The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-09
LIFE INSURANCE
LEADERS GATHER
Remarkable Meeting Before New
York Legislatures Insur-
ance Committee.

Albany, N. Y, March 9.-Probably
never before has more remarkable
gathering of life insurance men been
assembled under single roof than that
which met today in the state capitol
in connection with the hearing on the
law. The hearing on the bills was had
before the joint special legislative in
vestigating committee which drew uni.
versal attention upon itself last fall by
its exposures Of many of the conditions
surrounding the business Of life insur-
ance as carried on in this state.
Today's hearing was the first public
opportunity of the insurance companies
to express themselves upon the provi-
z sions of the ten bills presented by the
committee to the legislature as the re-
suit of it's investigation and the great
and small companies concentrated a
powerful personnel upon the occasion.
Arrangements had been de for a
very large attendance and yesterday it
became evident that the great crowd
OF insurance men coming in on every
train would tax to the utmost the ca
pacity of the big assembly chamber:
Last night the corridors of the hotels
suggested the night before a great po-
litical convention.
Many radical changes in the state in
surance law and kindred statutes are
pAopOoeu III Inc Gcu D1llS uuueI COuSlu-
Grafton. A resume of these measures
has been carried heretofore in these
dispatches.
Hornblower Sums Up.
Long before the time set for the
hearing the assembly chamber was
crowded to the point Of discomfort
Z. Woodruff, president Of the Provi.
dence Savings Life, acted as master of
ceremonies and introduced the speak.
ers. Mr.. Woodruff outlined the pro.
gram and said that former Judge Will
liam B. Hornblower Of the New York
Life Insurance company would sum uI
for the insurance companies. He in
troduced President Paul Morton of the
Equitable Life Assurance society as the
first speaker.
Mr.. Morton presented communica
ton in which he began by admitting
that serious evils had crept into the in
surance business and by assuring the
committee that he was in accord with
Its general purposes. He said, however
that if these bills We're enacted without
changes, it would seriously injure the
insurance interests Of the state. HI
said:
g Not only will the insurance compa
MES be unable to conduct their bust
& ness In such a manner as to prOduc,
IdlI IcIuIuS W GuelT AIT
meet the requirements of the people O.
the state. for new insurance, but tn
conservative insurance companies O.
other states will be forced to discon
tinue business in this state
"In short, the result Of the legisla
ton which you have recommended will
be the reverse of the result you are t
accomplish
Must Be Perfect.
Mr.. Morton referred to the suggestion
that the bills, even if imperfect, coul
be amended at the next session Of tn
legislature. but pointed out that the in
vestigation had commanded such wide
spread confidence that the example o
New York. would quite surely be. TO
lowed by other states, and that there
fore the laws enacted at this sessio
should be as nearly perfect as possible
Mr.. Morton then took up the change
il the bills he would suggest. In brie:
he believed that with certain qualifcs
tions insurance. companies should b
allowed the same latitude in the matte
Of investments as heretofore.
Oath Annual Reduced-Pr1ce Sale.
The Great Plymouth CLOTHING House