Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1905-11-18
HECEMAN TESTIFIES'
Metropolitan Life Paid It's
Little Contribution.
WANTED TO DEFEAT FREE SILVER
President Thought Payment OF Coma
pany Funds aabic--Mitncas
said Equitable Was Now Run
by One Man Power

NEW YORK, Nov. 11.--Andy HanlL
ton, who handled the yellow dog
fund of the New York Life, acted also
as Legislative counsel" for the Metro
politan Life.
Between 1892 ana 1904 the Metro
politan Life paid Andy Hamilton $34,-
pos for personal legal services al Al.
bany and in other capitals Out Of this
money he paid assistant counsel"
The Metropolitan Life's record OF
political contributions is unique. Ac.
cording to John n. Hegeman. 1t never
gave but two. These were in 1S96-one
OF $1,000 to the Palmer and Buckncr
people and $500 TO the national Re
publican committee.
All this testimony on the subjects of
the Hamilton payments and the po-
litical contributions came from Presl-
dent Hegeman at the insurance inves-
tigation here.
''Ihe board OF directors" said he,
'felt justified in giving funds toward
the defeat of the id 10 | fallacy. The
Metropolitan II stock company, and
1t was considered that the contribu-
tons should be made in justice to the
stockholders. The difference In the
amounts is explained by our estimate
of the effectiveness of each party as Il
working force what Palmer and Buck
her could do and what the Republican
party could do TO defeat the threaten.
ing issue.
The case of Il man who was insured
In the Metropolitan In 1888 for $3.50
was put up To Mr. Hegcman The in
sured paid SIG premium year until
1889, when the premium WAS lncrcas-
ed 20 $3.50 a year So far S400 has
been paid into the Metropolitan by
this man, who at the best can get only
$3.50. An agent once offered him 500
for the policy.
Hegeman couldn't explain the case
He doubted That the facts as relates
were true.
The Metropolitan Life lent William
A. Reid between May, 1901 aud July,
1904, 100000 aud 100000 The IN
terest rate was never more than per
cent and more often " per cent. The
market call money rate in May, 1901,
ranged from TO 3 per cent and ) 70 9
for banks and trust companies.
How do you explain, Mr.. IIege-
man, your letting William A. Reid
have money below the market ratef"
"All can say is that Mr.. Reid has
always been helpful to the company"
William A. Reid was formerly n
member of yermilye & Co, which until
few months ago was the banker of
the Metropolitan. There came q split
In the firm. and now "William A. Reid
& Co." are the bankers.
Later It was shown that President
Hegeman has had a running personal
account" with yermilye 4 Co. In this
account. Hegcman testified, were funds
OF widows, orphans and people abroad
retired from business"
Members of vermilye & Co. rebated
interest on the account to him In per-
sonal checks. He didn't know why
and had never asked any questions.
For the past twenty years yermilye
4 co. have monopolized the vast finan-
cial operations OF the Metropolitan
Life.
Thomas II. Ryan was assailed from
the witness stand by William Barnes,
ST., father of the Republican leader
Of Albany, who said that the Equitable
Life Assurance society was today
struggling under one man power just
as much as when James Hazen Hyde
mr. his father tuao IL. xaaf,.I