The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-22

tentively 10 all that was said, then spoke
10 the agents. He said;
sGENTf.KMgN: I realize fully that this is
a very serious talk. realize fully that
the polloyholdors Of this company nave
been led 10 believe that II was mutual In
It's character / would be glad 70 do any
thing within reason that ooulG 90 10
bring about naturalization But desire
10 call your attention 20 the fact that dltii-
culties that arise between citizens IN the
would say. rather than unfortunately
cannot be settled by the Governor nor by
the Legislature: that those questions OF
difference have 10 be settled In this State
by the courts. a., -.
'sThe plan OF naturalization which you
spoke OF few moments ago was adopted,
as understand Il. by the board OF directors
of the Equitable Life and PLACED In the
hands of the Superintendent Of Insurance,
a gentleman in whom / have unlimited
confidence as 70 capacity and as 70 in
tegrity. few days ago suit was brought
by Mr. Lord, questioning the right OF the
SUPERINTENDENT 20 mutualize this COM
pany. TO deprive him as stockholder OF
the power that his stock gave TO him.
That matter Is to-day in the courts IN my
opinion in the place where II should be
settled and the only place where II can be
settled as TO the relative rights OF the
stockholders and the polio. holders OF the
Equitable Life.
The Question has been. aised ast whether
the IeRis at re O. a nGt e. the cha terof
the utah @ Life Ass lauCeS- oiety. think
it is pc haps trre that II could. ltcou.d alte-
its charter, but the question still remains
"a to whether the stockholders, II they
saw fit 10 reject the altered charter, could
not refuse to. act under 1t; and In that case
they would be compelled 10 go into the
hands OF a receiver or close up the business
Of tho Equitable Lie.
There area few attorneys that are net at
the present time retained by the Equitable
and have taken occasion to consult some
Of them in relation TO this unfortunate
situation. feel that II was not only unfortu-
nate for the policyholders, but unfortunate
for the State Of New York that this situation
could exist under our insurance laws.
realize that II is not only unfortunate for the
Equitable, but il is unfortunate for the in
surance interests in this country and par
ticularly in the State Of New York.
However, there are those in the legal
profession who are inclined 20 believe
that you cannot by act Of ths Legislature
compel the stockholders Of the Equitable Life
Assurance Society to accept mutualza-
ton in its broadcast lines without their con-
sent That | give you simply as an opinion
as il comes to me.
Il cannot tell YOU what the Legislature
OF the State Of New York will do. For the
short period that / have held this Office l
have endeavored TO separate the executive
legislative and the judicial. l have left
il to the Legislature TO determine what acts
II would send TO me, only recommending
by public message. and have then taken
my time 70 consider the propositions that
it has presented to me for my approval or
disapproval.
Il do not feel at the present moment that
can assure you as to whether the time will
come in the Immediate future when II will
seem 70 me wise TO communicate with the
Legislature and ask il 70 pass any par
ticular bill In reference TO the Equitable
Life, but l can say TO you this, with the
utmost frankness and sincerity, that at all
times shall be interested more largely in
the interests Of the poliCyholders OF the
Equitable Life Assurance Society thnn in
the interests Of any other person OF party
connected with il. And II / come to the
conclusion that can further the interests
Of those policyholders, you can rest assured
that no act will be left undone by me that
will bring about better conditions for that
society
The Governors speech was applauded
by the agents and at it's conclusion most OF
them shook the Governors hand. The
agents left the city for their homes to-
night.