New-York tribune., 1905-07-18
RESOLUTION RULED OUT.
FOR EQUIT4BLE PROBE,
Lieutenant Governor Declares
SteUeRS Motion Ont of Order.
IBr TEIEeRArH TO TUE TRIBUNE. ]

Albany, Jaly l7-SenatOr Stevens chairman
Of the Gas Investigation Commission tonight
attempted to introduce a resolution calling for
a legislative investigation OF the affairs OF the
Equitable Life Assurance Society. Lieutenant
Governor Bruce declined to receive the resolu-
tiOn ruling it out Of order The text of the
Stevens resolution Is as follows:
Whereas, We are informed by the preliminary
report Of the Superintendent OF Insurance that
the business methods and practices Of the Equi-
table Lie Assurance Society have not been
such as best TO conserve the interests of all
parties. and that great evils exist which should
be prevented in the future By the enactment Of
wise and proper laws which viii protect policy
holders; and feeling that possibly the practices
and methods adopted by the Equitable Life As
suranee Society may be followed by other in
suTance companies; and,
Whereas. we believe that the public interests
demand that the entire insurance business. as
conducted by the several life insurance compa-
MES doing business under charters from this
STATE should be thoroughly investigated by a
legislative committee clothed with ample power
and authority TO obtain all facts which would
enable IL report 10 the legislature at its next
regular session such remedial legislation as IN
the judgment OF the members OF the committee
would be necessary 10 protect the policyholders
and restore public confidence: and
Whereas. Under Section Of Article w of the
constitution. the legislature is prohibited from
acting upon any subject not submitted to 1t by
the Governor. therefore. be IL
Resolved, The Assembly cOncurring. that re-
specrfUl communication be sent 10 the Governor
setting forth the fact that in the opinion Of the
legislature the public interests demand that al
ne insurance COMPANIES doing business in the
State under charters from the State should be
investigated by joint committee OF the leg1sia-
fure clothed with ample power and authority
and that he be and is hereby respectfully re-
Quested 10 communicate with the Legislature in
such form and in such manner and at such time
during the present extraordinary session Of the
legislature as VIII permit the legislature TO take
action as hereinafter suggested and proposed
Lieutenant Governor Bruce asserted that the
~.
business for which the extra session had been
called. and ruled il out OF order. Several other
similar resolutions are in existence here.
Senator Stevens protested warmly against
Lieutenant Governor Bruce's ruling in the
matter
This follows a precedent established in ls9s,"
ne said when at a special session. called by
Governor Roosevelt TO consider the franchise
tax a matter Of a different character, carrying
an appropriation, was considered"
Senator Stevens. discussing his resolution
said;
IT win take three months 10 investigate the
subject. and this should be done now, so that
when ne meet We should have fair idea what
10 Co 7 believe that the general subject Of In
surance should be taken up that investments
should be placed on as high character as saw
luss banks
] am also Of the opinion that no insurance
company should be allowed 10 obtain control or
corporations doing similar business or under
v-riring the business Of other companies. When
such transactions are successful they go TO the
other companies, and when they fail they are
charged up 10 the insurance companies In
su-ance companies lend money. Banks and trust
companies also lend money, ana insurance COM
rsries should not control banks or trust COM
ranies- The policy Of putting up costly build
tngs al over the country by insurance COM
raries should be changed The tendency is 10
rent these with a loss 10 the company, and the
poIicyholders suffer.
Il would be a diffcult thing TO reach salaries
NV LEGISLATION, but there should be some way 10
regulate this II may be all right pay
-snau 100000 He may be WORTH that to the
ccmpzny. That Is. if ne could get such salary
IRON some ether corporation, but unless that is
true such salaries should not be paid