Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-04-22
By Equitable Agents to
Governor Of New York
And suut. Hendricks Of Insur.
ance Department for Aid
:. Remedyins the Unpleasant Predica-
ment of the Society.

Ibis afternoon. by the committee
y ,; of The. managing agents of the
i., which earlier in the day at
syracuse, had made the same appeal
.or naturalization Of the society to Su-
-;n,andent Francis Hendricks OF the
i.a,. Insurance department. The views
- tho agents We're presented to the
Governor by Joseph Bowes, manager OF
-. Equitable at Baltimore, as chief
snotasman. seconded by Edward y.
woods of Pittsburg; Archibald c.
HAYNES of New York, and Reginald l..
Vic, If London. The agents also pre-
sented to the Governor the resolutions
a1onted earlier in the week by the
,oanrs' convention in New York City.
Governor Higgins made very evident
b;s anpreciation of the great serious
rsss Of the situation in the Equitable
society His reply to the speeches was
heard with an attention which it is no
oxase.ration to describe as strained,
and when he concluded there was 4
hurst OF applause.
4 realize fully" the Governor began.
"tbat this is a very serious talk. | real
ize fully that the poIicyholders of this
eompany have been led to believe that
Il was mutual in its character. | would
be glad to 90 anything within reason
that | could bring about mutualiza-
ton. But | desire to call to your atten-
tion the fact that difficulties that arise
heween citizens in the state of New
York cannot be settled by the Cover
nor. nor by the Legislature, but by the
courts.
1.-THE plan of naturalization which
you spoke of was adopted, rs ] under
stand il. by the board of directors Of
the Equitable Life and placed in the
hands of the superintendent Of iEsur-
ance. a gentleman in whom | have I'M
limited confidence. \ few days ago, Il
suit vas brought by Mr.. Lord. qucs-
tioning the right of the superintendent
to mntualiZe this company. to deprive
him as a stCckholder OF the power that
his stock gave him and Of the benefits
which he claimed that he might derive
were muttElliZa ton not to take effect.
That III; tier is. TODAY. in the courts
in my opinion in the place where it
should 20 settled and the only place
where il can i.p settled as to the rela-
tive right of :,tockhol,!ers and the poll
cy hnll"'S of the Equitable Life.
81 Of course. ana unable to judge as
to what the result of that silt may be.
The question has been raised rs to
whether the Legislature could not alter
the charter of the Equitable Life AS
surlnCr Society, changing its charter,
but the question still remains as 10
whether the Stockholders. if they SEE
TT to reject the altered charter, could
not refuse to act under it and in that
case they would be compelled to go
into the hands of q receiver or close up
the business Of the Equitable Life.
"Therc are Il few attorneys that are
not at the present time retained by the
Equitable daughter). and | have TAX
en- occasion to consult some of them in
relation to this very unfortunate stu
alton. feeling that it was not only I'M
fortunate for the policy holders, but
unfortunate for the state of New York
that this :'ituaticn could exist under
our insurance law. l realize that it is
rot only unfortunate for the iIquita-
bic. but it is unfortunate for all insur-
ance interests in this country and par
ticularly in the state of New York.
However. there are those in the le-
gal profession who are inclined to be-
leve that you cannot by act of the
Legislature. compel the stockholders
of the Equitable Life Assurance Soci-
ETY. to accept naturalization in its
bioa,lest lines without their consent.
That | give you simply as an opinion
as il comes to me.
i cannot tell you what the Legisla-
lure of the state Of New York will do.
10 not feel mt the present moment
mat can assure you as to whether
the time will come in the immediate
future when it will seem TO ire
WISE to communicate with the
legislature ard ask it to pass
any particular bill in reference to the
equitable Life: but I can say 10
you this with the most frankncss
anu sincerity. that at all times. ] shall
We Interested more largely in the inter-
"'S vi any other person or party con-
"cled with ii. And if | come to the
'oheilsion that can further the inter-
@s OF those policyholders, you can
rest assured that no act will be left
ahdone by me that will bring about
'et'er conditions for that society,""
MT. Eowes told the Governor that
Tue committee represented managers
""u agents from all over the world.
"i'ie oil whom had grown gray in the
e'|i"e of the Equitable. men intense
y loyal to the society; men not only
urge policyholders. but whose whole
Innings Tor 10. Il and 20 years are
'ou''u up with the present conditions
"Iu future welfare of the society,""
WI bowes declared that from its
INCEPTION the Equitable had been in
si'oe'l TO be a mutual concern and
ui"' Tile agents had gone up and down
;a world proclaiming and leading pol
'n"iuers to believe that the only
VI the assets of the society that
c-ona Gu DC paid to stockholders was
Wv" per annum. or I per cent. inter-
roo uoon the 100000 of stock. OF the
s sV"" or 100000 policies issued by the
sly sly nearly 30 per cent. contained a
on.. .,ie provision that each shall be
,ha ,''ied TO its full distributive share OF
Specified. VII" vi '"e pei' o">
fair. 'r.hs the administration of the af-
anaa. vi me society by the elder Alex
W. ana by the founder, Henry B.
the ~, declared Mr. Bowes. 'faith tc
e,s '''ost was kept with policy hold.