The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-03-31
BILLS MADE LAWS
# CASH WAS PAID
New York Legislative Scandal
Growing Into Immense
Proportions.
NEW NAME is INTRODUCED
HOW FORMER STATE SENATOR
CUT IN FOR $4,000.
NEW NAME is INTRODUCED

New York. March 50.-A new name came
INTO the fire insurance investiga ton to-
day, and another striking example was
developed of the speed with which lesis-
latIon went through the mills at Albany,
when the wheels were well creased.
Superintendent HOtchkiss gave out to-
night the parentage and birth of the
American Bond & Mortgage Guarantee
company, which later became the lnterna-
tional Banking & Trust company. on 100
shares of which (par value $4,000, Viii
liam II. Buckley, formerly legislative
agent for fire insurance companies at Al
bany, was able to borrow $4,000 from the
Phenix Insurance company fire Of
Brooklyn
The parent company, the American
Bond Mortgage company, was pro-
NOTED by Stewart Browne, private
banker of New York City. and was in
corpOrated in 1899 by five incOnspicuous
persons Of whom little is known save that
one Of them was clerk In the office OF
Edward Mccall. brother of the late presi-
dent of the New York Life insurance
company, and now a justice OF the SUI
preme court. The five incOrpOrators We're
Ensign o Beal, Daniel e Lynch, John
Farrell, William S. Waddy and John ii.
McCrahOn.
Senator Given 100 Shares.
The bill of Incorporation was intro
duced inro the legislature by Senator
Louis F. GOodell. who represented Orange
company show Senator GOOdell received
100 shares from Stewart Browne, and they
are recorded paid for in full.
Il remember / had one hundred shares.
] got rio of them damned quick.
He said he could not recall why he in
troduced the bill, nor did he remember
the charter.
Il suppose he said. that some of my
friends from New York or Port Jarvis
must have asked me TO-.
The charter was an extraordinary doc
ument 1t conferred on the company
power TO do almost anything from con-
Quoting a pawnshop to establishing a
storage warehouse.
Sill Quickly Passed.
The bill was introduced by Senator
GoOden and it went into the committee
on rules STAYED there one day was re-
ported out fevorably and had advanced
at dizzy pace. Its progress in the as
sembly was equally rapid and smooth. and
in the closing days of the session the Dill
became a law.
Senator Gocden was not the only one
TO whom shares were given. " llliam IL
Buckley was allotted 100 shares, as was
Justice Mccall. then a practicing LAWYER
The cOmpany's books also show on Man
IS 1893 Mccall received S2,O00. anu -
June 10 $4,000 ~ legal Fascinating a
total OF Si5.OO0 equal TO the par value OF
his 100 shares, which, according 10 the
records, he paid for. did Buckley
Browne was positive tonight these sums
had not been paid Justice Mccall after
the company was Incorporated for lega
services.
ANY thought that the further course OF
the investigation is To be merely tn.
threshing out of old straw was dispelieo
by the announcement from the office OF
Superintendent HOtchkiss tonight mat nc
has sent out a request to the presidents
of fortv-Gdd American fire insurance com
panies and to the American managers OF
foreign companies to produce records thai
show in any way what sums they have
Maid to legislative agents and to what
agents these sums went.