The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-12

Resolutions for Incorporating the
Northwestern National Life Insurance
company under the regular old-line laws
were passed today at the annual meet
ing Of the policyholders, held in the
home office of the company at Elev-
enth street and Nicollet avenue. More
than 5000 policyholders were represent
ports were read by the vice president
and general manager, Leonard K:
Thompson, and by. the secretary and
treasurer Following the meeting OF
policyholders the directors Of the COM
pany met in annual session. =.
Directors were elected by the policy
holders as follows: For three years,
Harris; for two years, C. T. Jaffray,
E. w. Decker, T., K. Thompson; Tor
one year, N. o. Werner, P. D. Boutell,
w. j. Graham. =.
Co1npany's New Officers. g..sa
Officers and an executive committee
were elected by the directors, for one one
manager, L. K. Thompson; actuary,
W. j.. Graham; secretary and
S diTeetor' Dr. ~ Henry ": Cook; coun:
sci, John II. Baxter; assistant sec
retary, G.. B. Darling; cashier, p. M
| Stickney; auditor, II. F. White; execu'
| tive committee, S. A. Harris, r. a.
Chamberlain, p: W.. Decker, 9. Z Z
vice president was deferred to the next
board meeting. arazs aas..e .s>.
In the twentieth annual report, the
first since the reorganization, Vice, Pres
ident l.. X. Thompson laid special EN-
phasis on the fact that the Northwest
ern National Lifst Insurance company
is western company, 1nsurlng the i've
| of western people, loaning and invest
inc funds in the west, for the upbuild
ing Of the territory in which It's policy
After a review Of the insurance sit
uation in general, the report reads,
"Turning to our own company, 1t has
been the policy Of the new management "a
from the beginning and a+ VIII tbe eo f17es
Investigation as to the integrity, eff
cheney and economy with which its at
fairs are being conducted. A review q
the history Of the last year reveals
many causes for special congratula
tion.' s,---, p -,
Among other things, it was shown
that the reorganization of the compan.
has resulted in cutting down salarie
and office expenses at the rate OF NOR
than $4,000 a year. Equally import
ant reforms have been instituted in tn
field in doing away with unnecessar.
expenses. and the payment Of excess1v
commissions to agents. All legitimat
claims against the company have bee
promptly settled, current death claim
have been paid without grace, and VII
continue thus to be paid. ,,,s~r.,. :,
According to the report, the admit
ted assets Of $4,22s,074.9 on Dec; 81
1905, shows gain for the year, of 1898
, 456.4o. The income from all source
. lacked only $47,989.l7 of being a roun
$2,OOO,OOO. The excess of income owe
disbursements was $717,7l5.47; The tx
tai amount paid to policyholders an
benefciaries was 1874, 4O5.9l. Total e.
: penseg for the year were: 432,SS6.2:
+ which included commissions on ne
business This was decrease or say
\ ing to policyholders,. as compared W.T.
:, the preceding year Of $ll5,55o.5o, VIM
. the increase in unassigned lungs .ns &
profits to policyholders of $50, 1850
:, hrin o. the total Of such funds to 1874
i l8499. -.>
3 Notwithstanding the fact that no e
fort was made during the last year
build up an agency force, and that mo-
of the old agency contracts have bee
terminated, the report shows that thel
has been issued $1,924,692 in new insu
] ance, and $2,521 ,537 Of old assessmel
business has been rewritten and place
upon a sound and permanent basis.
2 In closing. the general manager san
d stThe desired goal is not size, mere pl
L ness, but quality, :, results to poilec
:, holders, which shall make this Just
e known as the best life insurance COZ
i, pany doing business II the great west.