Ogden Sun | 1905-12-26 | Page 3 | Insurance Investigation

INSURANCE investigation an official who knows reports were wrong k new york dec 22 stephen M smith second assistant treasurer of the mutual lite was the first witness before the insurance committee today i mr produced a statement ot the net profits ot the company from the sale of securities in the past ten aup to september 30 1905 this showed a net credit to the profet and loss account of inclusive of of international marine bonds that were marked off the books in 1903 charles E preller auditor 0 the mutual testified that he received the quarterly reports of from the and said it was the custom to credit profits and charge losses on securities to the profit and loss account examiner of the state insurance department testifying before the legislative investigating committee today said ho was aware that the report of the mutual lite insurance company to the insurance department for 1904 was not entirely correct tho report showed no profits from the sale of ledger assets he knew this to bo untrue