Omaha daily bee., 1905-09-07
BLACK ACTS FOR EQUITABLE
Former Governor of New York Rep
resents society in the LeEis-
Iative InvestiEation.

NEW YORK. Sept 6-Former Governor
Frank s. Black Of this state appeared as
counsel for the Equitable Life Assurance
society before the Joint legislative commit
tee today, when the committee commenced
It's investigation OF life insurance conditions
in this state The hearing was in the cham
ber of the board of aldermen I'm the CITY
hall. The committee is composed of Sena-
tors William A. Armstrong. chairman;
Frank ]. Tully and Daniel ]. Riordan. and
Assemblymen James T. Rogers, Robert
Lynn Cox, William M. Wemple. Ezra p.
Prentice. secretary. and John McKeon.
Before the hearing opened Mr. Black said
I'VE have nothing TO conceal and no one TO
protect. We seek no legal technicalities to
evade answering any questions. We will
aid in every way the progress Of the in
quiry"
Paul ID. Cravath was present in the inter
est Of Thomas F. Ryan and w. c. Guiiiver
attended as counsel for James Hazen HYDE.
Senator Armstrong in outlining the pur-
poses Of the investigation said:
Our object will not De TO punish anybody
for wrong-doing in the past but to get at
all Of the features of the modern Insurance.
business, so as TO suggest to the next
Legislature an adequate law that will not
only protect the policyholders in all hfe in
surance companies, hut will likewise pro-
tect the insurance companies from abuse
At the hands of designing persons As
most Insurance companies are mutual in
theory. we shall endeavor to mass In ",
that Will compel them 10 be mutual in fact
Then Officers Of the company will always
be working for the interest OF the policy
holders instead of working ror themselves
by the formation OF subsidiary companies
70 ( divide Inytd the profits Of the main company.
laws are good II win be our aim to
make them better.
Several OF the officers Of the New York
Life Insurance company VINO had been
subpoenaed appeared before the committee
and also several officers who were not
summoned. with them came the com
pany's books covering the business of the
last ten year The officers present were
John A. Mccall, president; George W.
Perkins, T. A. Buckner. D. p. Kingsley.
vice presidents; Rufus W. Weeks. chief
actuary; f. r. Perkins. vice president:
John c. Mccall. secretary: E d. Randolph,
treasurer, and many jnnior officers
Vice President Perkins said that no legal
counsel was present to represent the COM
pany and that none was needed.
James NJ. Beck represented the Mutual
Insurance company OF New York, Law
yers Frank r. Lawrence and Frank H.
Platt. the Mutual Reserve Life insurance
company, and Richard V. Lindaberry the
Metropolitan Life Insurance company.
In opening the hearing counsel for the
committee stated that the first subject
taken up would be the position of the
policy holders in the administration Of the
companies. He quoted the evidence once
given by Henry B. Hyde founder of the
Equitable society, to show the position of
the Equitable stockholders.
Robert A Granniss, first vice president
OF the Mutual Life Insurance company.
~
fed that he was director of the United
States Mortgage and Trust company and
of the Lawyers Trust company.
Mr.. Hughes, counsel for the committee,
quoted from the charters Of the Mutual the
clauses giving rights,sn he poljcy holders
in the election OF officers and other ad-
ministrative rights and had the bylaws OF
the company identified and placed on the
record.