The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-22
WILL FIND OUT THE DUMMIES.
supt. Hendricks says His Investigation
Of EauItAhIe WIZ BE ThoFouEh.

OF Equitable VIII He 1hOrough.
SYRACUSE, N. Y, April 2i.-About fifty
members Of tho committee appointed by
the general agents convention Of the
Equitable life Assurance Society came to
this city this morning and at noon called
on Superintendent Of Insurance Francis
Hendricks
The agents put on white carnations, as
they did in New York, before they went TO
Mr. Hendricks's Office. Joseph BOwes Of
Baltimore, the chairman, road resolutions
which were adopted at the agents convention
in favor Of naturalization and then read
his own address. He said the agents we're
in better position than any others TO tell
what the policyholders wanted. Under
the conditions which exist now, he said,
the policyholders we're alarmed. There
was great danger that the immense premium
receipts would fall on.
The original charter Mr.. Bowes said,
contemplated naturalization, and that was
the plan Of the founder, Henry B. Hyde.
Nearly all Of the policies contain a provision
that the policyholders shall share at stated
periods in the accumulations Of the society.
Now for the first time, be said, the question
Of ownership Of the vast surplus had arisen.
necessary, one that would hold for all time.
The administration, said Mr.. Bowes.
was vested in one man, who nominates the
directors. 1t was required that each di-
rector hold five shares. but this provision
was more -honored in the breach than in
the observance. Mr.. Doves said that he
was informed that thiry-eight OF forty Of
the directors did not own the requisite
stock and that they therefore were not
qualified 10y law 10 serve. The compromise
already effected, he said, was disappointing.
and its realization would DO indefinitely
DELAYED by litigation. OF james H. Hyde
he said he had been watched helped and
forgiven for Ave years, until sentiment
had been exhausted.
T. A. Wood Of Pittsburg, president Of
the agents' association, then said that under
the present system control OF the Equitab le's
stock could be transferred TO any other party
who might be more dangerous than Mr..
Hyde. He declared that those seeking
the change were not DESTROYS Of giving the
power TO any other person than Mr.. Hyde.
Archibald Haynes OF Portland, Me a
friend Of the late Henry B. Hyde, spoke
similarly.
ar Hendricks answered as follows:
80 far as the naturalization Of the COM
pany Is concerned have already expressed
myself very clearly. / am very much In
favor Of that outcome. ] am not sure
however, that you can obtain the relief
desired by legislation. OF course / speak
20 you as Superintendent Of Insurance.
You know have no control over the Legis-
latlre and cannot say what that body would
do.
by the courts. II Judge MADDOX decides
that have no power TO put In force the
amended charter an appeal will be made
either 10 the Court OF Appeals or the United
States courts. / viii tell you frankly that
don't believe the Lord suit was instituted
hy HYDE interests Mr.. Lord Il only anxious
that shall not approve the amended charter
for the reason that he believes the value Of
his own stock would be endangered by such
approval The first proposition, you know,
/ refused 10 accept.
The second one, which IL now In the
hands Of the Attorney-General, / am dis
posed 10 accept, ltprovldes that the policy
holders elect twenty-eight OF the fifty-two
directors, and believe that under II Il will
be only a question Of time when the policy
Attorney General still has this charter.
and has not decided anything az 20 Il,
believe, because Of the fact that the question
is now in court.
i will assure you, though, that whether
legislation IL feasible or not, am heartily
In favor Of naturalization, and will tell
you, too. that before ! get through with
this company | will find out who are the
dummies. I will find that out absolutely.
You can rely on this: When we get done We
viii tell you the true condition Of that
society. I cannot tell you bow long Il win
Be-, Whistler days, Wee0 or mouths, but u