Truth. [volume] (Salt Lake City, Utah) 1901-1908, 1905-11-04
POLICY-HOLDERS
NEED NOT FEAR.
Insurance Companies SoIvent-Based
Newspapers Try to Suppress Fact.

the press treats the companies and
the public in the insurance investiga-
tons in this city New York; may be
gathered from the fact that when Mr..
Armstrong, the chairman of the COM
rlittee, issued a statement to the eff
feet that there was no cause for pol
/ ;y-holders of the companies becoming
alarmed over the situation, but one
paper in the city would print it, and
that was the New York Times. Mr..
Armstrong said:
"These insurance companies are
erfectly solvent and are able to carry
cut every contract they have made or
may make. There Is no reason for
refusing to permit them to do bust
ness. If Nevada proposes to do one
thing, Missouri another thing, and
)me other State still another thing,
there will be a chaotic state of affairs.
| believe that is due at least the cour-
tesy to New York State to wait I'M
I'll the investigation is completed and
our remedial legislation is applied.
"Our committee will make the most
thorough investigation possible, and
when we are through we shall make
it our business to adopt such legisla-
zion as will safeguard the policy-hold-
ers and make the insurance business
fer and sounder and more attractive
than 1t has ever been before If other
States jump in before we can COM
piete our work or can adopt any legis-
| ton, everything will be confusion in
the insurance business of the coun-
try"
Since last February there has been
an outrageous attack on life insur-
ance, which originated in the misman-
agement, stupidity and dishonesty in
the Equitable Life, and this attack,
which seems to have been taken up by
large number of the respectable
papers all over the country, is doing
vast amount of needless harm to the
eight or nine millions of men and
women who are policy-holders, and to
the millions of people who are de-
pendent upon them and-more than
that-to the millions of potential pol
icy-holders and their dependents.
Many of the former class are being
senselessly frightened into discontinue
ing their insurance, and many of the
litter, to whom life insurance pre-
sents the only way to establish an es-
. tlte adequate for the support of those
they leave behind, are refusing to in
vest their savings.
OF course, the investigation by the
rIew York Legislature is the basis on
which the attacks are built. Absolute
ly nothing has been developed by the
testimony which shows that claims
are not being paid promptly and in
full that the investments of the peo-
pie in life insurance are not producing
liberal returns in interest and divi
dends, and, in the case of two of the
three companies whose affairs have
so far been reviewed, that the funds
have not been administered with in
tegrity and brilliant ability.
A little unprejudiced review of the
subject will satisfy any broad-mindec
sane man of the utter farcical slob
Eering folly of the attacks on the New
York Life and the Mutual Life which
have followed the testimony in this
investigation.
The New York Life and the Mutua
combined have over $S00,000,000 be
longing to at least 100000 people
and representing insurance for ovel
S3,000,000,000. For this insurance the
two companies are receiving an an
nual premium income of about $3.50,
100000, and their combined invest
ments are earning nearly 100000
By law it is provided that the people
who compose the companies shall re