Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-30
EQUITABLE SCANDALS
CHAIRMAN MORTON CUT OFF
s1NrcUREs OF THREE NOTED MEN
Depew and Hill Deprived Of Rich Re
tainers-Gov. Higgins to Advise
Insurance Legislation.

A dispatch from New York last night
says: Paul Morton began cleaning house
in the Equitable Life Assurance Society
building yesterday. The first swish of his
broom swept out three men and cut or as
many sinecures. The official announce
ments In few words pronounced the SEN
fences:
Mr.. George H. Squire has been notified
will cease on July 1.
"Chauncey NJ. Depew has been notified
that his annual retainer Of $4,000 per an
mum will be discontinued July /.
David B. HIN has been notified that his
retainer of $500 per annum will be dis
continued"
The most remarkable Of these cases Is
that Of Mr.. Depew United States senator.
and for years supposed to be one Of the
foremost citizens OF the city and state of
New York. The investigation OF Supt. Hen
bricks revealed him as drawing an enorm-
Gus salary from the society ostensibly for
legal services The court records in recent
years show no causes where the name of
Chauncey NJ. Depew. lawyer. appears. Mr.
Depew Is on his way to Europe.
Got More When Democrats Were In.
There was comment too, on the case OF
David B. HILL former United States sena-
tor and leader of the democratic party in
New. York The report of Mr.. Hendricks
revealed his annual retainer for legal adj
vice. 1t showed. also. that when the dem
ocratic party was In power Mr.. Hilrs serv-
ices were rated at $500 a year. but in re-
cent days of republican triumph the figure
has been $1,000
Mr.. Squire formerly was financial man
ager OF the Equitable. but retired year
or more ago. Since then his salary or PEN
sion-AIr. Morton did not know which to
call it-has continued without services be-
ing rendered. Mr. Squires is rich and lives
in the country
Louis Fitzgerald, another of the dummy
directors. rendered his resignation yester-
day. He was a friend and ally of the elder
Hyde and for many years was president of
the Mercantile Trust Company, OF which
the Equitable owns the majority of stock
Mr.. Fitzgerald retired from active business
some time ago.
TO Probe Insurance Business in State.
The New York World learns on very eood
authority that Superintendent of Insurance
Hendricks during his talk with Governor
higgins last Tuesday In Albany made some
very surprising statements concerning the
condition of the life insurance business I'm
New YORK The superintendent told the
governor that his preliminary report was
not as satisfactory as he could have wished
ne mad to prepare 1t. He said that he had
promised the agents of the Equitable when
they called on him at Syracuse seven or
eight weeks ago that he would have his re-
port ready by the 18th OF June and that
he had tried to make good that promise.
He also told the governor that since he
had undertaken the investigation of the
Equitable he had come to the conclusion
that the conditions prevailing there were
only scratch on the surface of the scan
dals that would result from a thorough
investigation of it and other companies
He expressed a desire to extend the scope
of his original undertaking so as to include
an investigation of other companies of the
first class.
Governor to Assist in Inquiry.
apology to the governor for not being more
familiar with the condition of the various
companies, but expressed a desire to take
up In turn all OF them and to probe the
condition and management of each to the
very bottom.
Governor Higgins gave him this permits
sion and promised him that he should have
all the assistance, financial and otherwise,
necessary to achieve satisfactory results.
The World learns that the governor Is
now considering the ACCESSIBILITY of recon-
mending to the special session of the legis-
lature the passage of a bill appropriating
enough money to enable both the insurance
department and the Office of the attorney
general to prosecute a thorough inquiry by
the former of the actual condition of all
New York and by the latter of such pro-
ceedings as may be necessary in securing
prompt restitution Of moneys due to the
policy holders Of the Equitable.