The Saint Paul globe., 1901-08-06
JOINS THE OLD LINE
BANKERS LIFE ASSOCIATION OF
ST. PAUL LEAVES THE AS
sESSaTENT CLASS
FIRST UNDER MINNESOTA LAW
At the Annual Meeting Yesterday
the Directors Unanimously Vote
to Reincorporate-In
Good Condition

A very important incident transpired
in the St. Paul and state insurance cir
cles yesterday when the Bankers Life
association, one of the veteran concerns
of the state, passed out of existence as
an assessment company and entered
upon career as an old line institution.
This change was a result of the annual
meeting of the directors of the company,
which was held in the Fire & Marine
building. The company was reincor-
porated and placed upon an absolutely
old line or level premium basis. The
establishment was accomplished
through a resolution unanimously adopt
ed. One half the membership was pres
ent either in person or by proxy.
Articles of Incorporation We're immedi-
ately filed with the secretary of state
and the new life of the company begun.
The name of the new organization win
be the Minnesota Mutual Life Insurance
company" Under it's charter it Will
have power to transact life, accident and
health insurance on the level premium
or old line plan, but for the present it
viii contine it's business to life and en-
dowment insurance. The reincOrporation
of this company, which for twenty-one
yeaADs did business on the assessment
plan, Will be observed with considerable
interest, not only in St. Paul, it's home.
but throughout Minnesota, where it
operates. Regarding the reincorporation
Gov. Van SAINT and Attorney General
Douglas have expressed their approval.
At the meeting of the directors yes
terday the report showed that the as
sets during the fiscal year just closed
increased to $16G0,000, and that owing to
the rewriting of the policies 50 per cent
of the business will at once be placed
upon the new plan
IS A VETERAN COMPANY.
The Bankers Life Association of St
Paul was organized as an assessment
company Aug g. 1880, and was recog-
nized as one of the most successful and
conservative of the assessment compa-
nies. In point of assets to outstanding
inurance its standing has always been
good Different from most concerns of
its characters it has maintained d re-
serve fund, which was in measure due
to the strict adherence the company paid
to discrimination in the selection of risks.
T. r. Palmer, president of the COM
pany, stated yesterday that the Bankers
Life was one of the few companies that
survived the financial panic of a few
years ago without loss of any of it's
capital stock. 'In fact" sad Mr. Palm
er," We have been able to sustain this
record ever since our original incorpora-
tion, twenty-one years ago
Asked why, under the conditions refer
red to, his company had made the
change, Mr. Palmer said:
Owing to the failure ~Of numerous
weak assessment companies during the
past few years, there has been a con-
slant, but very decided undercurrent
against them. This attitude has been
strengthened by the continuous ham
mering' which some of the lesser lights
in the assessment class INDUCED in
against the old companies and the SEN
timent of the insurance press. All these
have helped to bring about stringent
legislation in most of the important
states, and this last is the straw that
broke the camel's back. I believe many
other companies will find it necessary
to follow our example. We have had
this end in view for at least two years,
and it is therefore the elimination of
well defined plans instead of the result
of an impulsive decision of our directors
at the meeting this afternoon. We will
enter the field stronger than ever
In anticipation of the action taken yes
terday by the directors, the officers and
actuary of the company have gotten out
policies contain 'ng new features.
MANAGEMENT THE SAME.
c. E. Secor will continue with the new
organization in the management of the
Eastern states and John O'Shaughnes-
sey. former insurance commissioner, will
have the Western field as manager, a
position to which he was appointed a few
weeks ago
This organization is the first to be made
under the old line laws of Minnesota.
1t is somewhat singular in view of the
fact that nearly every other state of
prominence has from one to ten native
insurance companies. The Minnesota Mu-
tual is therefore distinctively nome
concern and will no doubt head off it's
share of the money which annually
leaves the state fer the purchase of for
eign insurance.
The officers of the new company are
the following:
President, T. r. Palmer; vice president
Gen. J. B. Sanborn; secretary, Douglas
Putnam; treasurer, c. II. Bigelow med
ical director Charles L. Greene The
following were elected directors: Charles
H. Bigelow, Gen. ]. B. Sanborn, Maurice
Auerbach, Crawford livingston, J. f. r.
Foss.
A resolution was rendered to the Off
GERS and directors of the old company
at yesterdays meeting for the efficient
manner in which they have conducted
the business.