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Second Section The Atlanta Georgian AND NEWS Second Section VOL. VI. iNO. 127. ATLANTA, GA., TUESDAY, DECEMBER 31,1907. Ou Train*..FIVK CENTS. IHMIIHUIIHMIMMIMHI !•••••••••••#••••••••••••••• •••••••••••••••••• ••••••••••••I ianre Annual Insurance >9t99i#49B99#§#M< INSURANCE COMPANIES PAY ENORMOUS TAXES Pau' Mo! ton Writes In teresting Article on This Subject. I By PAUL MORTON. President Equitable Life Assurance ,* Society, v * , DKKIUK to *sy a few words on the • t ons I'oine to pnss iu the United Ht.-ites that Instend of encouraging thrlfi It in popular to reverse the proposl tfoil. Life tnsurnnee. If nnlremnll.r indulg ed In. I* lietter calculated to help the state, to promote hnpptueim. to eilurate the young iind to d:s>'onrnge poverty thuu any othe ins;: tut Ion Inaugurated by civilisation, end yet wo see various states and cities trying to outdo each other In seeing wlilch mu Inqiwe the highest taxes and place the greatest handicaps on the luiKlness. The fooling socm* to he that If In nny Wny by taxation, by due or by undue process of lnv.\ or lor legislation, tbis'so-called •’octo pus" can he hobbled or brought to Its knees, a great public service will hsv# beeu rendered. Many people fall to understand that a .life Insurance company Is Its policyholders, snd that each and every policyholder Is Just n's much a' factor In Its success ns If he were a shareholder; which, In fact, bo really Is. Iiecouse be aharea In both the prosperity and adversity of the Institution. least your |hc various / companies paid . more, than $10,000,000 lu taxes on life Insur ance premiums. I understand that origi nally these taxes were levied for the pur- |H>se of providing a fund to hover the cx- Irtuixe, of state supervision, but the fact that In 190$ the state of Kentucky apent only $22,799.74 for supervision, and collected .$280,779.,4$; Tennessee spent only $11,286.40 ‘and collected $263,618.47; Alabama spent only $3,253 and collected $108,097 from the policyholder* of the state, shows plainly that life Insurance premiums nre now re- .panted as revenue producers, and each Estate penalise* the companies for all they .'will stand. j Although I have been unable to ascertain the amount spent by tbe stats of Georgia Jur supervision. It. I* safe to say that tbe • nmoutit would not elected one-tenth of the "Mini collected by the state In taxes, which • In 190$ amounted to $167,009.14. r [ in the Isst seventeen years the taxes, • licenses and other fees paid by Insurance '.companies to the various states approxl- mated $100,000,000. and they haye constantly • Increased year by year. Every cent of this money comes out of the policyholder* pock- • et*. « (jist year this socloty alone psld out ’a’lout $1,000,000 In taxes and charges of this u linmcter; when our actuaries originally juiade their computations os to results, no • tuxes on premium* wtere levied by the vs prions state*. The power to tax la the V power to destroy. The question naturally rises, where will it end? « bur dividends could have been 10 per Vent larger last year If It bad not been for these taxes. It Is not necessary for me to . r. neat to you that the policyholders pay • these amounts, and I leave It to yon . whether or not such taxation should be f SSCSSed. To my wind. It I, l«»t »• »nf,lr to t«x Mlfe Insurance premium, a* It would be to 'tux Kirlnt* bunk deposits—f*cb tux I, a "penalty placed upon thrift. The trouble wem, to be thnt the orerege Ahierlenn legl.lMor. end much of hie con- 'tstituenCT, «eemi to feel tbnt the home of. die *nwn» off In'New York, Philadelphia. . II,I,inn. or ,ome other remote plnee. le the Ineurnnee company: that It I, n eoullees nml n henrtle.n corporation: tbnt It, only ’mission In life U to gnther lu the pre . mlnm, which It nbeorb, from their Irnme .illnle locality, nexer In turn to Inveet nny • money locally. The money paid Into life Insursnce com- pnnlc doe. not go Into .trong boxes, rad !. „ot honrdeil. All th.t the vaults of tbe eoclety contain ere bond,, mortgages, collrtternl note,, end other erldence of n’enltli so held. ... Tbe money Iteelf le »t once put Into clrj eolation by Investment In the very ssfeet of iccurltlei, end help, to build rnllroede, die weterwnye. Improve clllee. promote commerce, develop tbe reeoorcee. «ml In Other wey, build np the country In which we live. Not Miking • Living. You can not make a. living such vou should desire, says one of companies, unless you pay for one ap- ‘ plication a week. An agrent fa not writ ing a healthy buelnen—In other word*. h |, business I, not prolUable-unle.a hts Is paying for one application a week and If he la not doing this his company Is not conducting Its business Ta healthy or profitable basis. You can not succeed in any undertaking without making a supreme effort. Sue- cess does not come easily: In fact, succesa does not come to any one—you must go after It, Don’t Go With a Light. Don’t go with a light to hunt the , , 0 £Te of an odor of gaeolene. The result* of finding It by that means la always Inetantaneoua and momentous. Don’t Glva Up. s Don't give up with the first Interview I’ If you do not get your man. You will L he better acquainted next time. They Are Not Immune. I people ought to apply for health rad E accident Insurance without b «lng a*k- 1 but they won’t because they think ti c-1 r present health and freedom from iccdenV a sure sign for the future. P Point out their error In thue as.umlng ' :; rthey are ''Immune.’ ami get their [appllcailcna. . , * . PAUL MORTON. 'T AVAILABLE ASSET Policies Offer Exceptional Advantages to Their Owners. • T he fnr By GEORGE T. DEXTER. Second Vico President Mutual Life Insurance Company of New York. HE value of the life Insurance poll- •y ns nn asset In time of need, heretofore tacitly conceded, hns been forcibly demonstrated In tbe recent financial stringency. In the latter part of October last without premonition percepti ble to the general public, the business world suddenly awoke to the fact that "money was tight." In the large centers of popula tion, the less-lnfonncd meml»ers of tho community—the small depositors—been me frightened and proceeded to withdraw their funds from the banks. A few weak con cerns closed their doors. • There were unfavorable rumors as to oth ers, and the panic soon began to spread with the rush of a prairie fire. Small business men. nnd even larger depositors, who could not afford to have tbelr funds tied up In a suspended bank, were Impelled to reduce tbelr balances as rapidly as practicable. The circulating medium of the country was steadily disappearing. The people were hoarding their funds and the banks themselves, menaced by the fear of a run, were forced to hoard. Credit everywhere was greatly curtailed, wheu not absolutely refused. The manu facturer with a pay roll to meet, the bus! ness man wtlb bills falling due and eollbC' tlous Impossible, the speculator who hail to have funds at any price—all alike were denied their customary accommodation, or compliance with their demands wna limited. It was not a question of flit-edged collateral waa The money waa not to be greatly V security offered In rain, bad. In this emergency, men bethought them aclrea of. one sure dependeuce—n source of Immediate and certolu relief. The old es tablished life Insurance companies had the fund* and were read to iwy them out, for they had no run. The pollr/bolilors who needed tbelr money know they could get It—these and these ouly demanded It. There was no general stampede to with draw, for no oue for an Instant doubted the Impregnable solvency of tbe great com- K nles, but those who bad to have funds uud In their policies collateral that none could question, and in their compsuy a re source that could not fall them. In the course of a few weeks, loans to the extent of many millions were made to pollcyholdeps In nil parts of the country—to some a few hundred dollnro, thousands of dollars to other! whose holdings were larg er, s hundred thousand and more lu some Instances—bat *^ dlate relief nowl probable i of not —- —... — _J S. have been made by tbe grent^llfe and In tbe safest manner potalbL. policyholders have secured needed ncep*|. mixtatlon. prompt!, - —• at reasonable ratei able at their own pleasure. The amount of Influence exercised by the life Insurance companies in staying the financial panic thru tbe medium of policy loans can scarcely lie estimated. In only one respect Is resort to this expedient In financial emergencies to Ik* dcpre«*ate<l. The man who borrows ou his life iusurance pol icy shonlil remember that lie Is borrowing from bis beneficiary—not from the company. In tbe event of bis death before the bum Is repaid the fund that would otherwise have'Inured to Ills widow nnd orphan chil dren will l»e reduced by Just that amount with accrued Interest, If any. . I.et him make baste to restore to Its origi nal statu* at the encJlest moment tbe pro vision so unselfishly began. To make as surance doubly sure, wuy should be not take an additional policy to the amount of tbe loan? The extra premium would merely amount to a moderate Increase In his lutc~ •at rate, and In case o' nal provision which make for bis fnm"“ * them unimpaired. * m y can im eoniiniino, or, u “e have elapsed it can be exchanged for pteld-up Insurance to an amount abont equal to cost or even more, according to age and form of contract. “Don't Givs Rebates.