The Montgomery advertiser., 1905-06-23
SENSATIONS EXPECTED
FURTHER DEVELOPMENTS FROM EQUITABLE EXAMINATION.
District Attorney Jerome Deals Himself Hand in the Exciting Game and VIII Investigate the
 Trouble,

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 svracuse. N. T., June 22.--Further in- teresting and startling developments may be expected before Superintendent of insurance Hendricks gets through with the Equitable Life Assurance Society. Tho report just submitted by MT. Hendricks is only preliminary. one which does not contain many mat ters relating to the management that are under investigation. but arc un- finished These lines of investigation nav produce, 1t Is understood, as in- terestine exhibits as those to which investigation has been completed suf- ficientiy to be included in the prelimi- nary report.
 ri is understood the experts of the state Insurance Department who are at work on the society's books will require four and possibly i've months to complete their examination or the company's financial affairs.
 whether in the meantime another pre- liminary report will be presented Is uncertain. MT. Hendricks said today: you may notice that this Is pre- I,minary report on the investigation Of
 the Equitable Society. As meeting
 in New York in May stated to num-
 her of insurance commissioners from
 different states that would be able
 to present a report on It's management
 by June 15. In consequence Of tnis
 statement, I felt obliged to submit tnis report before I had fully compieteo .ae
 investigation. There are several mat ters in reference to the management that are not finished and of which l
 was unable to get the facts Tor this report which will be gone Into durins inc examination which is now in pro-
 gress as to the financial condition or the society. 1
 New York, June 22.--Chairman Nor ton. of the Equitable Society today de- clined to comment on the Hendricks re-
 port. saving that he had not yet dieest- ed 1t. He said he had not accepted any more resignations. From an hu. thoritiye source it was learned that MT. Morton is now devotinG himseii largely to the work of reorganizing
 the board of directors. It IS under-
 stood the trustees have considered number of names of representative men
 to take the places of those who have
 resigned and that at least a halt dozen of the remaining directors will soon leave the board.
 Henry c. Prick declined to discuss
 MT. Hendricks report, but as to the
 statement that it seemed vindication of the Prick committees fnding ne
 said: q don't think we need any
 vindication.
 Attention was directed today to the
 fact that four of the Equitable oficers
 mentioned in the report of State super
 intendent of Insurance Hendricks as
 drawing salaries for the last five years
 are no longer actively connected witn
 the company. E. l.. Lambert appears
 in the report as medical director with a salary of $25,000 a year. He died
 thirteen months ago and yet according
 to the table his salary was paid thls
 wear and last. Edward Curtis. who hg-
 ures as a medical director at $lo,0oO
 A year. resigned that position eighteen
 months ago. George H. Squire, who is
 now a director of the company, Is down
 on the list as financial manager at SIz,-
 Oc0 a year although H. R. winthrop succeeded MT. Squire as financial man ager many months ago.
 !. B. Loring is recorded as a regis trar with a salary of $3,b0o year. Mr' Loring ceased to perform the active duties of the registrarship In Aprii. 1905. oficers of the Society today said
 that possibly Mir. Hendricks had sot- ten hold of an old list.
 District Attorney Jerome today re- ceived telegram from Superintendent
 Hendricks stating that an official copy of his report on the Equitable Society had been forwarded as requested and should reach New York tomorrow. District Attorney Jerome has entered into an investigation of the Equitable Life Assurance Society's trouble and today telegraphed to State Superintend- ent of Insurance Hendricks asking him to forward at once official copies of his report. The District Attorney would make no statement as to his intentions in the matter.
 August Belmont, President of the In-
 terborough Rapid Transit Company, has n ftnn aQ diranf0F of
 the Equitable Society to former Pres ident Grover Cleveland of the new
 board of Equitable trustees to take ef- feet if the trustees accept 1t. They have not yet done so.
 Albany, N. T., June Ex-Governor Higgins has notified District Attorney
 Jerome that he could rely upon exec utive cooperation fin any action he might take as the result of Superin- tendents Hendricks preliminary re- port on the affairs of the Equitable Life Assurance Society. In discussing
 the report today the Governor said: T have not sufficiently examined IL and no man could determine in one reading just what future action Is de- sirable We at the present time have many laws that 1t would seem from a casual examination have been violated, some very old, older than our own. Thou shalt not steal for instane. l have sent a communication to District Attorney Jerome enclosing copy or line report and stating if there was sufficient evidence to prove the guilt of any one connected with that com pany I should be pleased to cooperate. giving any assistance I might be able"
 Honesty and fair deal" continued the Governor, 'are the things much needed in insurance managements. TuaV fnnnrnV6 conditions in the Equitable, but 1t cannot correct them altogether. I think that the in- vestments of life insurance companies should be standardized"