New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-29
THAT ION7TNE REPORT.
THE TONTINE INVESTIGATING COMMIT TEE |
IN IT'S TRUE LIGHT

fbHtTHDCtut
We have been astOnished to see that the
malicious report OF the stlborn Legislative Comaiee
on Tobtne has hee1 published in one Of the morning
Tapers. This has presumably been procured matter
OF advertising by rival company without stopping at
this time to demonstrate the outrage OF spending the
money Of policy hOders such offensive and discred
table way, proceed say word about the report
itself In The Comm, rcid! Bulletin Of May IL it
distinctly showrthat this committees report against
Tontnes should have hearing. At that time money
habeen spent to advertise the text OF the report 10
due 20 great New-YOrk COMPANIES and their honor
able management to strip the mask from this rascay
attack upon them. It has been well known that
have warned these companies not to submit To baczmail
from legislative depredators. 1t has been admitted
all sides that these companies could have had report
perfectly satisfactory them they had chosen to pay
money for It, The temper Of the report is the best
POSSIBLE ey lence OF the fact that the companies paid
money In this they should he upheld by q healthy
public sentiment. II raidng committees to be
organized by legislators composed of men having no
fitness for the task in hand to visit our great trusts in
Guiding life insurance companies aad menace their uan
with the fear of adverse report and thereupon
either give favorable certificate for money consider
atOn or, alternative, abuse the companies having
the courage to refuse the sicred rights Of policy
holders will be at the mercy of venal politicians
All honor to the Equitable Life, which has had TO
stand the brunt Of Of these gifts for stOuty main
We have nvestigated. and say what know when we
assert hat the Equitable Life Assurance Society includ
ing every of its officers rendered TO this committee
all the information asked matter how indicate the
questions put how mpernent to the subject in hand
They even refraned from avahng themselves of their
right keep the examination within the scope Of the
resolution Their books. documents AMI papers
submitted without stint TO the committee, on the most
preposterous demands. They only prevented from
permitting Wholesale ,umma.ing into all theiI affairs
by these hunters after as by the act of the Leg
lature Itself In cutting OF the time Of the committee, and
disbanding It for its incOmpetency and malice.
Only two witnesses examined by the committee,
ont Of Them the vce-president of the Equitable whose
examination not finished aud whose erOss-examlna-
ton on the behalf Of his company had not been
begun. The ether was an actuary who had for years
been in the habit Of crczy the ethics OF the TOntne
plans and who mlgt,be fairly considered BIASED wit
ness. Even he could not be induced to say anything
against the integrity good faith and skill o! the
OF these companies and his Examination by the
committee had subjected TO the sitting Of cross
examination when tho Legislature recalled the
committee. The counsel OF the companies complained II
committee that instead of placing their actuarial
experts on the stand had been waiting during the
three days OF this travesty OF examination to be
examined. they examined an adverse actuary. who
confessed his lack OF knowledge in regard to Of the
principal facts on which his opinion desired
The kernel OF the whole thing is that the Equitable the
Mutull and the New-YOrk Life, our three great New
York companies have added fresh ground OF public
confidence those already established by them namely.
their readiness TO submit vItuperation the part OF
bad and disappointed politicians rather than obtain
their good opinion BY improper means.