Perth Amboy evening news., 1905-11-17
ODELL DENIES
so DOES DEPEW
Governor of New York
and New FORKS Senator the
Star Witnesses.

NEW YORK, NOV. 1.-THE revela-
tons made by former Governor Odell
concerning political contributions from
the life insurance companies and 9th
er corporations have determined the
legislative insurance committee to sub
poena United States Senator Thomas
G.. Plat as a witness. Senator Platt
will be asked to testify Immediately.
Former Governor Odell and Senator
Chauncey NJ. Depew were the stan wit
nesses at the session of the insurance
investigation.
John Gilchrist. head of the securities
department of the Equitable. testified
that there was n compact between the
insurance company and Kuhn. Loeb X
Co. between 1902 and 1904 by which
S19.250.000 of dummy loans were car
ricd by clerks of the banking firm to
deceive the insurance and banking de-
partmcnts regarding the Equitable's
surplus cash.
Benjamin b. Odell. Jr.. ex-governor
of the state of New York. testified be
fore the committee that ii was he who
had inspired the bills Introduced in
the senate and assembly on March 81.
1904. to repeal the charter of the Mer-
camille Trust company.
Odell was permitted TO testify ut his
own request that he might answer the
accusation of James Hazen Hyde that
it was under the menace of that legiS-
lation that the Mercantile Trust com
pany paid him $4,000 in settlement of
a suit growing out of losses in the ship
building crash.
Odell admitted that he had gone be-
yond the limits of his legislation he
fore he got his $4,000. He went to
Charles NJ. Schwab. head of the ship
building trust. aud told him that he
believed there was sufficient evidence
OH which to predicate criminal prosecu-
tons.
When Senator Chauncey NJ. Depcw
was called he walked hriskly TO the
witness chair and gave his answers in
an mllesitating manner
The senator declared that if he had
his way in the matter he would have
federal and state laws forhidding cam
paign contributions by corporations.
Senator Depew. questioned about his
salary of 100000 Il year, explained that
in the time of the elder Hyde he had
begun to give an hour in the morning
and another in the evening TO the
founder of the Equitable, bringing his
Depew's) knowledge of securities to
bear TO prevent the society making had
investments and outlining courses to
be pursued in litigation.
At the death of Henry Il. Hyde his
son. JAMES Hazen Hyde. came TO the
senator with the injunction from his
father TO continue the arrangement.
The senator said the increase Of
young Mr.. Hyde's salary did not orici-
nate with him. hut he advocated It. as
he was "A young man of very great
ability, as | think has been demonstrate
ed in his testimony here
The senator said he regarded him as
an asset to the society. Moreover. the
young man owned the control of the
society and was being approached with
tempting offers TO sell his stock.
The efforts of Hyde to obtain the
French ambassadorship were next
brought up by Mr.. Hughes,
The witness said he advised Hyde in
the beginning that there was slight
chance for II so young 10 get n posi-
ton so exalted. Later. however. the
senator talked to the president. but Mr..
Roosevelt said. according 10 The wit
ness, that the thing was impossible"