New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-01
DEPEW COMPANY PAYS.



gaymsnt Of the loan This the Ea9tsbie agreed to
new company would be Incorporated bonds issued
would be taken off their hands Without oss TRe
a Whah requirement was met by written guaranty
IN o terms IS simply guaranty that the company
to e and THE the bonds
was met by an agreement secured from the Equi
got bonds the Equitable trust company would
W ane ns off her hands n order to get this it
pany against loss. and a guaranty was secured
eeng that # the Equitable Trust company should
q certain time 1t would be protected from loss
REORGANIZATION DELAYED
The legal technica1ies incident to the perfecting
or the ute IN the new company and the wping
within the time limited In the agreement with the
Equitable Life and t not 'p possbe to 5f ge
the suarantors 10 unite in renewing their guaranty
that the company would be Incorporated and the
The company was incorporated and is in existence,
and the bonds could, perhaps, have been ready to
point in offering them to the Equitable without
There has heen from time to time discussion
| attorneys for the Improvement company and the
presentation committee as to the legal status Of
never reached formal statement OF their legal
h Of h en OF ss oF oh %
| point that DR.. Webb and have always under
deliver the bonds; in other words that this guar
ebligati9n to replace the apsea offer of . the
the Equitable Lie When It received them Mat
ters never came to the point where this question
| because had always assumed the task OF work
Ing out the situation SO as to the bsd
been discussed in other spirit by the parties
tion With IT theirs es pans Of
Wish to point cut that my % the OF
to pay the Equitable loan myself in cash. nor d.
ses IA me m "a as aad at to time When Would
ctate the and sh he
The foregoing win show to how Inaccurate s the ne
| my relations to 1t have been, and think very
stsny been %
a plan Is ap a9h the o
a shst the Of
hs deay plan and
Of st. as be
and the plan carried knowing the situation to
as a THAT the MSFh #
tediously was very much surprised when abroad d
returned at once to look into the situation ana ana
if could mot o y ts GA a
COMMITTEES that the ttls to n 6th r
euired Clearing up before bonds could be issued
s aps d shs to hasten their Work
possible. and they have responded promptly to my
oxer SS sp'tS Witch stood
Clearing up which has removed the last serious ya
pared to carry out the plan and take the property
| over and pay the Equitable the amount OF theiF
PAUL MORTON PLEASED.
| President Morton would not talk Of the De-
new settlement He said that all he had to say
was contained in letter to Senator DepeW, Writ
| ten yesterday, which read:
am very much pleased to receive your your letter 5s
and the Of the ompany wien
| disposes of the matter in manner enutely satis
sitnation which was erroneous and unjust to you
has prevailed. I think that II can pest be TenoVed
Will do SO II this action will be agreeable to you
This settlement Of Of the most important
phases Of the Equitable tangle was unexpecteo
except to those who in the immediate con-
fdence of the principals Senator Depew state
ment has been awaited with interest and from
the first his friends have been confident that II
would be entirely satisfactory. He declared on
his arrival from Europe that 1t was his fnten-
ton to make the financial hackers Of the DepeW
company do their utmost to strafghten out It's
affairs without delay. President Morton declares
that the affair has been settled entirely to the
satisfaction of the Equitable society.
The State investigation committee was active
velopments Senators Armstrong and Tully were
In conference In the morning with James Nc
Keen Matthew c. Fleming and Charles E.
Hughes IN the office Of the latter. 1t was
learned that nearly sixty subpoenas had been
issued to date for well known insurance men
and that service was rapidly being effected.
SUBPOENA SERVING CONTINUES.
man in close touch with the work OF the
committee said yesterday that its work would
go far beyond the Equitable, the New-York Life
and the Mutual companies. He declared it would
be an investigation of general insurance con-
ditions pointing out that at the time the
committee must and would deal with such con-
crete facts as developed from time to time.
The serving of subpenas went as rapidly
as possible yesterday. Those served will be re-
quired to appear before the committee on next
Wednesday morning, and they will be dismissed
until such date the committee wishes to
examine them. So far as could be learned. Presi-
dent Morton has not yet been served with
subpoena, though one is said : have been issued
for him
Two general agents of the company were in
conference with Gage E. Tarbell yesterday.
Frank Levy came up from New-Orleans to say
that there was an Improvement in business in
spite of the prevailing epidemic of yellow
fever. His is being operated for a
broken hip by a well known surgeon Of this
city. Frank McNdInee, OF Albany, Was at the
Equitable Building, and declared that business
up the State picking up.
An official of the NeWYork Life Insurance
Company said yesterday TO Tribune reporter
that so Far as he could learn effort was
being made by insurance officials to evade the
subponas of the Investigating committee. lie
said that the insurance interests realized that
until there a thorough investigation in
which the public had faith the companies
+ba h1ISir 70 uybic rbaTy