The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-26
HENDRICKSS NOTICE TO PRICK
STATES INVESTIGATION TO 90
70 TINE norton.


holders WIN Demand a More Thorough
investigation Than They Feet Called
On 20 Makc-Nhy lie Declined 10 Act.
supt. Hendricks told Chairman Fricz OF
the Equitables acknowledging COM
mittee yesterday that nothing short Of a
most thorough, out and out aboveboard
examination Of the sooiety's affairs by the
State agents would satisfy the Department
Of Insurance, Of which Mr.. Hendricks Il
the head. Mr.. Hendricks impaired this
information TO Mr.. Prick with a good deal
Of feeling at a conference which he had In
the Equitable Building with Mr.. Prick and
Senator Philander c. Knox, the investigating
committees chief counsel.
Mr.. Hendricks, II was said by those who
knew what took place at the conference,
was a good deal worked up by criticisms in
the newspapers regarding his apparent in
activity In the Equitable situation, and re-
scented the attempt Of Z. II. Hartman a
short time ago 10 tell him what sort Of an
investigation the State authorities ought to
make. Mr.. Hendricks made It plain that
the State investigation would be carried on
entirely without regard to the work Of the
society's investigating committee. The
conference was held yesterday, Il was said,
at the suggestion Of the Superintendent.
Before Mr.. Prick and Senator Knox
had their talk with Supt. Hendricks, they
had a conference at Shery's with William
Whitman. chairman Of the Policyholders'
Association Of New England. Mr.. Whitman
thought New England was entitled 10 some
representation in this present investigation.
The New Englanders, he said, proposed 70
49, i L. a.. l.
mer. He agreed 10 postpone any action
until after the Prick committee had COM
pleted its work
From a New England organization Of
pohcyholders came the rather unexpected
suggestion yesterday that Gen. Nelson A.
Miles be chosen to succeed James W. Alex
ander as president Of the society. The
desire OF the New Englanders for Gen.
Miles was conveyed in a letter to a member
Of the Prick committee. They said that
Gen. Miles would satisfy the demand for a
man Of national prominence"
james J. Hill yesterday substantiated
the fact published IN THE sun, that he
had refused TO serve on the Equitable's
investigation committee.
1t is true, said he. that am not acting
with the committee, but IL is not on account
Of any personal differences with anybody.
When / was named | notified the other
members OF the committee that my time
was so fully occupied with other matters Of
business that would not have time 70 up re
TO act with them upon the investiga ton, that
is, upon such an investigation as the policy
holders demand. / felt that II / went into
this investigation / would want TO put
my own men az work checking up the books
and statements. / told the other members
of the committee this, and also that unless
/ could put my experts on the books
Of the Equitable | would not care TO put
my signature to any report which the
committee might get up. also told them
that the time would come when the policy
holders would demand a more thorough
investigation than the members of the
committee felt they were called upon 20
make under the terms Of the resolution
appointing them.
Z have been polcyholder In the Equi-
table for thirty years, and | say as polio %
holder that the time has come when the
whole business Of life insurance must be
more carefully managed
Mr.. Hill said also that as a policyholder
he didn't intend either to approve or dis
approve Of the report Of any Investigating
committee which didn't go TO the bottom
Of things
Later this letter, sent by Mr.. Hill to Presi-
dent Alexander on April 8, was made public:
DEAR SIR: begto acknowledge the receipt
my appointment as q member Of the special
committee charged with the dutyto invest gate
The Society UPON When my name Wa s prScPosed
stated It would not be possible for me-. to
give the time necessary TO get Gnowled &c
Guf1clent TO make report which would satisfy
myself OF be OF any value 20 the society.
] now beg 70 advise you that IL will be quite
impossible for me to give the time required
70 serve on the committee,
j. O. Van Cise RCtuary Of the Equitable,
gave out yesterday what purported 10 be
An explanation Of the sOciety's reasons
for increasing at this time its rate on nom
Participating policies. The real purpose
has been said, was a desire TO make par
ttdpating policies more attractive.
On April 20, says Mr.. Van Cise, we,
h common with other large companies,
made an increase In premiums on nom
participating policies, from ~ TO 5 per
cent. or an average. Of per cent. Our
non-participation policies are only per
cant. OF our total business. The increase
was arranged for some time ago, and we
have only put our rate on level with other
companies whose actuaries had figured
out that TO make that class Of policy pay
the premiums must be increased
The statement was made yesterday by
one OF the leading lawyers connected with
the Equitable controversy that neither
faction in the society is worrying much
over the suits that have been brought in
the Federal courts thus far. The society,
this man said, Is certain that the consent
Of the Acknowledgement Of New York State
will have to be obtained before q suit for a
receivership can be brought with any chance
Of effective results even in the Federal