The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-06
ASSEMBLY.
ALBANY, March 5, 1877:

seat occupied by Alexander Frear, appeared at the
Speakers desk. was sworn in and took his seat for
the Fifteenth district Of New York.
Mr. TwoMBLY introduced a bill 10 authorize the
New York Elevated Railway Company to extend Its
track IN westerly and northerly direction and to
regulate the construction and operation of the
same. They are authorized to extend the road
north of Tooth street and westerly OF Eighth avenue
to Harlem River and Spuyten Duyvil Creek They
may charge ten cents Tor any distance south OF Fifty
ninth street, and ten cents for any distance between
Fftyninth street and 125h street and ten cents for
any distance north OF l25th street in the city OF New
York.
GENERAL ORDERS.
The House, in Committee Of the Whole, considered
the following bills on general ordcrs:--
Authorizing the Trustees Of Columbia College, in
the city of New YORK, to take and nold lands said
city for site for the college. Ordered to third
reading.
me enactng clause Of the bill to pay the execu-
tors OF George w. Miller, deceased claims Tor CA
penditures made by him IN receiving regiments re-
turning from the late war. ana the bill was re.
tected. Mr.. Hawkins moved to restore the enact
ing clause. which was disagreed to-
The bill TO extend South Eleventh street, Brook
y TO ie 81 th rn h was
SIX wards Tor the village OF New Brighton The ex-
listing provision concerning the Police Justice IL not
disturbed, but remains as at present Also the bill 10
establish Board OF Health and Vital satisfies for
the county Of Richmond. Also the On providing
be paid Tor by appraisement the bill provides Tor
fve commissioners, to serve without pay, appointed
by the County Judge and Supervisors. Tne total
expenditure OF the Board IS not TO exceed S., 500
The bill to regulate the
MANAGEMENT OF INSURANCE COMPANIES.
and tile disposal OF their assets was taken up. IL
proninlts director or trustee from acting agent
or broker Of insurance companies; limits payments
Oagents or brokers at fifteen per cent OF the pre-
mlums received, and allows a member OF mutual
company waen 1t becomes a Joint stock company,
to petition the Supreme Court for receiver 10 be
aUDOQteQ 10 take charge OF and distribute to the
persons entitled thereto all surplus assets.
MI. UARKoLL moved 10 strike out the hrst section.
1t was to prevent directors and trustees from acting
in a double capacity.
Mr.. ALvORD could see no reason why they should
ar FORT mad mad his attention called to this bill,
and according to the representations made to MIN,
1t was one OF the most objectionable bills ever IN.
trOduced mere.
THE INSURANCE RING.
Mr.. TwOMBLY said tile Committee on Insurance
In reporting his Till had done so with view OF
breaking up the ring, winch, IN some cases, ruled
insurance companies Tor their own profit. 1t was
necessary to manage these companies as econ0ml-
cally as possible.
Mr.. ALvORD was opposed to provisions such as
were contained In tins bill, and which simply
hampered company IN carrying on business, and
winch were calculated to do more damage than
good. If the directors did anything wrong inc
stockholders ought 10 put them out
The motion to strike out the first section wss car
ried.
Mr.. CARROLL then moved TO strike out the second
section limiting compensation to fifteen per ceat
OIL premiums.
Mr.. ALvORD favored the motion, as he did not
think the Legislature had anything 10 do w,ih uxing
the compensation OF agents o: these companies
Mr.. Hustled explained The operation of this Prov
sion, which would be to the disadvantage oil home
companies.
should be taken In this matter, and nc believed the
Legislature had iull power to act upon IT, These
companies were not private arairs they are pubic
companies, deriving their existence from the Legs-
lature. and should be controlled by Legislative
no maj m
OFFICE EQUIPMENTS AND ADVERTISEMENTS.
Twenty per cent Is paid TO agents. Inink OF It, he
said, nfth OF the money paid by the citizen for
his insurance never goes " the company at all.
With these facts before US are we TO ne told that
there is no cause Tor Legislative interference The
la,e fire IN CnIcago showed the strength OF these
companies. When asked how much money they
had received, their answer was only about sixteen
per cent Twenty per cent 10 agents. twenty per
cent Tor advertising and twenty per cent for office
expenses, leaving only forty per cent TO pay
losses. We all know just alter the Chicago
fire how many OF these companies went
down. Many Of us have not forgotten The receipt
OF little slip OF paper announcing 10 us that such
and sach company IN which we were insured had
JAILED, ana inviting US 10 take out a policy IN one Of
The companies Inst OF when they furnished, an
increased premium. lie was not sure th,s was the
bill which ought to he passed on this subject, but
he certainly thought sonic action ought 10 be taken
Mr.. ALvoRD insisted that the provisions OF the
bill would nave bad erect on home companies.
ne agreed Win me gentleman from Albany Mr.
Ject and moved that the committee REPORT progress
SO tnat the Dill copl.. ue recommiIted to be per-
lecled, Whicn VS. agreed 10.
me "a. requiring an edulr able distribution OF the
surplus earnings OF lie insurance COMPANIES was
Ordercd 10 third reading.
Inc House then TOOK recess Till half.past seven
PM.
Evening session.
The bill to legalize the bonds issued by the city OF
Brooklyn Tor the relief OF the sufferers py the
Chicago fire, was ordered to third readng also q
similar bill relating 70 syracuse also Dih provld-
CITY Court OF Brooklyn parties to act Ona may pet-