The Norfolk weekly news-journal., 1905-10-06
D)DRONFRON EACH OTHER
INSURANCE PRESIDENTS GET
LOANS AT Low RATES.
CANCELLED CHECKS DISAPPEAR
Record Of Transactions With New
York Lies Legislative Agent Van
ish--President Mccall Charges
Biackmail by Legs ators.

New York, oct. 5.-That John r..
HcgCman, president Of the MctrUpOl'
tan Life Insurance company, borrowed
$4,000 from the New York Life In.
suranCc company at l12 per cent in
tcrCst, rate below the market rate,
was brought out in the insurance in.
vestigation last week, but yesterday
President John A. Mccall of the New
York Life Insurance company, testified
he in turn borrowed $4,000 from the
Metropolitan at the same rate. This
was in January, 1903, the loan was re-.
March, 1905, when the rate of interest
was advanced to per cent, at which
rate it is still running
Mr.. Mccall testified that he was a
director of the Metropolitan Life In
surance company. but not stock.
holder The fact OF his being a di.
rector, Mr.. Mccall continued, did not
deter him from procuring loan at as
low rate of interest as possible when
II was to his interest to do so.
Somewhat of sensation was
caused when Neil F. Towner OF Albany
was called to the stand and disclaimed
any knowledge Of the whereabouts Of
cancelled checks OF Judge Andrew
Hamilton OF Albany. Mr.. Towner testi'
fed that he was associated with
Judge Hamilton In the practice OF law
in Albany. He had taken some can.
celled checks early in September and
had thrown them into a drawer In
Judge HRmilton's desk. He had no
occasion to look at them again until
last week. when he received the sub
poena to appear before the committee
He was asked to bring these checks
with him, but when he looked for
them they were gone.
Another interesting point was
brought out by Mr Hughes just before
the close. Edwin f. Devlln, real es
Insurance company was called to con
tinue his testimony. 1t developed that
the New York Life had acquired by
foreclosure an apartment house. The
cost with improvements deemed nee
essary was S203,05G. The income from
this property was found to be .023 pei
cont on the Investment. Among the
improvements was the throwing two
apartments into one OF nine rooms
with baths. These were rented fol
$1,000 and s1,S00 a year. 1t then de
velopcd that four OF the tenants were
the immediate family OF President Nc
Call, three sons and a son.in,law
Mr. Devlin was asked who fixed thu
rental of these properties, and he sair
he discussed 1t with Mr.. Mccall.
Mr.. Mccall enlivened the days pro
| ceedings further when he said there
was no record on the books Of The
New York Life Insurance company o
the s160oo0 paid tho Republican na
tional committee for contributions e
presidential campaigns.
Earlier in the day Mr.. Mccall, in de
failing the legislative work OF Judg,
| Hamilton and the counsel he EN-
ployed, denied any knowledge Of th'
legislative pool which was DISCLOSED
In the examination of Alfred w
Maine, auditor OF the Equitable Lif
Assurance society, last week. Mr.. Nc
Call on this question made the start
ling information that three.quarters o
the bills affecting life insurance com
panies were in the nature of black
mail, The officers of the compan,
were worried at the beginning of eacl
year. he said. by the proposal Of law
that would hamper their companic
and these officers really tremblcd a
what they "ould have TO endure tn
first six months Of each year"