The Democratic advocate., 1909-08-27


ter and improved conditions. Their
practical knowledge Of the needs Of
the people gained by personal
contact with them, has given them
special opportunities which they have
forcibly used. In their associations
they have discussed with intelligence
and skill many of the matters which
eaused so much trouble in the affairs
Of the companies, and by their prac-
teal experience have smo0thed many
rough places and have made the way
much more easy to travel
Recently another association has
been formed, known as The Aasocia-
tion of Life Insurance Presidents,
which has been doing excellent work
and which Is likely to have large In
huence on the business IN its various
phases. II gives the companies an op-
portunity to discuss together what
should be done In matters affecting
all alike, yet will not. II fairly con-
Quoted, interfere In the slightest de-
gree with that proper competition
which should ever exist and is one OF
the best means to care for and pro-
tect the rights Of the insuring public
All OF these forces and agencies
have tended TO bring about closer
relation between the supervising
powers and the companies and both
have been greatly benefited thereby;
they have learned 10 know that they
are not In antagonism but should
work together In harmony for the best
results and conditions attainable.
Representatives OF all these organl-
cations are with us at this time and we
extend 70 all our very heartlest well
come. We are sure that our inter
course together will be very helpful
to US and We trust that IN our pro-
ceedings something may be found that
Will be beneficial 10 them.
have no disposition to enter into
lengthy discussion OF the subject OF
taxation OF insurance companies, but
feel that Il should receive our
most earnest attention and con-
sideration &C this meeting At our
last annual convention al Detroit a
very exhaustive and strong report was
filed by the special committee that had
the matter in charge and It's recon-
mendationa received the almost unani-
nous vote Of those present. think
that We should not fail to re-empha-
size the main features OF that report
and thus demonstrate that we propose
10 stand firmly In favor OF reduction
Of what we believe TO be excessive
taxation on those who by their In
dustry. thrift and fruRallty are
creating a fund for old age or IN event
Of death 10 provide for those whoae
support Ia gone The Insurance busI-
ness should undoubtedly bear It's fair
and proper share of governmental ex-
penses but should not bn burdened
with heavy and excessive taxes simply
because u can be done by hiding
and covering them up In the premiums
paid BY policy holders or BY reducing
dividends which otherwise would
be largely increased. | know how
difiicult it Ia 70 get Legislatures to
surrender a source Of large reve-
nue such "a the insurance business,
especially when the expenses uf gov
ernment are greater than the income,
but u the people who do the voting
are clearly convinced that those who
pay insurance premiums are paying
excessive taxation on their savings
some relief will undoubtedly come
Especially ought the taxation " mu.
tuRl Ore Insurance companies 10 be
very largely reduced AZ no part Of
the premium paid for indemnity Of
this character IA ever returned TO tho
insured except IN case of Ere and then
only % reimburse him for hts actual
losses ThlB subIeet of taxation will
br reviewed al this session By one Of
our ableEt members and I trust that
IN the open diHcuHaion which Will fol-
low the reading of his paper we may
have the fullest and freeat statement
Of our Individual views and opinions
II II we're not for tho fact that the
special committee on Fidelity aud
Surety matters VIII present an eIabo-
rate report Of lts hearings and inyostl-
cations Of those subjects during tho
past year ! should undoubtedly feel
Il my duty 20 give expression to some
suggestions Of my own on this very
important subject This business has
grown 30 enormously Ia recent years
and II likely 10 expand even more
rapidly and to a greater extent In the
near future that Il ia incumbent upon
those who are charged 10 ace that Il
"a properly and carefully conducted
and regulated. 10 give ig their most
earnest and tgtelliEeut consideration
The lack Of experience IN this branch
of tho business haa been one Of the
greatest difficulties OF the companies
and while many Of them have attained
marvellous success and are now much
better equipped and qualified 10 take
care OF their business than formerly
yet the greatest dangers still iurk
about them and few OF them feel that
their affairs are ON n safe and sure
- a
recommendation OF the committee
viii throw much light on this intricate
subject and will be very interesting
topic Of discussion.
The committee on iire insurance has
had several meetings during the year
IN which | have had the good fortune
20 participate and lis report should
be most earnestly and carefully con.
sIdered and digcsted
Fraternal Insurance is another sub
Iect af very great Importance and
viii receive special consideration at
the hands OF Commissioner Young OF
North Carolina A discussion OF the
merits and demerits OF this character
OF insurance Ii NOT intended here. as
all of us would gladly acknowledge
the splendid results accomplished by
the legitimate fraternal associations
for a large class OF people, who other
wise would not carry any insurance
whatever. Besides there Is no con-
flict or should be none between that
and other plans of insurance, as all
have their proper places, but one OF
the great troubles which confronts
every insurance department is how TO
deal with a very great number OF as
sociations styling themselves frater-
nal whose conduct and actions toward
ihnlr niemhArR are Of the rnnnf nnfrn.