Omaha daily bee., 1905-07-14
DEPEW DECLARES LOAN GOOD
New York Senator Talks Of Deal Between
Land Company and Equitable.
PROPERTY IN HANDS OF A RECEIVER
Says that ~ the Concern is Placed
on Paying Basis the
Company VIII Lose
Nothing.

NEW YORK, July Ex-senator Chsuncey
NJ. Depew has made a statement to the
Paris correspondent of the New York
Tribune regarding the loan Of S25O,OOO made
by the Equitable society to the Depew
Land Improvement company on property
alleged to have been worth only 3l50OOO, in
which he says that he never had advocated
or recommended any such transaction be-
cause he was a director OF the Equitable.
Senator Depew further says:
That loan never could have been made
unless the offcial appraisers of the Equit-
able had reported after examination THAI
S250,0OO was only 90 per cent of the prop
society, and that on such a report the
officers of the company had unanimously
approved it.
The Depew Land Improvement company
was organized ana in operation some hve
years before l was induced to become
had about 5000 inhabitants and many
thriving Industries, including the New York
Central shops and connection with several
In Hands of Receiver.
The company appointed a general man
ager, who built houses, hotel, opened
streets, extended the water and sewer
systems and INCURRED great @ Liabilities .,5oi, In
holders formed plan to pay on all liabill-
ties and provide working capital but the
stockholders were so numerous large
number living abroad, that a Incorporation
could not be secured and the company went
into the hands OF a receiver five years
after the Equitable loan was made. APP
praisals of the property have been made by
the officers and Independent persons, the
above above all liabilities III II the Equitable and
other creditors join and take the property
out of the hands of the receiver and put
It on a going basis there is no possibility
Of loss On the contrary, in the judgment
of those best acquainted with the prop
few daVS before | sailed from New
York 1 placed my resignatioB as counsel
in the hands Of Chairman Morton and / am
very glad that he accepted It. had passed
my seventy-frst birthday and had made
up my mind before l reached 12 to secure
incessant work that has been denied me
year after year.
Depew Has Not Resigned.
NEW YORK, July Ex-senator Depew
has not resigned as a director of the
Equitable Life Assurance society. This an
nouncement was made today by Chairman
Paul Morton of the Equitable when his at
tention was directed to an interview with
the senator in Paris yesterday, which was
printed here today. Mr.. Morton said that
Just before Senator Depew sailed for
Europe a few weeks ago he called at the
Equitable offices and told the chairman
that he would resign as director and
that he had no objection to his $2OOOO-a-
year position as special counsel to the
Aociety being Cancelled or abolished. No
formal presentation of the resignation ever
had been made, however, and Mr.. Morton
said he was unprepared to say whether or
not it would be accepted If rendered. Sen
ator Depew's connection with the society
as special counsel will terminate on August
1, It having been announced some time ago
that that position would be abolished at
the end OF the present month. f-!
Grover Cleveland, George WeBtinShouse
and Justice Morgan j. O'Brien, frustees of
the majority stock of the Equitable Life
Assurance Society, have written TO Jacob
II. Schiff expressing their confidence In
him. Mr.. Schiff retired from the Equitable
at the time the board rejected the report
of the Friek investigating comnlttee' ,se
jerome Unable to Get Report.
District Attorney Jerome today made an
unsuccessful attempt TO secure from the
offices of First Deputy Superintendent OF
Insurance Robert H. Hunter in this city
copy of the detailed evidence on the af-
fairs Of the Equitable Life Assurance so7
ciety, taken before superintendent OF In
surance Francis Hendricks.
After failure to get the report today the
district attorney sent Deputy superintend-
ent Hunter letter in which he said he had
Governor Higgins order Tor copy or the
report and requested that It be delivered
TO one of his assistants. Mr. Hunter de-
clined to comply with the request unless
Mr. Jerome gave him a receipt to show
that the copy in Mr.. Hunters hands was
the property of Superintendent Hendricks
and would agree to return It within reas-
enable time when requested TO do So Mr..
Jerome then sent another letter to Mr..
Hunter in which he detailed all the cor
Nespondence which has passed between
himself and Governor Higgins on the sub
ject as we'll as copies OF the letters ex-
changed by the district attorney and Mr..
Hendricks.
Concluding the letters says:
| ask that you deliver to me without
qualification or conditions a copy Of the
testimony taken by the superintendent of
insurance pursuant to the promise made by
the superintendent of insurance to the gov
ernor. will answer 10 your superiors for
it's safe custody and return at the proper