New-York tribune., 1905-11-17
Mr.. DEPEW ON STAND.
Tells Of Work as Counsel LKnoscs
Little of "YeIIosg Dog Funds.

| When Senator Depew took the stand. In
answer to questions by Mr.. Hughes he said he
had been director of the Equitable since 1871
| its counsel for many years and member of
| its executive committee. Although he kept in
| close touch with the society's affairs he had
| no knowledge, he said, of the yellow dog
| funds-the accounts in the names of George
| II. Squire, trustee: 'Marceus Hartley. trus-
| tee and 81. W. Alexander, No. g." accounts
Neither did he know anything specific about
| campaign contributions. he said. In a general
way, he understood that the Equitable was Civ
| ing money, but he did not know how much
nor to whom. 1t was common report that all the
| insurance companies were making campaign
| contributions
81 hope that both the State and national lesis-
latures will pass laws prohibiting corporations
from making contributions" he declared
The Senator had heard whether con-
tributions had been made to both parties.
whether any had been made for State or local
campaigns, or to elect judicial officers He knew
he said. nothing about the possible uses of the
yellow dog accounts for political contributions
He had hard luck with syndicates the Sena-
tor said. After taking part in several for large
amounts, In four years he made net profit of
s1ol9 TO- His first knowledge of these syndi-
Gates, he said, was when Mr. Squire at an
executive meeting advised that the EQUITABLE
take a share in one He became a member
first Of the Chicago, Burlington and Quincy syn
dicate, taking 100000. When the syndicate
was settled he in Europe. He did not
know that the money was borrowed from the
Equitable. In this syndicate he made ST 545 SO.
but decided that it pretty small interest on
his money Other syndicates in which he took
part, he said, were the Pennsylvania Coal pur-
chase, S1G0000; Union Pacific first lien ten
years, 100000; Oregon Short Line and Pitts
burg and Toledo, all of which he made profits
Then came 100000 Of Mercantile Marine. with
d loss of $4,000. After that General Fitzgerald
through Kuhn Loeb & Co., gave him ssyOOO0O
of Union Pacific. The Equitable holding a large
interest wanted still more. so he let the so
ciety have his interest, which it made about
$4,000
About the details OF the society's share In
syndcates in which its officers also tool, mart
Senator Depew was somewhat vague The
Equitable, he knew, never, went into syndicatas
unless the executive committee had apnroved
AS to the Chicago, Burlington and Quincy svn-
dicate, in which j. p. Morgan & co. set aside
SI5OooOO. OF which the Equitable retained
S5Ooo0O. and the rest was divided among tbe
officers Senator Depew thought the Eouitah,a
had taken no more by advice Of the executive
committee. although the minutes were so con-
densed that they showed nothing of that.
THE $4,000 YEAR RETAINER.
Senator Depew had been receiving sooOa0 a |
year as retainer since 1888 or 1889 he said IT t
came about because of the strong desire n, |
Henry Is. Hyde to have his advice constantly. |
ready, he said JUST about that time Mr. Hyde /
'one of the most extraordinarily original gem |
fuses ia his line working out the tontine |
plsn--the deferred dividends. Then. too, some |