Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-01-25
SKTY-FOURTH ANNUAL REPORT
BAG Broadway, New York.

increased the security behind each average ultimate
policy obligation by about $40
All this represents mutual help of the first order
Compare it with your other investments and your other
activities in 1908 Did you do any better work during
the year? Was it not worth while? Would you not
like to Of it done by your Company in 1909?
Would not almost unlimited amount of such work
carefully and effectively done be public benefit?
HOW YOUR WORK Is LIMITED
But here curious condition confronts you In the
extent Of your work. and in that alone, you adj
vancng For example, in 1905 you issued about $1,000
policies and from various causes you lost $4,000
is startling fact, that if you had taken into your ranks
in 1908 enough members TO make good the number
that dropped out making growth whatever, YOU or
your representatives would have violated the criminal
law of New York State Notwithstanding the high
character of all you did in 1908, Notwithstanding your
willingness and ability to do of it, the laws Of New
York State such that your Company the close
of the year had to slow down the busy wheels or risk
committing misdeameanOr.
This particular law-SectiOn SO of the Insurance
Laws of New Yorhas been in full force two years
1t places arbitrary limitation the legitimate activ
ties Of life insurance men, Its direct effect your
Company has been the reduction of plant capable Of
insuring 100000 people year to plant insurng less
than $4,000 people year 1t has reduced outsand.
ing business about S6SOOOOOO and reduced the number
of families protected by our gild by about 20OO0
Aside from all questions of its cOnstuonality and
the repugnance with which every healthy minded Amer-
views such legislation the law is curious for
New York State to enact. New York is the "Empire7
State and boasts of it. 1t has city which, with reason
aspes the commercial and financial supremacy of the
world The story of the city and the State is filed with
the names of great men and is the record of great
achievements The State and the city are what they
are, alone because of their location but chiefly
the of the State and of the city have strongly
utilized great opportunities.
1t was strange logic which impeled the Legislature
of such State conclude that admitted evils in great
business could be cured by limiting its volume. The
Legislature of the State has before applied this
doctrine TO any business and in my judgment the people
do not approve such legislation.
THE PRESENT STATUS AND FUTURE
POSSIBILITIES.
call your attention to the general facts contained
in the Balance Sheet and statement of Income and Dis
bursements attached hereto think you will there read
the answer to the query that uniformed people often
make Why do life insurance companies need great
accmuations Of money!
Our ultimate obligations at their face value APP
prOach two thousand million dollars assets for all
purposes market values) about five hundred and
hfty-seven millions Every dollar of those is alb
solutely necessary under clearly defined program in
order to iquidate liabilities both actual and
tingent Our assets large because liabilities are
large. Our liabilities large because we are doing a
large work of the kind have described.
You understand, Of course that the time has passed
when life insurance companies will attempt to defeat
repeal Legislation by any ndrectOn by any process
which will not meet the approval of the most scIupu
lous mind. Bad Legislation you readily defeat,
fair taxation you easily abate You do this by
the creation of public opinion and by direct appeal the
men who represent you in legislation.
Legislation follows what it believes public opinion
to be. You numerous enough to influence public
opinion materially To do this you have that re-
liable information which will convince your Judgment
and such information propose to make easily
sibe You can have for the asking We hope to place
il before you during the coming year in a series Of
"Plan Talks to POlicy-hOldeTs' through the public
prints If we convince you, then act you would on
any kindred question which involves both your personal
interest and the public wellbeng
In any case, study the figures attached Study them
as You would the balance sheet of your own business
Commend or crtcise them if they deserve either But
above all, observe what far-Teaching, equitable and
enduring program Of selfhep you are part of in the
daily work Of the New ork Life