The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-24
CHANGES In LIFE INSURANCE
ADDRESS m SUPr. HOTCHKISs
~ RGFF.ALO.

ne Tells Ilfe Undegwpiaeru ThAa ODD
Things Nave Passed Away and the
Great Corp~Fatioas NeN Vie WIN
Each Other IN Letting IN the Ll9hs.
BUFFALO. April 2s.-williAm n. Hotch-
kiss. Superintendent Of Insurance, deliv-
cred an address before the Life Under
writers Association Of Buffalo. this
evening. In which he said:
The Dressnt 10 q Deriod of protest.
Methods Of business. Of politiea. once unit
NerAAI. seem out OF date. To NCms the
Vartous foundations Of our syaaems-oOm-
nerctal. governmental. even morAl-seem
shaken: TO others. those who voice the
protest arr bat the blind leading the blind.
The truth 10 that tho hour has aiFuek-A
knoll or . peal, Just ~ IL the point Of view
Old things have been passing away: new
things GINNING to pass. The scenes are
shifting. the actOrS. perhaps new. A
peaceful revolution Ia row veil under way.
You gentlemen 81 the life underwriting
profession recognize what u happening
You of all others should safely prophecy
the result. No neld % endeavoP shOWe
greater changes In the last hak deeads
often . hsld-shan ! say its-Of boauses
and bluster. The solicitor. stimulated
trom the home Otioe. was frequently q
man Of braG rather than a man of business.
biGnesA rather than soundpess Nas the
talking point Of chiefs. Of mAna@aTu Rnd Of
@ohcttoru. Companies CHARGED more pre-
MUM than they should. that they might
pTomise to return more ao-callsd dividsnds
than they ought.
nag. OF revolution. You aaw the credit %
your companies shaken. the public Aroused,
NE inaurance itself disoresiited. Gnd--whAt
u more to the point On an occasion like
this-your livelihood endangered. yonY
profession scoGed a. and your puhlic un-
responsive and hard Then, I do Ibt not
many Of you felt that the hour had sirnck
had And old things passed sway.
IN their stead are companies which boast
not so much their bigDeua ~ compliance
with the law. whose eIpenass have d.
unfinished. hut whose benefits have increased
while instead OF being hiding places for
synaicateS and funds OF saffron hue the
great corporations which you represent
vie with each other In letting in the Mght
ana IN assisting that examination snd
supervision which are az onoe the fear ana
the guaranty Of the insurance world
said witness 81 a recent inquiry. a
corporation should have all the powers Of
natural person. and once authorized 20
do business. should h. allowed TO exercise
hS powers without any interference from
the state That h emphatically not the
present view. We may well conRrntulate
ourselves that n against such views and
such companies the hobbies and the brake
are on. The corporation Of that wituesss
aspiration would In our time be a menace
to The State. Rather let US here record our
praise Of that other corporation-the
greatest perhaps Of them all which on
its organization put into the hands Of the
Government all the papers and Information
known TO its officers and since that time has
made no ssCr't OF it, stock books. IL
finances and its methods. To sach q com
pany supervision m~anS littls To the
other kind. which prOWls about in the secret
places Of stat" captols. which employs
the best legal brains to schsRl~.safe eva
a'on- Of the Law and slams shut ~ books
when minority sSockholdsrs seek To look
inside. supervision stern and searching IL
the Highest a. well a. the most hopeful
function Of government
Put to what purpose would supervision
thus sterr and @earch hing be without thar
other agency -ruhlicity. timely aud well
dtrectsdp The press agent may be the sub
ject Of gibes. hut the press when free and
non -parti~an IL Governments most en~c-
tive weapon. Examiners may sometimes
be fooled or he In doubt. hut the press guides
the publiC mind toward the correct con
clu-ion IL may. IL l. true indeed. some
times does err in i's Ara Impressions, but
In the grand average the daily press voIc 80
the truth and the moral 10 h@ drawn there
from Governments most effective weapon
did ! ~sy' Yes for while Government
protects. ~ must rlso punish. But Grand
JuTies aIe not always IN session. demurrers
20 judgements rui on the day Of trial. aud
the facts set cold before that day Of trial
comes-" The newspapers appear dnily their
court room l. not limited to city or STATE.
and when wrongs oF evil pFacttces are I'M
e1rthed by the ordinary aEen' zee Of super
vision the retrihution Of an outraged pub
lee becomes sNu' and the needed reform
certain. Publicity thus goes hand IN hand
With supsrvi sion Zach fearless the 'wo
together the most -tirnuIat ting sign Of our
times