New-York tribune., 1909-07-29
INSURANCE FOR POOR
Mr. Mort0n Tells of Ne7c Plan at
Equitable Dinner.

The Equitable Life Assurance Society closed a
three days convention with dinner at the Wal
f last night, at which nine hundred officials
and agents were present Paul Morton president
Of the society. presided In his address Of welcome
Mr. Morton spoke briefly of a departure in
life Insurance which the Equitable hopes to take
up-namey, a system by means Of which poor
people may be able to their homes In
referring to the scheme President Morton
said:
We have no doubt that it can be-. so to arrange
that men and women of moderate means with
only their daily or monthly wage-which in the
majority Of cases is so small as to preclude their
means Of M nsTsnd gsal @ P tb by % tie
table purchase their homes and by series
oo for th@ famg While Pro'6e i5 I5 t3is & qwa
they provide against the loss Of their homes in
the event OF early death
Insurance by, the state is neither desirable nor
ance corporations the world has ever known There
IS no worh OF more Importance. service
these great oBsns OF the TsP n9 {nsS ase the QRs c Gi
hes done most IN the extension Of life Insurance
render hefor sicort 80 f tJa ,b ms MISSION ms ana
ing in this hcIi.. Therefore 1 am prepared to an
ana, unless prevented by the powers that be or
obstacles rot seen. the future of the Equitable
will embrace this very important work
Referring to the Insurance companies and the
law. Mr.. Morton said
This society IS conscientously obeying the laws
Of some Of them. but II so we nave not publicly
Il may he that we have had differences Of opinion
as to what the laws we're and how they should
have r"liEously followed the construction Of the
Law as laid down by the Insurance Department.
although in some cases have not agreed that
its conclusions with regard to the law were sound.
In discussing the Equitable and politics Presi-
dent Morton said.
We rejoice that are out OF politics Before
% "a "
from making contributions to political campaigns
no circumstances would it again make such
trihutious.
The only guest of honor outside Of the Equitable
was W. H. Hotchkiss. State Superintendent Of In
sGrance who spoke in a congra tuIat tory vein and
said that the celebration also marked the fftisth
anniversary Of the founding OF the state depart
mtnt
Now that fifty Years have gone" he said 'T
am told IL ts no longer race 70 which should
be the big company. for what the public now de
mands is a safe company, and in this respect I
wish 70 congratulate you your ffteth annivor-
sary"
Other speakers were Thomas Spratt. director.
of ogdonzhurg, y. y; William A. Day. vice-Presi-
dent. and r. a Woods Of the Pitts5urg agency.
Mr.. Spratt was the only speaker TO dwell IN de-
tail upon the Tate unpleasant1ess'' Of the insur-
ance investigation Many II the old directors
shifted unsasily I'm their seats as he told OF the
mistakes OF tho old board and the errors os the
charter. Mr. Spratt said that when the company
was assailcd from within and without and threat
ened with Insolvency, he was appointed by policy
holders in Northern New York 20 represent their
interests. Most OF the mistakes rad been commit
ted he said. by robson of n poorly drawn charter.
The directors In the Tae' had been suhservient 20
official who owned the majority of the stock.
Now. he said. that was no longer possible.
Ni0e-Prcsident Day arraEned the laws of half
III" states ~ the Union for taxing the premiums OF
fo Insurance companies. Many states. he said
did not believe In the principle, but. n retaatory
measure. taxed companies incorporated I'm states
that taxed their conpanies lie also criticized
severely tho proposed federal corporation law,
under which insurance companies would he taxed
lie said there was no reason for adopting policy
which had been declared unjust during the Civil
and Spanish wars when the need for revenue was
far greater than II was now