New-York tribune., 1908-02-25

assessment companiss under my sgeTy, l91 ss
eeeded $3.50 ooog. To audit the ar fppsi t 1i5rsnS.
companies. aggregating billions or do.s-s. ii 81
disessd s sd Psn s's and ID also demands aeqa appr
priation which can only come from Le Lesisla'@
Relative to Mr. Fiemings ststennerh that the ex-
n1eF menf Of so"o sSse eapItai m and 10000 8:
Excelsior tire Insurance Connpa9y rne ed r Eor
deposit in his bank the Of slooH bs,onT&5nf & -
sets forth the certificates Snd cams CANS fsfrltoPr re-
quirennent complied with that ar emma l a .Io9
10 show that there was the date when the ca
tifcates issued those amounts {9 Rers VS.
any understanding with certain pf1c,rT OF oiIs
3oroush BagT g9cS Ro secref 3dSrst,ud
The matter OF the Banker Lie . lI-g and De-
pany involves the actuarial ln.ols. ln.lI IN e1n1r5y1.
fects OF Section % of the insurance t"- ~
reIafinn TO the BANKERS Life saws that he scted
under the advice Of the Attorney 1870. ,te. ~.
!, sf1 SpoUi1 b,siness of the BANKERS checked
back to insure accuracy in the reciassifieaton ana
valuation of the policies
THE PROvIDENT LINE INQUIRY
With relation to the Provid. ut saviags Life. So
perntendent Kelsey says that MI rlehlHis CIIL. =
Commission Rittenhouse OF Colorado. and in
plies that he was nsgiigent until spulrei io &St
called TO the Provdent Savings Life. SEperintend-
en- heiS' 9S 5 Mutual Reserve The preliminary
report of this Mutual Reserve exd-niraJl9n bears
4fterney ne General the Mutual Reserve presented
nartment that the company was 1nsolyent. Ire
Attorney General requested fjrther exanllfa non
and in accordance with his advice, every available
man in the department pu1 upon the work
Here was company with hfty- th'flsaId ND ,y poIcy
holders which examination showed 70 qe apgarenL-y
insolvent. II Was question whether Superln-
tendent Kelsey should trace ou1 the TInor WIN
reference TO litigation between soCkhoiders OF
the PTovdent Savings or protect the fifty thousand
poIicyholders Of the Mutual Rese:ye 81. e,,,
ra1o vas in PbiiadeIphis and ascidenraI1v learned
fHara efTO UdS bPin nae - -
dent Savings to that city. and arrangement was
Commissioner Rittenl,ouse whereby preliminary
survey would be made under his auspices At
the conclusion of this preliminary survey and the
communication OF it's result TO Superintendent <el-
Provident Savings with Mr.. Wolfe. who had been
tendent Kelsey contends that from the begnnings
he and Mr.. Rittenhouse co-operated. and at the
the Mutual Reserve, which lately has gone into the
hands of receivers. and concerning whose work on
which MI Fleming made little comment.
Superintendent Kelsey treats at length numerous
department in all branches OF insurance. which
specic answer is made to the minor crfficfsTs of
the department activities by Mr. Flemirg-
called the attention OF the Senate 70 the grave and
els fire n work OF
partment Mfr Fleming has made no reference ID
superintendent KelSey saws that for mon1hs dlr.
,o6 lng tnf Fecfn' re 6n Il, % loT ro IN ran +io1s G
voting his attention TO situa tions which were pre-
SoDttnE
he saws Of these the condition % fh- SIrerv
C0npa0ies nearly all Of which on surety
bonds of companies security for fh0 deposit %
state funds in such banks Daily reports ware re-
0uircd from the life insurance and surety com
panies as 10 loans and bank balances. setting forth
tFe IN that their financial Co7df-
ton could be known st the end Of each CAV The
Superintendent. of Public Works and tIc State CON
troer constantly advised as tn the C"ndtttoT1
Of surety COmpanies- During these critical fsyr
II was necessary To down numerous r1Iuloc<
and ascertain the substance of reports concerning
the soIvencv of financial institutions 70 adequate
c0nception is given by the report Of NJ Fleming
Of the work of Insurance Department nor has
there been a1y effort his part to place before
tL., Executive its ACCOMPLISHMENTS problems and
difficulties in their true light and proper PF"ppf-
and relations.
Suporiute0dent Kelsey concludes II profoundly
roora+ that fhe question of my removal has once
more h4eu presented to YOUR honorable body- II =
So presented through faItt of mine. and would
avoid the present situation such ro'lrSeC1r7-
honor q and Te9uta
tio1 as a uubIic officer. Conscious that ] have
faftbffIv and competeutiv performed the duties Of
nv office T submit recOo1 Superintendent
Of Insurance the calm and deliberate Judgment
of tbp