Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-12-13
LIFE INSURANCE
INVESTIGATE ON.

New York, Dec. 13,--John X. Gore.
actuay OF the Prudential Insurance
company Of America, was first called
20 the witness stand IN the life insur-
srce Investigation today. Sic submit
ted list Of dlvldel'ds paid on industrial
Insurance business by his company
It showed the payment in 1904 of s93
O00 Of additional benefits" payable I'm
case of death of the insured five years
after the issue OF the policy.
The total Industrial death claims paid
FL 1904 Nere iS,637000 and the cash
dividends credited to policyholdeTs In
the industrial department in 1904
amounted to SJ6l 900.
A statement Mr.. Hughes read showed
that in the last 1--WE years the record Of
the companys industrial department
was:
Received IN premiums sll0,5i9.375;
paid out 10 policyhoders j39,240.94S;
S34, j9S 900 of this was for death claims,
s. 0i5. 1888 I'm cash surrender values, and
s259j,51l In dividends,
or the amount Of cash surrender
values Mr. Gore said 81 800, 900 was In
paid up Insurance.
The amount paid into the Prudential
company IN premiums since It's organ
i2ation. witness said Is about s2S7 000.-
600.
In the same time its earnings apart
from premiums. he said, are $19 800, 900
1t paid 20 pOllcyholders in that time
about ss2O00,0OO and its expenses apart
from the amounts paid 10 poicyhold-
ers have been $4,000. The assets of
the company NJ the end of 1904 were
SSS,jll 1855 aud It's liabilities including
reserve S15lS1, los. OF the present sur
plus of SlS,32i Si7, witness said s.. 000, 900
was capital stock. He held that over
30 per cent OF the remainder IL held to
pay dividends to policyholders.
Mr. Gore said industrial Insurance in
this country Is still in the experiment
stage and the company regarded It
necessary TO hold large funds 10 meet
possible heavy demands.
Nh Peabody Is u lawyer and is the
American representative of william
Waldorf Aston lie is director IN
several banks and other corporations.
among them being the Illinois Central
Railway company,
Mr.. Peabodys salary was fixed az
$4,000 a year. His predecessor, Richard
n. McCurdy received $4,000 a year.
Mr.. Peabody VIII take office on Jan,
well the temporary president
The board Of trustees adopted O reso-
luton Of thanks to Mr.. Cromwell for his
service as temporary president.
Charles A. Peabody was nominated
for trustee TO succeed Justice Rufus w.
Peckham and Emory McClIntock was
nominated TO succeed Ellhu Root ~
trustee. Both of these nominations un-
der the bylaws went over until the
next meeting,
Mr. Gore said that about 81 per cent
OF the Industrial insurance written by
his company In 1904 lapsed in the same
year.
Senator John Il. Dryden, president OF
the Prudential, was recalled. and Mr.
Hughes asked him about the apparent
waste of poicyholders through lapse.
Senator Dryden said that what his
saved by Insurance they
would gave IN no other way. Senator
DRYDEN agreed with Mr., Hughes that
apparently ABOUT two-thirds OF the In
surance gets nothing back and the sem
ator added that this Is regrettable and
unfortunate, but nevertheless, he as
serted that the system Is the greatest
force in the country today.