New-York tribune., 1905-06-23
LEGISLATION NOW LIKELY.
NOT IN INVESTIGATION.
WouM Make Naturalization and Re
tirement of Stock Possible.
my TELEGRAPH TO THE TRIBUSE.l

Albany June 22-Five definite CONCLUSIONS
were drawn here to-day as a result OF the
Hendricks Equitable report, and these concur
s;ons fairly indicate the attitude of Governor
Higgins and the State administrator to""iu
the nending situation. These conclusions WERE
That there would be criminal proceeae1nigs eIi is
,,ro,ght against all connected with the alidlls
of the company whose official conduct do -
forth in the Hendricks report seehleo " orid
sant such action and that these acllohe -
"a Ht bo,,gb+ bv District Attorney Jerome in re-
snonse TO the request of the Governor o,
Tbat there would be civil action to coHlpel
ostit,I,ion of funds of the company wrongfuly
exnended bv the various officials OF the coili-
many and that these proceedings Wou!d & be
brought by the Attorney General, TO Wnoii hnn On
Hendricks report and evidence nave
turned over uo ,,rosnac+
That while there somewhat more e prospee1 sa~SI
of legislative action than hitherto, the Iesis-
Iatfye leader would insist that no phase OF llte
Fouitable matter be submitted to the iessSI@ts
ure until the Hooker case was disposed OF any anu
IN dopgar of n combination between an lnsur-
ance lobby and the friends of Justice f1oohei
eliminated. ,4 11o,
dricks Will not be made for several mohths anu
that this will include detailed statement VI tiio
financial condition of the company ig ana d 49, nd
ation of its assets. liabilities ana ;, i
that until this report is received there WIN pe
no complete basis on which final leglsia'l'e az
ton Will be taken ,.. ,.ost;ga +io,
and that legislative action will probaoiy oe coz
fned TO making possible the mutuailza'ioI ~, VI
t1ol E0nifahle
TTbiCh would place the Equitable in line WIZ
IRE other great insurance companies ana lllahe i
ready for the inevitable remodel1ng Oh I+ arJ Ia ~
surance laws of the State, which, as d Leuru 80 -
- Terdricks report is to be expected next
session.
Governor Higgins announced that he had carry
in the day sent to District Attorney Jerome d
letter. in which he offered to cooperate WI"
him in any criminal action he might deem he0-
essary as a result of the examination OF the
Hendricks report, a copy of which ne lhcloseu'
"Ir in your Judgment. any of the alleged laCl0'
established by legal evidence, would constitute
criminal misconduct in the county of New-York
On the part of any person, WILL II you deSiie'
request the superintendent to submit 10 you
the evidence taken before hln' saio 'ile '0'
ernor in his letter.
The belief that there may be some legislative
action is based primarily on Governor Higginss
declaration that he is not prepared TO SPEAK
definitely on this point, he has not had time 10
examine the report carefully.
..Do YOU think any of Superintendent Hen
dricks's recommendations for legislation are
matters that should be considered at the pres
ent extra session." the Governor was asked
This may be desirable, he replied, but
this is a subject that will require SO Much
thought and care that doubt very much II II
ran he taken I'D now Superintendent Hendricks
recommends
session. you know AS to the matter Of laws
regulating investment of insurance moneys l
imagine that they Will be worked out by the
s,,perintendent and by others interested in I'M
proving conditions Mr.. Hendricks believes these
investments should be standardized. But so rar
as this is concerned, and his recommendations
for naturalization am inclined to think, WITH
out going into the recommendations, which L
have not had time to study, that what is lack
ing in the insurance business primarily is hon
esty and fair dealing naturalization might i'm
prove conditions, but it will not necessarily sup
ply either of these things"
There is the best reason for believing that this
sessions labors will be confined to Hooker and
the Equitable That the Equitable will follow
the Hooker decision is the growing conviction
of legislators who have read the Hendricks re-
port.
Governor Higgins showed that he expected
further report from the Superintendent, and
that this would at least include a definite and
detailed statement of the financial condition of
the Equitable. The Governor indicated that the
compiling OF a similar report in the case of
another life insurance company had occupied
between four and five months. This would Seer1
TO mean that the final legislative action must be
delayed until the next regular session. and that
any legislative action at the present time would
Of necessity be of only temporary character
or framed 10 meet portion of rather than the
whole case.
What seems reasonable is that the legislat-
might be asked to make. possible the COM
plete naturalization of the Equitable and the
elimination of the stock by purchase. This
done, and it could be done without much delay
and apparently little trouble, the Equitable
would be placed on exactly the same basis the
other insurance companies. Then the really
fundamental legislation such as standardiZing
of investments could be done at the next ses-
sion on plans that would by that time be ma
tured by Superintendent Hendricks.
81 judge from casual reading of the report
said the Governor, that many laws have been
broken, some of them far older than ours, even
the commandment, Thou shalt not steal
This would seem to presage laws that are TO
affect the whole insurance world, and they can
come only at the end OF the Hendricks investi-
CATION and the mature consideration of the facts
there set forth.