** One of the life companies says to Its agents: “Don't rebate any part of your commission. You earn It as fairly as the merchant charges his profit. When you rebate you not only give away your profit, but you virtually admit that your article Is not worth what you ask for It” Don't Waste You ANNUAL INSURANCE EDITORIAL THE SOUTH'S PROPER ATTITUDE TOWARD UNDERWRITING PROMOTION. By J. E. MoLAUCHLIN. In former years there was a widespread suspicion in the minds of smaller investors that the • life insurance business was a great big scheme through which a few men could legally rob the masses of their hard-earned savings. This suspicion was not confined entirely to the South, but ft existed in all parts of the country. . There was a well grounded cause for this lack of faith on the part of those who had become vic tims of the hundreds of fraternal orders with insurance features and assessment concerns that were springing up in nil directions, gatheripg about. them a tremendous patronage, only to suc cumb to the inevitable laws of mortality. Perhaps it would be well to explain what thesp laws of mortality are, and the best way to do . this is to give nn illustration of what is known as a natural premium for life insurance. Taking the average age of thirty-five, out of one thousand healthy men there will be nine to die the first year, therefore yon will readily see that it will take nine dollars from each member of a class of one thousand to pay n mortuary call of one thoAsand dollars, if each man rhips in n dol lar. As the class gets older, the number of deaths per thousand increases, thus making the amount due from the survivors greater each year, and thus making it impossible to maintain nn insurance company on n basis of that character for n long period of time, as only those who die early would be benefited by the organization. When the companies were young niul filled with healthy young men and were continually increasing their membership, the burden of'mortality was so insignifi cant, the. innocent victims felt a mutual protection and a genuine assurance thnt they were provid ing for their families in the event of their own death. But Father Time is a merciless reaper, and ns age creeps upon us the certainty of death grows stronger nnd stronger. The large membership has grown older, and the mortality has become un bearable. What’s the answer? Defeated purposes. Diseased victims without protection. Tho wolf at the door of families who have saved and sacrificed to meet assessments for years. And a sore, disgruntled public—justly so. But these experiences have had their blessings. They have been the means of differentiating ■ between the substantial assurance and the temporary protection. By degrees, the public hns learned that there must be a provision for the increasing mortality in every insurance proposition, nnd they have been convinced that it is tho company with an adequate res e/ve that can withstand the prog ress of age. The temporary Insurance is the natural premium, where a collection is taken up when a mem ber dies, whereas tho permanent insurance is figured out on a mathematical certainty, so that each policy takes care of itself in. a class of thousands. There is a sum set aside in the premium of the permanent insurance to meet the enrrent death loss, a sum plnccd at interest, which at the end of a man’s expectancy, or average length of life at a stated age, will amount to the face of the policy, and also a sum to meet the necessary expenses of the company, so that the reserve, or sum placed at interest to meet the face of the policy at the end of a man’s average ago, can be invested in an ab solutely safe investment and will not be required for meeting current death losses nnd expenses. The premiums in those companies that furnish a permanent insurance may appenr a little high, but when the returns in the shape of dividends are considered, it will be seen that they Bro only high enough to furnish this protection on a safe basis and that is why they never fail. The percentage of loss sustained by policy holders of what is popularly known os Ihe old line companies is infinitesimal when compared with that of the fraternal, assessment or natural pre mium companies, because where an old line*compnny has been mismanaged, its clientele js rein sured in another compnny, which hns sufficient facilities to carry the contracts of tho unfortunate company to maturity without any loss to the policy holder. There are no perfect financial institutions. The old line insurance companies do not profess to he, but they npproacli ptjrfcction nearer than any other institutions. These things being facts, what should he the attitude of the South in regard to promoting the progress of such establishments? Is it ndvisablc for the different legislatures to enact laws that will all but prohibit their operation under such pressure? Should thcy.be taxed beyond the re. qnireraent8 of a government whose revenues are assessed in popular proportions? Should not the advantages of these companies be placed at tho door of every citizen at a minimum cost? These are economic questions that the builders of laws should not overlook. They reach nearer the tender spots of providence and are more sacred to the family protector than any other part of the heritage left for the maintenance of the dependent ones. From a treatise furnished by the president of one of the largest of the old line life insurance companies, and appearing in another column of this issue, it will be seen that the objects of life .in surance arc being continually Unvaried through the enactment of stringent legislation. The pub lic cry for cheaper insuranee’and at the same time applaud those who create laws that make it im possible