The Saint Paul globe., 1905-04-22
INSURANCE MEN SEE
NEW YORK GOVERNOR
He Promises What Help He
Can Afford in the Equl-
table Crisis

ALBANY, n. Y, April 2E-The
crisis in the affairs of the Equitable
Life assurance society was laid before
Gov. Higgins at the executive chamber
this afternoon by committee of thir
ty-five of the managing agents of the
society, which at Syracuse had made
the same appeal for naturalization of
the society to Supt Hendricks. The
Views of the agents were presented to
the governor by Joseph Bowes, mana
ger for the Equitable at Baltimore, as
chief spokesman, and he was seconded
by Edward A Woods of Pittsburg,
Archibald C. Haynes of New York and
Reginald T. Naist of London. The
agents also presented to the governor
the resolutions adopted by the agents
convention.
Gov. Higgins made very evident his
appreciation of the great seriousness
of the situation. The governor began:
II realize fully that this is very serious
talk. realize fully that the policy hold
ers of this company have been led to be-
neve that IT was mutual in its character.
1 will be glad to do anything within rea
son that / can to bring about mutualiZa-
ton. But desire to call to your atten-
ton the fact that difficulties that arise
between citizens in. the state of New
York cannot be settled by the governor
nor by the legislature
Courts Must Settle Them
''Those questions of differences have to
be settled in this state by the courts. The
question has been raised as to whether the
legislature could alter the charter of the
Equitable Life assurance society," chang
ing its character. l think that 1t is per-
haps true that it could. / could alter its
charter, but the question remains as to
whether the stockholders, if they saw fit
to reject the altered charter, could refuse
to act under it and in that case be COM
PEELED to go into the hands OF a receiver
or close up the business of the Euuita-
hlp L realize that fhfc eli &c ~
only unfortunate for the Equitable, but
for all insurance in this country and
particularly the state of New York
However, there are those in the legal
profession who are inclined to believe
that you cannot by act of the legislature
compel the stockholders of the Equitable
to accept naturalization in it's broadest
lines without their consent If I come TO
the conclusion that can further the in
terests of those policy holders you can
rest assured that no act will be left un-
done by me that will bring about better
conditions for that society,""
Urged by Bowes
Mr.. Bowes told the governor that
the committee represented managers
and agents from all over the world,
closer than anyone else could be to the
great body of policy holders, and he
assured the governor that condition
OF things existed in the society as a
result of which "our policy holders are
In state of utmost apprehension and
alarm, which if continued will result
in not only disaster to the managers
and agents, but, what is of far more
Importance, the ultimate damage of
this great company and all that that
means to hundreds of thousands of pol
Icy holders throughout the world"
Mr.. Bowes declared that from its in
ception, from its great founder, Henry
ID. Hyde" the Equitable had been in
tended to be truly a mutual concern.
ana that the agents had gone up and
down the world proclaiming and lead
Ing policy holders to believe that the
only part of the assets of the society
that could be paid to stockholders was
$4,000 per annum, or per cent interest
upon the 100000 of stock. OF the five
or six hundred thousand policies is
sued by the society, nearly 80 per cent
contain distinct and specific clause
that each shall be entitled to a propor-
tonate share of surplus at the end of
periods specified. Mr.. Bowes declared:
During the administration of affairs
OF the society by the elder Alexander.
and by the founder. Henry D. HYDE. faith
to the utmost was kept with policy hold
erS No question was ever raised about
the ownership of the surplus.
These Are Evil DAYS
I'VE nave fallen on evil days, in which
claims are being made and questions
raised which point to reversal of the
entire business methods Of the society,