The daily morning journal and courier., 1905-11-29
POLICY WRITTEN OE
 LIFE 0F UNKNOWN MAN
HUGHES SPRINGS ANOTHER SUB PRISE AT INSURANCE IN-
 VESTIGATIoM

Revelation Regarding Methods of the
 Mutual Reserve Life Insurance Com
 pany-DepOsition of George H. Squire,
 Formerly Financial Agent Of Eauit-
 able Assurance Society, Read--TeIIa
 of a Number of Seemingly Queer
 Transactions.
 New York, Nov. 2S-Just before the legislative insurance Investigating committee adjourned to-day, Charles F. Hughes. counsel for the committee, produced policy written by the Mu- tual reserve life insurance company upon the life of an unnamed man, which policy stipulated upon the first page that the insured should pay fixed and stated premiums subject to other benefits and requirements elsewhere stated. On page two of the policy he read a clause that the executive com- mittee of the company could require the holder of the policy to pay any multiple of the amount of the premium stated on the first page which the com mittee saw fit. George D. Eldridge president and actuary Of the com pany, to whom MT. Hughes read the policy, said that the number of such policies issued was small
 Previously Edmund D. Randolph, treasurer of the New York Life Insur- ance Co. had said that 1t was true +I1o+ ,. ,.a,,o1y.5 STnn on ,,,,s.,+l- ..a Q 1Y.s. York City stock from the vaults of the company and put a check of the Gen. tral National bank for that amount in the place of it on January 5th., l901 MT. Randolph understood that the bank wanted the stock for clients, one of which was the Merchants Trust Go. He promised to give the committee later the names of any officers of the New York Life Insurance, Co. then in the Merchants Trust co.
 The deposition of George H, Squire, formerly financial agent of the EQui- table Assurance, society, in which he described some of the operations of the syndicates which included officers of that society, was read to the committee MT. Squire said in it that in 1901 that the Equitable Society bought 20Ov shares of the stock of the lawyers Title Insurance Go. and resold 1,50O shares to several of its officers and directors at the purchase price, $I74. Some of the Equitable men sold their stock later, said MT. Squire, and sub- sequently large blocks of the stock were sold to the Equitable Society at $S1O. to sS50. by the firm of Williamson 6 Squire. That firm might have bought it from the officers of the Equitable Society, MT. Squire said, but he did not know.
 MT. Hughes also brought out that Q profit of $22,000 had been paid to Mr. Squire from the sales of stock of the lawyers mortgage company to the Equitable Society and that Mr. Squire had divided profits from an unknown operation, aggregating $1s960, aInong four officers of the Equitable Society. James w. Alexander, James H. Hyde, Thomas D. Jordan and W. H. McIn- tyre.
 The fact that the New York securl- ty and Trust Co. paid $18,000 to Am drew Hamilton. the legislative agent, out of moneys belonging to the New York Life Insurance Go. was also brought out to-day by MT. Haghes
 W. H. FanshaW, dealer in invest ment securities told the committee that in 1904 he bought New Orleans trac- ton bonds of a, face value of s1 .25O,oOO from the New York Life Insurance co. and George W. Perkins, trustee of the "Nylic''fund, giving them his checks amounting to $9,875O0O in payment. and then borrowed the $937,5OO from the New York Life Insurance Go. using the bonds as collateral.
 He then sold the sold the bonds, gfv- ing the New York Life Insurance Go, 95 per cent of the profits and keeping five per cent,