The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-13

New York.. Dec. 18.-Lawyers who
heard the testimony of Thomas +. Ryan
before the life insurance investigators
declare that if what Mr.. Ryan said on
the stand was the truth, E. H. Harri-
man was morally guilty of attempted
baaa in Of th h Ryan with
unless Ryan let him in on the Equitable
Life deal.
Mr.. Hartman 3 political power In
this state is exerted thru Benjamin b.
Odell. The name of the ex-governor
was not mentioned by either Mr.. Ryan
member of the legislative committee
during the examination.
Mr.. Hartman is expected to request
the Armstrong committee to recall him
to the witness stand and give him an
opportunity to explain the serious
charges made against him by Mr..
Ryan.
would be incumbent upon Mr.. Hughes
to ask him what he did to make good
his threat-i of legislative action and
whether he was instrumental thru ex-
Governor Odell in bringing about the
present investigation Of life insurance
conditions.
Several Condolences.
Mr.. Hartman made his threats to
Mr.. Ryan between June 9 and Is last.
On July IL Ex-Governor Odell, who
few days before had returned from
which he declared in favor Of legis-
lative investigation Of insurance evils.
Governor Higgins, who had steadfastly
opposed a legislative investigation ever
since the first disclosures Of the evils
in the Equitable Life and up to July
IS, sent the resolution providing for
tee to both houses Of the legislature on
July 60. What or who brought about
the sudden change in the attitude Of
the chief executive Of the state has
always been an unexplained mystery.
In the Prudential.
New York, Dec. l3-John Z. Gore,
actuary Of the Prudential Life Insur-
ance Company Of America, was first
called to the witness stand in the life
insurance investigation today. He sub
mitted a statement Of dividends paid
on industrial insurance by his company.
900 of additional benefits" payable
in case of death of the insured Ave
years after the issue Of the policy.
The total industrial death claims paid
in 1904 were $685., 900 and the cash
dividends credited to policyholders in
the industrial department in 1904
amounted to $551.000.
A statement Mr.. Hughes read showed
that in the last five years the record Of
the company's industrial department.
was: Received in premiums 81 10 ,440, 1878;
paid out to policyholders, $39, 240,94S;
$34 $4,000 of this was death claims,
So ,O46,739 in cash surrender values and
$685. 71 in dividends.
Of the amount Of cash surrender
values paid, Mr.. Gore said, $1,900,00o
was in paid-up insurance.
Millions in Premiums.
The amount paid into the Prudential
company in premiums since it's organic.
alton, witness said, is about $287 ,000,-
900. In the same time its earnings
apart from premiums, he said, are 49,.
100000. It paid to policyholders in that
time about $92,000,000 and its expenses
apart from the amounts paid to policy
holders have been $3.50, 000,0 900.
The assets Of the company at the end n!
of 1904 were S8,511 ,955 and Its liabili..
ties including reserve STE, 187, 108. OF
the present surplus of $13,324,847, wit
held that over 80 per cent of the re-
held that over 30 percent OF the re-
mainder is held to pay dividends to
policyholders.
Mr.. Gore said industrial insurance in
this country is still in the experimental
stage and that the company regarded it
necessary to hold large funds to meet
possible heavy demands.
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 F. Dryden, president OF
the Prudential, was recalled and Mr..
Hughes asked him about the apparent
waste of policyholders thru lapses.
ssWhat is your opinion of the public
policy Of this9' asked Mr.. Hughes.
Senator Dryden said: "This indus
trial insurance is constantly uplifting
the industrial classes and teaching them
| the value Of insurance. The child early
learns the value of insurance and it
teaches him self-respect as no other
| single force. I think there can be but
one opinion, that anything that uplifts
them, encourages thrift and saves them
from pauper's grave is great bene-
fetal, economic and moral force.
tBy thrift you mean saving money!"
said Mr.. Hughes; "but there is no adj
vantage in saving money and putting
it where they cannot get it,
Get Nothing Back.
Senator Dryden said that what his
| policyholders saved by insurance they
| would save in no other way. Senator
Dryden agreed with Mr.. Hughes that
apparently about two-thirds of the in
sured get nothing back, and the senator