The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-11-21

x11uS NS duAiouS W sCIt1C LIE suit
Mr.. Odell said that Mr.. Hyde told him
the suit was ~distasteful, that he had
been I'm the habit Of contributing to the
campaign committees. He also said he
felt that Mr.. OdelPs administration as
chairman of the state committee was
antagonistic to him (Hyde).,
Mr.. Odell said he replied that he
knew nothing about contributions by
the insurance companies, "and that l
never had directly or indirectly solicit
ed a subscription from the Equitable
Life Or n other insurance company
| nthe state Of New York Oh in any
other place during my connection with
politics.
Mr.. Odell here interjected a remark
TO the committee that he had heard
from Senator Plat that Mr.. Hyde had
made political contribution, but he,
Odell, told Hyde his suit was separate
from the political aspect and that if
Hyde could not settle it he would take
1t to the courts.
In tie next month, after the election
Mr.. Odell said he again met Mr.. Hyde
in the Metropolitan Club by appoint
ment and one Of them said he was
anxious to settle the suit and would
meet Mr.. Odeli half way. At their
suggestion Mr.. Odell waived the loss
he had sustained by selling his bonds
hastily and either Mr.. Hyde or Mr..
Colby offered to settle the suit by pay
ment of $67 800. Mr.. Odell stood out
for $4,000. They reached no. conclu-
sion ut that interview but Il few weeks
later Mr.. Odell received a check for
$4,000.
The settlement of that suit" said
Mr.. Odell, was made by an assign
ment Of my claims. as | understood it,
to the Mercantile Trust, with the un-
~derstanding that the suit was not to be
dropped, it was to be carried along"
Justice Ransome, of the state SUI
preme court, representing George III.
Squires was called and explained Mr..
Squires condition. He said Mr..
Squires was very i'll and it was ar
ranged that his deposition should be
taken. Judge Ransome told what he
knew of the transactions with which
Mr.. Squires name has been connected.
Senator Depew was examined with
regard to his syndicate participation,
and mis- duties as counsel to the EQuit-
able Society. Regarding the ambasaS-
Gorship to France, Senator Depew said
Mr.. Hyde came to him and solicited his
influence to secure the appointment.
Senator Depew brought the matter to
the attention Of the President, al
though he told Mr.. Hyde that he was
too young and the President said it
was utterly impossible to make such an
| appointment.
The senator advocated in the inter-
ests of the public the limiting of risks
under insurance policies and favored
a public audit of the accounts of COM
| panies at stated periods by q chartered
accountant. This he thought would
| obyiate many suits that are now fire.
( quently brought for an accounting on
the part of a policy-hOlder.
John Gilchrist, in charge of the Sc
curity department of the Equitable
Life Assurance Society, told of millions
| Of dollars in loans made at the end of
| the yea in the names of clerks of
Kuhn Loeb and Company, to comply
with the law hat the surplus should
be invested or to keep down the cash
| the Equitable on these loans, and the
was deposited in the bank and a GER
tificate of deposit received. The
check, however, was never cleared, and
on the first of the year the check would
be taken out and the certificate sur.
rendered. These loans were made at
the instance of II. d. Jordan, former
controller of the Equitable.
The ownership of the cafe Savarin
by the Equitable was taken up, with
Daniel NJ. Junk, secretary and treas.
ury of the cafe company on the stand
He said none Of the management OF
the cafe received any compensation
from the proceeds of the cafe. They
were employees of the Equitable Life
and were paid by the society.
II NJ. Bailey, in the bond and mort
gage department of the Equitable, in
whose name a trustee account wa:
carried on the books of the society
said he was asked by Mr.. Squire tt
permit the use of his name for this
account, but he did not know it's pur
pose. Building operations carried Oh
under his name for the Equitable ht
could explain only IN the ground tina
an individual could build cheaper thar
n corporation.
The committee adjourned until to
morrow. Next week there will be foul
sessions, beginning Tuesday. Th'
week following there will be but tire
sessions, an adjournment being take1
over Thanksgiving.