The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1905-11-29
SOME FACTS IN THE ..... ...'
INSURANCE INVESTIGATION

Insurance investigating committee adj
journed yesterday Charles E. Hughes,
counsel ior the committee. produced
policy written by the Mutual Reserve
Life Insurance Co. upon the life of an
unknown man. which policy stipulated
upon the first page that the insured
should pay fixed and stated premium
|"Subject to other benefits and require
nIents elsewhere stated" On, page two
of the policy Mr. Hughes read a
clause that the executive committee
4 OF the company should require the
holder OF the policy to pay any multi,
pie OF the amount OF the premium
stated on the first page which the COM
nlittee saw fit. George d. Eldredge,
!yice president and actuary of the COM
pany, to whom Mr.. 4 Hughes read the.
policy, said that the number of such
policies issued was small. .s..< it..
Previously Edward D. Randolph,
treasurer of the New York Life. In
surance. Co., had said that it was true
that he had removed $780, 1000 worth
|of New York City stock from the
vaults of the company and put a check
of the Central National bank for that
amount in the place OF it JAM. S, 1901.
Mr.. Randolph understood that the
bank wanted the stock Tor clients, one
| Of which was the Merchants Frust
He promised TO give the commit
Etee later the names of any officers OF
1.-The New York Life Insurance Co. then
| in the Merchants Trust Co. in s,11.
| The deposition of George H. Squire,
financial manager of the Equ-
litabls Life Assurance society in which
| he described some of the operations
lof the syndicates which included Of
heers Of that society, was read TO the
liooinnittee. Mr. Squires said in it.that
| iii 1907 the Equitable society bought
1000 shares Of the stock of the Laws
yers' Title Insurance Co. and resold
1900 shares to several of its officers
at the purchase price Of $I74. S .Ss 81
their stock later, said Mr.. Squire, and
subsequently large blocks OF the stock
lwere sold back to the Equitable So
ciety at $3Io 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, but
fte did not know. Mr. Hughes also
drought out that a profit Of $22 900 had
ibeerl paid to Mr.. Squire from the sales
Of stock OF the Lawyers Mortgage
Co. to the Equitable society and that
Mr. Squire had divided profits from
Ian unknown operation, aggregatiiig
| ISI8.o6o, among four officers Of the
| Equitable society James w Alexan-
der, James III. j. Hyde. Thomas d. Jor-
dam and Nv. III. Mcintyre. s. q.
The fact that the New York Security
and Trust ca. paid $4,000 10 Andrew
Hamilton Legislative agent. out Of
moneys belonging I'D the New York
Life Insurance Co, was also brought
out yesterday BY Mr.. Hughes
M S. Faushawe, dealer in invest
4 nleiIt securities, told the committee that
j i'll 1904 he bought New Orleans Trac-
i ltion bolds$of a face value Of $I.25o,-
LOCO from the New York Life Insurance
/ Co, and George W. Perkins. trustee
Iof tile Nylic'' fund, giving them his
check amounting to $o37,5oo in pay-
Irneilt and then borrowed the $o37,5 500
Ifrom the New York Life Insurance
l 1 Co, using the bonds as collateral. He
ltlieil sold the bonds, giving The New
/ York Lie Insurance co. o5 per cent
of the profits and keeping S per cent.