Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1905-10-04
President Mccall In
formed Regarding
Loans on Policies.
New York Life Insurance Com
pany Loses License
in Nevada.

president of the New York Life Insur-
ance company was again before the
legislative committee investigating life
insurance companies today In a
statement on general legislative expert
ence of his company. Mccall said
three-quarters of the bills on insurance
legislation introduced in the various
states were blackmailing bills.
Ignorant of Law.
Mccall said the New York Life be-
gan to make loans to its own policy
holders in 1892.
You know it's against the law for
companies to make loans against their
own policies?'
Il never heard that before
Rufus Wells Weeks, actuary and
second vice president of the New York
Life, succeeded Mccall as witness.
He said the company paid agents more
for deferred dividend policies. which
are easier to write than they paid for
writing the annual dividend policy.
This was because the deferred divi-
dend policy was more to be desired
by the company because it furnished
funds to carry on new business.
Concession to Prussians.
Asked about the declaration made
by the New York Life in it's returns to
the Prussian government, which show
ed dividends on deferred dividend pol
icieS, and for an explanation of the
greatly increased payment in the fiscal
year of tontine, Weeks said there was
very little connection between the
al mo- sfpt oil |
ment. The share of surplus each
policy had earned was not added till
the end of the period.
Interim dividends are simply added
to satisfy the Prussian government"
Yes" said Weeks
Soldiers Treated Fairly.
Mccall denied the New York Life
company Disseminated against Amer
lean soldiers in the Spanish war. r.
was alleged recently the New York
Life at the outbreak of the war made
more liberal terms with Spanish policy
holders who might serve as soldiers
than it did with Americans in similar
circumstances.
RevOkes License.
Carson, New, Oct 4-Insurance
Commissioner Davis has revoked the
license in Nevada of the New York
Life Insurance company on account
of the scandals revealed in the investi-
cation in New York He sent the fol
lowing telegram TO the company:
John A. Mccall, President of the
New York Life Insurance Company:
Pending the investigations of the cor
posal of funds intrusted TO your COM
pany, and so long as yourself and
George w. Perkins retain offices of
trust in the management of the New
York Life, the license of the company
to do business in Nevada is hereby re-
voked. Upon the advice of a change
of management and satisfactory proof
of honest management the license will
be reissued. SAM DAVIS,
Controller and Ex-Officio Insurance
Commissioner of Nevada"
Cites Gift of Funds.
Mr.. Davis is a democrat The rea-
sons that prompted the order are the
uses of the money in general and the
accused giving of $780, 900 of the policy
holders funds to the republican cam
palgn fund at the last presidential elec-
tion, and other questionable dealings
brought out by the investigations.
Right TO Investigate Questioned.
New York Oct 4-Samuel Inter
myer. counsel for James II. Hyde, has
given out for publication a letter ad-
dressed by him to Charles E. Hughes,
of the insurance investigation commit
ha ha mi IT.
tee is without power or jurisdiction,
because it was appointed to condud
the investigation after the legislature
had adjourned and for the purpose OF
reporting TO legislature not yet chos-
en- and which can have no existence
until 1906.
He says that he has advised Hyde
to this effect. He adds, however, that
Hyde is willing TO appear before the
committee under certain conditions.