Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-04-19
A Lively Debate In the New
York Legislature Regarding
the Insurance Fight
WASTE OF MONEY ALLEGED
Senator Bracket Makes Some Serious
Charges, Stating That the Most Ex-
travaeant Waste of Corporation
Money Has Been shown-Res0'u-
ton Defeated.

ALBANY. N. Y, April 10. - An all-day
debate in the senate characterized by
charges against the Equitable Life
Assurance Society and the return OF
Superintendent of Insurance Hena-
ricks. who for the first time since the
Equitable investigation began, talked
on that topic with anything approach
ing freedom, brought the affairs OF that
corporation into sensational notice
Yesterday. The subject came before
the senate in the form OF a resolu-
ton introduced by Senator Brackett
to take from the insurance comnttse
his bill to facilitate policy holdefs
suits for accountings. Being unable TO
get a favorable report on this meas
ure, Senator Bracket secured chanee
to voice his views by putting In this
resolution and having it made spec
ial oruer on ,;;sSs.a ~. ,this morning.
The resolution was defeated by vote
Of SO to Z.
While Superintendent Hendricks de-
clined to forecast when his investiga-
ton would be completed, he sald thal
the next step so far as his department
is concerned is to have a representa-
tive present at part one OF the SUI
preme court in New York county on
Thursday morning, when an order is
returnable requiring the superintend-
ent to show cause why he Should not
be restrained from taking action on
the amended charter of the society.
When asked concerning the reports
that there is some dissatisfaction be-
cause two representative OF the pohcS
holders have not been added to the
executive committee In accordance
with an alleged agreement, Superin-
tendent Hendrick replied: VIII
answer that question by saying that
the charter of the company now re-
quires the members of the executive
committee to be stockholders of the
company. How could policy holders
be made members Of that committee
before the charter has been amended
and the amended charter approved as
required by law"
Says Money Has Been Wasted.
Speaking of the Equitable situation,
Senator Bracket said: 1T is now con-
ceded by everyone connected with the
nasty mess that there has been the
most extravagant waste of corpora
ton money. The corporation is under
the same control now"
He added:
whereas, the contest in this COM
pany began over the control OF its mil
lions, it Is likely presently to take the
form of a race to see who can keep out
states prison"
Other state senators took part in the
discussion. Senator Grady, the Tam
many representative, replying to Sena-
tor Bracket, quoted an opinion OF
United States Supreme Court justice
Peckham to the effect that without
such a safeguard as that furnished by
the law the repeal Of which is sought
the insurance companies would be open
to blackmail and endless annoyance
and danger. He asserted that Sena-
tor Bracket had been unnecessarily
alarmed by scare headlines.
"He only warts the insurance com
panies conducted in his way" added
Senator Grady.
Does the senator think" retorted
Mr.. Bracket, "that the meeting yester-
day Of Equitable agents, at which they
suggested the retirement of Vice Presi-
dent Hyde, was an evidence Of trust in
the present management"
II would say" answered Mr.. Grady
chat it implied that most of those
agents were appointed by Mr. Alexan-
der. The gentleman who has charge OF
the appointment of agents, you know,
is Mr. Alexander's relative"
81 am not concerned about the con-
troversy between Hyde and Alexan-
der" said Senator Bracket. Il say.
"A plague on both their houses"