The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1906-01-11
COMMERCIAL MORALITY
How Joseph F. Johnson Would
Foster It In Business.
FAVORs EDUCATION ON INSURANCE

why Dean of New York University
School of Commerce Says Elements
OF Ensuring Lives and Mathematics
Of Premium Rates Should Ee Taught
In ScI>o 0Is-Advocafes departments
OF Insurance In Universities.
JQ*e!}l French Johnson, dean of New
Tor.i University School Of Commerce,
VITO recently made an address at Coop
er XII Oh in New York on 1.-THE Educa-
tion of the Modern Business Man."
pointe;. ont that the increasing COM
pieXity CT modern business operations
was cievaIinG many kinds Of business
into the ranks Of the learned profess
sions. special knowledge and a trained
intellect being essential to their sue
cessful 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
companies and of great corporations
will not be subjected to wholesome
outside criticism. Things will be done
in the dark 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 a 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,
and many people are hoping that here
after when man buys life insurance
he will really get all that he pays for.
On that point / am a pessimist and
shall remain one unless the subject Of
life insurance gets into our schools.
We have had Investigations before and
profuse promises of reform. In a few
years the abuses of life insurance will
be forgotten, new companies will be
organized and new men will get con-
troll Of the old, and then new and Won
derful ways of appropriating the peo-
pies money will be devised.
publicity will provide some protec-
ton, especially if the affairs Of insur-
ance companies are regularly exam
ined by independent certified public
accountants, but publicity alone will
not be enough. 1t will put check on
old abuses with which the public are
familiar, but it will not compel steady
Improvement in the management Of
insurance companies or any other cor
poration. Nor will 1t create recog
niZed ethical standard to be observed
by corporation presidents and direct
ors. Nothing can do that except an
enlightened public consciousness,
quick intelligence among the people in
stantly recognizing and condemning
bad methods and unfair contracts.
1.-THE elements Of life insurance and
the mathematics of premium rates
should be taught in our public schools,
while in our universities departments
of insurance should be established and
placed on a par with the departments
of science, language and philosophy.
Then men would be properly trained
for this great and important business,
and gradually we should have the evo-
luton 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, l do not see how
we can have moral standard in in
surance or any other business
~ ----
Floating Hospital For Egypt.