Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-21
THE EQUITABLE CASE
General Agents Committee
at Syracuse Today.
ATTEND A CONFERENCE
WITH THE STATE SUPERINTEND-
EMIT OF INSURANCE.
Situation Reviewed and Plan of Mu-
tualization Detailed-Mr. Hen
bricks Statements in Reply.

SYRACUSE, N. Y, April 2t.-The general
agents committee of the Equitable Life
Assurance Society arrived in this city this
morning, and arranged a conference at
noon with Superintendent of Insurance
Francis Hendricks.
Joseph Bowes of Baltimore was spokes-
man of the committee. To. Mr.. Hendricks,
the state superintendent of insurance, Mr..
Bowes reviewed the action of the agents
convention in favor of naturalization, and
then made address. He declared the
agents were in a position to know VIVA.
policy holders wanted.
The prevailing conditions had alarmed lie
policy holders The original plan of the
founder. he declared, contemplated mutual
ization. For the first time the question
of ownership of the vast surplus had ARISEN.
The time had come for a change, and when
the society could no longer be regarded
as the patrimony of one man.
No Animosity Among Agents
He was informed on reliable authority.
he said. that thirty-four or forty directors
do not own the requisite amount of stock
required by the charter. There is no tni-
mostly among the agents against Mr.. Hyde
he said, but change must be made to de-
prive him of the immense power he Yields
i uS compromise effected was a miserable
one, which is disappointing, the realization
of which Will be delayed by litigation. The
policyholders in the meantime suffer
Mr.. Hyde's elevation, he asserted, was
due to sentiment because of his descent
from the founder. For five years he had
been watched, helped and forgiven until
sentiment was exhausted.
E. A Woods of Pittsburg president of the
agents next addressed Mr. Hendricks He
told OF the immense tangible interests of
the agents and declared that under the
present system of control the Equitable stock
could be transferred to party even more
dangerous than Mr.. Hyde The agents
were opposed to any change which did not
conserve the interests of policyholders, and
mad suggested committee for policyhold-
erS as trustees, appointed by President
roosevelt, or to designate ex-President
Cleveland or a committee of college presi-
dents. He believed adverse legislation in
other states could be prevented by Dromnt
action in New York.
Archibald Haynes of Portland Me, fol-
lowed with similar remarks.
Superintendent Hendricks Reply.
Superintendent Hendricks in reply said
that he had expressed himself clearly in
favor of naturalization, and that he was
sure relief could be obtained by legisla-
ton. He said that if Judge Maddox
decides in the Lord suit that he
the superintendent of insurance. has
no power to put in force the amended
charter, an appeal will be made to the
court of appeals or to the United States
courts. He asserted that he did not be-
lieve that Hyde interests instituted the
Lord suit. Mr.. Lord is opposed to the, mu-
tualization plan, said Mr.. Hendricks, only
because he believes his stock will be i'm
paired by the amended charter Mr. Hem
bricks expressed himself in favor of the
proposition in the hands of the attorney
general concerning policy holders repre-
sentation upon the directorate making it
only question of time when policy hold
ers will be in control. In closing, Mr. Hem
bricks said And l will tell you. too that
before L get through with this company /
will find out who are dummies | will find
that out absolutely
You can rely on this. When we get
done we will tell you the true condition
of the society. 1 cannot tell how long IT
will be, whether days, weeks or months
but it will be thoroughly done In the
meantime the Prick committee has asked
questions which will take thirty or forty
days to answer"
Superintendent Hendricks statements
were aplauded by the agents, who. this
afternoon, left for Albany, where thew will
call upon Governor Higgins tomorrow