The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-04-12
ulsion they made this report:
I'll eighteen companies. .s246.5A


The Vice President ofthe Equitable re-
ceives $4,000, the Actuary $4,000, the
Secretary $l6,500, Chief Examiners $l6-
500, and the Superintendent of Agencies
$500 The Vice President of the New
York Life receives $21 ,250, and the Ex-
aminers $4l ,491.. The Vice President of
the Mutual Life $4,000, the Second Vice
President $12,4O0, the Actuary $4,000,
and the Secretary $4,000.
Mr.. Bohl-The member from Stark is
not we'll informed if he undertakes to
say that the Mutual Life of N. Y, pays
salaries to the amount of $4Sl, ,S47 exClu-
sive of the amount paid their agents.
Mr.. Sherrick-I have the sworn testi-
mony of the President of that company,
which admits of that amount being paid
to the officers alone. The gentleman
from Washington knows as well as other
members know that the agents of
that company are paid a per centage
which they retain out Of the premiums
arising from the policies which they have
solicited.
The statement Of Mr.. Winston. does not
include the agents, and the member from
Washington who has been an agent,
ought not to question his statements, es-
pecially under the circumstances.
Many other companies that are notin-
cluded in this report, carry on in won
derful extravaganza. Things are done
in style of magnificence that makes
those unacquainted with life insurance
open their eyes in wonder. Those COM
panies have taken out of our State, ac-
cording to the report of our Insurance
Commissioner, in the year 1875, nearly
$1,000 900, and out of that vast sum less
than 100000 have found its way back.
Nearly $50O0,0O0 of the hard earned
means of our people in one year has gone
to enrich the officers of various compa-
MES.
Itis by these means that the managers
of life insurance companies can build
their magnificent edifces and palatial
residences; it is by these means they can
live in extravagant luxury, aud enjoy all
that unlimited wealth can bestow.
The smooth-tongued agents of those
companies, whose business it is to prey
upon the credulity ofour people, repre-
sent themselves as the white winged
messengers from grand philanthrophic
corporation, whose motto is, "cast thy
bread upon the waters, and after many
days thou shalt receive it again." But
the truth of the matter turns out to be
that ifyou cast your bread upon the wa
ters, the chances are that you will see
it devoured before your own eyes by
financial sharks.
Mr.. Bohl-Mr. Speaker, if the gentle
man will allow me, desire to ask him
question.
Mr. Sherrick-I will give way, certain.
ly.
Mr.. Bohl-I want to ask the gentle
man what benefit the policy-holders will
derive from the speech that he is now
Mr.. Sherrick = The future policy
holder will not be entirely robbed if this
bill passes. and this speech is in support
Of this bill. The policy-holders will de-
rive more benefit from this speech than
could be afforded them by all the poll
Ties the gentleman from Washington
Gould issue in a lifetime. Laughter.
There are two ways for the managers
If life insurance companies to get rich,
Ind either one or the other are univer-
ally practiced, it seems, in this country
o.day. One way is for the managers to |
lote themselves extra large salaries and |
Ibsorb the balance of the enormous
'rofits by voting themselves extra com.
and the other, which is not |
Iuite so honest, perhaps, is for them to
teal the larger part of the funds and
hen make an assignment Of the small
But, Mr.. Speaker, if this bill becomes
law, the policy holder in this State can
lot be robbed of all the money which
70 has paid to keep his policy alive. If
ny life insurance company objects to
with the provisions of this
Ill it will be sufficient evidence that
1ch company lacks the requisite quali6-
alton to entitle it to any degree Of con-
dence. Ifa company be sincere in it's
presentations, and the managers desire !