The Montgomery advertiser., 1905-05-05
WILL AWAIT RESULT.
INSURANCE CoMMIssroNERs CON- FER REGARDING EQUITABLE.
Nothing to be Done in Premises Uptil Report Is Made by superinten- dent Hendricks--some Ru-
 naors Are Denied.


 
 New York, May 4.--After a lengthy conference today the insurance conn missioners of five States outside Of New York announced that they had infor- mally considered the situation in the Equitable Society, had talked with State Insurance Superintendent Hend- ricks of New York, who had assured the commissioners that the investiga- tfcn as to the management would bs completed by June 15, and had decided to await the result of this investiga- ton. Further than this ofhcial state ment the commissioners would not dis- cuss their meeting oday. The commits sioners adjourned later this afternoon. The statement follows:
 "An informal conference of insurance commissioners from States outside of. New York was held today at the Hoff> man House. /rhel following commis- sioners were present: Frederick l.. Cutting of Massachusetts,; Henry R. Prewitt of Kentucky, Zena M Hout of wisconsin, John c. Linehan of Now Hampshire and R. D. Folk of Tennes- see. MT. Cutting was elected chair man.
 '.The conference discussed the con- troversy now going on as to the Equi- table Life Assurance Society. Super intendence of Insurance Francis Hend- ricks and Deputies Robert H. Hunter and Henry D. Appleton of New York were invited to meet the commission CTS composing the conference and read fly responded.
 The examination now in progress by the New York department was discuss ed. Superintendent Hendricks stated that 1t was both an examination and an investigation. He gave it as his opinion that the examination which means a verification as to the financial condition of the society would consume about five months. but he further stated that the investigation as to the management of the society and the criticisms and charges preferred would be completed much earlier and a report made thereon in a reasonable time, not later than June IS, and would be given Immediately to the various insurance departments and to the public. He as- sured the members of the conference that the investigation would be full, thorough and searching and that the facts as revealed would be given in his report. It was the sense of the con ference, there being an investigation now in progress by the New York de- partment, that the commissioners would await the report of the department. \ It was admitted that the conferences were at an end as far as the Equitable was concerned. The conferees will not meet again to receive the report of Dr. Hendricks, as he has promised to send the report to each one of them.
 Among the interesting reports in cir culation today was one that Henry M Alexander, son of the president of the Equitable, would succeed his father as one of the trustees of the Hyde stock. Henry Nj. Alexander's statement fol- lows;
 q have seen the statement in an evening paper to the effect that I will succeed MT. James W, Alexander as trustee of the majority stock of the Equitable Life Assurance Society. This statement, manifestly inspired, looks to me like a conscious misrepresenta- ton of the facts. As soon as I was informed yesterday by Mir. James w Alexander of his intention to resign his position as a trustee of the majority stock, I sent a letter to Mir. Hyde and Mir. Mcintyre, who are the present trustees under the agreement, declin- ing to serve as a trustee under the pro- vision of the tenth paragraph of the agreement.
 Gage E. Tarbell, Second Vice-Presi- dent of the Equitable, today took occa- sion to give a positive denial to re- port that he is to retire from the so- ciety and found a new insurance com pany with a capital of $10.000,00o.
 In a letter made public tonight ad- dressed to President Alexander, James H. Hyde and w. H. Mcintyre, refuse to accept Mir. Alexander's resignation as a trustee of the so-called Hyde stock and announces that proceedings against MT. Alexander will be taken in the courts for an accounting of his administration of the trust. MT. AL exander with MT. Hyde and MT. Me- Intyre are the present trustees of the stock.