The San Francisco call., 1905-06-23
SALARIES PAID
To DEAD MEN
Thousands of Dollars of
Equitable Funds Given
for No Service Rendered
PAY ROLL Is STUFFED"
Society's Officials Retired
Long Ago Are Still Draw
ing Their Annual Stipend

NEW YORK, June 22-District Attor-
ney Jerome of New York County has
entered into an investigation of the
Equitable Life Assurance society trouble
and to-day telegraphed to State Super
intendent of Insurance Hendricks asking
him TO forward at once official copies Of
his report. 1t was later announced that
copy had been forwarded.
Attention was directed to-day to the
fact that four of the Equitable officers
mentioned In the report of State Super
intendent of Insurance Hendricks as
drawing salaries for the last five years
are no longer actively connected with
the company. E. w. Lambert appears
in the report as medical director,
with salary of $4,000 a year. He
died thirteen months ago, and yet, ac-
cOrding to the table, his salary was
paid this year and last year. Edward
Curtis. who figures ms a medical direc-
tor at $4,000 year, resigned that pO-
sition eighteen months ago. George HI.
Squire, who is now director of the
company, is down the list as finan-
cfal manager at 1900 a year, although
III. II. Winthrop succeeded Squire as
financial manager many months ago.
}. Ii. Loring is recorded as a registrar
with "a salary of $500 year. Loring
ceased to perform the active duties of
the registrarship in April, 1908.
Officers of the society to-day said that
possibly Hendricks had got hold of an
old list.
Chairman Morton ri the Equitable So
ciety to-day declined to comment on the
Hendricks report. saying that he had
not yet digested 1t. He said he had not
accepted any more designations. From
ar authoritative source it was learned
that Morton is now devoting himself
largely to the work of reorganizing the
beard of directors.
August Belmont has rendered his resig-
nation as director of the Equitable So
ciety, to take effect if the trustees ac-
cept it. They have not yet done so, al
though it was rendered several days ago.
Attorney General julius NJ. Mayer ar
rived here from Washington tonight, and
Will remain in town several days investi-
eating Equitable affairs. In an interview
tonight, layer said
II is manifest that the people throughout the
whole country are profoundly interested in the
affairs of the Equitable Life Assurance Society.
Therefore / think it fitting to say that appro-
pirate steps will be speedily taken by me-.
table of any profits wrongfuly made or re-
tanned by reason of trust relations or other
wise.
Seeond-To debar from holding office in this
any person who has been faithless to
his trust or who violated any provisions OF
law.
Third-To obtain an accounting for any
waste or misapplication of funds for any rea-
There are certain other matters of impor-
tance, which l am studying, but to- which it
would be premature to refer in detail.
1t might be, for instance, to the interest of
the policy holders to learn the character of
and the occasion for some OF the legal services
paid for during the past few years. But above
all inquiries as to alleged delinquencies, the
greatest necessity of the situation is that the
ascertaned as clearly and as completely and
as quickly is legally possible. In this and
in other particulars shall try my best to OBJ
tain results.
If any crime has been committed by anybody
that situation is manifestly for the District
A close friend of the Attorney General
said tonight that the Attorney General
would have the rights of the policy
holders ascertained by the courts.
SYRACUSE, N. Y. June 22-Further
sensations may be expected before Su-
of Insurance Hendricks gets
through with the Equitable Life Assur-
ance Society. The report just submitted
by Hendricks is only preliminary one,
which does not contain matters relative
to the management now under investiga-
ton. These lines of investigation may
produce, it is said, as interesting an ex-
hibit as those to which investigation has
been completed sufficiently TO be included
in the preliminary report
1t is understood that the experts of
the State Insurance Department who are
working on the society's books will re-
quire four or possibly flve months to
their examination of the COM
pany's financial affairs.
ALBANY, N. Y, June 22.-Governor
Higgins has notified District Attorney
Jerome that he could rely upon executive
cooperation in any action he might take
as the result CT Superintendent Hend-
ricks' preliminary report on the affairs of
the Equitable Assurance Society.