Ogden Weekly Standard | 1905-12-22 | Page 2 | Insurance Matters Again

the washington life company on the new york dec 19 an inquiry into the laffaira ot the washington afe insurance company was begun today by the legislative insurance investigating committee john president ot the was called to the witness stand sir was elected in 1904 after an examination of the state insurance department which re stilted in the of the management ot the company mr receives a sala ryot lie detailed a number ot reforms that have been since this among them the abol ot a cach surrender in policies and the limitation ot the loan future he expressed somewhat 0 a different sentiment from W insurance in that his experience had been that only about 5 pet cent ot loans were ever paid up and that ft loan wa but a deferred au render of a policy he viewed ufa anuran Jn uran as such a bad investment according to the witness in advance to agents had been placed upon the books of the company thus far this year these he explained a legacy from tho former no contributions tor political purposes pur poes had ever been made by the washington life as tar as the witness had acea able to learn and the only thing la the nature or legislative work waa A retainer to S walker who tho witness thought was chicago man this retainer waa paid from 1901 when mr took the presidency when it was cut off walter wrote special on insurance an upon insurance measures that would ie pending in western immediately after tha first af tho present year at the instigation of the finance committee a great deal of th companas comp anys dc alinga in mortgagee and bonds on real estate ware closed out and the funds invested in securities in a great many of theia transactions these securities setd pur chaget through A A hyah broshot Br who are sons ot thamas F hyan about has been invested la securities since january 1 last the company had never gone into a syndicate until this year since jath ary 1 it has been in six previous to calling president H H of the lite assurance company pt america was called 10 lo complete his testimony which was bv adjournment yesterday ha receive ts salary of a year henl that alm and bugea tor organizing the ewa pany had come under the observation of tho insurance department and tatt the attorney general had notified thea that it would have to bo paid back sessions will be continued morrow