The sun., 1905-09-01

ments. and returned at once to look into the
situation and gee if l could not hasten the
reorganization OF the company. found
on my return on inquiry OF the reorgani-
properties was in complicated condition
and required clearing up before the bonds
could be issued and the Equitable loan be
taken up.
urged upon the committee to hasten
their work as much as possible. and they
and within the last week have succeeded
in clearing up claims and obligations to
the extent of over 5000 900, all of which
stood in the way Of completing the plan
as originally provided for, but the clearing
up Of which has removed the last serious
now prepared to carry out the plan and
take the property over and pay the Equita-
BILE the amount Of their loan,
Yours very truly. n-
Mr.. Depew's letter was dated Aug. 81.
Here is the reply which President Morton
made:
President M0rton's Reply.
"MY DEAR SENATOR: ! am very much
pleased to receive your letter and the COM
munication of the reorganization committee
Of the Depew Improvement Company,
which disposes of the matter in q manner
impression of the situation which was erro-
neous and unjust to you has prevailed.
think that it can best be removed by making
these two communications public and will
do so if this action will be agreeable to
you
The original plan Of reorganization
called for the delivery Of bonds to the
Equitable in payment for the property.
i he announcement was made that the
committee Of reorganization had sue
ceeded in removing "the conditions which
made this a necessary part OF the plan and
p aid the Equitable in cash.
Attention was called to an apparent
discrepancy in the Senator's letter. He
says that his stock in the Improvement
company was acquired for cash: In his
testimony before Supt. Hendricks he stated
that Walter Webb, a son Of DR.. Webb,
had arranged with Buffalo bank to ad-
vance the 100000 necessary for the Sena-
tors share, the bank taking the Senator's
note and the stock as collateral. MIR. De-
pew testified that he signed the note and a
check for the amount at Webb's request.
The testimony of Gerald Brown. the
Equtable's real estate man, before Supt.
Hendricks contraaicts Mr.. Depew's state
ments. Mr.. Brown testified that Senator
Depew hat led him to believe that he would
see the Equitable through without any
loss and that he would save the society
harmless for the Delay. in the payment.
This statement. Mr.. Brown testified. was
made by Senator Depew also in the presence
of Thomas d. Jordan, comptroller OF the
society.
OFFERS TO TESTIFY.
Chairman Armstrong announced last
night that the insurance investigation
committee had received letter from
Senator Depew. in which the Senator says
that he will be glad" to come before the
committee at any time that his testimony
may be desired. Senator Armstrong re-
piled as follows:
"MY DEAR SENATOR: l have your note
of this morning stating that you will be
glad to come before our committee at any
time we may name, and we will be pleased
to give you as much notice of our desire
for your presence as convenience may
permit.
The legislative committee will, it was
said last night. probably want to question
Senator Depew in regard to the $4,000 q
year retainer which he got from the Equi-
table and the S5OO,OO0 insurance which he
is credited with carrying, none Of it being
in the Equitable.