Omaha daily bee., 1905-11-17
NO BUSINESS RELATION WITH HARTMAN
Never Said RstaliatOry Measures Would Be
Used Against Mercantile Trust 90.
BIG LOANS ARE MADE TO CLERKS
Dummy transactions with Face
value of Millions at End of Year
90 TecknicalIy Comply
tM with Law.

NEW YORK, Nov. l6-Former Governor
Benjamin b. odeli. jr and Senator Depew,
as witnesses before the Armstrong in
surance investigation committee today, de-
MED parts of the testimony Of James II.
Hyde In which their names were used.
Mr.. Odell in the course of his testimony
called Mr.. Hyde's statements base
calumny" and when he was asked whether
he had directly or Indirectly made threats
to have the charter OF the Mercantile
Trust company revoked, his face flushed
and striking the arm OF the witness chair
with his fist. he exclaimed: There is no
truth in that statement, so help me God
Mr.. Odel was the fret witness Of the
day. He said no political pressure was
brought In the settlement of his suit
against the Mercantile Trust company. and
said II was settled the same suits
brought by others. He said he mad been
advised by counsel that his claim was a
just one and that any court would have
awarded him more than he received in the
settlement
M Objection 10 AmbIer Bill.
He knew of the Introduction OF the Am
bier bill, which II is said might have ef-
fccted the Mercantile Trust company char
ter and while he did not suggest its in
PRODUCTION, he saw no objection to IT, Mr..
Odel denied that he ever made a state
nient to f. II. Hartman or anyone else
that retaliatory measures would be taken
against the Mercantile Trust company.
The witness said he and Mr. Hartman
were personal friends. but they had no
business relations He wrote letter oil
behalf OF Mr. Hydes candidacy for the
post of ambassador to France. This was
at the request of William II. Mcintyre. one
of the vice presidents OF the Equitable
Life Assurance society Mr.. Odel said he
hsd never solicited political contributions
but possibly some money might have come
to him through the national committee or
Senator Thomas C. PIatt. as the latter had
always collected the funds in New York
state except In the last year.
Justice Ransom Of the state supreme
court representing George IL. Squires was
called and explained Mr. Squtre's condi.
tion.., .Ikc- SAIL AtF, Seidses wss very ~ nd
it was arranged, that his deposition should
be taken. Judge Ransom told what he
knew of the transactions with which Mr.
sduire's name had been connected.
Depew Makes Suggestion.
Senator Depew was examined with regarc
Ia his syndicate participation and his dutlc,
~ counsel 10 the Equitable. Regarding th'
ambassadorship to Paris. Senator DeIcv
said Mr.. HYDE came to him and solicited
his influence 10 secure the appointment
Senator Depew brought the matter to th
attention Of the president, although he tol,
Mr. Hyde that he was too young. and IN
president said it was utterly impossible =
make such an appointment. The senate
advocated in the interest of the public tn
limiting of risks under insurance policic
ana favored public audit of the account
~ companies az stated periods by n char
tered accountant This he thought wou
obviate many suits that are now frequentl
brought for an accounting on the part of
policyholder
Big Loans to Clerks.
John Gilchrist, in charge of the securit
department OF the Equitable Life Assuy
ance society. told OF millions Of dollars I
loans made at the end of the year in tll
names OF clerks In Kuhn, Loeb & Co :
comply with the law that the surplus shoul
be invested or TO keep down the cash ha
ances. No collateral was held by III
Equitable on these loans and the check
which were given for these loans were d,
posted in the bank and a certificate of d.
poslt RECEIVED. The check however. wa
never ciesred and on the first Of the Yea
the check would be taken out and the CO.
tincate surrendered These loans weI
made at the Instance of T. ]. Jordan. fo
ner controller OF the Equitable. The owne
ship Of the Cafe savprin by the Equitab
was taken up by Daniel NJ Junk. seer
tary and treasurer OF the cafe company. c
the stand. He said none OF the msnag
ment Of the cafe received any compens;
tion from the proceeds OF the cafe. The
were employees of the Equitable Life ar
were paid by the society.
Louis NJ. Bailey. a clerk in the bond ar
mortgage department OF the Equitable
whose name a trustee account was carrie
on the books of the society. said he W,
asked by Mr.. Squire to permit the use
hts name for this account. but he did n
know It's purpose. Building operations ca
ried on under his name for the Equitable
could explain only on the ground that
Individual could build cheaper than a co
poration.
me aHAKEup N NITruAI LIZ