The Idaho Springs siftings-news., 1908-10-24

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Gren whose essn do sur Ser,
Philadelphia spectators to ruin the
Provident Savings Life Assurance So
ciety resulted in protecting the policy
holders of that great society all over
the United States and of causing its re-
organization.
1t was the Colorado department that
caused the spectators temporarily in
control of the society to withdraw and
put In place of safety over 100000
from chain of banks where it had
been deposited to cover personal loans
Of those controlling the stock. This was
done during the panic of October last
year and saved the policyholders many
thousands of dollars. This action was
bitterly opposed by E. r. and o. F.
Thomas. the high finance" bankers,
whose reckless operations were ex
posed, and they were indicted by the
grand jury on evidence furnished by
The Colorado department.
Padding Assets Stopped.
The practice of companies, some Of
them large and ostensibly respectable,
of padding their assets and making
their reports indicate more assets than
they actually had, has been almost en-
tirely stopped by the action OF the
Colorado department in exposing to the
public the companies which have COM
mitted this offense and in some in
stances revoking the license.
Citizens Protected and Commend De-
partment.
The activity of the present admins
tration has attracted the favorable at
tention Of the entire insurance world
and is heartily commended by such
companies as are anxious to obey the
law. What is of more importance, it
has attracted the attention of the peo
pie of Colorado to the fact that they
have an insurance department and an
administration that will protect them.
There is not a citizen of Colorado who
has ever brought complaint against
an insurance company to the insur-
ance department, who has not received
prompt and respectful consideration,
and everything possible under the law
has been done to protect him.
Thousands of policyholders who
have written or visited the depart
ment to have their policies analyZed
and get other information and assist
ance can cheerfully testify to the
courtesies they have received and to
the valuable assistance the department
has rendered them.
Thousands Of Dollars Added to Rev
enue.
Notwithstanding the extraordinary
increase in the work OF this depart
ment, the expenses have been kept
within reason. The energetic manner
in which companies have been checked
up In the matter of licenses and taxes
has added many thousands to the pub
lie treasury.
When the present head of the de-
partment took charge he found that
number of insurance companies had
neglected to ray for all of their agents
license fees, and something like $4,000
of these arrears was collected and put
into the public treasury, in face Of a
perfect storm of opposition and news
paper attacks.
Although there are the same num-
ber of companies doing business in the
state as during the last Democratic
administration, the agents license fees
have increased under the Republican
administration from $4,000 to over
$4,000 for the present year. and the
total receipts of the department have
increased from $13s.219.43 to $201,-
495.57, or about A per cent.
e. Under the Democratic administra-
ton the people Of Colorado did not
know they mad an insurance depart
ment. It was simply used to pay po-
litical debts. No effort whatever was
made to protect the public and
proper attention was not given to the
collection Of fees due the state.
This record Of efficiency indicates
the Republican idea Of regulation Of