Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-11-11

1--WE do not intend you the slightest
1iscourtesy. of course, but we are pfac-
,ically Obliged to finish these pGbiic
hearings by the first Of January, ana
w. have got good deal to do ana ar
gu1ncnt al this time takes up the tiiiie
ana We cannot afford 10 listen TO IL at
these public hearings.
Mr. Earnes then left the stand ana
Jaues M. Craig, actuary Of the Metro
nolitan. Life Insurance Co. VINO was
examined iii part, yesterday was asani
called.
MIR. Craig completed his description OIL
tbe various classes Of policies Issued ny
his company, and he gave way 10 flesi-
dcnt John II. Hegeman OF the same cofii-
pary. -, 90 Mr.
T. ttars of complaint We're read 10 WI d.,
Tcscman ana he said he couI1 10. 81 49,
Tho information desired and asked loi tl'I
,nttcrs rh.r he might look up the tctioil
taken 1T the home once; -. .,,,,,,,,, :,
Nj, TJeeeman denied that his cohipthH
had ever paid policies TO undelttNiri2 ~
was charged in letters OF colilp'tin' W
rOIcy holders OF industrial colipdHi'I
Mr. IIegenan said his company na ii
made but two campaign cohtriputloliS -
they were both in 1876 one tliou9',ii p vi,
Lars was given to the Palmer and buck-
ner Democrat managers, and S'ap 10 tiic
national Republican committee: Ileao
contributions, Nj. Hegeman SAID, We're
made with the approval Oh tti NJ n'l'l No
board and were more a moral than a Pc
iiticai move to assist in defeating the -
to l heresy. ~, 1,o,,,a,. .,i5 bae
His company, MT. HeseIIdl sIiu, i''
naid money to Andrew Hamilton. A
st1tement was produced showing that An
dre,v Hamilton had been under an annual
retainer of $1,000 from May IL, ls93, anu
from that date to May D. 1904, mad receiN :
.t.rl rI.rIC u
aggregate sum of $685. Mr.. Hamilton
worked in a number of states and his du-
ties were similar to those he pursued Tor
the other Insurance companies. 10 olll ',
persons We're paid for any work IN con
ncction with the matters OF leSlSiatloi,
beyond Mr.. Hamilton and those he re
tanned, said Mr.. Hegeman.
Mr. HeGeman said the metropolitan Cd
tanned bonds for it's agents from either
the American Surety Co or the Nationai
Surety Co. Mr.. Hegeman holds 10 shares
of stock in the latter. The bond required
of agents is $50 and the premium is re
covered from the agent by the company
Witness did not know the premium.
The subject of loans was taken up 1t
was shown that the Metropolitan Lie
made loans of 100000 to 100000 at 112 per
cent, interest TO William Reade of the
firm of Nirmilye & Co. on various dates
in 1901 to 1903. The market rate for call
loans was at the time from AZ to . per
cent Nermilye K Co were the bankers
of the Metropolitan at that time and
when Mr.. Eeade resigned from Eernilye
& Co. and went into business for him
self he became the company's banker
Mr. Hcgcman's explanation for making
these loans below the market rate was
the same as he had given for making the
loans to John A. Mccall, president of the
New York Life at the same low rate,
that valuable services had been rendered
to him and it sought to repay favorS
whore l. could. Mr.. Hegeman said that
through the watchfulness of Nermilye &
Co, the Metropolitan has now three or
four millions which could be burned up
without impairing the solvency of tire
company"
Witness detailed the organization Of the
Metropolitan Bank ana said the officers
and clerks of the company We're stock
holders. 1t was organized five and six
months ago and so has not yet paid
dividend. 1t was organized with the eX-
of the Metropolitan Life, of which there
are several thousands day at times;
further in order that the company might
have a profitable tenant in its new build
ing, and because it was thought an admit
rable location for a bank.
Mr.. Hegeman was temporarily excused
and Joseph Howard. Jr., was called. He
testified that his profession was that Of
n writer since 1860 He is correspondents
for number of papers and is employed
by The Mutual Life, and has been for
about 30 or 40 years. His first service was
to direct the advertising Of the Mutual.
humber Of vouchers were shown tie
witness They were on various dates
from March 10, 1899. to May Il. 1904 and
aggregated 1852. Witness acknowledged
signing these vouchers and expressed n
desire to sign some moro. He was never
on u fixed retainer and these moneys
were paid for service rs a writer. Asked
if he was employed by any other insur-
ance company. Mr.. Howard said he was.
Il don't think | am now" he continued.
II think You knocked the Equitable too
high for me-
He had been employed by the F,quit-
able ever since he could remember up to
within the year. As to his salary from
the Equitable, Mr. Howard said when
$4,000 and he was ''verv glad to get it,
His work for the Equitable was the same
as that for the Mutual Life. ReDlying IL
Senator Armstrong, Mr.. Howard denied
that he had ever supcrintendeG the distri-
button OF reading notices hv wire or 9th
crwiSe than by correspondence. He fur
about life Insurance in any newspaper on
which he was paid = salary.
Il would consider it n dirty trick" he
said.
\ voucher for professional services for
$3.50 ''repayable on demand" Mr.. Howard
said he obtained after spending three
months in bed
Part OF that has been repaid" he said
Il was glad to get that. | said / would
do a deVilish lot to repay it, | am not
here to apologize for my work or for the
payment maze to me except for the
SmallnosS of it.
Tho committee then adjourned until
next Monday morning.