The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-06
Reform In Kentucky.

ant insurance legislation ever attempted
in Kentucky is now pending before the
legislature in session at Frankfort and
the legislation is favorably considered
author Of the bill. The main provision
is that every dividend-paying company
doing business in the state shall, before
the expiration of three years and annu-
ally thereafter, make an a~pportlonment
and accounting Of surplus of each poll
cyholder, the method known as the
""~contribution plan' to be employed
to determine how much each policy has
contributed to each surplus.
Jerome with Cleveland.
New York, Jan. 6.-There is a good
chance of Grover Cleveland and Dis
;trict Attorney Jerome working in
double harness to prevent rebating by
life insurance agents, which is a mis-
!demeanor under the penal code.
Doubt as to the sincerity of the new
est joint move Of the Equitable, Mu-
itual and New York Life to prevent re-
lment of Mr.. Cleveland, has brought dis
.cussion of the best plan to adopt to
prove that the companies are absolutely
in earnest.
AS a result of this discussion the
scheme Of working for the criminal
prosecution of offenders is regarded as
the most efficient, tho some of the Of
'fcers fear it may prove too radical.
Those who favor the plan say that if
in a single case when a rebate has been
given and present it to the district at
torney, it will have a stronger moral eff
feet upon all agents than any number
of manifestos against the evil. Presi,
dent Paul Morton of the Equitable is
said to be one Of those who favor the
most radical steps that can be devised
Woodruff and Philanthropy.
Timothy L. Woodruff has out-philan,
thropied Thomas F. Ryan as a life in.
suranee philanthropist. It was an.
nounced today that MI. Woodruff ha6
been elected president of the Provident
Savings Life association in place Of Ed
ward W. Scott, resigned, and that he ha6
also become trustee Of 1925 shares on
of the total capital stock of 1880, shares
There was a meeting of the genera
agents of the company yesterday a,
which Mr.. Woodruff presided and made
It dev SeSSsni that MI. Woodruff had
purchased with his private funds the
l,125 shares from Mr.. Scott, "to save
the company and protect the policy
= oioO uCNclOpeu GudG MT. WOOQruI
had gone. Mr.. Ryan one better by not
only trusteeing the stock under an iron,
clad trust, by which even the dividends
are to be paid into the treasury of the
company for the benefit Of the policy
holders, but he has taken the office oil
president without a dollar Of salary
Later on, if the affairs of the company
permit, he will draw a salary.
Scott Drew Good Salary.
E. ". Scott, as president, drew a sal
array of $4,000 a year. As chairman
of the board, al office which was ere
ated for him upon his retirement a
president, Mr.. Scott gets a salary, bu
1T Is very much smaller hal the one h
has been drawing. Mr.. Scott s reten
ton by the company as chairman O
the board is expected to be only TEN
porary.
In explanation of his sudden appear
ance as a life insurance philanthropis
Mr.. Woodruff told his friends that h
felt it incumbent upon him to max
some sacrifices on behalf of the policy
holders of the company, Of which h
had been a director for four years, H
admitted that he had been nothin
more thanSa dummy director and tina
he had never known of the scandals i
the management until they were unco1
cred by the Armstrong committee.