The Montgomery advertiser., 1905-11-17

member of the Executive Committee. He never heard of the various trusted accounts until this investigation. He knew of the campaign contributions only in general. way. He did not know the amount contributed in 1904. He hoped both State and National Leg islatures would pass laws prohibiting these contributions. He thought they were made in tlR interests of the in : sured at the time but he thought the publicity given to the matter in this investigation has changed the minds of almost everybody.
 Depew In Syndicate.
 Senator Derew said he was first asked to go into syndicate by George H. Squire. He detailed the various syndicates he had been in during four years and said these had netted him the sum of $1.219. In these syndicates he had $2o0,000 tied up most of the time and $100,000 Is still tied up.
 As to his retention as counsel by the Equitable Society Senator Depew said his statement to Superintendent Hem dricks covered the field. but he made an extended statement of his associa- tions with Henry B. Hyde and said he continued as counsel for the society af- ter the death of MT. Hyde, because 1t was one of Mir. Hyde's dying injunc- tions to his son.
 Senator Depew's salary as counsel was $20.000 year from 1888 until last spring Witness said he never knew of the retention of counsel for legis- lative purposes and had never advised the retention of such counsel He did not know A. c. Fields but had heard Of Andrew Hamilton. He said he never had any interview with Thomas Jordan, former comptroller of the Equitable Life as to legislative mat ters nor as to letters of instructions from Jordan to Fields. He knew nothing of the Ambler bill to revoke the charter of the Mercantile Trust Company.
 Depew Improvement Company.
 The loan to the Depew Improvement Company was asked about and Sena- tor Depew said his letter to Paul Nor ton on August 31, 1905, a copy Of which he presented would answer. any ques- tion on that subject This letter was read for the record.
 Senator Depew said he was spoken to by friends of President Alexander and Vice President Hyde about the increase in their salaries He justified the large salaries to one of MT. Hydes limited experience on the ground of his ability which he said was recog- nized by the financial men with whom he came on contact. Recess was taken while Senator Depew was testifying.
 When the session was resumed Sem ator Depew said that James H. Hyde asked him to use his influence to se- cure for MT. Hyde the appointment as ambassador to France. Senator Depew told Mir. Hyde that 1t was impossible because of his age and lack of ex- perience In public affairs. Mir. Hyde came to him again and Senator De- pew subsequently, brought the matter to the attention of the President who looked up MT. Hyde and found it impossible to appoint him.
 Believes in Insurance.
 Senator Depew said he had always favored the deferred dividend system of insurance and mad seen nothing yet to shake his faith in 1t. He was a firm believer in life insurance, but thought 1t would be in the interests of public policy to limit the amount of risks. He also advocated a public audit of in- surance companies at stated periods on the ground that many suits brought for an accounting would be obviated.
 John Gilchrist said that in order to reduce the Equitable Life Assurance Society's cash on hand at'the end of the year he had caused loans to be made to Kuhn. Loeb & Go. at the end of every year except three since 1891. In 1899, 1900 and 1901 the loans were of $5,- 0O0.O In 1904 $1O.25O,00O was loaned in the name of the clerks of Kuhn, Loeb & Co.,, but checks were drawn to the order of that firm. The Equitable Society held the certificate of the loan, but received no collateral and 1t was understood that no interest was to be paid on the loans.
 Evasion of the Law.
 January f, 1904, the certificate for the loan made a short time before was sur rendered to the bank and the check for the sum of the loan was returned to the Equitable Society. The envelopes were returned to Kuhn, Loeb & Co. and there of the transactions Loans made to. Kuhn. Loeb 6 Go. December l. le0Ss'