Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-01-27

yesterday he brought out some allega-
tions that have been heard about Des
MONIES and have been discussed among
insurance men for some weeks past tho
they have not been reported over the
state to any extent. Space permits of
but a few of the more important of the
matters brought out by Senator Mols-
berry. The senator argued that Com
missioner Hendricks of New York made
an investigation but that the results
of his laborS WerN as an Iowa zephyr
compared to cyclone when compared
with the findings of the legislative
commission and alleged that the same
would result in legislative investiga
ton in Iowa. He lauded Auditor Car
roll, but argued that there were mat
tiers that Carroll could not get hold of
that commission could.
Some Salaries.
He then referred to the Des Moines
Life, and pointed out that the salary
of the president of the Equitable Life
of New York was one four thousandth
of the assets and the president of the
Des Moines Life was one one-hun
dredth and twenty-fifth of it's assets.
While he did not name them he in eff
feet pointed out that While G. E. Raw
son is president of the Des Moines
Life, L. c. Rawson. his wife. is vice
president at a salary of $4,000 a year,
or one-half that of her husband. 1t is
the Des Moines Life that is supposed
to have invested or rather loaned mon
ey on Idaho lands that Senator Mols-
berry declares are worth 50 an acre,
while the company had them valued
at 500 an acre. He pointed out that one
Iowa company had been making board
contracts making 1873 in Wisconsin till
it's attention was called to the Illegal
ity by the attorney general there after
which it promised to be good" Board
contracts are in fact insurance policies
given to favorite persons without cost
for the first years premium. Senator
Molsberry pointed out that one Iowa
company has issued $4,000 in one
year.
When Senator Molsberry declared
that a banker was the treasurer of one
assessment company he was abiding
to the Bankers Life, of which Simon
Cassidy of the Des Moines Savings
Bank is treasurer He did not say that
the bank was getting the use of the
funds free, but did say that there was
room for an investigation and intimat-
ed that an investigation might disclose
that too much of the Bankers Life
funds were kept on deposit without in
terest or with small interest, at one
time The Equitable of Iowa, he
pointed out direct, as paying only 500
taxes to the state. Other illusions were
made to companies that We're secured
by surety companies the officers of
which were the same as those of the
insurance company, though he stated
that in one such case the men had re-
signed their positions in the surety
company recently. He pointed this out
as showing the existence of subsidiary
companies which needed investigation
at the hands of the insurance COM
panies. Molsberry argued for the Gre
alton of the office of insurance COM
missioner with an expert actuafy IN
charge. at good salary.
Lewis Defends Companies.
The burden of the remarks by Sena-
for Lewis were that because few IN
surance companies had done things
outside the lines of legitimate there
was no more of reason for general
than there was OF a gem
eral investigation of banks because
few banks did illegitimate business.
He pointei out that Auditor Carroll
had called them down and was COM
pelling them to keep in the lines OF
legitimate business the same as he did
the banks.