The Abilene Reporter-News (Abilene, Tex.), Vol. 77, No. 99, Ed. 1 Tuesday, September 24, 1957 Page: 2 of 28
This newspaper is part of the collection entitled: The Abilene Reporter and was provided to The Portal to Texas History by the Abilene Public Library.
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At ICT Hearing, Stock Sales Outlined-*
: 7 ,- "lehoma district Yangtze. 3.100 miles.
By GARTH JONES chairman, told committee mem associated with Brooks in the real After a brier organization meet-Life Insurance Co. .were out of grounds that it might incriminate Kiwanians from all other clubs
AUSTIN, Sept 23 (—Two for- bers that an unidentified out-of- estate and insurance busmess mg this morning the five-man reach of subpoenas Previous pub hint incriminate in Division 12 will join in one
mer officers of the National Bank- state witness would have new and since 1930 She said she did not probe, which took up the investi- . 1
ers Life Insurance Co. testified to- "rather revealing testimony," question Brooks’ selling the stock gation started during the 55thwould
day that they had a part in sell- probably next week at ten times the price he paid Legislature, called its first wit stockholders lost up to two million Frank
ing stock to the now defunct ICT Miss Gregory and Graves were her. • nesses. dollars on an imp rudent invest- attorney whose name has ap-
Insurance Co. at highly inflated questioned closely about National The -committee has been un By unanimous agreement the st . “ * 00nal Bankers Lite peared in ICT affairs for four or
prices Bankers Life stock that they once able to serve a subpoena on committee decided that all wit- s 01 five years."
The testimony came after the owned and was later purchased by Brooks. He is reported on a three- nesses would be subpoenaed and Process servers have not been Herring said the unidartia
new Senate Investigation Commit- BenJack Cage, ICT promoter, week trip to Jamaica put under oath before testifying able to locate Lester F Hall, out-of-state witness had
tee organized to continue an in- when ICT gained control of Na- Graves said he sold 70 shares They also agreed to hold open president of National Bankers scheduled to testify- A rush
vestigation into the collapse of the tional Bankers Life in 1955. ICT of National Bankers Life which sessions, with the provision that Life, Herring said. Dwight Hill, but had sent word that he cooun
labor-backed insurance firm, defaulted on the purchase and the he valued at $200 to $300 a share a witness could be heard in execu- described as an employe of Na-not appear before a week e
A similar House investigation is stock reverted to Pierce P Brooks He said Atlas Insurance Co. of tive session if it appeared the tional Bankers Life, will be Friday
in recess, of Dallas who formerly was and Alabama, a BenJack Cage affi testimony might hamper pending questioned tomorrow. Gene Fondren Taylor attorney
The Senate group recessed until still is majority stockholder of liate. agreed to pay him $600 per prosecution. On Wednesday the committee retained as counsel for the 03
9 a.m tomorrow after hearing National Bankers Life share for the stock, but defaulted "------:----------------" - ‘-----"-J - ■ ■ ■ 1 0m
. ... .of two meetings to honor the
hearings have heard that ICT Herring said the committee governor.
_________________4 „_________. would hear on Thursday from He is to speak at the Abilene
dollars on an "imprudent invest- rank G' Newman, "a Dallas Kiwanis Club luncheon Wednesday
ment” in National Bankers Life attorney whose name has ap‘ noon in Hotel Wooten. Members
stock. Reared in 1* T affairs for four or of the Sweetwater. West Abilene
and Key City clubs will attend.
Herring said the unidentified---------------------
which sessions, with the provision That Life, Herring said. Dwight Hill, boheduled to testify this
share a witness could be heard in execu- described as an employe of Na
* * -tionel Derl-re Tin will —-
Friday Orange Man
Last 20 Pounds
With Barcentrate
The surprise announcement that has called BenJack Cage, promot-mittee "suspected the CUE J. W. Taylor, 1409 Second St.,
from Miss Mildred E Gregory ICT stockholders reportedly lost on more than $10,000. He said he an out-of-state witness would offer er of the ICT Insurance Co who mittee hear the withes com Orange, Texas, wrote us that he
former secretary - treasurer who up to two million dollars on Cage's had made no legal attempt to some "rather revealing testi- is under indictment in Dallas on : • possible. witness as soon ost. 20 poundsitaking Barcentrate
left the firm and ret turned as deal w i th Brooks , collect the money due him under mony" came as Herring listed charges of embezzling $600,000 -----grapefruit i uice recipe for taking
treasurer, and LH Graves, for- Miss Gregory said she sold 600 the purchase witnesses called before the group from the firm. Cage appeared Kiwamie G off ugly fat.
mer National Bankers Life presi- shares of preferred stock to Graves said that while he was this week He said the mystery before the Dallas County grand 2 erernor Get Barcentrate from any Texas
dent Graves now is with the Brooks for par value of $100 each president of National Bankers Life man could not be subpoenaed but jury today for the second time To Visit Abilene druggist. If the very first bottle
Nebraska National Life Insurance and Brooks later sold the stock to he was merely a "shop foreman" had agreed to appear voluntarily Last week he appeared before a Abilene and Sam An i k" loesn’t show you the way to take
Co. of Lincoln. Neb ICT for about $1,000 a share while Brooks, as board chairman The chairman also said that two House ICT investigating commit. wanis clubs w ill Raxdnston off ugly fat, without calorie count-
Earlier, Sen Charles Herring, Miss Gregory said she had been made the important decisions, top officials of National Bankers tee but refused to testify on the this week Paul I have as guesting or starvation diet, return the
—__________________________0. uu "CK t aul J. Files of Paris, empty bottle for your money back.
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The Abilene Reporter-News (Abilene, Tex.), Vol. 77, No. 99, Ed. 1 Tuesday, September 24, 1957, newspaper, September 24, 1957; Abilene, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1654594/m1/2/?q=1966+yearbook+north+texas+state+university: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Abilene Public Library.