Evening star., 1930-12-13
INSURANCE FIRMS
/ Do GOOD BUSINESS
". S. Stands First Among
Nations in Size of Policies
Written.
BY JOHN F. SINCLAIR.

t-DpeClal OlSpaDCn 10 Inc Star.
NEW YORK, December 13.-New
York is entertaining the insurance
executives of the Nation this week at
The twenty-f1rst annual meeting of, the
Association of Life Insurance Presidents.
Only per cent less life insurance
will be written In 1880 than was written
In the record year, 1929. J. L. Loomis,
president of the Connecticut Life In
surance Co., said yesterday that $18,-
500,000,000 of new life insurance was
written in the United States in $780,
That is more than in all the rest of the
world combined. There are now 68,000,-
600 policy holders in the country, repre-
senting 54 per cent of the population of
the United States.
Every day during 1880, over $4,000, 900
In cash was paid back to policy holders
and beneflciaries-or about $238, 900 900
more than in 1929.
United States Leads World.
Life insurance now in force in the
United States-$108, 500 ,000, ,000-great-
~ exceeds that of all other nations
combined. In fact, over 80 per cent of
all the life insurance in the world is
carried in the United States.
Frank L. Jones, vice president of the
Equitable, showed that Great Britain in
1929, the second country in point of
volume of insurance carried, had only
$11,705, 100000 in force. Canada was
third in volume, with $6,608, 900 900;
Japan, fourth, with $3,972, ,000, 900, and
Germany, fifth, with $3,722 100000.
France is not among the leaders. The
French nation has never taken to life
insurance. In fact, the people of Italy
carry more insurance than the people
Of France. Canada carries six times as
much as either Italy or France. The
latest f1gures-those of 1928-show
total insurance in force in Italy as
i 1851, 100000, while France had but
$s84, ,000, 900.
European countries that exceed both
France and Italy in the amount of in
gurance carried by their people are
Sweden and Netherlands.
During the last year there has been
great increase in the life insurance busi-
ness Of Austria, Switzerland. Finland
ana C1echoslovakia.
Still their total figures are compara-
lively email.
OId-Age Pension Bills.
Leroy A. Lincoln, vice president of
the Metropolitan Life Insurance Co.,
brought out the fact that 327 so-called
"old-age pension" bills have been in
troduced in the various State Legisla-
tures during 1880 as compared with %
In 1928. There are over $50 industrial
retirement plans in operation covering
100000 active employees.
Mr.. Lincoln advocates a retirement
system for employees, based on life in
eurance actuarial figures. Every
American citizen" Mr.. Lincoln said,
..should invest a part of his income
during his productive years so as to
yield at least a minimum annuity for
his old age"
He further suggests that the individ-
ual employe should join in the cost of
the insurance by making current con-
tributions from his salary or wages, and
tie this up, with the contribution from
industry itself.
Mr.. Lincoln took firm stand against
unemployment 'doles" or disability
benefits by way of State aid. He re-
ferred to the experiences of England,
Germany, Argentina and Uruguay as
countries that had tried this plan and
had found it did not work
Let US stand four-square for the
principle of self-respecting Self-support,
every citizen taking his own part, in
duStry taking its part, and the State, in
its true function, guiding the whole"
The address struck responsive chord
throughout the entire audience.
While thousands of small depositors
were waiting around the so offices of
the Bank Of the United States Thurs
day. vainly hoping that something
would happen whereby they would get
their money, New York City officials
went "in a huddle'' to find out how
TO save 81 100000 Of city funds on de-
posit with the bank The deposit must
take its place, not as a preferred claim,
but as regular one and be paid as
other depositors are paid-no more and
no less.
When asked why the city was not
protected by surety bond. the city
chamberlain replied that it was not a
permanent account, but a checking ac-
count, and as such, he did not think it
necessary to have such protection.
Controller Berry estimates that New
York City has $125, 100000 on deposit
now in various banks, all of which will
be withdrawn before the end Of De-
cember to meet various obligations.
During the month Of December the
city viii expend a total of $215. 900 900.
So an item amounting to about a
half of per cent Of the city's total
deposits, will not embarras New York,
even If it will take time to collect.
Explanation in Order.
Nevertheless. New York City officials
will have plenty of opportunity to ex-
plain why a deposit of 81 500 900 of
the peoples money was given to any
bank without the customary surety
bond protection.
For many people may hastily draw
the conclusion that if this amount of
money is left unprotected, perhaps
many other millions have been handled
In the same careless fashion.
A surety bond can always be secured,
covering deposits, either temporary or
permanent, and every dollar of the tax
r. -
The fact that the money was to be in
the bank only short time has nothing
to do with 1t. For only constant, con-
tinuous protection is vital and valuable.
Western Canadian business is down
because wheat is down. No. Northern
cash wheat a year ago was selling for
$1.43-this year it sells for so cents.
These are Winnipeg figures.
Deduct from the so cents about II
cents for average freight and other
charges, and the Western Canadian
farmer is receiving about 43 cents a
bIshel-less, far less, than the cost
Of production.
From August to October. 1929, farm
efs in Western Canada delivered to
Of grain, for which they received net
S2205461o1.
Nov this year-what happened? For
the same period-from August to
October 1930-the farmers delivered
179.6S0.000 bushels and received just
&1o7. .359.511.
Translate such figures into bread
and butter, and automobiles, and farm
machinery, carpets, sewing machines
electric lights and baby carriages. II
Is easy to see why trade Is slow tr
Western Canada.
Here's a rich fertile country, full oi
wheat and oats and barley, rich ir
-. AvaA ~ al