The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1905-04-28
CRISIS OF EQUITABLE
AGENTS OF THE SOCIETY LAY
THE MATTER BEFORE NEW
Works. GOVERNOR.

Albany, N. Y, April 22-The crisis
in the affairs of the Equitable Life
Assurance society was laid before
Governor Higgins at the executive
chamber during the afternoon by,
committee of thirty-five of the manag.
ing agents of the society, which earlier
In the day at Syracuse had made the
same appeal for naturalization of the
society to Superintendent Hendricks
of the state insurance department.
The views of the agents were pre-
sented to the governor by Joseph
Bowes, manager for the Equitable at
Baltimore, as chief spokesman and
he was seconded by Edward A. Woods
of Pittsbnrg, Archibald c. Haynes of
New York and Reginald T. Naist of
London The agents also presented
to the governor the resolution adopt
ed earlier in the week by the agents
convention in New York city.
Governor Higgins made very evi.
dent his appreciation of the great
seriousness of the situation in the
Equitable society. His reply to the
speeches was greeted with applause.
81 realize fully" the governor said,
"that this is a very serious talk.
realize fully that the policyholders of
this company have been led to believe
that it was mutual in it's character. ]
will be glad to do anything within
reason that l can to bring about mu-
tualization. But l desire to call to
your attention the fact that difficult
ties that arise between citizens in the
state of New York cannot be settled
by the governor nor by the legisla-
ture. That those questions of differ
ences have to be settled in this state
by the courts"
Should BE Settled In Court.
The governor referred to the Lo.'d
suit, which questions the right of the
state superintendent of insurance to
mutuallze the Equitable company, and
said as that matter was now in the
courts, he thought that was where it
could and should be settled.
Mr.. Bowes told the governor that
the committee represented managers
and agents from all over the world.
closer than anyone else could be to
the great body of policyholders, and
he assured the governor that con-
dition of things existed in the so
ciety as a result of which "our policy.
holders are in state of utmost ap.
prehension and alarm, which, if con
tinued, will result in not only disaster
to the managers and agents, but what
Is of far more Importance, the ulti-
mate damage of this great company
and all that that means to hundreds
Of thousands Of policyholders through.
out the world" Z
Mr.. Bowes declared futile the COM
promise involved in the amended char
ter adopted by the directors, and con-
cluded:
1--WE appeal to you and to the 1egis-
lature We appeal to you to use the
great power of your Office to promote
the movement for the amendment Of
the charter so as to secure immediate
and complete naturalization of the So
ciety."
James Hazen Hyde, vice president
of the Equitable society, at night in
New York, issued statement to the
committee of agents which waited on
him Thursday. Mr.. Hyde claims he
made many concessions for the well
fare of the society, which were used
only to extort further concessions,
and he intimates that he is the VIC
tim of conspiracy to nullify the vot-
ing power of his stock and force him
out of Office. He says the agents have
misiudged him, as they do not know
Tho raal facts of the cont rnversY