Daily press. [volume] (Newport News, Va.) 1896-current, 1905-11-29
insurance Company Sold Bonds
for Sl7i and Buys Them
Back at $3.50.
SYNDICATE DEALS LUCRATIVE
Hyde. Alexander and Few Others
Mixed Up in Another Transaction
That Melted Handsome Profit
Philadelphia Arrests an AGENT tor
Violating the State Law.
Cry Associated pres,.1

(By Associated Press.1
NEW YORK, Nov. 2S.-Just before
the insurance investigating commit
zee adjourned today. Charles t..
hughes. counsel for the committee.
produced policy written by tho
Mutual Reserve Life Insurance Com.
pany. upon the life of an unknown
man, which l>olicy stipulated upon the
first page that the insured should
pay II fixed and stated premium Sub
Ject to other benefits and require
mcnts elsewhere stated
On page two, of the policy. NJ.
hughes read clause that the OK
c"''Ve committee Of the company
could require the holder of the policy
10 pay any multiple OF the immediate
premium stated on the first page.
which the committee saw fit. GeorgA
ID. Eldridgc, vice-prcsident and nctu-
AIRY OF the company, 10 whom Mr.
Hughes read the policy, said that the
number Of such policies issued was
small.
Admits Taking 100000.
Previously Edmund D. Randolph.
treasurer of tho New York Life In.
snrance Company had said that 1t
wsa-s trna 4stlsati- he aSpemoyedt .S70oiGbl Z
worth OF New York city stock from
the vaults of the company and pur
check OF the Central National bank
Tor the amount in the place of it on
January .. 1901. Mr.. Randolph under.
stood that the bank wanted tho stocl,
Tor clients. one OF which was the
Merchants Trust Company.
Uncle Sam is Particular.
Mr.. Randolph testified also that
during period of financial stress
Massachusetts bonds and New Yor,
city bonds belonging to the New Yor,,
Life Insurance Company were de-
posted with the United States go,.
ernment for the First National Bank
oil this city. This was done because
the secretary OF the treasury was de-
handing high class securities against
government deposits. Tho New Yorl,
Life received for the transaction SEQ.
o0O besides interest, said the wit.
ness.
Syndicates Work the COMPANIES.
The deposition OF George II. Sonirc
formerly financial manager OF the
Equitable Life Assurance Society. IN
which lie described The operations
OF the syndicates which incmdcd Of
iicers of the society, WIS read to the
committee. Mr.. Squire said in Il,
that in 1901 the Equitable society
bought 1000 shares OF the stock of
the Lawyers Title Insurance Com
pany, and rcsold 800 shares to soy.
eral OF its officers and directors at
the purchase price. Sl74. Some OF
the Equitable men sold their stock
later. said MIR Squire and subsa
ducnlly large blocks of the stock
were sold back to the Equitable So.
ciety AT $40 to $3.50 by the firm of
Williamson and Squire.
Hyde Got His Share.
Mr. Hughes also brought out that
"a profit of $4,000 had been pail
w .Ni' sou IRE from the sales of
stock from the Lawyers Mortgage
Company to the Equitable society
and that Mr.. Squire had divided pro.
hts from an unknown operation. az
gresating $lS,96o, among four officers
Of the Equitable society-James w
Alexander, James II. Hyde. Thomas
ID. Jordan and w. II. Mcintyre.
The fact that the New York Sccuri
ty and Trust Company paid $4,000
10 Andrew Hamilton, the legislative
agent, ont of moneys belonging tn
the New York Life Insurance Com
pany was also brought out today by
Mr.. Hughes
Here's New Financial Scheme.
w. S. Fanshaw. dealer in invest
ment securities told the committee
mat III 1904, he bought New Orleans
Traction bonds OF face value of
Sl,25o.OO0 from the New York Life
Insurance Company and George W.