OF ECONOMIC POWER

HEARINGS

BEFORE THE

TEMPORARY NATIONAL ECONOMIC COMMITTEE

CONGRESS OF THE UNITED STATES

SEVENTY-SIXTH CONGRESS

FIRST SESSION

PURSUANT TO

Public Resolution No. 113

(Seventy-fifth Congress)

AUTHORIZING AND DIRECTING A SELECT COMMITTEE TO

MAKE A FULL AND COMPLETE STUDY AND INVESTIGA-

TION WITH RESPECT TO THE CONCENTRATION OF

ECONOMIC POWER IN, AND FINANCIAL CONTROL

OVER, PRODUCTION AND DISTRIBUTION

OF GOODS AND SERVICES

PART 10

LIFE INSURANCE

INTERCOMPANY AGREEMENTS

TERMINATIONS

SAVINGS BANK INSURANCE

LEGISLATIVE ACTIVITIES

June 6, 7, 12, 13, 14, 15, 16, 20, and 21, 1939

Printed for the use of the Temporary National Economic Committee

OF ECONOMIC POWER

HEARINGS

BEFORE THE

TEMPORARY NATIONAL ECONOMIC COMMITTEE

CONGRESS OF THE UNITED STATES

SEVENTY-SIXTH CONGRESS

FIRST SESSION

PURSUANT TO

Public Resolution No. 113

(Seventy-fifth Congress)

AUTHORIZING AND DIRECTING A SELECT COMMITTEE TO

MAKE A FULL AND COMPLETE STUDY AND INVESTIGA-

TION WITH RESPECT TO THE CONCENTRATION OF

ECONOMIC POWER IN, AND FINANCIAL CONTROL

OVER, PRODUCTION AND DISTRIBUTION

OF GOODS AND SERVICES

PART 10

LIFE INSURANCE

INTERCOMPANY AGREEMENTS

TERMINATIONS

SAVINGS BANK INSURANCE

LEGISLATIVE ACTIVITIES

June 6, 7, 12, 13, 14, 15, 16, 20, and 21, 1939

Printed for the use of the Temporary National Economic Committee

124491

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1940

L17290

MAY 1 1940

TEMPORARY NATIONAL ECONOMIC COMMITTEE

(Created pursuant to Public Res. 113, 75th Cong.)

JOSEPH C. O'MAHONEY, Senator from Wyoming, Chairman

HATTON W. SUMNERS, Representative from Texas, Vice Chairman

WILLIAM E. BORAH, Senator from Idaho

WILLIAM H. KING, Senator from Utah

B. CARROLL REECE, Representative from Tennessee

CLYDE WILLIAMS, Representative from Missouri

THURMAN W. ARNOLD, Assistant Attorney General

*WENDELL BERGE, Special Assistant to the Attorney General

Representing the Department of Justice

JEROME N. FRANK, Chairman

*LEON HENDERSON, Commissioner

Representing the Securities and Exchange Commission

GARLAND S. FERGUSON, Commissioner

*EWIN L. DAVIS, Commissioner, Representing the Federal Trade Commission

ISADOR LUBIN, Commissioner of Labor Statistics

*A. FORD HINRICHS, Chief Economist, Bureau of Labor Statistics

Representing the Department of Labor

JOSEPH J. O'CONNELL, JR., Special Assistant to the General Counsel

*CHRISTIAN JOY PEOPLES, Director of Procurement

Representing the Department of the Treasury

RICHARD C. PATTERSON, JR., Assistant Secretary

Representing the Department of Commerce

JAMES R. BRACKETT, Executive Secretary

CONTENTS

Testimony of

Page

Bassford, H. R., actuary, Metropolitan Life Insurance Co., New York

City.

4541-4567

Beers, H. S., vice president, Aetna Life Insurance Co., Hartford,

Conn...

4243-4258

Bolt, Dr. William, medical director, New York Life Insurance Co.,
New York City. -

Cammack, E. E., vice president and actuary, Aetna Life Insurance
Co., Hartford, Conn..

4633-4642

4182-4222

Cathles, Lawrence M., president, North American Reassurance Co.,

New York City..

4668-4684

Clark, Gilbert A., actuary, Equitable Life Insurance Co., Washington,

D. C....

4313-4317

4396-4418

Cooney, Robert L., inspector of agencies, New York Life Insurance

Co., Atlanta, Ga..

Davenport, Dr. Donald H., special economic consultant, insurance

section, Securities and Exchange Commission, Washington,

D. C......

4450-4500

4282-4312, 4684-4686

Dewey, Judd, deputy commissioner of Savings Bank Life Insurance in
the State of Massachusetts, Boston, Mass--
Flynn, Benedict D., vice president and actuary, Travelers Insurance
Co., Hartford, Conn. --- -4154-4182, 4224-4240, 4258-4266, 4275-4278

Hogg, Robert L., assistant general counsel, Association of Life Insur-

ance Presidents, New York City..

4375-4396, 4428-4443

Holcombe, John Marshall, Jr., director, Life Insurance Sales Research

Bureau, Hartford, Conn...

Howell, Valentine, vice president and actuary, Prudential Insurance

Co., of America, Newark, N. J.-

Hunter, Dr. Arthur, chief actuary and vice president New York Life

Insurance Co., New York City--- 4505-4541, 4570-4576, 4583-4584

Hutcheson, William Anderson, actuary, Mutual Life Insurance Com-

pany, New York City---.

4317-4338

-4266-4275, 4619-4626

4626-4632

4648-4668

Jones, Frank L., vice president, Equitable Life Assurance Society of
the United States, New York City..

Laird, John M., vice president, Connecticut General Life Insurance

Co., Hartford, Conn..

4240-4243

Marshall, Edward Wayne, vice president and actuary, Provident
Mutual Life Insurance Co., Philadelphia, Pa..-- 4585-4596, 4603-4619

Montgomery, William, president Acacia Mutual Life Insurance Co.,

Washington, D. C...

Murphy, Ray D., vice president and actuary, Equitable Life Assur-

Society of the United States, New York City.

ance

4339-4343

4576-4583,

4597-4603, 4642-4648

Plantz, C. B., assistant vice president, New York Savings Bank, New

York City-

4500-4504

Reilly, Joseph A., insurance section, Securities and Exchange Com-

mission, Washington, D. C.--

Whitsitt, Vincent P., manager and general counsel, The Association

of Life Insurance Presidents, New York City...