to give adequate protection at a less cost. Every tax that is imposed upon tho insurance compnny makes the cost of protection to the policy holder greater: It reduces tho dividend on his premium and makes it impossible to extend liberality in features. Just as a suggestion, would it not bo prudent for those in power to examine the records and ascertain the real facts in regard to tho irtoney that is paid for insurance by our citizens? In pretty nearly every instance it will be seen that companies operating in this state have investments m the state'amounting to considerable in excess of the reserves on their policies and that the disburse ments of these companies in this state, including death claims, surrender values, endowments nnd dividends, are greatly in excess of the receipts for premiums. Does that look like robbing the dear public? Going further into the benefits offered by the insurance companies to those who take advan tage of their policies, let one examine into tho records of the past few weeks' nnd ascertain the amount of loans t|int have been made to policy holders dnring tho stringency we have just experi enced. While every other form of collateral was dcflnted in value to such nn extent that financiers and bankers were afraid to accept it as pledges for lonns, the man with nn insurance policy had an mailable asset in the guaranteed loan, with a stipulated five per cent interest rnte. An insur ance policy of sufficient age is always an asset ready for use. There is another feature in connection with the insurance policy that should commend it to the public—the thoughtful public—there are never any runs on insurance companies. The demands for’ payment of claims are regulated by the number of deaths. Money panics do not force them to dis pose of collateral r.t under-values, but on tl;e other hand they are always in a position to secure gilt-edge securities in times of panic at bargain counter prices, thus assuring increased returns to their clients, .... So it is seen that a hostile attitude toward insurance companies is a form of cutting off one’s nose to spite his face. Every stringent regulation imposed by law means increased cost of protec tion and less competition in the underwriting field. Every just regulation of state authority is wel comed bv legitimate companies and not one of them will be found dissenting from such laws. 1908 should be a, banner year for every form of insurance underwriting in Georgia nnd the South. The. lessons of 1907 will bear fruit in the establishment of conservatism in the halls of leg islation and’it is predicted that the benefits offered by the great institutions that furnish protec tion sgabist accident, sickness, firp, death find other liabilities will be extended beyond all former bounds. ,. Begin the year right. See that your insurance is a permanent protection. teeeeeeeeeeeeeeeeei 1907 GREAT PRINCIPLES OF INDUSTRIAL UNDERWRITING History of This Form of Insurance Given by John F. Dry den. JOHN F. DRYDEN. GETTING CLOSER TO MJUMH FIELD Insurance Managers Like to Be in touch With Solicitors. MONEY INVESTED IN DIXIE CONCERNS STAYS AT HOME; HELPS THE SOUTH By WILMER L. MOORE, President Southern States Lifo Insur ance Company. A i’CORDING to the loot available slatritk’*. December SI. 1006, there were thirty-two. Southern life Insurance companies operating on what Is known as the old line plan. Of these. North Carolina had aeven, Virginia ami Texas nvo each, Ken tucky three, two each In the atetesof Louisiana. Wen Virginia. Tennessee and Florida, and one each In the states of Mississippi. South Carolina, Ala bama and Georgia. During the year 1*#;, In some of these states, many life Insurance companies have been organ ised. nnd a few have engaged actively In soliciting business. Such companies should be added lo the above list. Arkansas and Oklahoma as ysl re-1 main without any local companies. The old sat Southern life insurance: company In business today was organ- • tied in 1*71. soHelUns bath Time la the agent's 'stock fn trade.land Industrial business. Th* rudest An hour wasted la money loaf. Time I lasunocf company <nnniai: It Is money—to every one but a loafer. strictly to ordinary busin^ra was gnntied In 1100. Since that dale, the other rompanles have been established. By referring to the statistics of 1900. which are the last available figures, the premium Income for life Insurance for the entire South was 356,763,404. Of this amount, the Southern companies kept at home 33,570,101. In consider ing this drain upon the South, we should also take H)to consideration the enormous amount of money which le held by the Eastern rompanles aa re serves to_protect Southern policy con- is Voughly estl- v,:L.