The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-11
INSURANCE. HEN NOT CONVENT
READK WITH MORE ARGUMENTS
FOR NEXT ALB4NY HEARING.

Henry ". TAFT to Lead the Opposition to
thesC enFhIttee Bills ON Behalf OF the
MISUNDERSTANDING TO Ask That An
nual Meetings BE Set Before Nov. IL.
Many Of the life insurance officers are
diAsatisfied with the showing made by the
companies at the hearing in Albany on
Friday. They feel that the stand which
the companies have taken against some Of
the Armstrong committees recommended
tiops can be presented more foroefully and
more effectively than it was on Friday.
with another week In which to collect
data, the companies hope to be able to go
before the Legislature with a much more
convincing array Of argumente than they
presented on Friday,
Thursdays hearing promises to be more
important than that OF Friday in more
ways than one. The mutual companies
will come out in opposition to the recon-
mendation Of the committee which provides
for the expiration Of the terms Of office of
all trustees November is next. Henry
W. Taft, the Mutual LIES counsel, will lead
theopposition on behalf Of that company.
Al the same hearing Samuel Untemyer
will appear as counsel for the ~international
p~olicyholders' committee to urge the COM
mittee not only TO stand by it's recommended
ton for the termination of all trustees
terms Of Office, but to set the date Of the
general expiration ahead several months.
Mr.. Untermyer will argue that it IA un-
necessary 10 put the annual meetings of
until November Is, as the delay will only
give the companies an opportunity to fortify
themselves against outside attacks.
IL was reported yesterday that the Arm
strong committee at the next hearing will
try to get Paul Cravsth, counsel for the
Equitable, on record in regard to Thomas
+. Ryan's attitude toward certain important
questions affecting the welfare of the So
ciety. 1t was said that an effort would be
made by the committee TO get Mr.. .Cravath
TO say what MIR. Ryan's views are in regard
TO the ownership Of the Equitable's actual
surplus-whether the stock has any right
to It or whether it belongs altogether to the
policyholdens.
This has been an open question, and its
solution will undoubtedly have a big iu-
f1uence on the value of the Equitable stock.
The actual surplus has been estimated at
about 100000 Mr.. Ryan is already on
record as being in favor Of the mutualiza-
ton Of the Equitable,
Insurance men who attended the hearing
on Friday expressed the belief that the
Armstrong committee will modify section
p8 OF the proposed law which relates to the
restriction Of expenses In getting new bust
ness. The c. committee realizes that the
which they did not go into in the course Of
the inquiry, and they are inclined to con-
slider any arguments relating to this subject.
As to most of the other. recommendations
objected to the committee will probably
make no material changes.
The statement was made yesterday that
Andy Fields, the Mutu s legislative agent
e in Texas and that the agency depart
meut Of the company has been in commu-
nication with him within the last week.
when President Peabody of the Mutual was
Questioned in regard to this statement he
department of the company being in COM
munication with Fields. Officially the
company no longer has any relations with
Fields. It is expected by Fields's friends
that he win turn up at his old home in nobbs
Ferry some of these days, the way Hamil-
ton did. This probably will not occur,
though, until after the Mutual's ~self-investi-
eating committee has finished is work.