New-York tribune., 1905-03-07
FAV0RS NATURALIZATION.
REPORT By HENDRICKS.
Urges That Directors Plan BE
Carried out Quickly.

Albany March 6.-The movement to mutuaIize
the Equitable Life Assurance Society receives
the approval Of Francis Hendricks State super
sntendent of Insurance. in a special report pub
lished to-day IN connection with his annual
summary of the marine and fire insurance busi-
ness He urges that the change TO wnich the
Equitable directors have committed themselves
1e carried cut with alI possible expedition. and
the desired result secured without qualification
and nrsitatlon. Superintendent Hendricks says
TIE publicity attendant upon the movement TO
transform the Equitable I4ife ASSURANCE Society
in the control Of the Shareholders to one in which
ihe vS1s pTost pge5 IL r. not essential for this de,
partrneTt TO outline its views upon the snheGs 81 e
Stste, but IN every part OF the United States ana
II TSis Company wss organized IN lS5e under the
General Life Insurance law Chapter 4SS Laws Laws on o.
shoIld have capital stock of at least 100000. This
obviously intended as prGtsSsn sd Of 70 t6e 6e com
IIev5r contemplated that this amount OF capital
stock should become the arbitrary owner or the IN
1erests and property Of the holders OF ponces Lssus
should deli6erateiy adopt the mutual policy plan
alrrcst exclusively Is the Equltaoe dAo a. 'i-0 '
tae recent acton Of its board Of directors de- ?
rectors Should De given to the pocyholasfs, ,1 aas
= & - iT @ reta "a con1nrittee having been sp-
pointed 10 arrange the details for carving the tne
plan liza ion into effect tG be passs1G 1 p2SSa Sa
subsequenl meeting OF the olreGtoTs' S sn &c
public Information Of The agreement tnat suGn A0
raemnc51 as the directors have committed them
selves 10 this pralseYoJhy course ~ - 20 nv Snis-a
ty II ms iIe -e6 ms ms Innrtancs 10 the COM
Iauy itself as wei TO its policy yholders ana 20
lie puhllc. that the steps inauguTated sho9la oe
M desired result should be secured without quail
ncauou and limitation so that SHseeTeT os tS
policy holders and intending applicants sngI1a De
se,lsd hoveTer. Gi5 no7v that it has been publicly
raised 6isouiet d unrest viii continue A..
ffH-
rt6ezholders are limited by the charter to an in
tcroet dividend OF per cent per annuIn- Ine eX-
erse Of he present power TO elect direct0Is e 9y
sponsib-e trust. which has. legally speaking now
rectors contained in Article " of its articles of
s nans lqW & the directors nay gg majority
ing oUJ roper plans Of naturalization; This power
20 SO amend Hnder s9id S section Of the ra spsanes
extended TO the PoIcyholders to vote in the eleo-
lions Of its directors, notably in the case or the
Germania Life Insurance COMPANY which was
oreanlzed in 1850 under the Identical law under
@ @ IN the diTsoOat n Q e. qgtga,i5q,
amended fled IN this department. according to law.
e Of the s5ate on Nay & is0 @ The feassi6ty
2f Tt. such step has therefore been demonstrated
Lts justice ana wisdom are beyond question.
Two insurance bills said to be drawn es g
result Of the recent contest in the Equitable
Life Assurance Society, were introduced to-
might The first, put in by Assembiyman @. II.
Whitney, provides that sixty days before the
annual meeting every life insurance company
shall file complete list OF its porcyholders.
The second. introduced by Assemblymen Foel-
ller, provides that every life insurance COM
pany shall ascertain annually the amount Of
surplus accruing TO each policyholder from the
last premium payment date to the next.
and distribute 90 per cent OF its surplus
in cash propOrtionately TO its polioyholders.
The measure also provides that each policy
holder shall be entitled to vote, at the ratio of
one vote for every 500 paid in, and that no
proxy shall be voted by any officer and any
proxy that shall be cast by officer shall be
Noid