it no longer holds stock securities. In its last report to the Insurance Commissioners there are set forth stock securities of the kind I have described above, to the amount of fifty millions of dollars. I will give one illustration:
"Northern Pacific—Great Northern—C., B. & Q. collateral 4s, book value—11,375,000."—(From the official report to Insurance Commissioners.)
Now, these bonds are nothing more nor less than Chicago, Burlington and Quincy stock of a par value of $100 per share, which shares were purchased by individuals, and had "bonds" issued against them at $200 per share. (Northern Pacific and Great Northern stock in about the same proportion.) In the sense in which the public look upon the old bonds of railroads this "bond" is no more a bond than it is a Government bond. It is nothing more nor less than a stock security, and yet President McCall says in his letter printed above and sent by him to policy-holder DeRan that the New York Life does not and cannot invest its surplus in stock securities.
THE TRUE STORY OF HOW I WAS "BLACK-LISTED"
The publication of President McCall's letter and the charges which accompanied it attracted so much attention that the "Big Three" were flooded with letters from policy-holders demanding information. In the January, 1904, issue of Everybody's Magazine, I continued the controversy. After reviewing the conditions of the previous month's argument, I went on:
In entering upon the exposure of the most powerful body of men in the world, I knew quite well what I was "up against," and deliberately decided that in the conduct of my fight I would use such strategy as I believed