The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-01
IN ARMS
OYER INSURANCE.
People to Force Reorganization Of
the Great Life Companies
Of America.

/. New York, Sept. 30.-With few ex-
captions the authorities Of every state
in the west, middle-west and south are
up in arms over the revelations of the
life insurance Investigations and it is
likely that before many weeks before
the legislative committee has COM
pleted its work they will compel re-
most Of the big fiduciary corporations.
A demand for McCall's resignation
and his restitution of money diverted
from proper channels was contained in
resolution presented to the national
convention Of state insurance commits
sioners, which adjourned Friday in
New Hampshire. -, - ~.
: AS Missouri Sees It.
This resolution was read by Commits
sioner Of Insurance j. d. Vandever,
Missouri, who was appointed by Gov
ernor Folk. The resolution was referred
to a committee which reported back a
substitute reviewing. the situation in
general. It read: - 49,
i s Resolved, That the National .Asso-
citation of Insurance Commissioners
hold Id t. that any officer Of mutqal life
funds Of the policyholders Of such COM
pany, or parts Of funds belonging to
them, for political purposes, and pur-
poses which do not come within the
purvlew of the law governing 1nsur-
ance companiese, Or within the purr-
view of the charters under which such
most sacred trust. And it is further
held to be the sense of this convention
that such officer shall be compelled
forthwith to replace such funds dl-
verified and be compelled to resign.''
Substitute a Whitewash.,
The substitute resolution in effect
vention ''that, we condemn the con
duct Of the life sinsurance companies
as revealed by the inquiry now being
held in New York. - =.
Commissioner Vandever, in the city
today, discussed the situation.
81 said to them friday said he,
that they might as well pass a reso-
a hurricane. They thought that my
resolution was too specifc-too much.
to the point. meant it to be to tie
point. That s my idea of resolutions
l don't see the use of resolving that
we condemn what everybody else in the
country has been condemning and
damning for months past. E.5. r.
sioner long, only since Governor Folk
appointed me few months ago. I have
been looking around and SO I have not
got in touch with the commissioners
of all the other states. Illinois is stand
ing where I am, and so is Tennessee,
and there is Georgia. There are three
or four more states, too, which are tax
ing this situation with a serious mind. -
Press Probe in Big Three. -.
If Commissioner Vandever and his
colleagues are not going to remain here,
they will be represented, nevertheless.
Hamilton Dawes has been engaged as
special counsel to act for the Insurance
companies, and he will prepare the case
as it develops from day to day, forward
ing it to the insurance commissioners
for their action
It is their purpose, after having COM
Rleted their investigation of the. New
York Life, which may require four
weeks. g begin similar inquiries into
the affairs of the Equitable, the Mutual
and probably other companies, which do
an extensive business thruout. the coun-
try, but maintain their headquarters in
this city.