The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1909-02-25
PLAN Of SAVINGS BANK .
LIFE INSURANCE
THE MASSACHUSETTS PLAN Is
WORKING ITSELF OUT
WELL

AN"H " saN'HkS hANk tIc VI
saranee and old age pensions, iSsuet
70 wage earners al actual cost /.
working itself out 10 the great salts.
action Of lis enthusiastic advocates
Although the acceptance Of new
Iprineiplc of insurance cannot b. uni,
versal all at once 50 many saving,
bank policies and annuity contracts
have already heen written Tia. there
y now no question regarding The
success Of the scheme, which has
been commended for national adop.
'ion BY the American Federation of
Labor IN lis Denver convention and
by President Roosevelt In his an.
nnal message TO Congress.
That the legislature Of the Bay
State In 1907 passed measure per.
mitting savings banks 10 establish
insurance departments and to lssue
industrial llfe insurance policies no,
% exceed $500 and old age annuities
not 70 exceed $500 On the life Of 4
single citizen is generally known.
The law went into effect Nov. /, 1907
but because Of the newness Of The
idea and the many details that had 10
be administered, the states mart a.
the work was not in readiness until
the summer Of 1908 By that time
standard forms Of policies with rates |
based upon the bare cost az the IN. |
'arance and with provisions for re. |
urn Of any profits aeeruing had beeen
'aretully worked on, by the State
Ncsuory. Robertson G. Hunter. Two
aHings banks stood ready 10 try the
Speriment These were the Whit.
nan Savings bank and the Peoples
'arings Bank Of Brockton. II which
ofmer Governor William l.. Doug.
's' the well known shoe manufactu.
er u president Several other saw.
'gs banks, although unwilling for
le present TO raise the S2s.000 guar.
nty fund required BY law. agreed
, act as agents of these two banks. .
pplications for appointment AZ
seneies were also received last fail
nd early this winter from many
elfare institutions department, /
ores manufacturing concerns and 4
Dor unions, More than 50 agencies ]
the present time are offering the I
W facilities to the public in yari. I
parts Of the state. @ 7
There has been no rush among J
'rEers for the savings bank policies I
certain amount OF education il Z
lu'red to accustom people to look \
Tor their own protection instead \
being teased into il BY life insur. I
&c agents. 4
let the total result has been high.
encouraging to the judgment Of ;
se who have believed that indus. Z
'us and thrifty workers would re. I
nd TO the advantages OF insurance
1panies doing an industrial busi. "
s. and to opportunities for old age -.
alties on an easy payment plan
ch have never before been pre- m
ted IN this country. In some Of
leading shoe factories OF the a
c from rs to 60 per cent Of all the n
'loyees have taken out some form 4
iavings bank insurance, Excellent II
Its are also being reached in II
ton department stores The chance n
personal initiative to secure an H
age pension of $500 a year is ap. II
ing to many salaried people. so u
anngitie5 a-c being bought OK.
ively. ri
lat the need OF adopting any so.
'tic system Of old age pensions
be removed by the operation of
voluntary pension scheme in
'achusetts is one of the hopes Of
eaders OF the movement who be.
that the more American way to
such difficulties as England Is
lpting to solve by pensions sup
d out Of taxation is fod each in. III
ial to charge the cost of proyid,
or his own suppore in old age FIN
st the Giving wageS
reports OF business written.
n from week to week.
the principle that every kind
Ind insurance helps every other
Of sound insurance the life in. ill.,
ned in at the office Of the State
indicated steady normal IN
e companies doing business or III
'nomical basis are not being #s
by the competition which tho 5S
s banks have started. II is al. w
evident that the total result am
the writing of larger amounts B
france than ever before and
owth of a public demand for NTIH