Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-11-13
Publicity of Life Insurance
rgy D. w. Norris, of Grinnell.l

/ Inc Dltter IeellilS lIlhilileSleu Wy liAS
western people toward Mccall and NC
Curdy is natural and 1t is right. Out
of 1T will come better things. But 1T Is
not confined to Mccall and McCuEdy.
1t includes all those men who constl
tute what Lawson calls the System
1.-THE western people are just beginning
to learn how they have been ex-
plotted The manner In which that
man Davis was received the other DAY
at Lincoln is another Illustration OF the
deep feeling of resentment that the
common people feel toward this class
| of apologists Of crime. This man
Dawes was once just u man. He De-
came comptroller OF the currency ana
then naturally gravitated TO one OF the
fat places under the System. Mr.
Eckles had similar experience. Both
have now developed into full blown
snobs. There is nothing wrong With
the present system. OF course not
Didn't Dawes become a great factor In
the beef trust? Doesn't he now pose
as dictator in things pertaining to that
partnership known as the Gentle
mems Agreement" Didn't Eckles be-
come the head of one Of the System
banks?" Brown of Nebraska, told the
| truth when he told Dawes that the
people understood how he had reached
his present position of power. 1t was
because he was subserviant to the "sys-
tenn" because he was willing to do its
| bidding, right or wrong, because no
had cunning as we'll as brain and was
useful.
The appearance Of this man at
bankers convention to explain the
benefits of trusts, the Christian SIM
plicity OF characters like Rockefeller's
and the blessings to the American
people Of institutions like the beef
trust is distinct insult to the Amer
| lean people, piece Of insolence equal-
led only by Davenport and others
| in coming to Chicago to mould
public opinion hostile to Roose-
welt and his suggestions. The western
people have served notice on these fell
lows that at last they are on to their
| game They have served notice - ne
Wall street insurance companies that
at last they will contribute nothing
more to their billion dollar syndicates
This brings me to a practical ques-
ton. Why should any man in Iowa in
sure his life in New York company?
dare any man to give a coherent
and intelligent answer to this ques-
ton. The New York Life claims to
have $500, 100000 Of assets. Perkins,
on the witness stand, said that II the
New York Life should never write an
other risk. her assets would nearly
touch a billion before her last obliga-
ton could mature and be paid. We
have 1t from these same men that the
funds at their disposal are so vast that
they can not lend them and they say
| they are forced to engage in tremend-
Gus and risky undertakings In order to
keep the funds earning interest. You
will therefore be doing these institu-
lions. as we'll as the men insured with
them, a great kindness, by not bur-
dening them with any more money.
The laws governing life insurance in
Iowa are infinitely better than the laws
of New York. Bear this in mind when
you are considering life insurance.
Lawson's warning In "Everybody's''
that If men like Mccall and McCurdy
are not deprived of control, it is possi-
BILE for them to wreck the New York
i Life and the Mutual by transferring
the transportable funds to foreign
countries, may be a trifle hysterical
1 not impossible. In Iowa such thing
is absolutely impossible. 1t was tried
not long ago. The two so-called gold
bond companies organized at Dies
Moines sold out their assets when pub
lie opinion got too hot for them, tc
two companies outside the state. One
at Chicago, and one at Minneapolis
A These two companies then undertook
to remove the securities deposited with
Auditor Carroll, and met with an ig-
nominious failure.
No old line life insurance company
4 organized in this state can evade
Il the law that requires them to deposit
with the state mortgages on real estate
of twice the value, or other satisfactory
1 securities sufficient to meet at matur-
ity on per cent basis, every obliga-
ton incurred by the company Inc
4 far-reaching character Of this statute
lis not generally understood, but YOU
have already seen that 1t was stone
wall to the two concerns that tried to
gobble the policy holders security. II
New York had such a law every policy
holder in the New York Life and the
Mutual could rest easy. The Officers
could steal all the surplus, but they
couldn't steal the reserve.
There appeared in the Register and
Leader the other day q prospectus or
1 behalf of the seven old line life insur-
lance companies in Iowa, giving ten OF
twelve reasons why you should insure
in Iowa companies. Some OF the reas-
ons were good, some trivial, some trl-
4 fling. There are several good, over
towering reasons, and there are nc
more. I have given one of them.
The next reason applies to all the
western companies. They are all mucf
smaller than the New York companies
4 and it is possible for common, everyday
men like you and to manage them
and invest the funds in Al securities
They do not need that very high order
of talent that is considered worth $780,
600 a. year When John A. Mccall re-
ceived 100000 year he gave to the
company his best service, and all his
time. With a salary Of 100000 a year
what more can he give his company
but his best service and all his time
Ergo, the $4,000 is a clean steal.
Among the western companies thai
stand high, there is only one that Is
now approaching unwieldiness in size
I. and If Perkins is correct, then 1t fol-
lows that if this company should quiz
writing policies today, her assets
would be close to $500,0O0,0000 and be-
fore all her obligations could mature
This is the single objection today thai
; can be argued against this company