The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1905-07-21
ROTTEN METHODS J.
ARE Shown UP
MORE STARTLING REVELATIONS
IN MANAGEMENT OF EQUIT-
, ABLE ARE DISCLOSED. ..
Senator Depew Placed in Unenviable
Light-He Denies Charges-Hyde,
Alexander and Others Make Dam
aging Admissions.

-. A18AC-1c OoAASS SAuA 6e0 1-AAy~S1
Alexander and Others Make Dam
aging Admissions '
New York, July Ex-senator Chauncey
M. Depew, appearing as witness in the
state insurance department invest1ga-
ton of the Equitable Life Assurance So
ciety, revealed some Of the most SEN
sational features that have come out
regarding the management of the con-
Germ. He testified that the Depew I'm
provement company, in which he was
interested, obtained a loan from the
Equitable of $3.50, 900 on property which
the state insurance department valued
at only $15O,0OO. He admitted that
neither the principal nor interest mad
been paid, and that the Equitable had
been forced to foreclose. He admitted
that as member of the executive COM
mittee Of the Equitable, he had not ad-
vised this loan, but had voted for it. He
confessed to making promise that the
Equitable should be made whole, but
in the same breath said that promise
was not legally binding.
President Alexander admitted that he
was in several syndicates that sold Sc
curities to the Equitable. In the case
of only two of these did he ostensibly
pay back profits to the society. These
profits amounted to $4,000, but he was
forced to admit that the Equitable had
not yet got the money, it being in the
hands of a trustee.
James H. Hyde admitted participa-
ton in eight syndicates that sold Sc
curities to the Equitable. He swore
positively that President Alexander
was in all of these knowingly. He ad-
mitted that the SCI, 900 he had ostensibly
paid back to the Equitable had never
reached the treasury. Hyde also admit
ted that several persons carried on the
pay rolls of the Equitable really did
most of their work for him personally
He confessed that the Equitable, paid
for the Cambon dinner. He alone signed
for the voucher. He said, also, that the
Equitable purchased a private car for
him for $4,000:
Prosecutions May Follow.
New York, July 13.-The one thing
that the Equitable Assurance society
testimony before Francis Hendricks,
superintendent of insurance, does Is to
furnish Attorney General Mayer and
District Attorney jerome ample evil
dence on which to begin criminal and
civil prosecutions against many indi-
viduals.
Among the facts which the testi-
mony has given to the public are the
following:
It showed graft" and financial irreg-
ularities far greater than had been pub
lished. 80, ,,'
1t involved men Of hitherto high re-
pute in most questionable transac-
lions.
1t furnished evidence for the authori-
ties to begin their criminal and civil
prosecutions.
Chairman Odell, leader of the re-
publican party, announced that the
present legislature must enact remedi-
al laws doing away with Wall street
control of great companies in which
the money Of the peopleis deposited.
Depew Must Resign.
Chauncey M. Depew, United states
senator, will have to resign from the
board of directors Of the society. He
will be given an opportunity to send
over his resignation from Europe, where
he is now making his annual rounds. II
it is not forthcoming in reasonable time
he will be forced out by the trustees. It
is said that Grover Cleveland will not
stand longer for Mr.. Depew's connec-
ton with the society.
Depew Enters Denial.
Paris, July Ex-senator Depew, at
the Elysee palace Wednesday morning.
said that the reports of his "land DEAF
with the Equitable were greatly egag-
gerated. "The reports" said the sena-
tor, "refer to the Depew Improvement
company, which was given my name
without my being consulted: The head
of the company was DR.. Seward Webb
through whom became member
after the enterprise had become -four
fishing, with a settlement near Buffalo