Norwich bulletin., 1910-03-31
New Phass of
 Insurance Probe
ANOTHER EXAMPLE OF coRRUP-
 TON AT ALBANY.
HOW CHARTERS WERE OBTAINED
Members of Senate Given Stock for Securing charter-<iecaII and Buck ley Among Those Who Profited.

New York. March BOA new name was brought into the fire insurance investigation today, and another strik- ing example was given of the speed with which efficiently accelerated leg islation went through the mills at Albany when the wheels were we'll greased.
 Superintendent Hotchkiss gave out tonight the parentage and birth of the American Bond Mortgage Guarantee company, which later became the In ternational Banking & Trust Co.,. on 100 shares of which (par value s15.0o0) tive agent for fire insurance compa- nies at Albany. was able to borrow s1S,000 from the Phenix Insurance company (fre) of Brooklyn.
 The parent company. the American Bond and Mortgage company, was pro- noted by Stewart Browne, a private banker Of New York city, and was incorporated in 1899 by five inconspic- uous persons of whom little is known save that one of them was a clerk in the office of Edward Mccall. brother of the late president of the New York Life Insurance company, and now a justice of the supreme court They were Ensign O. Beale, Daniel E. Lynch, John Farrell, William s. Waddy and Jchn H. McCrahon-
 How Charter Bill Was Introduced.
 The bill of incorporation was intro duced in the legislature by Senator Louis F. Goodell, who represented Or ange county from 1899 to 1906. The books of the company show that Sen ator Goodell received 100 shares from Stewart Browne and they are recorded as paid for in full. Senator Goodell said over the telephone tonight: "Yes, I remember that I had 100 shares. got rid of them damn quick" He said he could not recall why he introduced the bill or remember the charter. '1 suppose" he said. that some of my friends from New York or Port Jer- wis must have asked me to-"
 The Power Conferred. company power to do almost anything from conducting a pawn shop to es- tablishing a storage warehouse.
 This was the bill introduced by Sen- ator Goodel. It went into the com mittee on rules, stayed there one day, was reported favorably and was ad- vanced rapidly from the first and sec ond readings to the third. Tn the mean time its progress in the assembly was equally rapid, noiseless and smooth, and in the closing days of the session it became a law.
 The charter was so valuable that when the company was later reorgan- ized by Browne into the International Banking & Trust Co.,, the powerful North American Trust company aG- quired it and when that In turn was absorbed Ay the present Trust Com pany of America, of which Oakleigh Thorne is now president, it became in turn a prize asset
 T remember the charter well' said Browne tonight over the telephone, fit was a remarkably good charter"
 Buckley and Mccall Profited.
 Senator Goodseil was not the only one who had a chance to profit. Will jam H. Buckley was allotted 100 shares as was Justice Mccall, then a practfcinG lawyer. The coRpany's books also show that on May 15. 1893. Mccall received s2,0o0 and on June 19, 1899. s13.000 for legal fees-making a total of S15.0G0, equal to the par value of his 100 shares, which. accord Ing to records, he paid for. as did also Buckley.
 Elijah R. Kennedy, another of the legislative agents of the insurance men at Albany, who was on the stand at the opening of the investigation. has been called to appear when the inquiry is resumed tomorrow Among others who have been summoned are John B. Lungen, vice president of the Travel CTS Insurance company of Hartford. who is expected to tell something about the four payments aggregating s21. 400 made by his company to Buck lev