Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-12-30
INSURANCE INQUIRY ENDS
Final Session Of Committee Today Will Be
Devoted to Receiving Exhibits
Iwe SwALlt. COMPANIES EXAMINED
officers of the Manhattan and the
Life Insurance Club Explain
Methods OF Doing
Bustness.

NEW YORK. Dec 29.-with the adjourn
ment Of the legislative committee on insur-
ance investigation tonight, the investigation
of last of the old line companies was
comp ed. Tomorrow, the last day of the
committees session, will be given over to
the presentation of exhibits that have not
heretofore been prepared by several com
panies, and these are so numerous that
they will not be read for the record, but
after introduction by the witnesses will be
marked for identification.
Today the examination of the United
States Life Insurance company was COM
pleted and the Manhattan Life Insurance
company was taken up. President Stokes
Of the latter company was a witness The
last old line company taken up was the
Life Insurance club of New York This
appeared TO be a system of securing insur-
ance without agents by means of advertis-
ing. In the examination of its president
Robert wightman. It was brought out that
the system Is antagonistic to the larger
companies.
IseIin on witness stand.
When the legislative investigating COM
mittee began its sessions today Adrian
Iseln. of the banking firm of a. lselin *
Co, member of the finance committee of the
| Mutual Life Insurance company, presented
a statement of his experience in underwrit-
! ing syndicates in which the Mutual Life In
surance company also took part He was
not required TO testify further today.
President John z. Mum of the United
| States Life Insurance company, was called
and asked about the agency contracts of
mis- company.
| Henry b. Stokes. president of the Man
| haitian Life Insurance company Of New
| York followed Mr.. Mum.
| Mr. Stokes said the capital stock of the
! Manhattan company is 100000 He said no
political contributions have been made or
have any legislative expenses been incurred
| Mr.. Stokes salary is $4,000. In addition to
salaries a sum is distributed among the off,
| GERS annually by authority of the board II
| he business warranted it. This sum aver
| aged for ten years about $1,000 Last year
| Mr.. Stokes received of this fund 1897 and
| in the present year up to June he has re-
| eeived $263s. This sum is calculated to be
| about 3& per cent of the gain in business
| The company's entire payroll of officers ir
| l9O4 was $51, ,69l.
The companys accounts are audited every
month by the auditing committee OF the
| board.
Haven Corrects Testimony.
George c. Haven of the Mutual Life cor
rected his statement of yesterday that tn,
salary committee of the Mutual was ap
pointed by President McCurdy. lie hai
learned that the salary committee was up
pointed by the finance committee abou
twenty years ago.
Richard Wightman, president OF the Lift
Insurance club of New York, testified tina
this was an ola line company. Mr., Wight
| man was formerly free lance agent of th
| New York Life company and secured bust
ness from all over the United States AM
Canada by advertising in magazines ant
organizing clubs. Mr.. Wightman said tn
contract was suddenly terminated. He knew
no reason for this
| Mr.. Wightman said he then went witt
the Reliance of Pittsburg. where he wrot
twice as much business he did with tn
| New York Life company. His compensa
ton with the New York company was a 8
per cent commission and nine renewals at
per cent, from which he averaged abou
100 a month and from which he paid a.
expenses. He later organized his presen
company and said he forced to do thi
by the big companies. who forbade the az
| pearance OF his advertising where their
appeared.
Since the organization of the Life Insur
. ance club of New York this objection ha
: not been withdrawn.
The company's capital of 100000 he SAID
is paid up and it has no liabilities no
; death claims.
With the completion of Mr.. Wightman'
examination the investigation of the old lin
! companies is, finished and adjournment wa
taken until tomorrow, which will be tn
1 ko tNa