The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-01-29

failures with liabilities of over 81, 500 COO
600: there has been during the same pc
riod more than 1000 bank failures In the
United States. with liabilities of over
$3.50 600 and more than $50 railroad re-
ceiverships involving 10000 miles of rail-
road and stock and bond issues of more
than 81 600 00G. .0OG
These statements arc given you 10 show
that we are Interested in "A line OF busl-
ness that is the safest. and managed with
more caro- than any other Of the large
business enterprises in organized society.
Reason for Criticism.
This statement is OF special Importance,
in view of the fact that the public mind
Is In danger OF being grossly misled In
the opinion II ls forming Of life insur-
ance 1t is true, and always VIII be as
long az human nature Is what 1T Is, that
the management OF the business has not
altogether been perfect. and that the re-
cent Investigations and disclosures In con-
nectIon with the large Eastern companies
have shown good reasons for severe crit
IcIsm and there is no disposition In any
ouarter so far az ] know. To shield the
persons guilty of these omenses, but, "a
a result of these Investigations ] prophesy
that there will not be one single receiver
appoInted for any life insurance company.
You will agree that 1t is much better to
have on Investigator than a receiver,
Should Not Condemn.
We must not, then. allow ourselves. be-
cnusc of the disclosures that have been
made Of Individual shortcomings and OF
certain practices which cannot meet with
approval to condemn without reserve the
most benehcent institution In civilized
society. Let us keep clearly In mind this
distinction, that il Is not the subject of
life Insurance that Is being investigated,
or is on trial but the misdceds OF indi-
viduals connected with the institutions
Charges Ignorance.
During the recent period of investigation
and public comment, much has been said
that was good and much more has been
said that WAS bad. There are those who
desire TO take advantage OF the situation.
TO bring themselves before the public In
magazines and newspapers and pose as
authorities on life insurance, Garrett
reading of many Of these articles by any
one at all familiar with the subject Will
disclose a vast amount of ignorance. L
make these remarks. not with any de-
sire to shield what was wrong In the
conduct OF these companies, but to call
attention 10 the fact that the press and
various State Legislatures and officials
are likely TO go to the other extreme. |
think that out OF all these discussions
good VIII certainty come, dllnOuBn lpt
the time being great deal of damage
has been done on account OF the sweep
ing criticism, causing the surrender OF
many policies in nearly every company
doing business at the present time
Easy to Tear Down.
There is great difference between
tearing down and building up We have
all noticed that when any structure
building for example. Is being torn down,
any ordinary workmen may be employed
to do the greater part OF II. but when
n building is TO be constructed, skilled
men. experienced in their work. are re-
uulred IT Is very easy to crltcisc, but
much more difficult to suggest remedy.
These remarks apply TO officers, direc-
tors and stockholders In individual COM
panles, as well az TO the public attitude
toward the subject Of life insurance in
general
Difference in Business.
There is a distinction between conduct
ing the business OF a life insurance COM
pany and that of a savings bank. with
which II Is often compared. or with that
OF commercial banking. In the case of
a savings bank especially no particular
effort is made to get deposits except by
ordinary advertising. In fact II is con-
sldered bad taste upon the part of bank
officers TO directly solicit business. The
depositors bring their money TO tho bank;
all they expect Is the return OF the money