The Montgomery advertiser., 1905-04-22
AGENTS TO HENDRICKS.
Address Made and the Superintendent
 ReplleN,

Address Made and the Superintendent
 Replies.
 Syracuse. N. r., April 21-Preferably naturalization, the turning over of sub stantial control to the policy holders or some other remedy to relieve the em- barrasfng situation in the affairs of the Equitable Life Assurance Society, was the burden of the request made of Superintendent of Insurance Frances Hendricks by the Committee of Gen. eral Agents who laid their wishes be- fore him here today. About forty of the members of the special committee of seventy-two appointed at the meet ing of general agents recently held in New York were present at the confer ence held at noon in Superintendent Hendricks office at the State Bank of Syracuse, of which he is the president.
 Joseph Bowes of Baltimore was spokesman of the committee. To Mir. Hendricks MT. Bowse reviewed the ac- ton of the agents convention in favor of mutalization and then made an ad- dress. He declared the agents were in position to know what policy holders wanted. The prevailing con ditions had alarmed the policyholders.
 The original plan of the founder, he declared, contemplated naturalization. For the first time the question of ownership of the vast surplus had arisen. The time had come for a change and when the society could no longer be regarded as the patrimony of one man, He was informed on relia- ble authority, he said, that thirty eight or forty directors do not own the reouisite amount of stock required by the charter.
 There Is no animosity among the agents against MT. Hyde, but a change must be made to deprive him of the immense power he yields. The com promise affected was a miserable one, which Is disappointing, the realization of which will be delayed by litigation. The policyholders in the meantime suffer. Mir. Hyde's elevation, he as- serted. was due to sentiment because of his descent from the founder. For five years he had been watched, helped and forgiven until sentiment was ex- hausted.
 E A Woods of Pittsburg, president of the agents, next adressed Mir Hen dricks. He told of the immense tangi- ble interests of the agents and declar- ed that under the present system oi control the Equitable stock could be transferred to party even more dan gerous than MT Hyde. The agents were opposed to any change which dld not conserve the interests of policy
 
 tee for policyholders as trustees ap- pointed by President Roosevelt, or to designate ex-President Cleveland or a committee of college presidents. He believed adverse legislation in other States could be prevented by prompt action In New York, Archibald Haynes of Portland, Me, followed with similar remarks.
 HendrIcks's Reply.
 | Mr HandTtrk9 said, "As far as the naturalization of the company is concerned I have already expressed myself very clearly. l am very much in favor of that outcome. l am not sure, however. that you can obtaIn the relief desired by Legislation. l or course I speak to you as Suporln- tendent of Insurance. You Know l | have no control over the Legislature and cannot say what that body would do The question has got to be deter i mined by the courts. If Judge MattoN decides that have no power to put in force the amended charter an appeal will he made either to the court of ap- meals or the United States courts.
 "I will tell you frankly that I don't | believe the Lord suit was instituted by Hyde interests. MT. Lord is only anx- l Ious that I shall not approve the | amended charter for the reason that | he believes InaL tlic NhluC CA i'if' N"IA 1 stock would be endangered by such approval. The first proposition, you | know. I refused to accept. The second one, which is now In the hands of the | Attorney General, I am disposed to ac- cept. It provides that the policyhold- i CTS elect twenty eight of the fitty-two | directors and I believe that under ir 1t will be only a question of time when l the policyholders will be fin full con- | troI. The Attorney General still has this charter and has not decided any thing as to 1t. believe, because the question Is now in court.
 q will assure you, though, that whether legislation is feasible or not I'm heartily in favor of naturalization. Before we get thu ough the examination the Insurance Department will disclose absolutely if there are dummy direc- l tors You can rely on this. When we | get done we will tell you the true con- | dition of that Society. I cant tell you how long 1t will be, whether jays, weeks or months, but 1t will be tt Cr- oughly done.
 Meantime the Prick Committee nas asked questions Of the officers which will take them thirty or forty days to 1 answer"
 After the conference the aG snts gen. eralIy expressed satisfaction at their reception by MT. Hendricks and With his statement.