Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-04-09
.M'ADO0 SPEAKS TO
LIFE UNDERWRITERS
Urges Support OF Insurance Men
for Third Liberty
Loan.
LAWRENCE PRIDDY SPEARS
Tells of Growth OF Life Insurance
Business and OF Fight Under
writer's Have Made Against Spc-
Cial Policies.

Secretary OF the Treasury William
G, McAdoo and President OF the Ma
tionui Associa ton OF Life Underwriters
Lawrence Priduy addressed about 200
life underwriters Of this city after a
luncheon yesterday afternoon in the
ballroom of the Richmond Hotel. in
which both speakers inspired the audi
ence to frequent applause. the one
summing mp briefly the necessity. the
purpose and the patriotism of buying
Liberty bonds, the other presenting the
important factor OF the National AS
soication Of Life Underwriters III the
life OF insurance men.
In addressing his few remarks to
the meeting. Secretary McAdoo Statca
that he was happy TO he in The pres
cncc Of Insurance men. as he was
after a fashion, In the insurance bust
ness, too. after which lie stated that
the person who could only buy -
cent thrift stamp was contributor
to the cause and fellow soldier. In
effect. no stated that the very least
Americans who stay at home can do is
to lend tho government their money
with which to support the soldiers who
arc sacrifcinE their blood to whip the
Hun. He stated that every bit was =
help, but that tho privilege Of lend
ing money on the impreEnablc secur-
ity of America at a big rate of i'm
terest was small as a patriotic SER
vice by the sacrifice OF the boys who
arc doing the lighting.
rRIDDr TELLS or GROWTH
OF UNDERWRITERS ASSOCIATION
Lawrence Priddy, who spoke imme
diately after the luncheon, followed
the lead Of President of the Richmond
Life Underwriters Digs. who In
troduccd him by stating that he was
born at Keysville. and began his In
surance career in this city He then
said. speaking directly and positively
10 the end. that in his opinion agents
should. after choosing good company,
stick with its straight through.
Mr.. Priddy stated that there were
sixty-four members of the association
in the audience and SiNty-hTe insur-
ance men who were not members. but
that nc would regard himself
bum" salesman if he did not secure
at least Ufty names before he returned.
He then briefly summed up the his
tory OF the association. after which
he rccouHted the famous Armstrong
investigation in New York state. He
stated that the investigation was nee
cssary. because evils had crcpt into
the insurance business and everybody
was more or less to blame.
When tho Armstrong laws were be-
ir- put through the New York Leg
iS!aiurc. he said, the association went
to Albany. about l.20t strong. and Sc
cured hundreds OF amendments to them
for the beItcrment OF the insurance
business He said that insurance men
were tight wads,'' who would not
support The organization that spent
that seven weeks in bitter fight that
Won for them commission that per-
mitted living wage.
SPECIAL roiICiEs WOULD
KILL INSURANCE. BUSINESS
Referring TO special policies for
wise guys" nrst put on the market
hy his company, he stated that the
proposed 20 per cent commission would
not afford \ living wage that the
policy was such as would sell itself,
and that 1t would have killed the in
surauce business. il the National Lire
uudcrwritcrs' Association had not got
busy and killed il. lie then dramat!c-
ally recountcd how the organization
accomplished this and put the 'Spr-
cials" out OF business for good. After
q meeting in the Aston Hotel, in which
resolutions coudcmumg the policy were
adcptcd by thousands of agents, he
stated that his company. after per-
sonal combat with him, took the
policy off the market, and that the
other companies followed suit.
AIR. Priddv then recoumted case after
case in which the organization had
driven uncthical agents and unethical
principles and policies from the field
for the protection Of the bona hde
agent who makes il life business