Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-06
GROWTH OF ''PRU"
SHOWN BY STATE
Assets of Company Increase
from $500. 900, 900 to $2o1,-
100000 in Three Years.


THE company has grown remark
ably in all respects" Thus begins
the report of the examination of the
Prudential Insurance Company Of
America by the department of bank
ing and insurance of New Jersey, re-
Gently issued. This examination oc-
cupied a period of several months and
required the services of forty examin-
ers at the home Office and four hun
dred and thirty others employed on
appraisals and other matters at dis
lance. The examination was under
the supervision of David Parks Facl-
Ter and Edward b. F'aclxler. specially
employed by the department of bank
ing and insurance to supervise the ex-
animation and investigation or the
company, which is required by the
laws of New Jersey to be made every
three years.
Referring to the company's growth,
the report shows that the assets of
the Prudential have increased since
the last examination from 5000, 100000
to 1921 900, 900, or As per cent, while
the insurance in force has increased
fpbn 81. 7O3. 900, 600 to 1920, 900, 900, or
more than 80 per cent. The company s
annual statement as of December 81,
1912. was tested to Diet ermine its accu-
racy. with the result that the eXamin-
ers' figures in many instances We're
more favorable than the company
claimed in its statement, causing com
mendation of the company's manage
ment by the examiners.
THE examination also showed that
the company has over $io'VOo,Voo
loaned ON mortgages on real estate,
which is almost double the amount OF
three years ago. The thoroughness or
the examination by Mr. Henry f. Gal
pin special examiner for the depart
rnent is shown by the fact that the
correctness of the company's mort
gage papers was verified in hundreds
of cases by correspondence with
county clerks in many parts OF Lne
Tinted States The company has sur
fered no loss whatsoever in the settle
rnent of any loan foreclosed in the last
three wears, which demonstrates the
care exercised by it in making It's
mortgage loans. 1t also appeared
that on December 81, 1872, the COM
pany had loaned $20,O0O,O 900 to policy
holders on the security OF their poll
cies. More than three thousand Oh tne
larger loans were investigated, ana IL
was determined that in each case the
nolicv securing the loan was In force
and provided sufficient reserve secur-
ity for the amount loaned.
Report shows Company's Care.
Two thousand other cases, taken at
random. were also checked as 10 the
amount and identity of the borrow
ers. and the result indicated the ex-
IRENE care which the company uses
in safeguarding Its loans OF every
character.
All of the $160,0O0,OOO of bonds re-
ported by the company were found 10
he in the company's possession ex-
cept those deposited elsewhere to COM
ply with legal requirements, for
which proper certificates were shown.
The stocks held by the company had
a par value of 1915, 200 and market
value of $5,669,S95
The cash in the company's office
was counted and found to be $I,lo4-24,
as reported. The company's reserve or
1927. 900, 900 was tested satisfactorily.
In the ordinary department the exam
iners trier out over 107, 900 policies, and
in the Industrial department the ex-
animation involved the handling OF
|. 700. 900 cards, and the test included
policies in force in nearly every ter
ritorial division of this country ano
Canada. In addition one entire dis
trict agency in New Jersey was test,
ed in full, this portion of the test
covering over 10000 policies. The ex-
animation included the investigator
of insurance to the amount of $224,-
900 600. AS a result of this exhaustive
examination the commissioner reports
that the company's policy account Is
kept with an accuracy that Is most
satisfactory.
Test CompRny's Statements.
The company's statement with re-
gard to dividends on n-participat-
ing policies and on annual DIVIDEND
policies was tested and approved. The
income and disbursements were also
investigated for the three-year period
and the examiners reported that ENC
disbursements appear to have been IL
any way Objectionable"
The examiners conclude their report
nv saving: Though the insurance
in force in the company has increased
in the last nine years from s941, OO0, 00(
to 1920, 900, 900, with mores than cor
responding increases in the assets and
liabilities, the company has shown It,
self well able to develop an organiza-
ton sufficient to care for the immense
detail connected with this growth. The
co-operation OF the various depart
ments and their managers has. en-
abled the company to put into effect
increased economy of operation with
out diminishing the general accuracy
of the work performed"
President Forrest F. Dryden ex-
pressed himself as pleased by the re-
port, and stated that the thorough
ness of the tests made by the exam
liners for the New Jersey insurance
department and the conclusion ar
rived at by them will undoubtedly
prove source of as much gratifica.
ton to the policyholders of the COM
pany as it does to the management