The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-30
DEPEW'S RETAINER CUT OFF.
NEITHER HE NOR HILL WILL
DRAW ANNUAL. FEES.
George II. squirrels o. 900 . Month From
the Equitable Falls With Them--Louis
Fitzgerald Resigns Hendricks, by Re.
quest, Is Investigating the Mutual Life.

Fitzgerald Resigns Hendricks. by Re.
quest, Is investigating the Mutual Life.
Chairman Paul Morton OF the Equitable
Life Assurance Society announced yester-
day that Senator Chaunoey NJ. Depew has
been notified that his annual retainer Of
$40 600 as special counsel to the Equitable
will be discontinued on July /, also that
a similar notification has been sent to David
B. Hill in regard to his retainer Of IS 900 per
annum. Mr.. Morton also announced the
discontinuance Of the pension of $1,000 q
month paid to George H. Squire, who was
a member OF the board of directors up to
last Wednesday, when he handed in his
resignation.
Senator Depew and Mr.. Hill we're among
the lawyers mentioned in the State Super
intendent's report as receiving annual re-
tainers from the Equitable. The report
covered only the retainers paid In the last
six years. 1t showed that Mr.. Depew had
received sc, 900 a year for that period and
that Mr.. Hill got 1900 in 1900 and = 900 a
year since.
In regard to the Squire pension Mr.. Nor
ton several days ago said that MIR. Squire
was incapaoitated for work in August OF
1904 and that the executive committee
granted him six months leave of absence
with pay. This expired on March /, 1905,
but since that time he has been on the Equi-
table payroll at 81 900 per month, by whose
authority MIR. Morton had been unable to
ascertain.
A report was current yesterday that
other members Of the James II. Hyde
and associates" underwriting syndi Gates
besides ex-President James ". Alexan der
have made restitution Of the profits made
on the sale of securities to the society Mr.
Morton refused yesterday to affirm or deny
the report. .Attorney-Gcneral Mayer ex-
pected that the precedent set by Mr.. Alex
ander would be followed by Others:
Louis Fitzgerald yesterday handed in his
resignation as, director Of the society.
criticized in the Hendrick, report as having
proGted through the sale of securities to
the society. He is the. twenty-second
director that has retired. That Others
pressed in Equitable circles yesterday.
Alvin w. Krech, who, with Valentine p
Snyder and c. B. Alexander. Objected to
| the address which the trustees of the Ryan
day. refused yesterday to discuss the
reasons for their protest. II was said
for them that they really did not go to the
trustees for the special purpo'e OF protest.
| ing. but merely IA members OF the com
mittee appointed to, notify the trustees
rectors.
lney intended, though. il was said, to
express sorrow that matters which mad
not figured in any way in any Of the ot'it la
| Investigations should he dragged" before
the public in the trustees address and TO
suggest that the tone OF the letter was such
| a. to reflect unduly on former dir tors
OF the society When they got to the Buck
| ingham, where the trustees were meeting
they found that the address had already
been made pubic. Then, it was said they
merely mentioned it in an "academic
way to the trustees. No explanation
was made yesterday of what matters
the committeeman thought were being
dragged into the light by the address, but
| the opinion was That they reIerTeu VI ohiP-
building affairs. =.
Mr.. Alexander's connection with the dis
astrous United States Shipl uilding, synoi-
cate especially with its utter failure IN
France and the examinations and recrlnina-
tions, together with the suits and counter
suits which followed, caused much comment
at the time and since, and Mr.. Krech's con-
nection with the Fitzgerald Union Pacific
| REORGANIZATION, Hartman affair in every
| sense have come in for strong comment,
particularly because of the loans of the old
regime on the Hartman properties and me
| enormous purchases of Hartman securities
in the disastrous year of 1903. Inc com,
ments concerning both MIR. Alexander and
| Mr.. krech were emphasized yesterday when
| the significance of their attitude against the
address of the trustees to the policyholders
| was fully realized. ;.
The retirement Of Louis Fitzgerald, 1t
was asserted, is but the forerunner OF the
retirement of Mr.. Alexander and MIR,
Krech furthermore, that Mr., snyder Is
| also shortly to vacate his seat as director
OF the Equitable. Mr. Fitzgerald, Mr.
Krech and Mr.. Snyder, according to the
Hendricks report participated IN the proilts
of the james H. Hyde and associates
syndicates. In view of the facts some.
| thing akin to amazement was expressed
| at the hardihood of the conduct OF MT.
| Alexander, MIR. Krech and Mr.. Snyder In
even uttering peep or inurinur oil sqr
| row" or opposition over the address OF the
| trustees to the policyholderS.
state SUPERINTENDENT of Insurance Francis
| uendricks Yesterday .et two of his mon at
work in the Mutual Life Insurance Conn
pany on an Investigation OF conditions
President McCurdy had requested the
State Superintendent to take this action;
but no confirmation OF the report could
be obtained at the Mutual offices until
Yesterday. Then this statement was made
BY one Of the officers:
O'.The investigation OF this company by
the state Superintendent of Insurance,
begun at the request of President McCurdy.
! will be as thorough az 1t rs possible to make
it. The request for the investigation was
prompted by desire on the part of the
off,cers of the Mutual Life to have the exact
status OF the company made clearly known
to the public. The life insurance atmos-
,,hrrs has bson 30 hefoggnd by the TROUBLES
In the Equitable that many persons are
laboring under the impression that others
Of the big companies are In the same posi-
ton "a the Equitable. We decided that
the best way to convince the public OF the
contrary. at least 30 far as the Mutual is
concerned would be to have Mr.. Hendricks
make a searching investigation, If he
finds everything all right the public should
know it. If he finds anything wrong
that knowledge shall be equally the property
of the public.
Edward NJ. Peck the insurance broker
who advertised few days ago fifty shares
Of Equitable Life Assurance stock, said
Yesterday that he has sold forty shares to
BUYERS. He refused to- give the names
of the buyers or the price that was paid
He said when he first announced the stock
for sale that he had been offered $500
share and was holding for higher price;
He announced yesterday that he still had
thirty shares of the stock for sale.
EXEMPTED From Competitive ExamInatlo
ALBANY, June 2e-Gov. Higgins has ap-
proved the action of the State Civil Service
! Commission in exempting from com
petitiye examination the places OF an
extra special deputy register IN the offices