The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-05
CAMP AIGNs AIDED
BY POLICYl'.HI5|iOLDERS
Continued from First Page.

81 per cent. This, he : said, was due
70 the home 4 office, which was taken
over IN that year. This year, Devlin
explained, the real estate investments
would amount to 4 per cent.
The Plaza hotel in this city cost the
company 60 z :. = loss Of $129, oa5, Mr.. peylin3
builders on mortgage and after $780,
wy mad been expended they failed and
the company took over the property in
1902 and spent $2,0OO,OOO on the CON
struction. The total cost to the COM
pany was $3,960,549, and they got out
ct II the g :, Investment with the loss Of
They Helped Each other.
That John R. Hegeman, president
Of the Metropolitan Life, borrowed $50,
900 t: from the New York Life at ~ per
cent interest, rate below tho market
rate, vas brought out in the insurance
dent Mccall Of the New York Life, tes-
lines q les That ne in turn borrowed $4,000
from e, n the Metropolitan at the same rate
IL. IBIS was in January, 1908; the loan
! was renewed in january, 1904, and ran
until March, 1905, when the rate Of in.
terest was advanced to per cent, at
which rate it is still running. 49,.
MT. Mccall testified that he was di.
rector Of the.sMetropoitan Life, but
not a. stakeholder. The fact Of his be.
ing q director, Mr.. Mccall continued
did deter him from procuring a loan at
as low rate Of interest as possible
when It was to his interest to do SO.
:. s.sf5 Where Mccall Lives.
Another interesting point was brought
out by Hughes. Edward r. Devlin, The
real estate mahager for the 9New York
Life, was again called to Continue his
testimony OF last week relative to the
real estate values of the company
properties in this country and abroad
Mr.: Devlin had had to consult records
and he presented a number of tran
scripts Of the records. It develope0
that the New York Life had acquired
| by foreclosure IAN apartment house in
one LOT the most desirable residential
! sections of this city, and the cost, with
the improvements deemed necessary
was $203,056. The net income from this
on the Investment. Among the i'm
/ provements was the throwing of two
apartments into one of nine rooms, with
two baths: These were rented for 81, 500
and 81 800 year. nv w. 49,.
r." A Family Affair. >....- '.
| 1t then developed that four of tn
! tenants were the immediate family O.
President Mccall, three sons and
son-in-law. MIR. Devlin was asked VIII
fixed the rental Of these properties, an,
he said he discussed the question wit
Mr.. Mccall.
Mr.. Mccall enlivened the days pre-
ceehngs further when he said tina
there was no record on the books o
| the New York Life Of the $4,000
| paid the republican national commit
tee for contri buttons to .presidentis
campaigns. While he had no persona
3 knowledge that the money was paid, h
| assumed it was, because he had tol
/ the treasurerto make these payments.
Mr.. Mccall, in detailing the genera
legislation work Of Judge Hamilton an
r, the counsel he employed, denied an
knowledge of the legislative pool whic
was disclosed in the examination G
i Alfred W. Maine, auditor of the Equi
Fable Life Assurance is society, last weel
:. Cancelled Checks Gone.
n A sensation was tausedsingthe lat
tSSsa s}hSisn NH & Z
:Towner# Of Albany was calledsto. til
i Estand and ,sdisclaimed. any knoWlede
) of the whereabouts of Cancelled check