The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-18
DID EQUITABLE
BOY DEPEW TOGA?
Mysterious Loan Said to Involve
odell, a senatorship and
- Ship Trust Scandal.
Ryan Transfers the Hyde Stock to
Trustees Headed by Cleve-
land.
New York Sun Special Service.

New York Sun Special Service.
New York, July 1S.-Investigation
into the financial affairs of the Equit-
able Life Assurance society has taken
fresh turn. The trial led straight to
the mysterious loan of $685. 900 by the
insurance society, which has millions
in its Golfers State officials from the
governor down and lawyers interested
in the great ship-bui]ding trust scandal
have taken the scent and begun lnves-
tigation to unearth what is believed to
be fragrant corruption.
In a public statement printed today.
Superintendent Hendricks referred
specifically to this matter, saying:x
II stated to the governor that had
been informed that the Equitable So
ciety was carrying a loan in the Mer..
camille Trust company Of $685. 900, OF
which no record appeared on its. books
as a liability. The governor stated to
me that he believed a further effort
the subject. Our efforts in that par
ticular were unsuccessful. -
Loan Thru Alexander.
It was learned today that this loan
formerly stood in the names OF James
w. Alexander and T. B: Jordan, but
has been transferred directly into the
name of the Equitable society: Alex
ander and Jordan were merely dummies
to conceal the transaction, it is said.
According to well-defned reports the
Mercantile Trust company paid secret
bills Of the Equitable and charged them
up to this loan account.
Within the past six months at least
two very large payments have been
made by persons unknown IN settle
ment of suits brought against the pro-
motors of the scandalous ship?,bui1ding
trust, in which the Mercantile Trust
company and Equitable fnanciers
played leading parts.
Former Governor Odell. who bought
about $4,000 of ship-building securl-
ties. sued the promoters and secret
settlement was made. How much he
received or who paid it never has been
divulged.
Toga as Prize in Deal.
Just about that time the contest for
United States senator was in progress
and Mr.. Odell had been favoring for
mer Governor Black as against Chaun'
cey M. Depew, who desired re-elec.
ton. Suddenly Mr.. Odell came out in
favor of Mr.. Depew and the latter was
chosen. Mr., Depewv was and still is
director in the Mercantile Trust com
pany.
The investigators will look carefully
into this Equitable Mercantile account
to see whether any payment of 10000
or thereabouts was made at the time
Mr.. OdeH was withdrawing his ship,
building suit and Chauncey M. DepeW
was being elected United States sena
tor. Other similar payments will also
be investigated. r."
Denials Are Strenuous.
Strenuous denials were made today
by lawyers for the former Equitable
management Of any connection between
the insurance society and the ship build
ing matter. They declared that the I'm
derwriting was purely an affair Of tn
Mercantile Trust company and the so
ciety had no part in it. Not even Jane
H. Hyde and associates appeared in it
On the other hand, lawyers interested il
pressing suits against the underwriters
say that the Equitable owns . majorit7
of the Mercantile g stock, and the com
pany was run purely as an Equitable in
stitution.
The statement that Thomas F. Rya,
will sell the Hyde stock back to tn
Equitable Life for $2,5OO,O00 and thu