New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-16
THE INSURANCE COMPANY AND THE CAFE.
DENIAL5 OF'THE CHARGE THAT MONEY OF THE
EQUITABLE SOCIETY HAS BEEN SUNK
IN THE sAyARIN RESTAURANT.


A report from Albany yesterday morning said that
superintendent Pierce Of the stat, Insurance Depart
ment had made up his mind TO order an investiga-
ton Of the Equitable Life Assurance Society," part!cu
arly to ascertain the relations between the society
and the Cafe Savarin Company, which runs the large
r,staurnnt In the Equitable Building. 1t was said
that this action TO be taken in consequence OF the
complaints Of policy-holders who charge that the
funds of the society have been improperly used in
backing the Cafe Savarin. An officer OF TIN, society
said Yesterday that he knew nothing about any pro-
posed investigation but that the charges were old and
absolutely without foundation.
"The whole thing" he said, "has been nstigated
BIZ Mr. Stokes, of the Hoffman House, whose downtown
restaurant has suffered from the business done by the
Cafe savarin. This has made Mr.. Stokes very sore,
and he is doing what he 10 in1ure us. We have
heard from twenty or twsnty -fve different sources
that he has repeatedly said that he had considerable
influence in the Democratic party, and that II the
LEGISLATURE turned out 10 be Democratic he would
make II hot for lie is also quoted saying that
he has influence with Mr.. Pierce, the State Supenn-
endent of Insurance. and that he will exert that too
against u.s. Mr.. Pierce says, however that Stokes
not influence him. on September TO- Mr. Stokes wrote
letter TO Mr. Pierce, calling attention TO the fact
that his department was engaged In an investigation
Of the New-York Life, and suggesting that we also
needed investigation. lie then proceeded 10 make a
list Of charges. lie was informed that, as he was not
a motley. holder Ill Tue EqultaOlc, INC ue
partment did not see what business ne
Ind To critIcise the socisty's management The
next we heard was that Michael shaughnessy
n pocyholder in salt Lake City, had preferred the
same charges that Stokes made. Shaughnessy, I'M
derstand Is mining Spectator who stays good deal
at the Hoffman House. His charges were handled by
Esex Cowen formerly Of Troy Mr.. Stokes's lawyer
You can say absolutely and positively that officer
or other person connected with this company directly
or indirectly has any interest in the receipts profits
Of the Cafe savarn'
Henry b. Hyde, president Of the society. tool
LID the charges more In detail, and denied each
. Sbaughnessy charges he said, that the Cafe
sayarin Company is q corporation with 100000 nom
inal capital Of which but small part Is paid up
and that officers and employees OF the Equitable con
troll IT, This is untrue. The capital stock Is fully
paid up. and not one share Of 1t Is owned or con
trolled by any officer employe OF the Equitable
shaughnessy also charges that rent TO the Cafe
savarn Company space for which We could gel
sI5OoOO annual rental for about one-third that
amount Tint is untrue. We get all the renta
IMAM we could get for any other use n
which the space could be put still another
charge IS that we have sunk over 81 100000 OF the
policy holders money in fitting up the cafe.t That
also Is untrue. We have lifted up the space occupied
by the cafe In suitable manner, Just as we have fitted
up everything about the building TO suit our tenant.
and nothing mere. As matter OF faet the fittings Of
the Cafe Savarn not as elaborate or expensive "a
those which Mr.. stokes himself has lavished on his
famous bar In word there Is nothing at all In the
charges Until to-day had not heard anything Of
them since the middle Of OCTOBER