New-York tribune., 1905-11-07
FEDERAL. PROBE REPORT.
insurance Commission to Resume
Hearings To-morro1C.

with the resumption tomorrow OF the sessions
Oh the legislative investigating committee the
haraest and most searching probing of insurance
corruption since the appointment OF the Arm
strong committee will begin. Hearings will be
heid hve days a week. according to the plans of
Sharies T. Hughes. counsel to the investigators.
Inc committee will work all through December
right up to the assembling of the next legislature
livery ehore VIII be made to accumulate The in
formation necessary to draw remedial legislation
President McCurdy of the Mutual nrobablv will
be put on the stand tomorrow. 1t is expected
that MI Hughes will continue his examination
OF the MutuaPs officers until he has finished with
that company. James Hazy Hyde will be called
after the Mutual PEOPLE have been exhausted and
after him probably Jacob H. Schin will be re
called.
James W. Alexander. whom Mr.. Hughes would
like TO get to tell about the mysterious yellow
dog loan account and the -. w A. accounts
is so i'll in Massachusetts that he will not be able
to leave there for months
According to persistent reports in Wall Street
ana insurance circles Yesterday an investigation
OF the insurance companies by Congress is in
prospect President Roosevelt has been studying
the insurance situation closely He has followed
with much interest the results of the Legislative
investigation here, and it is said that he believes
mat federal control only viii put an end % the
present evils in the insurance system. To obtain
an adequate idea of what would be necessary TO
oring aoout this federal control properly Con-
04OSS "ooIo De asked 10 appoint committee to
investigate insurance conditions, 1t was said
Paul Norton president of the Equitable, spent
last Sunday with the President His visit
dlScuss the proposed federal investiga ton it was
sald- Yesterday Mr.. Morton said that he knew
dpSoiuteIX nothing about such investigation and
ul9h peheye there would be
senator Dryden, of New-Jersey, expects to rein
lroduce at the next Congress his bill for federal
supervision of insurance companies. He said yes
terday that he knew OF investigation by Con-
gresS preliminary to the discussion of measure.
he only federal body which could investigate the
insurance companies would be the Department OF
commerce and Labor, said Senator Dryden. and
I!sn only with the consent of the companies.
Paul Morton would not discuss the final report
of superintendent Hendricks He would have his
own report on his own investigation ready In a
snort time. he promised which would contain his
views on the condition OF the society. An official
or the ble speaking of the apparent $l5091G0
Topped off from the much vaunted surplus said that
the income of the society had been diminished in
no way. and that the savings instituted by Presi-
dent Morton, If capitalized - would make up for
the reduction noted in the Hendricks report
The third member of the Mutual's investigating
committee has not been found yet. w. H Trues-
dale said that he thought Mr.. Fish's reply would
be received by Wednesday.
Ihirty-two dernurrers interpcsed by defendants
20 the suit brought by Attorney General Julius NJ
MAYER against the former directors of the Equi-
table Life Assurance Society were on the calendar
IN the Supreme Court yesterday before Justice
O'Gorman.
of the great number of demurrers in and other
cases on the calendar 1t had been agreed by him
and the counsel for the demurring defendants that
the demurrerS should argued November 90
Justice OGornan consented to adjourn the hear
ing of argument until that date.