New-York tribune., 1905-07-13
WANT LEGISLATIVE PROBE
FOR ALL INSURANCE.
Stanley, MaIby, Steuens, Page and
Bracket Giue Vieacs.
IBY TELEGRAPH TO THE TRIBuxE.I


Albany, July 12.-As a result of the develop
rents Of the last few days in the Equitable
tangle. there has to-day been made manifest
widespread desire on the part of the more con-
servative members Of the Legislature that the
whole field of insurance should be probed by a
legislative committee. This desire is founded
strong belief that. owing in part to acci-
dent and in part to the growth and develop
ments of scandal, the time has passed when the
public apprehension ana doubt be allayed
by any department investigation. There are
not lacking those who severely criticise the In
surance Department. declaring that the state Of
affairs shown by recent developments and its
continuance over a period of years have shaken
public confidence in this department far
larger number of legislators. however, while
affirming entire confidence in the Insurance De-
partment. believe that its facilities and powers
are too circumscribed. and that nothing but
legislative committee w5th plenary power can
deal with the situation.
Moreover there can be no doubt that the
publication OF the testimony in the Equitable
investigation has produced a profound sensa-
tion. That 1t was Superintendent Hendricks's
intention ultimately make this public is con-
ceded by a majority OF the legislature but the
situation that has been created by the manner
IN which it was made public has resulted in
crystallization Of sentiment for legislative in
vestigation An appeal TO Governor Higgins 10
make that possible was made by Assemblyman
Stanley, Of New-York, to-day. Mr.. Stanley
asked for a legislative committee TO work with
Superintendent Hendricks, and this is the course
Of action that meets with most favor at the
present moment
Practically advocates any legislation
Of sweeping character at this extra session. An
Investigating committee to report the result of
the investigation Of the whole field of insurance,
COMMITTEES. is what is generally desired But
this desire has yet met with no favor in the
view Of the Governor, who still adheres to his
belief that the investigation of Superintendent
Hendricks viii be satisfactory. it will be ad-
equate. Several legislative leaders will not dis
cuss the matter. OF these are Senator Raines
and Speaker Nixon The latter is understood
10 believe, with the Governor, that the investi-
cation OF the Insurance Department, with the
comforting on its officials of any powers lack
ing at present for fun probing, is the wiser
course.
SENATOR MALBY'S VIEWS.
But IN opposition 70 this are arrayed scores Of
men Of weight and experience among them Sen
stors AIalby racl.ett, Stevens, who conducted
the gas investigation, and men of similar weight,
while in the Assembly men of personal indie
pendence such as Wainwright, Hooker and
MOTGlanQ.
complete investigation by legislative COM
.nittee OF all insurance companies Most sig
nihcant of these opinions is that spoken by Sen
ator A1alby chairman Of the Finance Commit
tee ana a recognized Senate leader, who said to-
day
have always believed that a legislative in
VestigatiOn into the Equitable tangle " IS the
only solution. 1 am more than ever convinced
EoN. q result OF recent developments, that
fGenCe. The trouble and disquiet are growing
end spreading every day Sooner or later we
have got 10 come TO it, and il seems to me that
* is essential that action should be taken at
once fer in the next few months policies worth
millions VIII mature, and in an enormous num-
Ser OF instances be surrendered, owing TO lack
Of public confidence. Now. If good, earnest
legislative investigation committee, Of the
CaIibre Of the Stevens gas commission, were ap-
pointed with full power 10 summon everybody
and investigate eYerythng-not stopped as Su-
perintendent Hendricks seems TO be by the reslg-
nation Of directors from compelling them to
testify believe public confidence would be re-
stored and the loss Of millions by surrender Of
policies prevented.
/ dc not mean that the committee should re-
port this special session-the work is enor-
nous and would take months before it could De
completed. but ii could be done before the next
regular session, and we could then be in posi-
ton 10 act on its results and recommendations.
such a legislative investigation Is bouhd 10
come The clamOr is growing and spreading
daily, and if il is 10 come believe now is the
time FOR il. ] have not talked with the Gov
ernor recently about the matter, but for myself
I have always believed that the public con-
hdence could not be restored or public agitation
allayed in any other way.
Don't you thi.K that the fact that Superin-
tendent Hendricks cannot summon directors
who have resigned must limit his work to
make legislative investigation more desirable
than ever?" the Senator was asked.
Yes ! think that legislative investigation
Is the only thing that viii satisfy the public and
command complete confidence" was the reply.
SENATOR STEVENS CoNCURs.
A similar opinion, equally conservative in it's
Character was expressed by Senator Frederick
c. Stevens chairman Of the legislative commit
tee which Investigated the gas situation in New
York City
4 have always been in favor Of legislative
Investigation Of the insurance situation" he
said II ought to have been done long ago 1t
would be a good thing now. The policyholders
an over the United States are demanding it,"
Senator Page. Of New-York. who introduced |
the resolution creating the committee that in |
Festigated the gas situation. said:
Sooner or later there has got TO be a leglsla- |
uke Investigation Of the Insurance situation; |
'lere Is no escape from il. l think that the ap- |
polntmeut Of an investigating committee at this |
Equitable and the other companies well. |
would be advisable. / think It is true that moth |
ing else win satisfy public demand
Senator Brackett. who has been pioneer in /
The field Of advocating legislative action, took |
more radical position, and declared IN favor OF /
certain legislation at the present time well
an Investigation. He said:
II would be to the utmost personal discomfort
u me Fnenferg of the legislature 10 remain here