The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-29
NEW YORK LIFE WINS.
Prussfan Government Decides to
Permit the Company to Do Bus
mess There.

and examine the company was very IA
vorable to it. Great satisfaction Is eX-
pressed here at this evidence OF closer
commercial sympathy between Prussia
and the United States which must inev-
itably lead to better feeling among the
business interests of both countries.
NEW YORK, Oct 28-President Nc
Call, of the New York Life Insurance
company, when interviewed In New YORK
today, said on the subject of the readmis-
sion of the Company to Prussia that ne
gotiations had been pending for year
or more In 1895 the American compa-
nies, with the exception of the Germania
Life, were compelled by the rigorous
eXactions of the Prussian laws to with
draw or give up their concessions for
Prussia. 1t was believed at the time
that the rules Of the government were
severe and in conflict with the methods
followed in this country. The dispute
ended by the enforced departure Of the
Prussian companies authorized to trans
act business in New York Last year
commissioned Second Vice President Per-
kins, who is now in Berlin, to secure
rehearing for u.s. and to assure the Prus-
sian government that we were ready to
comply with their requirements in every
respect. Acting on this request, the
minister of the interior appointed royal
commission to examine our affairs and
standing in the United States, and the
investigation was made this year. The
royal commission made d favorable re-
port and the government actuartes, after
a thorough investigation of our policy
forms and returns and the liability there
under, joined in the recommendation.
Vice President Perkins, in his cable to
me, states that the minister of the in
terror today reported on all the facts to
the Prussian cabinet, and that unani-
nous vote for our readmission followed
The principal requirements from a life in
surance company under the Prussian law
are.
"First-A life insurance company
shall not hold stock in a private corpora
ton.
''Second-A life insurance company shall
limit its total management expenditures
to a sum not in excess of the amount
provided for expenses in it's premium in
come.
"Third-A life insurance company issu-
ing policies in which division of sur
plus is deferred beyond the second year
shall SO keep It's books that II can know
how much of its total surplus $50 called
is derived from the policies issued in
each year, and those amounts be
shown as liabilities in its reports to the
Prussian minister of the Interior
I'VE have agreed 10 carry out each and
every one of these requirements.
I'm bringing about the change in the
Prussian insurance matter, Secretary of
State Hay and Ambassador White, at
Berlin, have aided very materially. Supt,
Payne of the insurance department. has
rendered excellent service, also by per-
mitttng the royal commission to have
free access to his department records
and in urging a better understanding
between the authorities of this state and
Prussia. Baron Won Mumm, imperial
minister for Germany at Washington has
also rendered efficient service, and has
been most interested in securing a set
tlement of all difficulties
President Mccall further said: "Tkis Is
the first instance in which such a COM
mission has ever been sent to the United
States in behalf Of a foreign govern
ment, and 1t contains a suggestion with
regard to commercial questions that arise
between governments so far-reaching
that the President of the United States
quickly recognized the possible signif-
canoe OF 1t, and repeatedly expressed his
deep - interest in the issue of
the commissions work be-
heve that the precedent thus estab-
l1shed In the action Of the Prussan gov
ernment will show the way to a better
method of settling all commercial differ
ences and in securing additional and val
liable privileges for American business in
terests the world over"