The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-05

Thomas W. Lawson, unable to collect
proxies enough to control the New
York Life and Mutual Life companies,
is tryihng to turn the job over to his
committee of governors, chosen by
him some time ago, to represent the
policyholders and select new boards Of
directors. 49,. -. s- ...
Governor johnson of Minnesota, who
= was to be chairman of this committee,
is not responsive to the suggestion.
Neither is Governor Cumnins of Iowa.
While attending the insurance confer
ence at Chicago last week theywere bonn
barded with long kilograms from Law
son. He told them he had done rall he
could, and would turn over the proxies
he had collected to the committee. They
were asked to take the work up where
he left off, and get enough more prox-
les to round up voting majority.
Both governors emphatically de-
the understanding that they would act
only as trustees and advisers, would
not need to- leave home. and were sim
ply to represent the interests of peo-
pie who had put their trust in the COM
mittee. They did not consider it proper
for them to Sc>out collecting proxies.
Governor crmmins and n, myself
Johnson today, Hand agreed that we
could not take up such task as solicit
ing proxies. We had been and still are
willing to serve in any advisory ca
pacity, but we notified him that we
could not act under the conditions he
stated.''
Mr.. Lawson reached Chicago today
with trunks full Of proxies, but was
too late to meet the governors.
Johnson on the Conference.
Governor johnson, who presided at
the Chicago conference, said today:
"Insurance commissioners who have
followed the subject long time agreed
that the Chicago meeting was the most
important insurance conference ever
held. It was highly successful, and we
believe will produce important results.
Thirty-three states and territories ?
trict of Columbia and Havana. The
resolutions adopted will serve as a
guide to the committee on uniform laws,
on which, by the, way, Minnesota has
two representatives. Mr.. O'Brien is
it's chairman, and his opinion was much
consulted at the conference. Mr.. Young
made talk before the committee that
was one Of the best things delivered
during the week.
s'This committee is directed to re-
port on or before the meeting of the
National Association Of Insurance
Commissioners, which meets in Septem-
ber.'
Attorney-General Young and Commits
sioner O'Brien said today that the
committee would not meet for some
time It will wait for the report of
York Life, which will be out this
week, and also for the report of the
Armstrong committee in New York
which will recommend legislation. At
torney-General Mayer of New York
serves on the committee with the I'm
derstanding that it will wait for the
Armstrong committees action. 1t has
been suggested that the committee
eft may be,' said Attorney Genera
Young today, "that we will be able tt
agree on the legislation drawn by thu
Armstrong committee. In that case il
is thought We should meet in Albany
to use our influence in getting New
York to adopt it. If we dom accep
that legislation, then we ought to NEE
in Albany. and ask New York not t.
adopt it,
Points to Be Included.
In framing a scheme for uniform
laws, the committee is going to conside
several topics not mentioned in tn
resolutions adopted by the conference
They include the following: -
Limitation of age in child insurance.
Limitation Of expense loading and re
striction on cost of new business.
Limitation Of amount of business an
> assets. '.' .r.-l.
The method Of determining loading.
Nonforfeiture provisions.
Investment in individual states of
percentage of the reserve on the bushes
therein.
Reports of dividends paid Or credite
under different forms of policies.
Any and all other improvements of in
surance laws that the legislative commit
= tee can devise shall be Incorporated i
the model code. -,- ... ,.- -. e.. -.m.--.-> s..