Omaha daily bee., 1905-12-15
CONFERENCE ON INSURANCE
Governors and Other State officers Invited
to Rect in Chicago February l.
CALL AT DIRECTION or PRESIDENT
Model Code 60 he Drafted. wits
View 10 Its Adoption by Com
Eress and LeEisla-
tures

WASHINGTON. Dec. 14-Thomas F..
Drake. the superintendent OF insurance OF
the District of Columbia, has addressed a
circular letter to the governors, attorneys
general and Insurance commissioners of all
the states and territories inviting them to
attend conference to consider questions
relating TO insurance at Chicago on Thurs
day, February 1, at 10 a. IN. This action
follows several conferences on insurance
matters which have recently been held in
New York and Washington and an inter-
view with President Roosevelt last Satur-
day. Mr.. Drake was chairman of these con-
ferences and has been directed by the presi-
dent to, attend the coming conference in
Chicago. Mr.. Drake believes that the best
features of the state laws on insurance
should he compiled and remodeled into
model code, with a view to it's adoption by
congress for the District of Columbia and
by the legislatures of the several states for
their commohweaIths.
Hint Mt Another scandal.
NEW YORK, Dec. 14-During the insur-
ance investigation today Edward w. Scott.
president of the Provident Life Savings AS
snrance society made an earnest appeal to
Chairman W. W. Armstrong of the investi-
eating committee to exclude from the hear
ing certain statements bearing on his rela-
tons with the Equitable Life Assurance
society, OF which he was formerly Austria
nan agent. Charles Il. Hughes counsel for
the Investigating committee, had asked Mr..
scott whether the Equitable Life Assur-
ance society had not a claim of 100000
against him
Mr.. Scott at first declared that there was
no such claim against him. and then Mr..
Hughes presented letters that passed be-
tween Mr.. Scott and President Alexander
on that subject In 1901, in which President
Alexander advised Scott to make a formal
admission in writing that his accounts with
the society showing balances of 1857 500
with the society were accurate. In one let
ter Mr.. Alexander wrote that Mr.. Scott had
accepted the accounts
Mr.. Scott's letters TO President Alexander
proposed conference, but made no adnis.
sions as to the acceptance OF the accounts.
when these letters had been read Presi-
dent Scott made an earnest plea to the
committee to rule that this matter was
foreign to the investigation. He declared
that he had been pursued by enemies for
-FOUR years, that in 1900 he caused the ar
rest and indictment OF man who had en-
gagged with the Equitable Life Assurance
society to deliver to 1t records stolen from
the Provident Savings Life Assurance So
ciety; tnat traitorous bookkeeper who
was in league With this man was dismissed
from the Provident society's employ and
that it was fn''eonnection with these mat
ters that he INF. scotts) relations with the
Equitable were reported TO the committee
and in spirit or revenge Though Mr..
Hughes did not uncover lust what the
Equitable society's claim against Mr.. Scott
was based oh,1 he brought out from him
the statementfthat the Equitable society
Ind made sueh'A claim on him and that
Mr.. Scott fefused to settle t.
Haley Ffske 3H vice president of the
Metropolitan r1Ife Insurance COMPANY.
was the first witness before the in
'surance7S Investigating committees today.
When the committee adjourned yesterday
Mr.. Fiske was reading statement OF the
laPses in the Industrial department of his
conpany's business. Mr. Fiske made a
further statement that subject today.
Mr.. Fiske asserted that lapses cause no
serious loss to the insured as the average
amount paid on lapsed Industrial policies
in 1900 was only ~ cents for which the
insured received protection for ten to
twelve weeks. The total loss to the COM
pany on lapses in 1900, Mr. Fiske said. was
Ag7O,OOO; the number of policies cancelled
was 1882, and the average loss to the
company was sls6 on a policy. Charles f.
Hughes. the committees counsel, examined
the method by which the company arrived
at these figures.
Mr.. Fiske said that more than 1900
agents left the employ of the Metropolitan
company In 1904. II had about II, 900 agents
in its employ at the beginning and abou,
the same number at the end of the year
New York life EntireIy Solvent.
LINCOLN, Dec. 14.-Deputy Insurance
Auditor Pierce of Nebraska, who returned
from New York today after taking part In
the examination of Insurance companies in
the east. says the investgat ton OF the New
York Life. will be carried to It's European
business. Mr.. Pierce says the state ex-
perts found the New York Life entirely
solvent and a statement will be issued
soon. Two of the expert examiners will
be sent to France to make the European
investigations.