The Minneapolis journal., 1905-11-20
ROOSEVELT WILL
HELP SOLVE IT.
Continued from First Page.

H. Continued from First Page.
"What about the proxies. that are
being sent yOu?'' "
"Well, I am not soliciting any prox-
les, but those that are sent me will be
taken care of until the time comes for
action, which will not be very soon.
They will be returned or cancelled at
any time the senders desire.''
Mr.. O'Brien attended some sessions
of the legislative committee when in
New York He made the following
statement today about his trip and the
progress of the work:
Work Being Done in New York.
I had a very interesting and think
useful visit to New York. I spent con-
siderable time with the legislative in
vestigating committee, and in company
with Mr.. Prewitt, the Insurance commits
sioner of Kentucky, had a very interest
ing interview with Mr.. Hughes, the at
torney who is conducting that eXamina-
ton. I am thoroly impressed, not only
with Mr.. Hughes ability but with his
absolute sincerity. The chairman of the
committee, Senator Armstrong, and Mr..
Hughes, and in fact al 1.-The members Of
the committee whom we met, expressed
the desire that the commissioners who
were examining the New York Life
should cooperate with the committee in
every way possible There is consider
able distinction in the scope of the work
being done by the legisla tive committee
and that being done by the insurance
commissioners, who are making the joint
examination Of the New York Life. OF
necessity the legislative committee re-
ceives a mass Of testimony which has
little or no bearing upon the question Of
insurance. The commissioners. haw-
ever, are making the regular department
examination. We have now twenty men
at work upon the books of the company,
and it can easily be seen that the work
of examining company the size of the
New York Life, with assets pretty much
al lover the world, must be very great.
For instance, the company has In Its
vaults bonds Of the par value Of 0,O00,>
900. The work of counting these bonds
alone Is a tedious task. Its income for
some time past has exceeded $4,000, 00C
per annum, and its disbursements in the
neighbOrhOOd Of $50. 100000.
While I was in New York Mr.. Prewitt
and myself took up the question Of hay
ing the New York real estate appraised
Appraisals of property in the other states
are nearly completed. Arrangements
have been made to have the European
property appraised thru the state de-
partment at Washington. In addition tc
this most of the European business is
transacted from the Paris office. and the
original records Of such transactions are
in Paris. 1t will probably be necessary
to make a selection of some person there
to check up these records.
Again, the Chicago office is what is
known as an office of issue; that is,
s@s>
office and the original records are kept
there and not in New York. so that it
will be necessary to shift some of the
force in the neat future to Chicago to
check up that office.
Will Cover Everything.
From what have said it will be seen
that every question connected with these
large insurance companies is going to be
examined and analyzed. I doubt If ever
before such widespread interest was tax
Ell in questions Of this sort, and I be-
lieve that everybody realizes that it Is
necessary that a: thoro. examination be
made and that full and complete infor-
nation be given to the public.
Interview with Roosevelt.
In accordance with Governor Johnson's
instructions, I went to Washington last
Roosevelt. I was most cordially received
by him, and while the interview was
necessarily a short one. I explained my
Views as to the situation and Informed
him of the investigation being made by
the insurance departments of the sew.
eral states, and suggested to him the
possible necessity Of his cooperation ir
the final adjustment OF the matter. The
president, after brief discussion, as
sured me of his willingness and desire tt
cooperate fully with the insurance com
1nissioners in putting matters in proper
condition, so that my conclusion is tina
those who are charged, even remotely
with duties in connection with the life
insurance questions which are occupying
the peoples minds today are prepared
and determined to use their honest eff
forts to bring order out OF what Is GER
tainly at present a rather chaotic cOndi
! ton.
| At the same time. it must not be for
gotten that vast amount of the wealth
of this country is held by the life insur
ance companies, in reality as trustees
for the policyholders. and it must not b.
forgotten either that an ill advised at
tack upon those companies, and the Sc
curities held by them. might produce
serious financial trouble in the United
States. The time has come to remed.
the evils which have grown into the lif
insurance business, but the way to do s.
is to first secure full and complete infor
nation as to every detail OF the sub
ject and then to apply the remedy fear
lessly but judciOusly. For myself, can
not see at this time that anything NOR
could be done than is being done. hop
that when these examinations are com
pleted (and I feel that they are bein
pushed to completion with the creates
lrapidity possible) it will be practfcabl
and possible to secure co4operative &C
ton by all Of the states. I would lik
to see President Roosevelt head such
movement as this, as 1t seems to m
that if each commissioner, or each grou
of policyholders, acts independently, tha
the condition will become more chaoti
than it is at present If, however, whe
the time has come to act such unity {
action cannot be secured. the officials c
each state will then be compelled to &C
as seems to them best.
The commissioners with whom am as
} ISOLATED in making this examination wi
meet again in New York about Dec.
and at that time I shall advocate pre-
ceeding along the lines here indicated
Many Of those gentlemen have had NOR
experience in these matters than have
and I have the utmost confidence /
their judgment, but I shall certainly pre-
sent to them, for their consideration, tn
views above suggested.