New-York tribune., 1905-04-19
BRACKET OVERW HELMRD
Continued from first page.

Iature and elsewhere merciless as panthers in
| seeking TO crush those who oppose them.
Senator Grady told the speaker that he had
| been led astray by the scare" headlines in
some of the New-Yorll City papers. THE SEN
ator's only DESIRE said ne lis to have the in
surance companies conducted his way" with
! emphasis on the "his'D
PLAGUE ON BOTH THEIR HOUSES"
Does the Senator think" demanded Mr..
Bracket that the recent meeting of Equitable
| agents at which they asked for the retirement
OF Vice-President Hyde was an evidence of trust
| in the way the affairs of the company are con-
| ducted?'
4 would say" answered Senator Grady. that
it implied only that most Of those agents were
! appointed by Mr.. Alexander. You. know. the
! gentleman who has charge of the appointment
| Of agents and to whom they are responsible is
/ Mr.. Alexander's relative"
"Oh, 7 am not concerned in this mix-up be-
tween Mr.. Hyde and Mr.. Alexander" declared
! Senator Bracket Il say, "A plague on both
| their houses
I'm willing to leave both houses to the
! courts" said Senator Grady. Il have perfect
| confidence in the investigation of the depart
| ment Superintendent Hendricks may not work
| by spectacular methods. but his ways are
honest. His certificate will be enough for any
body"
Then Senator Malby lent voice to the dis
cussion. He said:
| This talk about insurance companies is in
temperate. You can't point 70 business any
! where whose conduct furnishes less cause for
complaint. But they can't discharge their ohli-
cations If the dogs of war are let loose at their
heels. Senator Brackets bill would permit a
SUIT under every one of the 600CGO separate
policies written by the Equitable 1t would
drive the great insurance companies out of the
. State. PolicynolGers are well protected flanked
rs they are on both sides by the Attorney Cen
eraI and the Superintendent of Insurance. Still
the best way Is to argue the question out now
ana settle 1t. hope the results of this trouble
/ viii restore the confidence of polcyholders In
those great companies in which we have put
| our savings for the protection of those depend
ent upon
BRACKETT RIDICULES CLAIM.
The debate occupied almost the entire Senate
session, with a two-hour respite during recess
in the middle of the day Senator Brackets
long speech was delivered in the morning. He
rdiculed the claim that the insurance companies
are not formed for the purpose of making
money, but for the purpose of caring for the
widowed and orphaned. and therefore, in
sense the wards of the State. He cited the ex-
ample of the Equitable society. inquiring:
Is this company not managed to make money?
IS TINS company a ward Of the State? As
l reflect on such u statement and remember how,
the State, the poor old alleged guardian has
been put 10 her utmost efforts to obtain revenue
Tor her support, l can but wish that the State
were the ward, the company the guardian.
Enormous salaries without service to earn
them Commissions taken from the company in
express defiance of the statute that forbfds
them ana that stamps such taking meriting
forever the disgrace of disqualification to hold
office in such a company. The most extravagant
Ol soClal functions secretly paid for from the
FUNDS Of this company claiming TO protect the
widow and the orphan. The company managed
by men who have cent of money invested in
m mQt
the real thing that will be learned hereafter
and in their insignifiCance we can hardly take
time to recount. The colossal sums that have
been gathered, persistently used to finance and
progress the schemes of the officers whose duty
IL IS TO conserve them, railroad schemes indus
trlal schenes, Whlskey trust schemes-schemes.
If which fail. the loss is upon the cOmpany-if
they succeed. the gain to the officers. These are
the chargeS--theSe the things VocfferOusIv de-
MED a fortnight since. and now confessed in all
their essential features. and of which under
the fear Of publicity, partial restitution 10 the
extent of SOME hundreds of thousands of dollars
has already been made. If the fear Of an exam
ination has produced that result, what would
the knowledge Of the whole actual truth do?
Do not talk to me Of wards and caring for
widows and orphans. Care for any one other
than the selfish men controlling the affairs of
TINS great corporation has become subsidiary
TO its main business of financing the schemes in
which they are interested. it, indeed it has not
long since been lost sight of entirely
RESOLUTION VOTED DOWN.
Then. after brief speech favoring the Brack-
EFT resolution made by Senator Lewis IL was
voted down. Senators McEwen Marks EIsbere
Hinman. Warwick and Lewis voting with Brack
EFT. When the result was announced Senator
Bracket rose and said calmly:
Brethren 1 feel like the coIored brother who
lent his hat to be passed for collection and
when il came back empty. gave thanks with
gadness that the hat had come hack at all.
This is the third of the attacks Senator Braok-
EFT has made on the Equitable through the legis-
lature or State government. He has asked the
Attorney General for permission to sue the
Equitable, an application soon to be acted on
by the Attorney General; he has asked the
Superintendent of Insurance, under provisions
of the Insurance law, to ask the directors and
officers Of the Equitable certain questions. and
on this he has as yet received no answer; and
he has introduced this bill. He intends to carry
the Mary S. Young case to the Supreme Court of
the United States and to-day expressed the
confidence that the section of the Insurance law
his resolution sought to repeal would be held
unconstitutional
Governor Higgins said tonight that he had
received no report or intimation from Superin-
tendent Hendricks as TO the length OF time likely
10 be consumed In his Investigation of the af-
fairs of the Equitable society nor the probable
date OF the report.
Superintendent Hendricks. who returned from
Syracuse this afternoon, expressed no sympathy
with the contention Of certain Equitable policy