The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-21
CALLS ON ROOSE WELT TO ACT.
IS. r. KING DEMANDS 4 NATIONAL
LIFE INSGR4NCE INQUIRY.
Says II Can he Done Through the Inter.
3 state Commerce or special Commits.
.ion-.Tue President Thinking II Over
--planS TO Organize Merchants.

taKp ilItIdI t'tiil'di4'' - ''''
in life Insurance circles resulting from the
Ea,;itai lie scanda! aud to institute national
investigation q tine business in general.
THIS request mas been made to Mr. Roose-
~. by william = King. formerly president
- tia Merchants Association of this city,
actiu,. he saws III the interest OF policy
holders in all companies.
President Roosevelt has replied TO Mr..
King through Secretary Loeb, and although
he has not rrtmi,ad anything definite,
he has. according TO Mr.. King, taken great
inte-est in the suggestions that have been
made MIR. King says that he has written
tho President several letters On the sub
lect and that he is sure Mr. Roosevelt Will
take steps to ascertain his power in the
matter.
In Mr.. Kings opinion the big insurance
oomranies come under the control of the
Interstate Commerce Commission in the
conduct of their business and are subject
to national investigation just as much
as the beef trust or the Standard Oil Com
pany. He has made suggestions along
these lines to the President but in the event
of the President being unable to deal with
the insurance question in this way, he has
been urged by Mr.. King to appoint ma
tional commission on the lines of the anthra-
cite coal commission to make an inquiry
and report.
If Mr.. Roosevelt is not able to do some
thing to relieve the conditions. Mr.. King
announces that he will go to Congress for
relief backed b. an organization OF $4,000
merchants all over the coul try.
Mr.. King has also corresponded with
Gov. Higgins, urging him to use his in
huence with the Legislature in the interests
of the policyholders, both in reference to
the Equitable scandal and to life il surance
in general. Gov. Higgins has been APP
priced by Mr. King of his correspondent CO
with President Roosevelt. Mr. King said
yesterday:
/. "In regard to the Equitable life insurance
scandal two very prominent lawyers in
this city, claiming to represent clients
holding several million Of dc liars in policies,
calkd upon me and asked whether the
Merchants Association would net take
up the matter. | stated to them that l
was not a director OIL member Of the execu-
tive committee Of the asst citation. and that
II they had any bona fide plan, they should
ask fer a hearing before the executive
committee. which meets on Mondays.
I Il am a large policyholGer in more than
one OF the big companies, and have written
to Preside Mt Roosevelt aling his attention
to this national scanoal l recited that
the earnings Of the citizens in all walris
of life in forty-eight States were being
made football of two factions striving
to get control at the expense of the policy
holders. and endangering present policy,
holders interests by creating a. scandal
which has for the time being paralyzed the
writing OF new business. DIVIDENDS of the
polcyholders are cut down by the increase
Of expenditures.
X also called the Presidents attention
to the belief that these corporations anne
under the Interstate Commerce law, as they
do business under contract In the several
States, and there ia apparently no reason
why they should not be investigated the
same as the Beef and the Standard Oil
trusts.
In case the President decides that he
has no jurisdio ton, it is my purpose to form
committee prior to the converting OF Con-
In every State nj the Union. by sending out
literature to every merchant and manu-
featuring concern, to the number of lsl COO,
having mercantile rating on capital stock
OF IS 900 and over. / shall ask these men
to interest not only themselves, but their
employees also in petitioning members of
Congress and Senators to make a thorough
investigation and put these great insurance
corporations under Government control,
These companies, three of which con-
about 81 200 900, 600 must be put on the
same basis as savings banks ana COM
PEELED to account for every penny received
as premiums. The system by which a
policyholder is obliged to give proxy
to an officer of the company when he takes
out his policy should be abolished once and
forever"
Mr., King refused last night to give the
names of the two lawyers who called upon
him in the interests of their clients to get
the Merchants Association to act. He
thought that the lawyers would probably
confer with the associations executive
committee on Monday.
Another movement is on foot looking
for relief for the policyholders in the Equ-
table and other companies from the State
Legislature. Before Gov Higgins issues
his call for an extra session of the Legis-
lature to act upon the charges against
induce him to include in his call a recon-
mendation that the Legislature take up the
question of providing for a more thorough
and complete investigation of the life
Insurance companies of the State An
effort would be made to have a bill passed
restricting the life insurance companies
from accommodating such enormous sur
pluses. 1t was reported that the man
who had been selected to impress upon the
Governor the necessity of legislation Of
this sort was Senator Alfred r. Page of
this city, who was a member Of the gas
investigating committee, a lawyer iden-
titled with the policyholders' interests
said:
Gov. Higgins think, would regard
with considerable weight suggestion from
Senator Page that the consideration Of life
insurance matters he included in the stipu-
lation for an extra session l understand
that there Is serious talk of calling the extra
session for the. Hooker case about the
middle of June
Samuel Untermyer counsel for James H.
Hyde, commenting on the charges against
his client in the complaint in the Bracket
suit said yesterday.
"The Bracket complaint is stale medley
of all the exploited lies, even down to the
fiction Of the fancy dress ball, which has
been disposed of again and again. Its
origin is obvious. MIR Alexanders friends
are most indi?creet; If the case is ever
brought to trial which / doubt it may
offer the much desired opportunity of
showing the public who is behind these
attacks, 1t would he interesting 10 know
how the plaintiff acquired the one share
Of stock after the trouble in the society
began 1t looks very much like another
Peter Power suit"
INGALLS, DOESN'T WANT EQUITABLE JOB.
CINCINNATI. NJ Y 20. NJ. l.. Ing la. ex-
president of the Big Four iroad. said to-
day regarding report from New York
that he may be asked to take the presi-
1f ~ G.,