The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1906-01-05

New York, an. 5.-SenatOr Chuuncey
NJ. Depew in ar interview declared that
he had no intention of resigning from
the United States senate. He added
that with the approach of his I'D birtll-
day anniversary, April o3 next, he in
tended resigning from q large number
of companies in which he is trustee.
He will not sever his relations With the
New York Central and Hudson River
railroad, he stated. as he regards his
position with that company an honor
AIRY one.
Senator Depew is listed as director
or trustee of seventy-niue companies.
Albany. N. V, IAN. a.-Senator
Bracket. of Saratoga. soon after the
legislature convened today. introduced
4 resolution demanding of Chauncey NJ.
Depew his resignation rs United States
senator from this state.
The resolution follows:
Since adjournment Of this senate,
the people of the state and nation have
been staggered by the relation shown
to have existed for years the
Equitable Life Assurance society and
Chauncey NJ. Depew.
Recognizing that these disclosures
' have caused a total lack of confidence
in the ability of the senator naIned to
properly represent the people in the
body to which he was elected.
Resolved. by the senate that said
Depew be n hereby is requested to
forwith resign his seat in the United
States senate"
This resolution attracted great at
.tention. Senators Raines, Maltby and
Coggeshall led the defense of Senator
,Depew, but joined Senator Bracket in
the desire for prompt action upon the
resolution. They ~eulogized the junior
senator on the score of many great pub
, Tic services and urgently pleaded for
the immediate defeat of the resolution.
Senator Raine described Senator De-
pew as a sick man n objected to any
delay in the matter. declaring that it
was brutal to keep such a threat hang
ing over his cad for even a week.
Minority Leader Grady said that the
democrats were not prepared to act
upon such Il proposition on such short
notice and asked for Il reasonable time
in which to confer as to their attitude.
Senator Marks held h a only u care
fui study of the actual evidence taken
in the insurance investigation rather
than newspaper reports should be the
basis OF action in q matter of such great
Importance.
Senator Bracket disclaimed any per-
sonal feeling against Senator Depew
and declared that his resolution was
in no way consequent upon his former
opposition to Mr.. Depew's recollection
as senator. He insisted that his act
was prompted by a sense of public
duty. In the end, however, he asked
leave to withdraw his resolution. Sem
ator Raines objected to this, but the
withdrawal was sustained by a vote of
81 to ~. 1t was not regarded as a test
voted for withdrawal only out of
courtesy to Senator Bracket, and to
the minority members who asked for
time for due consideration Of their
action.
Higgins Urges Drastic Law.
Albany, N. Y. Jar. 5.-Governor Higs
gins, in his message to the legislature
today, urged IL. drastic insurance law
land limited at the necessity of an In
svestigatiOn of other forms of insurance,
such as assessment associations, acct
lent insurance Companies, cooperative
fire insurance companies and the like.
After pointing out the necessity for leg
islation on this matter, the governor
said:
Funds of insurance companies should
Sacredly be ~safeguarded for the policy
holders by the state. and every ele-
ment of personal gain eliminated from
Aheir management.
To accomplish this result 1T has been
suggested that large amounts ought.
for the safety of the insured. as we'll
rs for the good of the community, be
invested in bonds, secured by mort
cages on real estate at a conservative
valuation; that deposits with or loans
10 moneyed corporations should be sub
ject to suitable restrictions; that con-
troll of subsidiary companies should
not be permitted: that insurance di-
rectors should have nc conflicting BUS
mess connections; that Investments in
corporate bonds should be regulated
so as to prevent speculation and loss
from attempt to float doubtful enter
prises; that policies should be of stand
ard forms so that abuses arising from
ambiguity. completely and Incomplete
ness of contract may be eradicated and
a contract mad definite in form and
substance: that a uniform system of
audits n accounts should be pre-
scribed by the insurance departments;
that full publicity to p~olicyholders
should be assured; that deferred divi-
dend policies should be prohibited or
greatly restricted; that policies should
be further s~afeguarded from forfeiture;
that equitable distribution of the gains
Of the company to the ~pOlicyholders en-
titled thereto SHOULD be required: that
~policyholders should nave an effective
voice in the government of companies:
that discretion of directors should be
subject to judicial or administrative re.
view"
Wadsworth Gets Il.
Albany. N. Y, Jan. 3.-James w.
Wadsworth, jr., of Livingston county,
" VI NSoA'6 JdIIlCS w. WuOS.
worth. OF the Thirty fourth congress
sional district, n s%on-in-law of the
late John Hay, secretary of state, was
nominated last night by the republican
caucus for speaker of the assembly.
His Democratic opponent will be
George M. Palmer, OF Scoharie, who for
many years has been the minority lead-
!er Of the assembly floor.
Mr.. Wadsworth had Is out of 1O4
votes cast in the caucu Edwin A.
Merritt. jr, Of st. Lawrence, receiving
- and j. NJ. Wainwright, of West
Chester, Is.
! The entire strength of the republican
side Of the new assembly. LOT in all,
was present. but n OF the three can-
.didates voted.
This result brings to a close one of
the most remarkable speakership cam
paigns of recent years. characterized by
marked factional bitterness and some