The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-03-08
MEN DEMUR
Bill to Prevent Forfeiture of
Policies Bitterly At
tackled.
Special to ths Jerscu CITY Ysscc.

TRENTON March s, 1S95.-The indus
/ trial insurance magnates made a concert
ed assault upon Mr.. Eisele's bill which
compels the companies to issue a paid
up policy after three years premiums
have been paid, before the Senate Com
mittee on Banks and Insurance last
evening. For over three hours they and
R.. W. Lindabury, the up-to-date Eliza-
beth lawyer, made specious pleas for
the death of the measure.
AT the opening of the hearing Mr..
Eisele, who introduced the bill in the
House. explained it. He also told of the
bitter fights he had had with the big
corporations for his bill, and sarcasti-
carly remarked that he was sorry to be
the cause of bringing so many eminentIy
illustrious men to Trenton, accompany
ing his words with a sweep of his arm
around the chamber, taking in the in
surance men and their counsel.
He was followed by John r. Dryden.
who draws a salary of $50. 600 a year as
President of the Prudential Insurance
Company of Newark. Mr.. Dryden, with
the predatory remark hat it was not
right to put his company on the same
line with other companies, went into a
long explanation of the bill from his
standpoint, and declared that the State
had no right to interfere with the COM
pany's business in that manner.
Mr.. Daily asked If an agent failed to
collect payments, did they lapse?
Mr.. Dryden replied that 1t did; but it
could be revived again any time within
thirteen weeks by paying the back prem
iums.
HAD APPEALED TO THE COURTS.
n Mr. Do11x rop,a lra "A Irxy1vr <hoH he l-no1y
of cases where peoples policies had
fapsed and they could not get them back,
and he had to take the matter to the
courts.
Mr.. Dryden made no reply to this, but
said that there were some, States where
attempted, and the companies were lib
eral, which showed that industrial com
panies could be liberal without any such
Mr.. Eisele asked where a large per
cent of the money received by the com
p Eo Eec went, tb and co MI, Dryden said IT went
poIicy.ho 5de said sMr. EI hsieup This his
s4 Senator mp p Ross a ekeseo who VI siis was bene-
flied by the lapses, and Mr.. Dryden said
that the company lost more through
la2ses thai it gained; # the lapse oc-
To PROTECT PoLIcY-HoLDERs.,
That's just what my bill provides for"
exclaimed Mr.. Eisele.
But you cant rob n man to make
another rich?' retorted Mr.. Dryden.
which my bill is drawn. replied Mr..
Eisele. You ant get rich at the ex-
pense of your poor po~licy-holders;"
Vaudeville. President of the United
States Industrial Company Of Newark,
was in the interests of foreign corpora
sions, He was fellowed BY waiter
Company, who 1nloaded upon the COM
mittee a mass of statistics affecting the
internal affairs of his company.
to ask if six years ago, when. his com
pam started. the Prudential did not try
to get its p~oiiey-holders away from it.
He and Mr.. Eisele got into another
! spat a little later. when Mr.. Nichols said
he was not surprised to see none of the
present. He wou1d a been amazed
to have seen them:
Mr.. Eisele told him he ought to be
ashamed of himself to mako such a state
ment, and Nichols holly reNrted that ne
BRANDED AS A LIE.
Mr.. Lindabury made a good lawyers
argument against the bill, and then Mr..
Eisele sailed in. He is State agent for
and said he Wished to brand as a lie the
statement that the bill was in the in
terest of his company or himself.
Mr.. Ketcham remarked that Mr.. Linda
bury said he did not make such a state
ment.
Il know you didn't" said Mr.. Eisele.
"but Mr.. Nichols did"
Mr.. Nichols sprang to his feet and
| denied that he said any such thing.
well, I guess I understand English,
and I refer you to the sten~ographer's re-
| ports" was Mr.. Eisele's curt reply.
Mr.. Dryden asked Mr.. Eisele how. his
compan stood on the measure, and he
replied that the Equitable was opposed to
! bill, he said. his p wanted to
take his head off, and if he had not been
now be Soliciting for another company.
st am tired of these chestnuts, and 1
am man enough to do my duty here
arguments he has so often made for the