Ellsworth American., 1905-05-03
WEDNESDAY, MAY 3, 1905.
Equitable Policy-Holders safe.


The unfortunate internal dissensions
among the officers of the Equitable
Life Assurance society have created
and not unnaturally "a widespread
notion that the interests of the policy
holders are in jeopardy.
Those at all conversant with life in
surance affairs of course know that
this cannot be so, and it is only re-
Gently that the company, through its
officers, have deemed it best to make
public announcement of the fact that
whatever the outcome of the internal
quarrel, the hundreds of millions of
dollars in the control of the company
are perfectly safe.
Last week Fl. c. Frick, of Pittsburg,
q gentleman of the highest character,
chairman of the directors committee
that has in charge the investigation of
the company's affairs, issued the fol-
lowing statement that cannot fail to
reassure the timid ones:
To the Potieyhoiders Of the Eqaftd6ie life
Assurance Society:
"The members of the Investigating committee
have received large number of letters from
policyholiers making Inquiries as to the sol
vency of the society, and in many cases desiring
to know If the sums area y paid 10 the SO iety
as premiums on policies were endangered or
lost
"rhe work of Investigation to be of value
must be done thoroughly. To do 1t thoroughly
will necessarily take time The committee is
not ready to make it's rep, and cannot at this
time anticipate its report
"In view of these inquiries from policy
holders it seems proper for the committee to
state that the interest of every policyholder is
absolutely safe.
"The assets of the society are In its posses
sion. They have been examined in detail by
the insurance commissioners of many states.
They are absolutely sound. Indeed, one of the
criticisms of the scciety's management has
been that in Its Investments 1t has been conserv
ative to the point of not realizing a sufficiently
'igh rate of interest on its funds.
"If the investigation should substantlate the
gravest charges made by anyone against the
society, it would simply mean that in the past
the society had not realized all that 1t mi light
possibly have realized under different man
agement of its affairs. There are no charges
made which, If true, would diminish the So
ciety's assets.
"The integrity of every one of the society's
contracts is absolutely unimpaired. 1t might
be well in this connection to add that while
assessment societies, and the frstei nal organi-
zations require the constant addition of new
risks to meet their obligations on cid ones; the
Equitable, like all of the 'old Iine companies
could meet in fIli all of its maturing policies
even If It never wrote another dollar of in
surance.
The investigating committee, commencing
Monday, May J. will holi daily sessions until
its work is completed.
Here in Maine, F. II. Hazelton, of
Portland, the society's general mana
ger for this State, is sending circular
to every policy holder in the State,
giving the same assurance to this par
ticular constituency that Mr.. Frick is
giving to all policy holders.
The business of life insurance in this
country is so carefully guarded not
only by the companies in their own
interest, but also by the keenest of
state supervision in the interest of
the public, that wrecking is prac-
tically impossible. 1t would be the
height of folly for a policy holder of
the Equitable or of any other dline
company to throw up his policy
through fear of its contract not being
fulfilled.