Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-11-29
Equitable Buys Stock and
Rese||s at Purchase Price
II lis Officers is Later Re-
bought at Nearly Double Price.
Treasurer will Give Insurance Committee
Names Of Officers in Deal.

Nev York, Nov 2S.-Just before the
,.aisr,tiye insurance investigating
oorn,i,tec adjourned, today, Charles
r hughes counsel for the committee,
,,roIuced a policy written by the Nut
ri Reserve Life Insurance Co. upon
,bo life of an unnamed man which
roIicv stipulated upon the first page
,b,t the insured should pay fixed and
s.a,cd premiums subject to other
harafits and requirements elsewhere
stated
nu mage two of the policy he read
clause that the executive commit
toe of the company could require the
holder OF the policy to pay any null
t;pIe of the amount of the premium
stated on the first page which the
committee saw mt
George ID. ElGridge vice president
and ac;uary Of the company to whom
Mr. Hughes read the policy said that
,bn number Of such policies issued was
small
Previously Edmund r. Randolph,
treasurer Of the New York Life lnsur-
ance Co.. had said that it was true
il3t he removed 100000 worth of New
York City stock from the vaults of
the company and put d check of the
Central National Bank for that amount
in tie place OF it on Jan. >, 1901. Mr..
Randolph understood that the bank
wanted tie stock for clients, one of
which was the Merchants Trust Co.
He promised to give the committed
later the names of any officers of the
New York Life Insurance co. then in
the Merchants Trust Go.
The deposition of George Fl. Squire,
formerly financial manager of the
Equitable Life Assurance Society, in
which he described some of the oper-
atoms of the Syndicates which includ-
ed officers of that society, was read to
the committee. Mr.. Squire said in it
that in 1901 the Equitable Society
bought 1000 shares of the stock of the
lawyers Title Insurance Co, and re-
sold 100 shares to several of its Of
iic"rS and directors at the purchase
price, STA. Some of the Equitable
men sold their stock later. said Mr..
Squire and subsequently large blocks
nf the stock were sold to the Equitable
Society at 1910 to $3.50 by the firm
Of Williamson & Squire. That firm
might have bought it from the officers
Of the Equitable Society, Mr.. Squire
said hut H. did not know.
Mr. Hughes als9,. brought, put that
a ploii, Of SO 600 had been paid to Mr.
Squire from the sales of stock of the
Lawyers Mortgage Co. to the Equitable
Society ana that Mr.. Squire had divid-
ed profits from an unknown operation.
acgrcgating $lS.9G0. among four Off
GERS Of the Equitable Society-James
W. Ai"xandrr. james II. Hyde, Thomas
u. Jordan ana w. II. Mcintyre.
The fact that the New York Securi-
" & Trust 60. paid $4,000 to Andrew
Hamilton. the legislative agent. out of
N" moneys belonging to the New York
Life Insurance Co. was also brought
OUT. today. by Mr.. Hughes.
W. :. FaushaWc. a dealer in invest
ment securities. told the committee
that in 1904 he bought New Orleans
TIacti'u bonds "f 4 face value of
Sl.23o.ono fl" mthe New York Life In
SuranCr 60. ana George W. Perkins.
trustee Of The "Nyic" fund. giving
them his checks amounting to S937.-
sou in payment. and then borrowed
ia" $?31.5o from the New York Life
Insurance. Co. using the bonds as col
lateral. He then sold the bonds, Civ
ing the New York Life Insurance Co.
- l'r r"It. of the profits and keeping
y l,