New-York tribune., 1905-11-17
John JamesOn's
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1exislatioa in which Mr. Hyde deeply inter-
ested enlarged the field of investment for in
s1,rance campanies-at that time practically con-
fined TO railroad securities.
About those things, said Senator Depew, MI.
r4vde and his other advisers knew little. He
himself knew a great deal, especially about the
railroad field, with its constantly huctuauhs
values Mr. HYDE consulted him so constantly
that finally he made offer of large retainer.
This he accepted he said, with the proviso that
his evenings and early mornings should belong
To the Equitable. This relationship of general
counsel was not necessary "to success in life
or income" he said. In fact, he would rather
have had his time than the money, but Mr
HYDE urged him to continue that relationship
with the society, and even when he lay dying
sent young Hyde to him with request that
he would retain his office with the Equitable
James w. Alexander used to consult with him
about various legal aid administrative affairs,
he added.
AS general counsel. the Senator said he had
frequently advised the employing of special
counsel for special affairs. but never in connec-
ton with legislative affairs nor did he know OF
the retaining of lawyers in such connection. He
knew nothing about Mr.. Holden of Massachu-
sets: Mr. Thormel. the work of A. c. Fields. OF
Albany, of Andrew Hamilton. that he
was of counsel for the New-York Life. Sena-
tor Depew said he had heard great deal about
attempted legislative blackmail OF insurance
companies, but personally knew nothing about
it Relative to the memoranda submitted by
Thomas d. Jordan to Fields showing that this
Equitable interested in all bills affecting
safe deposit companies. trust companies. banks,
street railways franchises and transportation
companies, Senator Depew declared positively
that there existed no understanding or COM
YnuniSy of int betwee1 the railroads and big
insurance companies as TO legislation. He did
not believe that the railroads influenced legis-
latfon by the granting of passes, although he
knew that the New-York Central had granted
many passes. not on the request Of legislators.
He knew nothing about the Amber bill. He
knew that Mr. Alexander had retained ex-Gov-
ernor HILL but not for what purpose.
THE IMPROVEMENT COMPANY.
Examined about the loan to the Depew I'M
provenent Company, Senator Depew put in
evidence the letter he wrote to Paul Morton
on the day the loan was repaid This letter
told about the formation of the company, its
subsequent trouble, and the Senator's connec-
ton with it at it's reorganization, five years
later. The Equitable loaned S2J0,0O0 on 1913
building lots. valued then at $685. 750 and ap-
praised by William B. Cutter, of Buffalo. for
the society. at S7eSOoO Three years later a
insurance department valued these lots at Sl5O,-
COO The company was reorganized, issuing
bonds to the Equitable to secure the payment
OF the loan. These bonds were taken from
the Equitable Society by the Equitable Trust
Company, it being secured by guaranty to
which Senator Depew was party. He him
self hurried the reorganization through, and
finally, by his efforts. payment of the loan was
effected Senator Depew said he had nothing
whatever to do with obtaining the original
loan, and his connection with the company
was limited to purchasing one-ifteenth inter-
est and his share in hurrying along the re-
organization that the Equitable might be paid.
He had nothing to do with the appraisals Of
the various pieces of property and had never
received loans from the Equitable
About the requests for increase of James
Hazen Hyde's salary the Senator had no clear
recollection. Such requests. he said, did not
originate with Mr.. Hy de- THE more he put
his mind on it the more he thought that Mr..
Hyde did not say anything about it, but that his
raised to 100000 year Mr.. Alexanders also
WIS raised to that amount. Asked how he iusti-
fed the paying of so large salary to SO mex
perienced a man. Senator Depew said that Mr.
Hyde had great ability. as his career had shown
and his and position the of Henry
B. Hyde asset to the society. Then, too
young Hyde owned a controlling interest in the
stock for which huge offers were being made to
him. and 1t would be wise to give him enough
salary to put him beyond any wish to attempt
speculation with the Equitable's stock. said the
Senator.
After recess, Senator Depew told of being
urged TO suggest Mr.. Hyde for French Ambas-
sador, and of his finally speaking TO President !
Roosevelt about it. The President decided that |
the appointment would be impossible.
MRS. HYDE's PENSION
Senator Depew had no recollection of the spe- |
cial memoranda, by which a pension was pro- !
vided for Mrs. Hyde and Mrs Alexander. He |
believed that Mr. Hyde, to get the allowance for |
Mrs. Hyde, had surrendered a valuable contract |
making the arrangement good business for the |
society. He believed that the law preventing
the bringing of suits against insurance COM
panies without the consent of the Attorney Gen
eral was in many respects a good measure,
though he had nothing to do with its passage.
He regarded highly the deferred dividend plan.
He never had held policy in the Equitable
at one time he just missed taking one
for 100000.
Rastus S. Ransom counsel for George H.
Squire, who formerly financial manager
OF the Equitable and the manager of many of
the syndicates, preceded Mr.. Depew ON the
stand, and said that Mr Squire was sick
that he could not possibly attend the hearings !
Therefore, he had taken a statement from his
client, which he had written out and presented |
Ia evidence. This had to do with the purchase |
of the stock of the Lawyers Title Insurance |
His client perfectly willing to
give all the information he possessed said MIR
Ransom but was so Ill that he could not get
his thoughts into shape When he was asked
why he did not his own money In the
syndicates and stock purchases instead of the
EIquitables, he answered. according to mis- law
yer that che couldn't remember; he didn't
Know
AS to the George H. Squire, trustee" ac
count, said Mr.. Ransom. Mr.. Squire had told
him that this account was simply fund
placed in his name by President Alexander |
who gave the excuse that large corporations |
had to have funds which they |
,ould draw which would not show on the gem | !
.ral books Only two checks had been drawn |
10 far he could remember, one for 100000
md another for $4,000. He thought both
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