-._n l. moose. tracts. This amount mated at 31.000,000.000. The statistics for 1047 will show con siderable advancement of the Southern companies, both In volume of business and Increase of assets. Their progress has been remarkable, and has demon strated that the Southern people real ise that the South can establish life Insurance companies with the name de gree of success aa she has developed her resources, organized her factories and Increased her banking facilities. Study the irecord of North Carolina alone. Last year. Southern companies received approximately one-sixth of the | (From The Insurance Times.) From the frequenry with which the president of the National Association of Life Underwriters says a good word for the general agent It Is fulr to as sume that the disposition manifested by a number of the companies to get closer to their solicitors In the Held Is causing more or less worry In some quarters. A brief extract from a recent address will show whet the general tgent le thinking about these days: "The type of man that the public de- res lo have In the business, the type that the outsider can aafely ' deal with, In not apt to stay In the buelneee unless he Is given a fair opportunity to build up his.business and his In come. In my judgment, the tendency of the law as It stands has been two fold. One, to run, some high-pressure men out of the business, ana the other to eetabtleh conditions which. If they continue, will tend to the companies be ing represented by mediocre men, rath- er than by men of real ability and ca pacity. Above all things. It Is Impor tant that the general agent should ho encouraged to stay In the business. lie and not the solicitor Is the one with whom the policyholder deals perma nently. Soliciting agents come and go, the right type of general ngent Is fixture. He stands In hie district'for tho company." By JOHN F. DRYDEN. President of the Prudential Life In surance Company. I XDt'STIHAI. Insurance may he iMIm-t ns Insurance fur sinnll amounts, snrtl- clcnt to provide with absolute ccrmlu- !£ f l’ r ."!!•. Imrlal expenses nnd the co-t nf tlic Inst Illness of the Insured. The pofiel. , sre psld for by smell weekly premiums which win average nbout 10 eenls to tint Individual and to eenls to the family. It Is a form of Insurant's especially adapted to the needs snd circumstances of waxe-enni- era. ns a aiihitnntlal sbl In Ibe struggle (or n higher stnudanl of llrlng. The business Is i'll elty trnusneted In largo cities, where the nliernntlvc of absolute poverty at destu Is n pauper s Imrlal nnd helpless dependeuee upon private charily or poor relief. To inellitale the payment of tho weel.lt E reiutiims the same aro collected from tho eusea or the Insured and while this method of collection necessarily Increases the ox. pense, no prnetlcnhle substitute lias been suggested. Kaperlmentn to transact Insu rance without agents have universally heed a failure, even when undertaken bv gov ernment thru the j 1 — squally unsuccessfi |'aules which hare life Inknrsnco on the - tnent plan, and the only alternative I.. Industrial Insurance at rcnsenable cost, or no Insurance protection whatever for a large proportion of the population depend ing solely upon weekly wages. The business or Industrial Insurance was Introduced Into the.United States In 1873 bv the 1’nidcntlnl Insurance Company or America, on Kngllsli plans nnd methods, I originally Introduced Into that country lu ' Ib64. During the Intervening period llm ; business of Indnstrlsl Insurance has at tained enormous proportions through.>ui the civilised world and has assumed the char acter of a universal provident Institution. or insurance, haring on I 17,311.394 npllelea In force $7.(33.814.707 of Insurance. world It Is estimated thnt there approximately 30,000,000 Industrial policies In force. In addition to tbelr Industrial busi ness. the large Imtnslrlai companies trans act a very I'ouahlrrablo amount or so enllnl ordinary business, which la for policies or I 31.000 and orer, which, to an overdnrrcnslns extent, are Iielng written upon the lives of wage-earners praetlenlly not solicited or readied by tbe oxcluefvcly ordinary com- mighty effective education lu thrift. Ii edit. cates the people thru every stage of mi. terlal wellbeing from almost helpless pover ty to prosperity ami comparative hide, pendence. Beginning with very small i amounts, the premium, are grnduallv In- erenseil In proportion to an Ini rrnslng fain- I lly Income until a snMcIcnt amount or tu- suranee protection Is provided foe swrv l member of the family eleney of this form lie quaatlon and Ibe upon Ibe results of | imlnl "fll- the bnslne H... of past w hich “ I" hi Inl.'inal ;,..i i ,,f lb., nr.. ,,f wag-earners throughout the Baited States. The progress of the business Ino. I continuous nnd there lias never been n yesr entire premium Income paid on life In surrace In that stale. When the facte are made known In th* annual state ments which will be rendered on De cember 31, every Southern company will ihow a most gratifying Increaae, not only of new business, but also of business In force during the pant year. It In doubtful If the same can tie laid of the older and larger rompanles of the East and West. The loyal support of the tfouth of Its home Institutions will help lo rear a power of financial strength throughout their respective states, which will greatly aid the Houth In