New-York tribune., 1905-08-12
PROBE TO BE GENERAL.
HUGHES TAKES RETAINER
WM Be McKeen's associate for the
Insurance Investigation.

cohectlVely, according to the statement 'made TO
Tribune reporter yesterday by a prominent
member of the committee
Mr.. Folk declared last night that the egis-
lative committee had told him that the New
York Life was the first the list for
animation.
Although features OF the Equitable Society
for instance, Will require separate examna-
tion." said he, there are many features such
auxiliary companies, syndicate transactions,
methods of business. ETC.. common. more or less
to all the companies. and they will be
amined"
This will mean the taking of testimony of Off
Gals of various companies at the same session
as was the case in the recent legislative gas in
Vestigation, although the outcome of that inves-
tigation went to show that the diverse lighting
and power companies were practically and
the
1t Will not mean, except TO a limited extent
that the companies will be subject to entirely
distinct and separate Investigations
According to a typewriter statement issued
with the knowledge OF the officials of the New
York Life Insurance Company the extra ex-
animation of this company will be completed ;
early In the investigation. If not at the begin
ming The statement referred to closes with
the assumption that the committee will have
finished its inquiry into the affairs of the New
York Life by October 1.
In the first group" it is said will he the
New-York Life, the Equitable and the Mutual
James McKeen. the committees counsel, de
clared positively, however. that he did not
know as yet which would be first.
AS the result of its Investigations, 1t is said,
the committee will recommend the adoption of
uniform life insurance policy.
r. f. Folk the State Insurance Commissioner
for Tennessee, said that the committee, through
its counsel had assured the commissioners that
its services would be available should they
wish TO examine trust companies in this State
Such examinations outside the jurisdiction
of insurance commissioners Interstate as a
practical substitute for federal supervision is
said to be the end sought by the commissioners
in this city
With this object in view. it is planned to lay
a proposal before the National Association Of
Insurance Commissioners at their meeting next
month.
His own objections overborne by the COM
mittee. Charles F. Hughes sent a cable message
yesterday accepting the offer of a retainer
Mr.. McKeen's associate Mr. Hughes, who by
last accounts was in Munich, is expected here
before the opening Of the first public session.
Regarding Mr.. Hughes's Affiliations. it was
said last night that Mr. Hughes was not only
James ". Alexander's counsel in Mr.. Aexan-
ders naturalization plan, but was affiliated with
the Mercantile Trust Company in three suits
now closed which had been brought by it
against the United States Ship Building Com
pany. Although it the Mercantile company
which carried the mysterious $6S5OO0 loan for
the Equitable. there indication that Mr..
Hughes had any connection WITH or knowledge
OF the loan
Thus far Joseph H. Choate has not accepted
the offer OF a retainer advisory counsel but
Senator w. w. Armstrong. chairman of the
committee. has every hope that he will do so.
Mr. McKeen, who has plunged already into
the preliminary work, sets August 26 or 2S as
the tentative date for the first public session.
On behalf of the committee, ii announced
that probably the sessions will be held after all.
in the Criminal Courts Building, instead of the
City Hall. The decision has been left to a sub
committee.
NETWORK LIFE SEEKS PROBE.
The six State insurance commissioners paid
a visit to the offices of the New-York Life In
surance Company in the morning. They called
upon John A. Mccall. the president, at about II
o'clock and remained in consultation with him
until /: 80 At the close of the conference Mr.
Folk gave out the following statement on behalf
of the commissioners and the company:
At a conference between the commissioners of
Tennessee, Kentucky. Minnesota. Wisconsin, Ne
braska and Louisiana and President Mccall and
Company, held at Mr. McCalrs invitation. Mr.. Nc
Call stated that the company would welcome a
hoped that If interstate examinations Of life in
surance companies were to be made. the New-York
Life Insurance Company would be the first exam
ined- This was agreed to.
1t being the desire of the commissioners and the
company to avoid conflicting with the work Of
that the examination should begin on October /
mittee will have completed its inquiry into the
affairs OF the New-York Life by that time.
In the morning the full committee met in Mr..
McKeen's New-York office, going with him
at length the general outline of the scope of the
work Mr. McKeen has now left town, but will
return tomorrow night
The various members OF the committee left
the city for their homes last night. to be absent
over Sunday. Chairman Armstrong will be
back in town on Monday night. Some of the
other members will not return TO town until |
the actual sessions shall begin.
A quiet meeting informed by nothing of pub |
lie interest occurring, according to President
Morton was the regular session of the executive |
committee of the Equitable Nearly every mem
Der Of the committee, including Senator DepeN' |
attended the session.
Mr. McKeen said yesterday:
In NV acceptance of the position of counsel for |
my power TO investigate nor was there .5 any IN
derstandng that any person was 10 be projected.
But IL should be remembered that q legislative |
committee is not a grand jury, its purpose TO J
bring individual wrongdoers TO Justice lhoush the
bT the proper oicers for such an end The purpose
Of all legislative invsstiEatoa % as Ispslaion which
shall remedy the wrong conditions
NEW TREATY WITH GERMANY