The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-10
JONES DECLARES
TRUST IS IDEAL
EDITOR OF COMMERCIAL WEST
sCoLDs PUBLIC PRESS.
Banquet Of Life Underwriters Asso-
citation Enlivened by Toast in
Which Speaker Defends Railroad
Mergers, Managers and Method IN
surance Company Presidents Patted
on Back.

A memorable event in insurance cir
cles of the northwest was the eleventh
annual banquet at the Hotel Nicollet
last evening of the Minneapolis Life
Underwriters association.
The banquet was served at pm. to
nearly hundred guests, following
which toasts were responded to by T..
d. O'Brien, state insurance commits
sioner; II. V. Jones, editor of the Com
mercial West; Rev. DR.. f. A. Gran
dali, Former Senator s.. A. StockWeH
and others.
President V. H. Van slyke intro
duced J.. E. Meyers as POSTMASTER for
the evening.
honor, was first called upon. Mr..
o 'Brien spoke briefly and informally.
investigation Does Good.
FtThis has been strenuous year in
life insurance. he said, particularly
for one getting his first view of things.
Yet I hope no one of us is discouraged
by the situation Mr.. O'Brien then
gave statistics showing the wonderful
growth of life insurance institutions.
7" More of the savings Of the people OF
the United States are placed in life in
surance than in anything else, he
said. cover five million policies have
been issued by level premium life com
panies. Life insurance is now going
thru particularly trying period. And
altho flaws have been found, some OF
the companies have come out magnif-
cently.'L
Mr.. O'Brien said he believed the ulti.
mate result of the present somewhat
unpleasant publicity, would be ben.
eft. He also spoke briefly Of the meet,
ing of insurance commissioners at Chi
cago, stating that in his estimation
their recommendations for state legis
lation would be rational, along genera!
lines, and would not enter into deta1
and hamper the management or well
conducted companies.
| H. V. jones' address attracted con
siderable comment because Of the views
taken by the speaker. He spoke Of thu
manner in which the public press |!
Z; watching things in the insurance field
bouncing on everything in a way which
| he said was sensational and unfair.
Speaks for the Trusts.
Mr.. Jones took up the railroad ques
ton, and recommended that the pres
turn its attention from insurance mat
ters to means Of developing the foreign
market for American railroads.
-"You can't establish economic reyo
luton by statute he said. "Th
| trust of today is the ideal method Q
doing business. AS to the evil found i
the trust, there is evil to be found i
every business, even that of the SINAI
retailer. Honesty is the great essen
tial. Go back fifty years. and we ca:
l see what wonderful work has been &C
complished. The evils have existe
I right along, but we have profted b.
them. Evils can never be eliminated.
/ "And at the head Of all great institu
tions we must have men OF capaclt,,
It is easy enough for everyone to. CRIT
icize an insurance company preslden
but few can take his place. ce;,.d M9 MOI
viii be a sorry day for this country
the control Of the railroads is eve
taken away from the right men, tn
men of capacity, and given to commo
men. There are more railroads in MI
nesota today than there were e., IN IN
United States fifty years ago; - I me r So
roads state lands; but was it, We ia
to look at the other side. Lands hav
! Increased ten billion Of dollars in vair
since 1890. And the people worry o.
cause railroads increased stocks 500
600 900. The land all along these line
has been increased SIS an acre by then
If the people talked and acted toWare
the banks as they have towards the u
b surance companies, this country Wou1
! be in a panic inside Of a week.
@ Effect Of Merger.
tWe were told if the so-called raj
{ road merger of the Northern Pacific an
. Great Northern went thru, raalrof
) building would stop, In spite Of II
courts, the merger is stronger toda
= than ever: and what is the result
= Within a wear after the question ri
\ heen settled, northern Minnesota an
North Dakota are being covered WI
;. . network of new branch lines. Ihe1
! was a. day when the people Proteste
/. AGAINST the use of water for transpo
i tation. Gould they. stop 1T no;
more can they stop this. I,
Mr.. Jones spoke OF the day mne 7!,o, -
a ha carried by American railroads, al
a in such a day, he said, the result Won
he lower local freight rates. he ]
:, yored a mighty merger of all rallroao
SAVING UThe quicker competition
: eliminated the better for all the poop
. What we want is. one price to az, q.
= if competition is eliminated, all "
4 be treated alike. = -
~ Other strong addresses were mace ,
: twin city insurance men IN an inAol -
Il manner. Senator Stockwen TOOK exec Sc
- - tion to the remarks Of Mr. ones: II
o s s,U bv DR.. Crandall was one full
Wit as Well as eloquence and was
Enthusiastically received.
rbo Valentine hit Of the season b