Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-03-17

we conclude tildt lllete - liolHlliS IL
their articles or bylaws to prevent ii
| But their sworn reports do not SHOW
this. They did not dare put the vic.
tins on to the game. Mr.. Wolfe say:
they simply charged it UP to expenses
You see their expense account is q very
elastic account. He says that mos
careful examination of the books of thi:
particular company shows that out o.
$500 6O taken in from April, 1899, t.
June 80, 1902, the stockholders. officers
and agents got ss2S,0O0. and the polio,
holders. the men who paid in all the
81 900, 900 except 100000 capital. go1
i$1S,O00. And this is called life insur.
ance!
Mr.. Wolfe also finds that on June 80
I1902, this company had disposed Of al
the accumulations except about $4,000
| If as we read the report the admitted
liability of the company on that date
to policy holders was Sa9IS71. then II
a period Of two years and three months
the company had earned for you or
your money a little less than per cent
or less than per cent year, but there
lis no assurance that that is there now
What is there to prevent them from
cleaning the platter when they ge,
ready?
| But this is not all. Let us now see
where the accumulations come from
There is no longer any question as tc
| where they go. We have before us pol
icy mo. =. Ten Payment. Ten-Year-
Gold Bond. Name ---------. Age
q Years. Amount, $500. Premium,
500" The insured in this case is poor
tgirl who makes her living with the
needle. She was told that in considera-
ton Of $50 year the company would
issue ten-year endowment policy,
payable at death or in ten years. The
agent lied; the officers OF the company
knew he lied; they intended he should
|lie that was what they hired him for.
She paid her $50, and what did she get ?
i
She got just what thousands OF other
poor girls and teachers in Iowa got--a
gold brick instead OF gold bond. I'm
derstand: women earning their own
living are the psople these fellows are
latter. Women lack business perspi-
cacity. We know OF young female
dentist, working hard at her profession,
who gave up to these same concerns
$500 of her hard earnings for a $4,000
gold brick. We know OF another woman,
Ia county superintendent, who sold her
stock in an honest building and loan
association. paying her s per cent. and
gave these men $500 for a $4,000 gold
brick. These poor deluced women all
went to a lawyer, an old lawyer. n
man familiar with the tricks OF scoun-
drels, but they went too late.
But to go back to policy No. -. This
contract promises to paw six hundred
dollars and in addition thereto
the full amount which the accumula-
tons to the credit OF this bond in the
profit fund may produce in excess of
said guarantee in like gold coin" etc.
Did she get an endowment policy of
5000? Not by any means. An .endow
ment policy would be payable at death
or in so many years. IL she dies within
one year. will this company pay her
estate $500? oh, no. 1t will pay $50
enough to buy her shroud and a cheap
pine coffin. If she dies within two
years it will pay $3.50. These Des
Moines philanthropists do not want to
compel the friends of this poor serving
girl to bury her in the potter's field. 1t
she dies within three years her estate
will get S240, and so on until the end OF
hand her back her money after having
had the use OF the whole sum paid in
sn average of five years. When remon-
strated with on the iniqu,ty of this con-
tract the secretary naively replied that
their annual premium was smaller than
that charged by the Htna or the Ed
uitable of Des Moines. It is. 1t is 1886
less. Had this girl taken out ten
year endowment policy for 5000 in any
legitimate life Insurance company
her annual premium would have
been s63.S6. Had she died the next day.
or at any time, her estate would have
received 5000. But the gold bond COM
rany in consideration OF a reduction of
$3.50 in the annual premium keeps $500
of the money due her estate and pays
but $50 if she dies within the first year.
II she dies within two years they
pay the estate $3.50 and keep $340. Do
you now see where the Accommodations
come from? Could anything be de-
vised more devilish, more dastardly in
its cunning?
Gentlemen of Iowa, ere we going to
tolerate this sort of thing? What do
we send lawmakers to Dies Moines for
liz not to right just suAh wrongs as
think of 1t now. Go to your representa-
tive or your senator and tell him you
object to this kind of division Of
profits, and il you can not interest him,
vote against him. No wonder that
Governor Cummins; refused to take
stock in gold bond company. All hon
CIR to Governor Cummins! No wonder
that Cyrenus Cole also refused, after