The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-11-21
Sam'IMcCurdy and Gage
Tarbeli of the Equita-
BILE and Senator De-
pew Give Testimonyin
Insurance Inquiry.
McCurdy States That He
is no Relation to the
President Of the Mu-
tual-Committee to
Visit Mr.. Squire.

WOW ''''s ONfSf' ~
New York, Nov 17.-After Samuel
S. McCurdy, assistant registrar of the
Equitable Life Assurance Society:
Gage E. Tarbeli. second vice president
of the Equitable and Senator Chauncey
NJ Depew had given interesting tes-
timony today the legislative insurance
investigating committee decided that
It would not go any further with the
inquiry until the testimony of George
H. Squire, former financial manager of
the Equitable had been obtained.
Accordingly the committee appoint
ed subcommittee, consisting of Sem
atOrs Cox and T'uly TO visit the resi-
dence OF Mr. Squire and take testi-
mony and then adjourned until Tues
day morning, when Mr.. Squlre's de-
position will be submitted to the full
body.
Mr.. Squire has been confined to his
home ever since the amputation a
year ago, of one of his legs. He is
nearly 70 years of age and in such
feeble health that II is impossible
for him to appear before the commit
tee
The most sensational testimony of
todays session was gwen by Mr.. Nc
Curdy, who emphatically stated that
he was no relation of Richard A. Nc
Curdy, OF the Mutual Mr.. -McCurdy
told of a controversy between the
Equitable and Andrew j. Cluney, in
surance commissioner of California.
which lasted three years, during
which time the commissioners broth
or acted as counsel for the Equitable
and two other big insurance com
panies, drawing $3.50 a month from
each.
MIR. McCurdy also told of the payment
of SI4,UJO Tor expenses to another
Equitable lawyer who accompanied
former Governor Budd here from Cali
fornia before the controversy was
Betled.
Mr.. Tarbell admitted that he made
strong effort two years ago to get
the three leading insurance companies
Equitable, Mutual and New York
Life) into pact for legislative and
legal purposes, He also admitted that
he knew Andrew Hamilton's connec-
tion with legislative matters in which
the insurance companies were inter
ested. He was then excused to make
way for Senator Depew.
Senator Depew was questioned about
letters written TO him by John A.
Nichols, in which the writer asks for
some .ning about which the witness
professed ignorance. The senator was
excused.
Mr. MCCurdy then explained how the
Equitable came to be mixed up in a
controversy with the officials of the
state of California.
The controversy grew out of an ef-
fort by Commissioner Cluney to com
pei the equitable, as Mr. McCurdy ex-
planned it, to furnish him a list of all
the policies issued and 10 be issued
in California from January /, 1880
to 1897, giving full particulars about
each, with view to compelling the
company to go back and review all
lapses. He also wanted complete
list of policies outstanding so he could
make valuation of them, he to re-
ceive compensation for that work, as
the law provided, at the rate of three
cents per thousand of outstanding in
suraRce, which would have amounted
in fees to a total of about $50 900
Mr. McCurdy's testimony about this
was;
1T would have cost us about $40, 900
to have gotten the material together,
and his fee would have neen $685. 900
for such services. He then said he
would be satisfied if we would permit
an examination of the society by dis
interested experts, and ne appointed
former Governor Budd, of California,
10 make the examination. Governor
Budd came on here to the Equitable
office, He went to the Mutual and
the -,ew York Life, whether to any
other companies don't know, and
declared himself satisfied with the
condition of the three companies and
we got a renewal of our license"