The Minneapolis journal., 1905-11-09
MISSOURI BARS
NEW YORK LIFE
State Insurance Superintendent
.Vandiver Carries Out His
Threat.
journal Special Service,

journal Special Service.
Jefferson City, Mo-, Nov. 9.---The
New York Life Insurance company Is
forbidden to write any more policies
in Missouri. The company's right to
do so was formally revoked last night
by State Insurance superintendent
Vandiver in the following notices, Z
4. Notice is hereby given that, Whefe-
as information in my possession gives
me reasonable opportunity to suspect,
and | do suspect and believe the sta
bility of said company has been, I'M
paired by the expenditure OF funds OF
said company for unlawful PURPOSES
and that the further continuance Of
the said New York Life Insurance
company in the writing of life insur-
ance in this state under its present
management is hazardous to. the public,
end to those holding it's policies, there
for, I, w. d. aVandiver, superintendent
state of Missouri, have this day sus-
PENDED the certificate of authority
heretofore granted to said company to
do the business Of writing life insur-
arce in this state.s .s<--"s4
Warned a Month Ago. ~ -, .->.
On Oct. Superintendent Van
diver formally announced that unless
within thirty days President John \.
Mccall and Vice President George W.
Perkins of the New: York Life should
resign from the company and restore
to the trust funds moneys shown by
the New York investigation to have
contributions, lobbying, etc, he, Van
diver, would oust the company from
Missouri and forbid it to do business
in this state. -. =
This announcement evoked vigorous
protests from the New York Life offl-
cials and attorneys. FREDERICK N. JuA-
son and former Attorney General D..
0. Grow of Missouri, attorneys of the
New York Life, formally protested
against the threatened action, chal-
lenging Superintendent Vandiver 8
right to pursue such course, and de-
claring it to be against the best inter
ests of policyholders.
Protest to Vandiver.
State Speaker David w. Hill. on be-
half of large number of policyhold-
ers, and formally protested to Vandi-
ver and urged him to defer action I'M
til an organization of policyholders of
& the company in Missouri should he
formed for the purpose of taking unite 4
forests. Yesterday the nucleus of such
an organization was formed at the
Mercantile club in St. Louis, when
about fifty representative business men
of the. city and state, after a heated
argument, adopted resolutions request
pany's license. until requested to dc
SO by the company's poEcyholders in
Missouri. Representatives Of the com
1sny appeared at the Mercantile clut
meeting and argued that the threat
cned action of the superintendent
would greatly harm the policyholders
Nothing daunted at the protests ot
1baca inio NJ VorIiror aft g
lengthy consultation with State Attor
ney General Holly, fulfilled his threat
of q month ago, and issued his forma
order barring the New York Life from
dong further business in Missouri.
It is understood that Superintendent
ss Vandiver means that the order shall
apply only to the writing of new poll
"a cies in Missouri but the full effect O
his order remains to be seen. - 49,.
New York Life Defiant.
St. Louis, Mo-, Nov. 9.-Notwith
standing State Superintendent of In
surance Vandiver has officially suspend
ed the certificate of authority Of tn
New York Life under which it wa
licensed to transact business in Mis-
souri,, it was stated at the ST. Loui
offices OF the insurance company i
question that notattention was bein
paid to the order suspending its license
Theprivate secretary Of Hamilton Cook,
inspector of agencies, who said tha
she was empowered to speak for Nj
Cooke, said: -
"We are doing business at the OF
stand. We are soliciting insurance jus
as energeticauY as, we, ever did. and "
are going to continue to do so.''.'' -.
Policyholders' Views. -. ....
Thirty thousand Missouri policyholt
ers in the New York Life, with est
mated insurance amounting to 100000
900 on the basis Of an averae
of $4,000 in policies held in the stat
are trying to figure the ultimate effee
5 of Vandiver's action in suspending tt
Missouri charter of the company,
was believed by. many st. Louisans il
sured in the company tnat the commi
sioner cannot prevent the compan
from maintaining Offices in the sta
s to look after business already on i
books, but that the enforcement of h
order would make It impossible for IL
company to solicit or record any ne
business in the state
Complete Winter Outfits.
T1o4l