Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-12-29
Joseph r. johnson Would Have
a Moral Code for Business
Transactions
EDUCATION ON INSURANCE
Dean Of New York University School
81 Commerce Says Elements of In
surfing Lives and Mathematics of
Premium Rates Should BE Taught
In Public Schools.

0OSCTu ISllSl JOAASOly 0CuA VI ANCM
York University School of Commerce,
who recently made an address at Coop
O. Union In New York on 1.-THE Educa-
tion Of the Modern. Business Man,
pointed out that the increasing COM
plexity Of modern business operations
was elevating many kinds of business
into the ranks Of the learned profess
sions, special knowledge and trained
intellect being essential to their sue
eessful prosecution, says the New York
Post. On the subject Of commercial
morality as related to education he
said:
Until we have business men who
have been trained in the principles and
right methods of finance the manage
ment of our banks, of our insurance
eompanies and of great corporations
viii NOT be subjected to wholesome
outside criticism. Things will be done
ID the dirk. which ought not to be done.
immortality is usually the joint product
Of opportunity and ignorance. When
we have an enlightened business world
there will be fewer dark places In it.
and opportunities for fraud, conceal
ment and peculation will be less. The
trouble Is not that there Is a low stand
ard Of honor or morality in business,
but that there is practically no stand
ard at all. Well meaning men are Of
ten at q loss to determine whether a
certain profitable policy is honorable or
dishonorable.
Society is just now washing the win
dows OF the life insurance business,
3 and many people are hoping that here
after when man buys life insurance
I he will really get all that he pays for.
! On that point am pessimist and
shall remain one unless the subject of
1 HE Insurance gets into our schools.
We have had Investigations before and
profuse promises of reform. In few
+ years the abuses of life insurance will
i be forgotten, new companies will be
organized and new men will get con-
rol Of the old, and then new and won
derful ways Of appropriating the peo-
Z ple's money will be devised.
Publicity will provide some protec-
! ton, especially if the affairs Of insur-
aacs companies are regularly exam
ined by Independent certified public
accountants, but publicity alone will
not be enough. It will put check on
old abuses with which the public are
\ familiar, but 1t will not compel steady
1 Improvement in the management Of
4 insurance companies or any other cor
poration. Nor will 1t create recog-
mixed ethical standard to be observed
i by corporation presidents and direct
on Nothing can do that except an
enlightened public consciousness, a
quick intelligence among the people in
etantly recognising and condemning
bad methods and unfair contracts.
"The elements Of life insurance and
4 tn mathematics Of premium rates
should be taught in our public schools,
while in our universities departments
Of Insurance should be established and
placed on par with the departments
OF science, language and philosophy.
I Thsna men would be properly trained
for this great and important business,
ana gradually we should have the evo-
4 iutiors Of an. Intelligent public opinion
With regard to the good and the bad.
Until such public opinion exists, no
matter how sensitive the Individual
conscience may be. do not see how
w can have moral standard in In
suraiice or any other business"