Waterbury evening Democrat., 1905-06-22
HENDRICKS REPORT
Scores Alexander and Hyde.
 Criticises New Trust.
NATURALIZATION ONLY SURE CURE.
Declares That Former Head Men by Their Unlawful Actions May Be Disqualified From Ever Held.
 ing Similar once.

ALBANY, N. Y., June 22.-The re port of Superintendent Francis Hen dricks of the state insurance depart -mspt. .to. GozeEnor. Higgins upon his in vestigation of the Equitable Life As surance society was made public here and in New York last night
 It is described in the title as ''pre- liminary report" and 1t is decidedly critical of the management of the soci- ety as well as of the new trust ar rangement for voting the stock agreed upon by Messrs. Thomas F. Ryan and the three trustees designated by him.
 The report says in part:
 No superficial measures will correct the existing evils in this society. A cancer cannot be cured by treating the symptoms. Complete naturalization with the elimination of the stock. to be paid for at price only commensurate with it's dividends. is. in my opinion. the only sure measure of relief.
 This report, with q copy of the evi- dence taken on this investigation. will be transmitted to the attorney general for such action thereon as be may deem proper"
 Of the subject of proposed legisla- ton he says:
 T think it important that the next legislature should take into eonsidera- ton the question of the investment of the funds of life insurance companies and establish a standard of invest ment. As to just how far or to what extent they should be restricted in their investments am not prepared to offer an opinion at this time.
 Turning next to the new control un- der which the society has passed. Mir. Hendricks. while not questioning the honesty of purpose of the trust under Cleveland, Westinghouse and o'BrieA- expresses the opinion that the only thing that will restore confidence and benefit 10 the company would be the elimination of stock control -and. what I deem of equal importance. the eiiml- nation of Wal street control-
 James W. Alexander. president. and James H. Hyde. frst vice president. whose resignations were accepted by Chairman Morton. are severely ar raigned in the report. and Gage E. Tar bell, second vice president is exoner- ated. MT. Hendricks finding that no substantial evidence appears in sup port of the charges against him Mir. Hendricks says 1t is an open question whether President Alexander and the other oficers and directors who par ticip.ted with him in the transactions Of 'James H Hyde and associates are eot disqualified under section J of the insurance law from heresfter hold ing any office In life insurance com pany. The report charaeterixes these transactions as unlawful
 Hyde. and he qualified by Hyde stock =
 Exrravagance and waste in salaries are severely condemned ia the report The increase in this respect ia the sx- ecutive or,ces wss from S30. 100 in 1ep to ssls.soo in 1904 It vas fsund hat President Alexa1der's salary vas sdvanced frsn s75.0o per asnun to s1oo.ooo without his request h srosR that James H Hyces sslary ntgAt bs increased to the same ngure- Chaun- cey N- Depev. the report sbovl. c paid &11oO a year e attorney. Davil D. HUI received 6.oop . year sn1 IT. n Dcue Yur 1QoH GIH co nIA = n<anv~ negl
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