The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-02
INSURANCE PROBERS MEET.
ORGANIZE AT ALBANY AND WILL
BE HERE TODAY.

Counsel Yet to He Named-NIembers to Give
All Their Time to the Work Once 1t IL
Under Way-MeetinE Room to He
Chosen in Some Public Building Here.
ALBANY, Aug. 1.-The special joint legis-
lative committee appointed at the Hooker
session to investigate the operations and
financial management of life insurance oom-
panies In this State, and especially the
management Of the Equitable, held its first
meeting to-day. All Of the members were
present. They are Senators William W.
Armstrong Of Rochester, chairman: VIII
liam j. Tully Of Corning Republicans), and
Daniel j. Riordan Tammany), and Assem-
blymen j. 7. Rogers OF Binghamton Robert
Lynn Cox Of Buffalo, William W. Wemple
of Schenectady and Ezra P. Prentice Of
New York city Republicans), and John
McKeown Of Brooklyn Democrat).
The session was executive. Senator
Armstrong was formally elected chairman
and Assemblyman Prentice was selected as
temporary secretary.
"We shall not select counsel for several
days." said Chairman Armstrong, though
We discussed the matter. The committee
will meet in New York tomorrow morning,
probably at the Aston House, and try to
secure meeting room In some public build
ing, which also will be the headquarters Of
the committee. There will be no committee
headquarters at any hotel, but each member
will shift for himself. We shall try to have
the testimony Of the committee printed by
the State printer. 30 as to save expense.
Attorney General Mayer met with us to-day
in an advisory capacity.
'The members Of the committee have
arranged their personal affairs so as to
give all their time to the work Of the COM
mittee and the investigation will be pushed
right along after counsel hive been ap-
pointed and they have had q week or ten
days to plan the work OF the committee.
frank w. johnson Of Buffalo, the ser-
geant-at-arms Of the Assembly. was elected
sergeant-at-arms of the committee, and
Charles R. Hotaling Of Albany, who is the
ssrgeant-at-arms Of the Senate, was named
by the committee to act as It's assistant
sergeant-at-arms.
the members of the committee left for
New York, tonight on the boat. They
realize that the big insurance companies
will all have the best Of counsel represent
ing them during the investigation and that
There was some suggestion of Senator
Edgar T. Bracket being selected as one
Of the counsel, on the ground that his fight
in the Legislature had done much to bring
the insurance scandals to head.
We realize" said Assemblyman Cox,
one Of the Republican members of the COM
mittee, that We have long and difficult
task before US. The question is. Does life
insurance constitute a private business
or is 1t in a sense public trust and should
We safeguard the interests Of the policy
holders as We would the depositore Of
savings bank? The matter Of Investments
and expenditures must be taken into &C
count. and any legislation proposed should
have the security Of policyholders in view.
But there Is another subject which must
be discussed-that is, the fraternal and as
sessment insurance companies. We should
inquire into the question of whether rates
are too high or too low to make insurance
aafo