Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-02-02
Iowa Governor Delivers a Tel
ling Speech at the Life In
surance Convention
ATTACK DEFERRED DIVIDENDS
Insurance Men Were Having Their
Own Way With the Meeting Until
the Iowa Governor Got the Floor
and Turned the Tide-Favors a In
form Policy.
Special to Times-Republlcan.

Special to Times-Republican.
Chicago, Feb. BY a telling speech
in which he advocated radical legisla-
ton against life insurance companies
Governor A. b. Cummins of Iowa yes
terday wrested from them the control
of the national life insurance conven-
ton. Before the originator of the
Iowa idea took the floor the companies
had things pretty much their own way
| in the convention, which held it's first
session at the Palmer house.
Their representatives, who were per-
mitted to share in the deliberations
had the floor most of the time. They
seemingly had routed the governors
attorney generals and insurance COM
missioners who advocated the adoption
of measures to deprive them of their
principal source of power, their undi-
vided SURPRISES.
The officers of the companies who
spoke got far more applause than did
the state officials and it began to look
as if the convention would be pre-
vented from adopting resolutions
which would have the effect of cur
failing the influence of the companies.
Then Governor Cummins took the
floor He hit squarely from the should
10, ,,,;, +Ia
Discounted and surprised, the officers
and agents of the companies saw their
chances of victory disappear. The ar
guments they put forward we've ans
wered and the advocates Of insurance
reform, who until then We're disor-
ganized, got together. After that the
agents and officers of the companies
had little to say, combining themselves
to asking questions of their opponents
Attack Surplus.
That the victory won yesterday Will
be followed today by the adoption of
resolutions intended to deprive the life
companies of their present opportun-
titles for accommodating vast sums of
money to invest and speculate with IS
regarded as certain. The committee
on resolutions is expected to send in
report advocating the passage of laws
to compel the abandonment of the de-
ferred dividend system. Annual &C
countings to policy holders and annual
dividends upon their policies will be
demanded.
Governor Cunlmins is chairman of
the resolutions committee appointed
by Governor John A. johnson, of Min
nesota, chairman of the convention.
Reau E. Folk, of Tennessee, another
member of the committee, introduced
the resolution declaring against de-
ferred dividends. The other three
members of the committee, John
Pierce of Nebraska, F. H. Hardison, of
Massachusetts, and James " Barry, of
Michigan, did not declare themselves
on deferred dividends.
The deferred dividend question oc-
cupied most of the attention of dele
gates. 1t was the only one discussed
until Governor Cummins made his adj
dress. He. too, devoted most of his at
tention to it, but he also talked of
other things which the convention did
not have time to take up at length.
Governor Cumnins, who sat beside
Governor johnson during the speeches,
did not like the way things
were going. He appeared impatient |
and finally got the floor. After he was
once Of twice he began his
address.
"UJnlike some Of the gentlemen who
have addressed you here today, l have
not found the life insurance business
simple one" he said. "To me it
seems an intricate one and 1 had not
to speak here today until
heard the statements of the men who
have preceded me and saw that the
had assumed wider scope
than that of the deferred dividend
question.
"Why Is it that the government tries
to supervise the business Of life insur-
ance companies? It has been said
here that the man who deals with life
insurance companies should be able to
take care Of himself. The man who
deals with the life insurance compan-
les is unable to take care Of
himself He does not know
whether the company in which
he proposes to insure himself is solv-
ant or not. He does not know what the
contract he is asked to sign means. 1t
is because of this that the government
has to, aid him in dealing with the
Wants Profits Distributed.
II say now in response to what has
,een stated here today that in my own
state of Iowa i shall endeavor to use
What influence I have with tho lapis.