New-York tribune., 1906-04-17
INSURANCE MEN FAIL.
. MR. FOWLER RETURNS.
j. and r. Bohm Hare Liabilities of
1887. 1SS-MntuaI Loses agents.

! That the business OF the life insurance agent
for the big companies, at least-is not what II USED
| to be was indicated by statement made by george
IT. Dexter superintendent of domestic agencies Tor
| the Mutual Life Insurance Company. yesterday. AT
/ tie same time came the filing of petition IN
7 bankruptcy by Julius and Rudolph Bohm of NO 10
Park Row for many years life insurance agents Tor
| the Equitable Life Assurance Society.
Thomas P. Fowler, president of the Ontario &
| Western Railroad, and chairman OF the investisat-
| ing committee of the New York Life Insurance
| Company, returned from Europe on the Republic
but had nothing to say on the insurance situauoh'
! The complaint in the suit of the New YORK lAIe W
| recover large sums of money advanced to Judge
| Andrew Hamilton when he was acting as tneir
legislative agent will be ready for service to-day
| Judge" Hamilton returned from Albany yesteF-
| day.
| Since the beginning of the insurance agleatloh
and the legislative investigation the Mutual Lie
has lost 1900 of it's soliciting agents out OF to'ai
force of 1000 Some of these men have gone 10
companies not so much affected by the trouble ouC
| others have gone into other lines OF business.
Replying TO the assertion Of certain members ol
the policyhoders committee, that the Mutual Llie
had increased the commissions Of its agents and
granted more renewals Mr.. Dexter said:
The general agents and their solicitors are not
better off than year ago indeed they are are HOe t
reduction in the number OF renewals more ai tnan
| overcomes the increased commissions on new nusl-
ness
Mr. Dexter said that the number of renewal COM
missions had been reduced from seven the old
number, but refused to say how many were al
lowed now The old commissions on renewals were
~ per cent on four renewals and per cent on
three renewals. These figures have been changed.
but Mr.. Dexter would not go into details. He said
We have reduced materially the compensation of
agents The newer and smaller companies pay SO
many OF our agents Hundreds and hundreds OF
our men who could make a living under favorable
conditions could not do under present condt-
tions. and have necessarily turned to other things
been decreased. We have also saved our fixed
charges. This has enabled US to add to the com
missions of soliciting agents but II is perhaps less
than per cent.
julius and Rudolph Bohm. in filing their petition
in bankruptcy. schedule liabilities amounting to
S3s713S and assets of $22712S. The Equitable Life
Assurance Society is the principal creditor for
$525 57o secured by assigned renewals estimated at
100000 a year. The assets consist of notes due
from life insurance agents. protected. the petition
states by renewals, $9O955S; realty stock pledged
S50G00s Julius Bohm has individual liabilities of
S47, ,791. and assets of $462S.
The Boh1ns were among the most prominent sup
porters of Gage g. Tarbell in his fight against
James Hazen Hyde, and figured at the conference
Of agents at the Savoy Hotel They had one OF
the largest agencies Of the Equitable in the metro
Bernard M Baker chairman of the polcyhold-
ers association of the Mutual Life, in the city
yesterday in conference with Calvin Tomkins, the
Warner and D. Cady Herrick. the counsel to the
committee. 1t was said that they We're going along
men whom the policyholders would trust They
would a committee to take proxies at
this time.
President Fowler, on his return, from Europe
said that his trip had been for pleasure simply
and he had not thought of insurance. He had
taken no trouble to ascertain the sentiment of the
foreign policyholders Of the New York Life or the
general opinion of Europeans OF the insurance
troubles here. He has been kept in touch with
including the Armstrong legislation but would not
have anything to say about them for several dayS
h There will be meeting of the Fowler invgsti-
eating committee of the New York Life this after
noon Mr.. Fowler will be present and the work
done in his absence will be discussed. Tomorrow
the work Of framing the final report will be
started
Ex-President Grover Cleveland is expected at
the offices of the Equitable time this week
to catch up with his work as one of the trustees
OF that society.
At the Criminal Courts Building II was said YES
terday that the grand jury had completed its in
Vestigation of the Washington Life Insurance Com
pany, and would probably hand in indict-
ments to-day tomorrow.
| a surplus of 5000. 900, but the grand jury found
there really deficit of SS0000.