Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-03-28
EQUITABLE INSURANCE CASE.
Contest Now Transferred to Albany
Arguments Heard Today.

ALBANY, N Y, March 2S.-Superinten-
dent Henricks of the state insurance de-
partment heard arguments today on the
application of a committee, organized at
| the instance of John D. Crimmins of New
| York and representing many policy holders
| of the Equita BILE Life Assurance Society, in
| support of the request that he withhold his
approval of the naturalization plan proposed
| for the company and adopted at recent
meeting of it's board of directors
This plan is the one said to be favored
by James H, Hyde, holder of a majority of
| the capital stock of the company. The pro-
posed amendment to the charter of the
| company. by which it is intended to carry
! into operation the plan of naturalization,
| provides that there shall be reorganiza-
| ton of the board of directors by the cleo
| ton of thirteen new directors each year
during the coming four years, of which
| seven will represent the policy holders and
| six the stockholders.
The amendment also provides that all
| policy holders who have paid their second
years premiums on policies for 81 600 or
more shall be entitled to vote, in person or
by proxy, at the annual meeting of the So
| ciety.
ALBANY, N. Y, March 2S.-Superintend-
ent Hendricks of the state insurance de-
partment today postponed for one week the
hearing on the protest of the sO-called Grim
minis committee representing many policy
holders of the Equitable Life Assurance So
ciety against the plan for mutualizing'
of the directors.
In addition to delegation from New
York city representing the protesting COM
mittee there also were present representa-
tives of twenty-seven local committees of
policy holders from towns throughout this
state. At the hour fixed for the hearing
| there was conference of attorneys Of the
company and the Crimmins party which
| lasted an hour. At its conclusion Attorney
| Frank H. Plat of the Crimmins COM
mittee announced that the superintendent
| OF insurance had decided to postpone the
| hearing until next Tuesday in order that
| the parties interested might come to some
| agreement whereby the whole matter might
| be compromised
| Thomas Spratt of Ogdensburg, represent
1 ing policy holders of that city. protested
| against a postponement. There were repre-
| sentatives here from various parts of the
| state, he said, and they wanted to be heard
| today. At Mr.. Piatts suggestion Mr..
Spratt and the entire delegation went be-
| fore Superintendent Hendricks. Mr.. Spratt
| said to him that there was feeling
| throughout the state that the interest Of
| the policy holders was not being properly
| protected by the form of management of
| the company, and they wanted change.
| He declared they were opposed to any
| compromise. or to any action which would
| delay a naturalization of the company. The
| policy holders want the speedy consumma-
| ton of that which will take the manage
| ment of the company from the hands Of
| the stockholders. and so adjust 1t that they
| shall have the say as to- who shall manage
its affairs. He declared they wanted a
| clean sweep. tnst
| the attorneys who Represented both sides
OF the controversy had agreed to the post
ponment SO that compromise would be
| effected.
But we do not want ANY compromise -
said Mr.. Spratt. land we do not want any
| adjournment-we who have come for q
great distance to attend, this hearing