New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-04
EBY TELEGRAPH TO THE TRIBUNE, ]

[BY TELEGRAPH TO THE TRIBUNEl
Albany April 3.-The affairs of the Equitable
Life Assurance Society were discussed this af-
ternoon by Governor Higgins and Francis Hen
bricks. State Superintendent Of Insurance and
at the close Of the conference the Governor an
nounced that the Insurance Department would
undertake an investigation OF the present situa-
don and of the society's affairs generally.
both President Alexander and Vice-President
Hyde" said the Governor. have asked Superin-
tendent Hendricks TO make this Investigation.
have known Superintendent Hendricks long and
we'll enough to know that he is thoroughly COM
petent for the task, and everybody can rest as
sured that the examination will be honest and
proper"
The Governor was then asked whether this
announcement set at rest the report of proba-
BILE legislative investigation into the condition
of the Equitable. He replied that there was no
desire or intention to place the case in the hands
Of the legislature.
The Insurance Department" said the Gov
ernor "is more competent and better equipped
It could do the work in a shorter time. and do
it better. The entire insurance world as well as
the mass of the people. Will be satisfied with
the result"
Superintendent Hendricks said that the in
vestigation had begun to-day in NewYork CITY,
and would include the examination of the COM
pany's books and papers and the examination OF
its officers directors and policyholders by repre-
sentatives Of the department. AS to the further
nature of its scope he would not say. Isaac Van
derpool chief department examiner would be in
charge, with as many assistants he required
The Superintendent said that the letter from
President Alexander requesting the investiga-
ton was dated in February. He declined to
make its contents public. Mr.. Hyde's request
he said was embodied in his statement pub
lished in the Su1zay papers.
AS the resxSt of an agreement reached at the
conference in New-York on Saturday by Super
intendent Hendricks and representatives OF the
warning factions Of the Equitable. the hearing
scheduled for tomorrow before the superintend-
ent here will not be held.
A legislative investigation OF the affairs Of
the Equitable Life Assurance Society Is pro-
posed By a resolution introduced tonight by
Senator Bracket, who is attorney in two policy
bolders' suits recently brought against that
coronanv and author Of the bill 10 give policy
holders better opportunity to obtain an ac-
counting Owing to the opposition OF senator
Grady unanimous consent was lacking, and the
resolution could not be received 1t will be for
mally introduced later, however, and be referred
to the Finance Committee.
In offering the measure Senator Bracket SAID
.,at tba method of investigation he preferred
was that by the Attorney HeheIai' AiA'eS'4sS
ton nv the Superintendent of Insurance he
said lacked SUFFICIENT publicity. He introduced
.his MEASURE however, so as to have a third
,raanon in readiness In case nothing satisfactory
cama of the efforts of the policyholders to OBJ
tain their end through the Attorney General
and the Insurance Department The resolution
follows:
Resoived 0f the Assembly concur)' Inat a
toint committee consisting Of three members OF
the Senate and FIVE members OF tne AssetiiI1S SEE ~
Re snnointed 10 investigate the afalrs OF the
Eo,tabIe Life Assurance Society OF the united
States. 10 ascertain whether any improper use
has been made of the funos Oh S3lu