St. Paul daily globe., 1891-06-18
THEIR PRIVATE AFFAIRS.
Insurance Men Still Hard al
Work in Convention.


Work in Convention.
Nearly all the insurance men at
tended strictly to business yesterday
morning. The greater part of the
morning session was given up TO the
reading of paper by l.. G. Fouse, of
Philadelphia, on 1.-The Relation of Ma
tional Government to Life In
surance" He held that life insur-
ance is the greatest encourager of
thrift in the world; therefore an aid to
government. He scored the insurance
legislation of many states, and gave as
his opinion that life insurance, tie ne in
terstate business. should be regulated by
national laws, although he would not
advocate national legislation at this
time. He also advocated the establish
ment of national bureau OF medical
examiners to prevent frauds. His paper
was fully discussed, the interchange of
views resulting in the adoption of the
following:
Voted-That the legislative committee of
the convention be, and hereby is especially
authorized and instructed TO formulate all
interstate law that will be submitted to the
members of this convention for criticism or
approval; that, having obtained the views of
the members of the convention, confer
ence shall be held by the legislative
mittee of this convention and upon the
agreement of both of said committees upon
the form of such interstate bill said legisla-
tive committee shall use all possible effort 10
secure the passage of such bill in every state
of the Union where il shall be deemed neces-
sary by said committees, at the earliest pos
sible moment.
The afternoon session opened with
discussion of the subject, What Has
the Experience of Our Companies Dem
4rI 10 sos0
Rate to Meet the Cost of Life Insur-
ance?" This discussion continued
nearly all the afternoon. From the am
biguity of the question discussion was
unsatisfactory. Sentiment was unani-
nous on one point: Retiring members
should be charged penalty sufficient
to compensate the remaining members
for the loss.
During the afternoon W. E. Steele
came In long enough to smile upon the
delegates and invite them, in the name
of the B. NJ. o., to take carriage drive
about the city this afternoon, visit the
mills and view the private residences
and parks. The invitation was accepted.
The evening session of the insurance
convention was remarkable chiefly for
the unanimity with which endowment
insurance was maltIeated. The vice
presidents began the pummeling. 1t
was followed mp the body of the dele
gates. Jacob Merritt, of the Educa-
tional Endowment Association of Min
neapolis, was compelled to listen to sew
eral scathing denunciations of his sys-
tenn. Endowment insurance was spoken
of as if it were fraudulent scheme.
Several OF the delegates took the ground
that endowment insurance is not in
surance but investment, and should
not be classed as insurance any more
than the system of building and loan
| associations. They did not want mu-
| tual insurance connected with it in any
way. Others held that, while endow-
| ment insurance is investment, the peo-
| pie want it and mutual insurance men
will be standing in their own light un-
less they take it up. The sentiment of
the convention is against endowment
| business.