Show I I I f EXPOSURES WILL VILL RESULT IN fOOn GOOD Insurance Investigation Bound to Bring Benefit Declares Chas E. E Hughes BIG COMPANIES SOLVENT Canadian t to t National of or Life Insurance Now New 1 York oric May Iny 22 At 2 At the annual meeting of oC the National association ns of oC Life LiCe Insurance held here today the Montreal association was admitted to membership and the announcement was made mate that bratIch- bratIch cs es of oC the National association were beIn belog beng be- be In log ng at numerous other Canadian Can Cam adlan adian cities cites thus making the tho association tion International In scope cope In the United States since the last las convention of or the thc association which was wag held hIJ In III Hartford in September 1905 there have been organized new i as associations at many southern ant and western cities including Denver Den Colo Cole and Salt Sal Lake City Utah The executive committee heckled that hat the lie next convention con enton shall bo be held hale In n St. St Louis on October 23 23 3 24 and 25 1907 I foss Tonight a banquet was given at al the Savoy avoy oy hotel at which the guest huest of oC honor lonor was Charles E E. Hughes who as counsel for the New York state legislative legis- legis Investigating committee was wa responsible for most of oC the recent revelations regarding corruption In Insurance In- In surnce matters maters Mr Mm- l' l Hughes In a lengthy thy speech reviewed the history of oC offe life fe Insurance declaring emphatically that hat he believed ed ble the tho recent of ot graft in the Insurance companies will vIii wi ultimately re result mJ In gr great at benefit to policy holders holders In part he said sid What hat has been disclosed was as bound some day to be disclosed Tind nd the abuses that existed demanded attention aten- aten atten atten- Ion tion ton and anti rectification I shaH shall not speak tonight of ot the wider influences of oe the tIme Investigation in of or the quickening quicken quIcken- log ing of oC the sense Rense of oC fiduciary obligations obliga a- a tons yet et wo we a all know Inow th that t the result will be to the interest of oC all of us us who ho hold life insurance e policies 11 l He lie Worthy It I is Important that the thc trustees of or our OUI mutual companies antI and ant of ot those companies that profess to act acl upon a mutual ba basis should hold their by proper title and 1 I believe beleve It ft vl li 1 t it u ln t tl 9 H r l Lh lt 1 i Ii l' l I e t b n t nisi I vi i il i dulled u l who imo nrc me are id w of Qt itt hi confidence th We Ve h have effectively ly divorced Insurance Insurance ance from politics for tor tho benefit of or ill all concern concerned l and I believe that the re results re- re suits will wl ill bo be pleasing to us its all an Con Constructive Not I Destructive I In conclusion Mr tr Hughes said said- sid I We e have been beel forum despite the time extravagances that have been cl disclosed clos- clos ed 01 despite the time evils evis taht have ha been seen In having great gleat solvent institutions tons brought under our observation We Vc have o had great groat ral companies exposed ed to clo close and unsparing analysis only to thud find that their solidity was solidity was S as us the Rock nock of oC Gibraltar I believe c bele most confidently con con- COI- COI that what hat has been beel dono done has I Inot not been destructive l but constructive i that tho the emotion and excitement which have been stirred up has been heen converted convert convert- ed Into a n power for the correction of oC ovll ovil ovi and that from now on elm 01 you rou gentlemen gen gon- cn- cn tiemen temen who have ha devoted your lives hives 1 to the Insurance business ma may work with witha wih a confidence and a pride and a satisfaction satisfaction sats sats- satis satis- faction in your YOU efforts that hitherto you have never ne cl been able to experience experience ence enco Other Oter speeches were wee made by Justice Justice Jus Jus- tice Morgan at State Insurance Commissioner Commis CommIs- Kelsey Keisey Rev Hev Donald Sage Sago Mackay and Ernest J. J Clark |