Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-09-06
Begun in New York as to Goa.
ditions in That State by Joint
legislative Committee
ITS PURPOSE FULLY OUTLINED
Not to Punish for Past 0fenses but to
Secure Information for Future
Protection.

New York, Sept 6.-Forner Gov
Frank Black of this state, appeared
as counsel for the Equitable Life AS
rurauce society before the Joint leg
isatiye committee today when the
committee commenced It's investigation
Of HE insurance conditions I'm this
state The committee is composed Of
Senators William w Armstrong,
chairman Frank j. Tully and Daniel
j Riordan ana AsScmblymen James r.
Rogers, Robert Lynn cox, william
Wemple. Ezra \. Prentice, secretary,
and Joan Mckeon.
Before the hearing opened Mr. Black
said
we have nothing to conceal and no
one 10 protect We seek no legal
tochnlcallties to eyadc answering any
questions. We will aid In every way
the progress OF tho inquiry"
Paul ID, Crayath WAS present IN the
interests Of Thomas f.. Ryan and
Thomas G. CULVER. counsel for j. II.
hyde.
Senator Armstrong In outlining the
purpose Of the investigation said
'Our object viii not be TO punish
anybody Tor wrong doing I'm the past,
but 10 get at all Of the salient features
Of the modern Insurance business so
MS to suggest to the next legislature
an adequate law that viii not only
protect the policyholders In all life IN
surance companies but Will
likewise protect the insurance
companys management from abuse
sons As most insurance companies
On
deavor TO pass a law that will compel
them 10 be mutual IN fact Then the
officers of the company VIII always be
working for the interest of the policy
holders instead Of working for the in
terestg OF themselves by the forma-
ton Of subsidiary companies TO divide
the profits Of the main company A
large mum her Of the present insurance
laws are good. 1t win be our aim to
make them better"
Several of the member Of the New
York Life Insurance company who had
been fubpoenaed appeared before the
committee as did several officers who
were summoned. With them came the
commny's books covering the business
Of the 10 years. The officers present
We're John w Mccall, president Geo.
W. Perkins, r. A. Buckner, y +. Kings
ley. vice presidents; Rufus W. Weeks.
chief actuary, f.. r. Perkins, second
vice president John e. Mccall secre-
tary; r, d Randolph, treasurer, and
many junior officers,
Vice President Perkins said that no
legal counsel WAS present to represent
the company and that none was needed.
James NJ Beck Represented the Mu-
tual Life Insurance company Of New
York, his lawyers, Frank Lawrence
and Frank II Plat, the Mutual Re
terve Life Insurance company, and
Richard V. Lindaberry the Metropoli-
tan Life Insurance company,
In the opening Of the hearing. coun-
sci Cor the committee stated that thr
first subject taken up would be the
position OF the policyholders in the ad
ininistration Of tho companies. He
quoted the evidence once given by Hem
ny b. HYDE, founder OF the Equitable
society. to show the position Of the
Equitable stockholders,
Robert A. Granniss first vice PEST
dent OF the Mutual Life Insurance COM
pany was called as the first witness
lie testified that he was a director OF
| the L. 8, Mortgage & Trust company
and OF the Lawyers Trust company,
Mr.. Hughes, counsel for the commit
tee quoted from the charter of the Mu-
| tual the clauses giving rights 70 the
! poNcynolders IN the election OF officers
! and other administrative rights and
| had the bylaws OF the company iden-
| titled and placed on the record.