The daily morning journal and courier., 1905-05-25
PRESIDENT MAY TAKE HAND
NATIONAL COMMISSION TO IN-
 VEsTIGATE EQUITABLE.
Department of Commerce and Labor Now Carefully Going Into Matter to See Whether Government Has Any Power--w. F. Kings Plan to Have Ali Big Companies investigated.

New York, May 24.-President Roose- welt has replied to the suggestion that a national commission be named to investigate the affairs of the Equitable Life Assurance society and other great insurance corporations. His re ply Is considered a favorable one by those who are behind the move to be- gin an agitation which will result i'll putting the entire insurance business on new basis. This paragraph is quoted from the presidents $ letter:
 R"The department Tor commerce and labor1 is now carefully going into the matter, to see whether the government has any power or not.
 William F. King, former president of the Merchants association, who has been in correspondence with the presi- dent, and who received the letter from which the above extract is made, com menting upon 1t this afternoon, said: In case the government has no pow CT to investigate the scandal, I, my self, will endeavor to raise fund of { not less than $25,000, and will contrib ute toward 1t $1,000, and have a commit tee formed to take this matter up in { an intelligent manner, forming a thor ough organization for agitation.
 l T have consulted with several law yers regarding the drafting of proper bills, one for a. national commission with power to subpoena and examine I witnesses and compel them to answer such questions as may be deemed wise in an investigation of this character and in event of their refusal to do SO l commit them to jail. These companies should be examined, and their ways and methods of doing business for the past ten years investigated, going into the detail of all their expenditures.
 Also another bill to place them un- der national control, the same as rla- tional banks. and restricting their in vestments in the same manner that the investments of savings banks are re- strieted, thus safeguarding in every way the property of their policyholders for the benefit of the widows and or. phans. s= Tn order to anticipate life insur- ance lobby, which will be created, nat urally, to oppose or defeat any such l llegislation, it is my purpose, after these bills are prepared, to submit them tc l the president, through him to the at I torney general, in order to make cer. tain that they are constitutional. After that is done. to prepare literature and n A., United State sto the ,000 firms do. l ing business and their employees, asking their cooperation (after they have Tread the bills), and that they pledge their senators and members of congress I from their respective states to support such bills. In this way only can the I bills be passed. s5
 '"The investigation will establish 6 precedent. which will, in the end, ac. complish untold good, bringing feel. ling of security to the citizens and tax. payers. and being a warning to evil. doers to strive to use these great cor. operations for their own selfish and per
 sonal ends" ,'s'.......t. .-,...... I That a distinct movement is afoot Ihaving it's origin in distinct sources to extend the investigation of tn. Equitable affairs to other large insur lance corporations, is realized by insur
 ance men who for their own protection are keeping fully abreast of the pres ent situation. The vieiwis of 8 body O the Equitable directors which were giv
 en currency through yesterdays Even ing Post are, it is understood, shared by directors of other corporations, who since the present controversy began have been examining into the affairs o
 the institutions which they are sup
 posed to oversee. The situation is com ing to be most interesting one out
 side of the Equitable, and unless tn
 pressure, political and otherwise, tha
 is being brought to bear to patch up sort of harmony is successful, man, men of large affairs are ready to de
 clare hat a thorough housekeeping an, general good will come of the whol ! \ I < E '