have always been opposed TO
this. The Mutual Life has only one class OF
policyhOlders. and all get the dividends
on the same kind of policy The New York Life
keeps a different set of books for each country
In which II does business and pays dividends in
each country according TO the mortality and the
interest the reserve in that country. ! sup
pose the French p0licyholders OF the New YORK
Life will suffer loss in dividends because OF
the loss In interest on the reserve they Will have
TO put up there in order to continue business.
Our French policyholderS will not lose any in
dividends. because will not lose any interest
In reply to many inquiries, the Mutual Life
is issuing circular stating its future policy on
deferred ard annual dividend policies. The
annual report for this year will include state
ment OF funds held for future dividends poll
cies which the apportiOnment of the divi-
dends is deferred. and the statement will show
the total amount so held for each period OF dis
tribution.
There is to be a meeting of the agency COM
mittee of the Mutual Life on Thursday. At
that time the question of increasing the pre-
miums on the limited payment life policies after
the first of the year NAV be considered The in
crease will be merely to meet the premiums on
similar policies which have been charged by
the other large companies for some years
Maurice Untermyer.S brother of Samuel I'm
termyeT who for several months has been en-
gagged in organizing the policyhOlders' commit
tees in various foreign countries, returned on
the Kaiserin Auguste Victoria on Saturday He
said yesterday that he could not talk of the
situation abroad until he had made his report to
the officers of the international committee
Samuel Untermyer returned from Bar Harbor TO
his country home in YOnlIerS Yesterday. He is NOT
well. and probably will take an active mart in
insurance affairs in this city for few days