Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-10-26
Mr.. HoLLlNGSWoRTH'S OPINION
The Texas Insurance Commissioner on the
New YORK Life.
To the Editor OF the New York Times.

New fOrR Lie.
To the Editor OF the New York Times.
Referring to your kind mention OF my
presence IN this city in your issue of the
10th instant, permit me TO say, While 1t Is
true am here as the official representative
of the insurance department in the interest
OF policy holders of my state, and while
am investigating, yet am not making that
detailed examination such as is now being
conducted by this state, and shall not, IN
less there seems to be a necessity for it,
which necessity, in the light of the present,
| do not anticipate
The superintendent of the insurance de-
partment of the state of New York, at the
request of the management of the New
York life insurance company, commenced
an examination of the company in June
last. He detailed his deputy, the Hon.
Michael Shannon, to take charge of and SUI
perviSe the work, and with experienced and
well-trained actuaries and the best of cleri-
cal help he has prosecuted the work, and
from his ability rs an accountant which is
probably second to none in his line, we have
reasons to conclude the examination will be
fair, thorough and honest, and the results
will be based upon reliable data. 1t re-
quires more time to make a complete and
satisfactory examination than anyone I'M
acquainted with the facts and circun-
stances would imagine, or that the average
policy-holder is prepared to appreciate, and
| am not surprised at the rcStleSSneSS mani
tested by the policy-holders now taking
shape in calls for public meetings for
mutual protection, for instance, the call at
Philadelphia, in which prominent AMI in
fiuential men are participating.
1t requires from five to six months to
make an examination ordinarily; in this
case it would seem more time was needed
on account of the additional work of inves-
tigating the charges. Mr.. Shannon com
menced Off mistake mott the 22d of June,
and | think | am warranted in saying he
will conclude before the I'D of November
within five months. | feel that l am able,
through the courtesy Of Mr.. Shannon, and
free to state. that enough has been aScer-
tanned to show that the company is solvent.
/ wish to say to the policy holders
through your valuable journal that the state
of New York stands first in the business of
the New York life among the states north,
and you have in my opinion an able rep
resentative in the person of Deputy Shan
non. Texas stands at the head of the list
among the states south, and while | rep
resent and propose to protect her interests,
all interests are identical and all will be
equally protected. You want to avoid the
expense of second examination, as the
expense falls upon you, yet do not wish to
be understood as diScouraging concert of
action on the part of policy holders, for it
NAY NC wei W NC piOptllS0 lOi any
emergency. While it is true you own the
New York life insurance company and
should control ii, while you have furnished
the money to create the immense reserve of
500, 600 coo, and are entitled to know the
particulars as to the financial condition of
the company and the facts as to the charges
against the management, and while your
keen anxiety, restlessness and solicitude are
fully understood and appreciated, yet 1t
would appear that your interests would be
best subserved by the exercise of a little
more patience. Your interest are being
well guarded by the insurance COM
missioners, and / belleveDit is the
intention of those TO whom you
have intrusted your interests to see that
justice is done to the policy-holders and to
the management as well. Therefore, allow
me to respectfully suggest that, in view of
the great and sacred interests involved, 10
suspend judgment as to the management
and condition of the company and await the
report of the superintendent and then, with
all the facts before you, you can act advis
eddy. JOHN q. HoLLINGswoRTH,
Insurance Commissioner, State Of Texas.
IMPERIAL HOTEL, New York, Oct. 81, 1891.