establishing Its Independence of Wall-st. The larger companies of the East are today greatly troubled on account of the valuation of their assets by the various state Insurance commission ers, owing to tbelr assets being large ly atocks and bonds quoted on ine New York stock exchange. The shrinkage of these values has been enormous. Mr. Kingsley, president of the New York Life, In a speech before the recent con vention of Life Insurance Presidents. whea the amount of Insnreni not rimsIdfrnJily Inerenied by Hie nddltbm of a very ■ubstantlal number of Indu-irial policies. This progreaa haa remained practi cally iinalTeiied w iinnlea, depre—lniis, strikes, etc. Industrial liiaurnner Is nn Inherent necessity In tbs life of the peopls and It la correspondingly spprerlnti' l nml vslned by millions of mankind. Industrial policies srv plainly worded con tracts, readily within the understanding "f anyone, and conform In all rssembiM tils. The Indnstrh tivlilv solvent 1 n-r11 „, I eompfl Ing ' ust rial ■ -i decidedly ,. and continuous Improvements have In trodueed, with a gradual tendency iDWiin! an Ideal which Is In a fair way of being realised by proportionality larger bencllts, ,i reduction In the expense rate, the more sue- restful education uf the agency force cud by the better Insurenru education of the public. held In New York at Hotel Belmont on December 3, stated thBrthe shrinkage In values of the Investments of the Equitable, New York Life and Mutual would be at least 373,000,000 If valued m the stock exchange quotations today. Jf this be true of the Giants, what la Hie condition of those medium-sited companies of the East whose assets consist largely of the same class of In vestments. t’ontrost with these the smaller and younger companies of the South, whose Investments sre made on improved real estate loans at valuations not exceeding 50 per cent of the ap praised value of the property. No shrinkage In such securities. What are the leasone to be learned? First, big ness Is not always strength; It Ii sometimes n weakness, os Is now dem onstrated. Second, security as to your volley contract Is not to be based upon urge figures' as shown In financial statement!, but an analysis oi such figures Is of Ihe great est ' Importance. Thlrfl, proX' Imtty to Wall-»t. Is too dangerous for a safety, as Is evidenced' by the fact that only the Eastern companies nre troubled on account of the position of the Insurance commissioners of the ill’ ft rent elates regarding the valuatlt of their assets. thought for you to ponder well: Would the Houth have experienced any money famine recently If she had been free from New York financial depend ence? What are the facts? Our banks have more money then at any time In their history. Our mills had more orders ahead lhan In any one year elnce organiza tion. Our products were selling at good prices. Our cotton crop was a golden har vest. Why any curtailment of orders? Why any cessation of business? Why any contraction of limns? Why any clearing house certificates? Why any decrease In value of our products, any curtailing'of the ■•m i n' of mills and mines or any decline in the prices of our greatest staple coop? The answer le one and the same to ull these questions. New York li.ul a "clearing up” nnd became frightened a; what was exposed of her rottenness In financial circles. As the South look ed to New York to finance her Indus tries and move her crops, she necessa rily suffered from the general conta gion of ‘‘stringency.” Fifty-five million dollars a yenr to the East from ths South for Insurance. More than a billion dollars held by the Eastern companies to protect policies written on Southern lives. Suppose a fifth of these two amounts was kept In the .Sunny South: would we nerd any assistance from any city or any sec tion? Would It have been necessary for our tnnksrs to have requested of Mr. Cortelyou S'division of the money thrown Into Wall-st.. asking for at least 110,000,000, which request was not granted? What le the lessor/ to be learned? The South must finance herself. How can thnt be accomplished? By pre venting the enormous drain upon her resources and keeping, at home the money derived from the sale of her cotton crop, of the output of her mines and her mills. One opportunity Is offered by the Southern life Insurance companies to the peoplo of the South to divert the stream of money flowing to the North and East thru the channel of life In surance premiums. They havo no entangling alliance with speculators who use funds for their own Individual gains. No stronger arguments nre needed to prove their soundness end stability. On. then, with the battle cry of "the South, for the South.” I.et all South ern patriots stand together steadily, shoulder to shoulder, working with one end In view, the emancipation of the South from the chains of financial de- I'emlenco and the building up of South ern Industries velop the vast midst and all atrhword of "Loyalty to control and de- ■ ealth which le In our round us and let the ■very true Southerner ur own tnstltuttonsk”