New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-14
PROBING INSURANCE SLOW
ITO LIP INTO NEXT YEAR.
Committee VIII Haze to Ask Nert
LEGISLATURE for Continuance.

The legislative insurance committee has been
sorced at last to the conclusion that its actual
investigation will lap over well into 1906, and
that doubtless II will be necessary to ask of the
next legislature continuation of the commit
tees powers. This at least, those close to the
committee and its work conceded, last night
despite Senator D. W, Armstrong; repeated
declaration early in the investigation. that it
would close before December 81.
The belief that the interpretation perforce
must be prolonged is based on a number Of con-
siderations. Among the contributory factors it
IS understood, the far reaching Importance
Of the investigation, the newly realized depth
and compleXity OF the subject, the intention to
extend the Investigations scope TO certain fra
ternaI societies, and last but perhaps not least
the exasperating absence from the State of a
veritabIe cloud Of important witnesses.
In the event of any of us not being re-
elected" committeeman told the reporter. cit
will be doubtless necessary for the legislature
TO reappoint a committee"
The Equitable trustees at the meeting yester-
day voted TO recommend for election TO the
board Of directors John D. Herman, Of Oneida
County. and William c. Redfeld, Of Brooklyn
Mr. Herman is the son OF ex-United States Sen
ator Francis Herman. He is a Railroad Com
missioner for the State OF New-York, and a
lawyer in Utica and this city. Mr., Redfeld is
j. H.
Brooklyn. manufacturers Of drop castings He
was prominent in the public life OF that borough
under the Low administration.
G. H. Parker, secretary of the trustees, made
SD official statement. which follows, in part:
The trustees of the Equitable stock met at the
buckingham hotel on IhuFsa9y ana ana prepared af 4
yftes an expression OF the wishes of the policy
Of fe 70 be voted for by the trustees for
directors of the society the annual meeting to be
il viii be recalled that Grover Cleveland, in his
ported that the trustees had been disappointed by
the relatively responses to their appeal TO the
poucyholders to express their wishes as TO the
domination Of directors and that this indifference
70 effect the practical naturalization OF the society
When the legislative committee resumes its
sessions next Tuesday, its counsel, it is said
Will ask Richard A McCurdy, the president OF
the Mutual Life as to the company's relations
With the architectural firm of Clinton & Rus
sell which has its offices IN the building. 1t is
understood that members OF this firm disclaim
any relationship whatever TO the McCurdys, and
deny either having enjoyed any monopoly or
having received any excessive commissions or
other unduIy preferential treatment
A anal extension of time until october 20. has
been granted TO the defendants In the suit
brought by the Attorney General against the
r7o,,,tebls and It's directors. Most of the writs
retUTnaDl6 ABOUT september AO' S@4AN AN0
been extended to October 16- So far only
ss,v onsvrers have been received but the New
York Office cannot tell the precise number filed
.n Albany BY placing October 20 as the final
limit it is hoped to have argued all the demur-
rers in the November term.
This weeks issue of Charities" published
to-day. contains editorial on directors IN
Insurance and Philanthrophy," emphasizing the
significance to charitable institutions of Jacob
H Schir's explanation of insurance difficulties
before the legislative committeeman directors
do not direct@ ~
The editorial says in part:
The system of unpaid. self-perpetuating boards
Of directors is on trial In charitable societies and
institutions no less than in business coIpoIatiiOts
banks and Insurance companies, The description
of the boards of managers OF charitable soeeOe Is
as self-perpetuating would appear inaccurate II
one Judged solely by the methods uSueliy pre-
tey are iG usually Elected by the members that is
70 say. as rule by the contributors 10 me l IF
stituton- In fact, however, so small a nHnoeF %
members participate in The annual election thao
Of those whose terms expire II Ihey "!Sia ~ 49,
main, the executive officers desire lhat lleE
TnIs is not necessarily Questionable Of ItselIf
for II the existing adnlnstrs I Is sI3c,1Ify is
that the process IS without Discrimination. IL, an
Anticipated, unprogressive and inefficient an 3
tration is continued as readily as one Of 1iS
opposite descrpton Ageln thgL fef scTHtinT of
actual work done would guide the drece0+S 90 20
TO whether the expenditures have been judicious
and the work faithfully and efficiently done.
There is a widespread misconception Of what
membership in a board OF directors means or
should mean. Men and women Of prominence are
solicited TO allow their TO be used with the
distinct understanding that absence from meetings.
Irregular attendance or complete neglect OF
ali The duties viii be overlooked for the sake OF
the financial or other Incidental advantage winch
the Institution viii gain from the mere fact tltt
The names are allowed appear. Social conslderl-
tiong sometimes lead to the selection OF directors
who are hagrantly unfit for the particular position
to be nlled.