New-York tribune., 1871-03-30
ALBANY.

STRIKING THE INSURANCE CoMPASIEs-pAssAGE
OF THE BILL CONTROLLING THE INVEST
MENTs OF FOREIGN OMPANIES-GRrNDING
OUT LAws-BROoKLYN QUICK TRANSIT.
ALBANY. March 29.-Of all tie striking
schemes set aloat during this session OF the LeGsatc
the Insurance bills are the most complete failures Ihe
insurance companies have steadily refused 10 negotiate.
and It is not believed that they have dropped oven
penny into the hats OF the sturdy beegars at Albany
This morning. Moseey's great striking bin 10 compel
foreign life insurance companies 70 invest so per cert or
the receipts of their business In this state In DOnds ana
mortgages Of this State and other securities to he de-
rosited with the State superintendent OF Insurance,
passed the Assembly. At least onehrd Of the receipts
must according to this hill he invested In mortgages on
real estate Even II tho bill what 1t purports 20 be-
II would be unjust law for the statutes prohlpt our
own insurance companies, which derive very large
share OF their inC from the West, from loaing one
estate outside the limits OF the State, with the exception
only Of such portions Of Connecticut and NevJorscy as
lie within q radius OF 90 miles ofNcw-York City peti-
ticn signed by nearly all the Life Insurance Companies
Of New-York City, praying for mobilization OF TINS law,
has been lying for months in the Insurance Committee
so that Committee cannot plead Ignorance OF the
existing laws the bin is not what it purports to be-
In many States Of the Union, including several OF the
largest and wealtest OF the Western States, the laws
permit NewYork Insurance Companies to do business
under the same regulations which our lawgivers may
see impose companies which are foreign 70 us NO
conditions specified ny those States Ihef LAWS sup
uate merely that they will accord to same
privileges which other States accord TO them Suppos
ing Mr. Moseeys bill gets through the Senate. anf re-
eeiycs the approval Of the Governor the law OF New
York Immediately becomes the law Of Ohio, so far as
New-York companies doing business in Ohio axe con
cerncd. But the NewYorI companies could take ont no
license in Ohio under such law, because they arc ex
pressy prohibited from lending security OF Ohio real
estate. The New-York companies will Therefore be
driven out OF Ohio and out Of all the states which have
similar laws. Where ohio companies receive thousand
dollars from the people OF New-YOrk. New-York COM
panies receive a million from the people OF Ohio.
This most dishonest bill OF Moseley's was not read
through even once in the Assembly The only discus
sion which received consisted OF few words in oppo
ston which Messrs scrbner and Abcrger succeeded in
getting in under color of explaining their votes Mr.
Mosesy also delivered ere h@f = gsY irSpS;f NIX sSc N 10
prefer f5 Gt 6ShI fom Chicago to Ave from Ncw-1orE,
which the most thcy get, provided tey pay inc
tax which il levied ON personal properly; IAe IN Nts
when Mr.. Scrhncr Of the Insurance committee va np-
sent Mr. Scribncr largely interested in tho insurance
business aud has thorough knowledge or It, derived
from ong experience as pLeet ana rres'ucA' Oh one
Of tho largest Companies 0t nov York City.
The vote the passage Of the l Is for several rea-
sons, deserving of examination. Ihefe we're ~ 1caS 10
80 Nays. The majority is composed OF % DtnoItat ana
u Eepulicaus; fhc minority of % Republicans and
Democrats or the ~ members absent OF not voting Il
aro ReppliCauR, and Democrats. The majority con-
sss-IfrSt OF all the strikers; second, or some halI-
dozen Republicans. led by Nh. Avord who appear to
look upon life insurance rs neither more nor css tn
Gigantic swindle least another South ca bubpe;
Third of certain gingerbread men WHO are neither
strikers nor have any convictions but VINO always Nge
with the majority for fear OF losing their local bills
This last sort also make up the bulk or the aDsehies
Tie following is list Of those who voted against the