Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-03-31
Policy Holders; Of the North
western Life Will Be Pro-
tected to Large Extent
uDlToR CARROLL TALKS
Iowa Official Was in St. Paul When
the Decision to Reorsanize Was
Reached and Had Conference With
Directors-He Explains the Situation
State Happenings.
Special to Times-Republicar.

Special to mes-RepublicaE,
Des Moines, March 31.-At con-
ference held in the office of the attor-
ney general at st. Paul Wednesday
afternoon it was decided that the pres
ent officers of the Northwestern Ma
tional Life Insurance Company would
vacate their places and that new Off
GERS of the concern, should be elected
to their places. The auditor of state.
&. f. Carroll, of Des Moines, was pres
ent All this conference and made the
following statement to the papers this
morning:
YES I was at ST. Paul yesterday in
conference with the insurance commits
sioner of Minnesota, the attorney gem
eral, the governor, Mr.. IS. H. Wolfe, the
insurance examiner, and the officers
and directors of the Northwestern Ma
tional Life Insurance Company. Mr..
Wolfe had just completed a very thor
ough examination of the affairs of the
company and was ready to submit his
report. I was invited to be present by
reason of the fact that this company
sometime ago took over the business
of the Northwestern Life and Savings
Company, of this city, and this depart
ment, under the reinsurance contract,
is holding the securities necessary to
cover the reserve value of the old
Northwestern Life and Savings Com
panys policies. The examination has
been in progress for about three
weeks. | was at Minneapolis about
two weeks ago in consultation with
the examiner and Mr.. O'Brier, the in
surance commissioner, and have been
in close touch and communication
with them all thru the examination.
1t has been known to this department
every since the examination made in
June last year by DR.. Emery, who was
then examiner fer this department, and
by Mr.. Wolfe representing the Mime
sofa department, that the affairs OF
the company were very poorly manag-
ed, and as it has been apparent for
some time that the interests Of the
policyholders demanded a change in the
management of the company.
Mr. Wolfe's report, as to the results
of the examination, showed conclus-
lively to the state officials of Mime
sofa and to myself that there was no
hope of any information or betterment
of the conditions of the company so
long as the present officers continue
to manage it. 1t appears from the re-
port that the company is solvent, and
that under proper management the
policy holders would have reasonable
assurance that their contracts would
be matured according to their terms.
The report also showed that very
gross irregularities existed, and that
the officers in charge were not en-
titled to the confidence of the policy
holders and that they ought not to
be longer trusted with the manage
ment of the company's business.
After a full hearing and discussion
of all the facts and laying the case
plainly before the officers of the COM
pany, they agreed to resign their posi-
lions and give place to new manage
ment. 1t was agreed between the Off
GERS and the attorney general, before
whom the hearing was had, and the
other officials present, that commit
tee of representative men from Min
neapolis should be named, which COM
mittee was to suggest to the remain
ing members of the board of directors
OIL the lHSuEdllC0 COllptlllJ, ooASeApAS
persons to fiji the offices of the COM
pany and serve upon the board of d.
rectors. The committee agreed upon.
is as follows: Hen. John Lind, ex-
governor of Minnesota; Mayor Jones'
of Minneapolis; Mr.. Swift, of the Min
neapolis Journal; Mr.. Carl, of the
Minneapolis Tribune; and Mr.. B. F.
Nelson, prominent lumber dealer and
citizen of Minneapolis. This commit
tee met with the governor, the attor-
ney general, Mr.. O'Brien, Mr.. Wolfe
and myself in the Office of the insur-
ance commissioner at st. Paul, at
S o'clock yesterday evening, and
agreed to serve, and also to arrange
for another meeting to be held this
morning at 10 o'clock. I was favor
ably impressed with the committee and
believe it TO be composed of men of
very high standing and character, and
who will, at once, inspire the conf
dence of the policy holders Of the com
pany and Of the people generally.
fully realize that it is q very import
ant step for officials Of a state to take
In directing change Of management
in a large insurance company, such as
the North Western; but 1t Is my belief
that Mr.. O'Brien, the governor and the
attorney general of Minnesota are en-
tireIy Unsuitable in the course that !
they have taken, and also believe that |
It is the best thing that could have
been done under the circumstances.
1 have felt deeply concerned in the
affairs of this company by reason of
the fact that so many eff our Iowa peo
pie are Interested in 1T, and the far
Their fact that we are holding so large
/ deposit of securities belonging to
the company. I think in this connec-
ton / ought to say, for the benefit of
Western Life and Savings Company, |
that these securities still remain with |
his department, and have been, and |
ire being, Kept up by the Minneapolis |
and that every effort has /
been made that was possible, to pro-
.ect their interests in this matter, and |
hat I firmly believe their interests |
Will be much better protected under
Jew management than would have
been done under the present one The
committee appointed will designate
he parties to become officers of the
at the very earliest possible
and when so designated they
Will take charge of the aaffirs of the
company.
Reflect School Superintendent.
Special 20 Times Republican.
Emmetsburg, March S1.-The public +
ahn oil Inv For