The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-04
STATE INVESTIGATION
into EQUITABLE LIFE
ORDERED By GOVERNOR HIG-
GINS OF NEW YORK.

inquiry Already Under way-ResoIu-
ti0n Also offered in Senate at Albany
for a Legislative Investigation
Statement by President Alexander
Truth or FaIsity of Many Matters to
be Established.
New York, April 9.-The most import
ant development in the Equitable Life
Assurance society's affairs to-day was
the announcement tonight by Cover
nor Higgins at Albany and by Presi-
dent James w. Alexander Of the society
in this city that the state superinten-
dent of insurance, Francis Hendricks,
had begun an investigation Of the
company's affairs.
This was followed by the introduc-
tion in the state senate tonight of a
resolution providing for legislative in
yestigation of the Equitable. The reso-
luton was presented by Senator Brack-
EFT. Xiii
The action of the state authorities
follows request male by Mr. Alexan-
der to superintendent Hendricks by
letter February 81 and by Mn. Hyde in
a later letter, announcement of which
was made last Saturday night.
In an authorized statement to-day
+ the first Mr.. Alexander has made
since the state superintendent was call
ed into the controversy-the president
of the Equitable says that the investi-
cation by Mr.. Hendricks sis now in
progress" Mr.. Alexander's statement
follows:
Tt has been my settled purpose to
avoid as far as possible a discussion in
the public press Of the merits of any
phase OF the controversies now existing
within the Equitable Life Assurance
society. It is properly a matter of con-
cern with us to avoid any expression
which will embarrass the board of d.
rectors in the discharge of its duties
or that will give rise to premature
judgment on any matter affecting the
society or any Individual. am con-
firrned In this resolve by the fact that
an examination Of the society was
asked for yme through a letter ad-
dressed to the superintendent Of in
surance on February II, 1905. This ex-
animation is now In progress. Its result
will establish the truth or falsity Of
many matters which are now being
alleged on the one hand and contro-s
yerted on the other.
'sIn signed statement issued by the
vice president Of the society, James
4 Fl. Hyde, on Saturday. April 4, 1906
which cannot allow to pass unchal-
lenged. He says that the charges
that have been made against him have
their origin in an effort by individ-
uals to obtain control of the Equitable
society and its assets. On the part
Of myself and other officers of the So
ciety who are associated with me in
this movement, I desire to deny that
our action is influenced by any motive
except a desire to discharge our duty
as officers OF the society. -, -'45
Mr.. Hyde further says that he has
exercised no nower except with the
presidents concurrence. In reply as
sert that Mr.. Hydes usurpation of the
presidents authority and his Tabitual
action without the consent or the
knowledge of the president Of the So
ciety are among the subjects of serious
criticism against hts conduct as an
officer of the society.
.sMr. Hyde's request for an examina-
tion Of the society's affairs by the su-
perintendent of insurance must be
viewed as an acquiescence in my course
In this respect which few days ago
Mr.. Hyde was disposed to regard as
taken without authority.
.I have thus far made no denial Of
the frequent assertions that as one of
the trustees Of the Hyde stock I am
vested with the voting power upon it.
The trust expressly provides that no
vote shall be cast upon the Hyde shares
at any election Of the society by the
three trustees, except for person ap-
proved by James II. Hyde, who is also
one Of the trustees"
The section under which Superinten-
dent Hendricks to-day began his inves-
tigation, is No. 80 of the Insurance law
which provides that the superintendent
OF insurance may as often as he deems
1t expedient appoint one or more per-
sons as examiners to examine into the
affairs Of any such corporation, and
its books with reference to its busi-
ness. gs'1xsIAs
l4| H. Ii