The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-17
LIFE INSURANCE PHASES
CONSIDERED AT A BANQUET IN HON.
OR OF THE UNDERWRITERS.
One Speakers Attack ON state Tax
Boa rd-National Executive Com
mittee in Session.

The executive committee of the National
Association of Life Underwriters held its
first meeting for 1898 in the clubrooms Of
the Bates House yesterday afternoon. This
committee consists of one representative
from each of the thirty associations belong
ing to the organization, but the number of
those present was small. More are expect
ed to-day, when the meeting of the com
mittee will be continued Among those now
here are Thomas Fl. Bowles. of Milwaukee,
president of the National Association, who
presided over the committees deliberations
in the absence of it's chairman Benjamin
Williams of Chicago; E. w. Christy of
Cleveland, secretary of the National Asso-
citation; c. Il. Tillinghast, of New York. eX-
president of the association and chairman
of the finance committee; /. T. Martin, of
Des Moires; j. W. Pressey, of Rochester
N. Y, and Roberts N. Merritt. of Indianap
oils
The principal action taken by the commit
tee yesterday was the liking of the date of
the national convention in Minneapolis for
the third week in August. The rest OF the
TO discussion of methods for increasing
the membership of the local associations
and the efficiency of the association work
throughout the country.
Last night a banquet was rendered the
executive committee by the Indiana Assoc
citation of Life Underwriters at the Bates
House. Tables for the banquet were laid
in the ordinary, handsomely decorated with
flowers B. b. Peck presided. AT the toast
masters table We're seated President IT, H.
Bowles, Secretary f. w. Christie Admiral
George Brown, S. p. Sheerin. c. r. Will
liams, d. b. Shideler and Rev. G. "A. Car
stensen. After the menu the banqueters
listened to a number of speeches more or
less pertinent to the subject which occupies
their lives. In beginning the pleasant task
or presiding Mr.. Peck spoke briefly, in part
saying .syT o,
citizens of Indiana that we do all in our
power to protect the people from the dozens
OF assessment life associations that are
springing up over the State, with their
moonshine estimates. We have fought as
seSSment life insurance for years, and many
OF us lived to see it go down in disaster, as
we predicted, but they heretofore got in
their work on low rates of premiums. Now
an estimate that estimates paid-up policies
with cash surrender values at a cost of less
than nothing, if ! may say so. is doing the
business at profits to the owners and man
ayers of your company that shames even
the claims for Klondike. A few days ago
my attention was called to a set of eSti-
mates made by a home institution which
outshines the Iron Hall in expectations
From this paper | learn that at the age of
twenty, cash payments dRSTeBdllHS 9oJ0. 90
during the first seven years will give a
paid-up policy for S., 900. which, during the
next thirteen years, will pay the insured
In cash $S43 Az and which may be Surren-
dered at the end of the twentieth year for
$500, so that in point of fact the COM
pany proposes to pay the policy holder
his life for $1,000 for a period of twenty
years, Is 1t not astonishing that the world
should contain single fool big enough to
swallow such a bait?
Another matter that should call forth
our efforts is to head Off the attempt of
the taxing authorities of the State to place
a second or double tax on holders of poll
cies In legal reserve companies. | have no
doubt that the question of taxing life in
tax commissioners of every State in the
Union, but was seen to be utterly imprac-
ticable by every board except ours and
dropped, although Judge Allen and a ma
iority of the Supreme. Court of the State
have shown no such pepsity Of vision
Mayor Taggart was To- have welcomed
forced absence John w. Kern, city attor-
ney, extended the Inequalities of the city,.
On such occasions he. said. it was the cus-
keys Of the city There are no keys to
indianapolis" said he Not that the town
is wide open, but because our guests are
of such a character that we do not think
come -.
President T. H. Bowles responded to Mr..
kern's graceful greeting, expressing the
gratitude of the visitorS for the courtesy
shown. lnasmuch~ as he was down on the
programme for speech little further on
be excused himself from answering at
length all the nice things Mr.. Kern had
said.
TENDENCY TOWARDS TRUSTS.
The National Association" was the sub
ject assigned to e. w. Christie, secretary
of that organization. lie spoke of the pride
that the national association has always
felt in the Indiana association. For a good
men had been turned on Indiana in view of
the contest in regard 20 taxation. You are
to be congratulated on the outcome" he
said. I'VE hope from the Atlantic to the
Pacific that it will. never arise again, and
that If it does YOU will be able to suppress
it. He spoke of the tendency toward COM
bines, organizations and trusts. Years ago
there was bitter rivalry between people in
the same line Of business Now they com
bine for the protection OF the business in
which they are engaged. With the idea
that such organization was Judlclous. the
national association was formed. He de-
clared that this combination was not for
pecuniary profit. others. but for the
betterment of the business and the protec-
ton of the policy holders. Reforms have
been inaugurated and will be further adj
vanced to end all pernicious practices, or
which he admitted there are not a few In
conclusion he thanked the Indiana assocla-
ton for what it had DONE and said, We
intend to stand by you and see that you re-
ceive proper treatment.
INtN. VI. "A. NdlsttdiStti' III Nis1N
Ethics of Life Insurance" protested that
he was a layman i'm that subject but sue
ceeded in convincing his hearers that ne
had given the subject much thought. Lay
man as | am said he, II believe it, preach
it and practice it as | do not practice every
thing else / preach. | do everything nut
carry it. 1t carries me. When look in my
Bible l do not there see myself pictured
lin the words of the apostle who declared
that the man who will not take care OF
his own to be worse than an infidel.
PRESIDENT BQWLES'S TOAST.
President Bowles spoke on the topic. THE
State and Life Insurance"
After deploring the tendency in many
quarters TO include insurance companies in
the TRADES against mOnopOlies and trusts
Mr. Bowles called attention to the unfair
legislation against these benehcent institu-
tons in several States.
Whatever may be the struggle between
capital and labor in America, he contin-
ued, 1.-The great trust funds held by the in
surance companies for their constituents
throughout the country should be safe.
For, in disturbing these funds, we would but
loosen the foundation stones of the home.
While the FUNDS of life insurance represent
the largest financial interest IN this coun-
try, it is also true that this tund Is owned
by a greater number of individuals than
could be true in any other business The
old line companies including the industrials,
with six billions of insurance, represent a
membership of about ten millions. an aN-
erage policy of about 5000 for each person.
From the small size of each policy shown
by the average. the fact is established that
the vast majority of the patrons or life IN
surance are men of small means Some
eight millions of members are found in the
| industrial companies alone. composed al
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