The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-01
MONEY PAID TO
THE EQUITABLE
Depew Improvement Company Has
Turned in 1898, 950.S2.
EXPLANATION BY CHAUNCEY
PAUL MORTON CERTiFlEs TO HIS
GOOD CHARACTER.

Anew YORK, Aug 31.-Announce-
IN ment was made today by the Of
fcers of the Equitable Life As
surance company that the Indebtedness
to the society of the Depew Improve
ment company was paid this after
noon the principal and interest
amounting TO 1928. 95O.S2. The cores
pondence incident 10 the transaction
was also at the suggestion Of Pres
ident Paul Morton made public, TO
the end, Mr.. Morton said, that the
impression unjust 10 Senator Chdun-.
cey NJ. Depew might be removed.
The correspondence consists of three
letters of even date. the first addressed
to Mr.. Morton by Henry Il. Ander-
son. of the law firm of Anderson q
Anderson. attorneys for the DepeW I'M
prOVement company, announcing that
the reorganization committee OF the
Depew Improvement company had
perfected title to the property not COW
cred by she Equitable mortgage, and
was prepared TO take over the prop
erty which secured the loan, paying
in cash to the Equitable the face Of
the loan and interest.
Depew's Plant.
The second letter, also addressed 10
Mr. Morton, is from Senator DepeW.
who states explicitly his part in the
transaction between the Improvement
company and the Equitable society and
points out what he declares are mac
curacies i'm the published statements
through which a grave injustice has
been done him. Among other things
Senator DeDeW says:
Il had nothing to do with the or
ganization of the DepeW Improvement
company not even the use of my name,
nor was 1 in any way connected with
il until five years after its ncorporaE
ton. when / purchased for 100000 IN
cash a one-fifteenth in the stock com
pany The company at that time had
tract of land consisting of about 200
| subdivided lots and 265 acres not sub
! divided
Loan Upon Lots.
The Equitable Life loaned $3.50. 900
upon 1.575 of the co.npany's lots. These
| lots were selected as constituting the
most valuable tracts there. At the
| time the mortgage was made these lots
I We're selling, the lowest at $500 and
/ the highest at 5000 each. The valua-
! ton placed upon the plot by the Equi-
/ table appraisers at that time was $685.
/ ESQ: that upon the balance of the
/ land owned by the company, $500 900; a
| total valuation OF the property of $685.
| $50. An appraisal was at the same
/ time made and submitted to the Equi-
/ table by William b. Cutter, one Of
the leading real estate men Of Buf-
/ falo. in which he appraised the value
OF the lots loaned on at S76S,000.
I'm 1901 a real estate depression set
! in. I'm and about Buffalo, which lowered
values and checked the growth OF the
! town of DepeW. 1t was at this time
/ October. 1901, and not when the loan
was made, In January, IS9S.-that the
! insurance department appraised a part
/ OF the property covered by the Equi-
/ tables mortgage at $4,000
Denies All Charges.
Mr.. Depew then recites the charges
! having been made against him,
/ DENYING each. OF the charges which
related to transactions resulting from
! the default of the company and the
I foreclosure of the loan by the Equi-
| table, he says that As result of the
! company's embarrassment a reOrgani-
| cation was determined upon and,
/ though there were unavoidable delays.
/ the plan was progressing s rapidly
as possible. The company was TO be
! Incorporated and was TO issue BONDS
/ for $500 10 supply funds to take up
/ the Equitable mortgage, principal and
/ interest and 10 paw the other debts
I of the company. There was not any
/ other purpose than that the Equitable
/ should be fully protected.
| Letter From Morton.
The foregoing communications were
! acknowledged in the following let
tsT:
Aug. 81, 1905.-My Dear Senator:
! am very much pleased to receive your
/ letter and the communication of the
/ organization committee of the DepeW
| Improvement company which disposes
! OF the matter in a manner entirely sat
/ isfactOry TO the Equitable. All i'm
! preston of the situation which was err
/ roneous and unjust TO you is dispelled,
| think that it can best be removed by
/ aking these two communications pub
! lie and will do so if this action VIII
/ be agreeable to you.
! Yours very truly.
! (Signed) PAUL MORTON
Hon. Chauncey NJ. Depewr New
/ York City