The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-04-24
INSURANCE LEGISLATION.
THE SENATE BILL, AND WHAT THE FIRE, LIFE
TIA FEE OF FIVE THOUSAND DOLLARS TO


AND MARINE INSURANCE. OFFICERS SAY ABOUT
u-A FEE or FIVE THOUSAND DOLLARS TO
STATE OFFICER.
Since the passage "by large majority Of the
Senate bill taxing the insurance compa
MES OF this State there has been considerable excite
mcnt among the officers OF the various FIRE, life and
marine Insurance companies OF this city, and tho calls
upon them for information both By foreign and domcs
tic holders or stock have been frequent and pertina
cIous The Committee on Law and Legislation OF which
Mr.. George Hope OF the Continental Fire, Is chair
man, have hold several meetings in regard to the mat
ter and delegation from this body will proceed to Al
bany on Tuesday.
In order to properly understand tho gravity of the
bill which has passed the Senate here gwen entire.
1t reads as follows
Acr authorizing the taxation OF stockholders OF life.
The people Of the d Xsw York. represented in
Senate and As,smIis DO enact IS follows y. -.
capital q any HE ire Or marine insurance company organ
in companies os taxed
the value ofter shares Of stock therein said shares
such in the assortment o. taxes At tue place
sT located ss' ~se E
resides ~ SAID p!ass town Or ward Or not but no; -
he individuals in This state And in making
d sll shares such and d The same proportion =
capital is invested in which said shares held to the
pa.nies and provided iarns that nothing herein con
the rsal held o. owned BY an,
b, and s aI be TO .e ,
In the SANG MANNER r r other rs"l estate i M
tho basnes. o. such insurance companies oranaed under
s @ s the and 'na ne az al he @
therrn and Of the numbers OF shares held by eac md
is sc s'ss: ins the ;s 81 s
day IN which y business may DC legally transacted .o
D.
the Collector an couny Treasurer shall respectively have
person has he ward
Treasurer Receiver Of Taxes other oee authorized e
them have action collect the from the ava Of the
81 s s as Tux m the ps
msnt o. sag I'M *. ,no.. :, .,,o.n ,c, s and q,
addition any other State relative tho mpo
" .n ms aa % ss s %
much OF any dividend dividends belonging to such stock
be made s' to
such oniccr that such have been paid.
Mr. William H. Ross, the Manager OF the Queens
Fire Insurance Company, in Broadway, near Fulton
street, waited yesterday by HERALD reporter
his views regard to this bill He said
cfcct:"I represent iorelgn company, and although
the bill does not directly strike AZ such corporations
only those organized under the laws Of tins State
/ yet understand that IL 10 only
THE BEGINNING OF GENERAL WAR
on all these grave interests. ! am member Of tho
continual hot water during the session as Albany 10
ward OIL hostile legislation. One matchmaking scheme
after another Is put forward, now In ono guse, now in
another, and ali for the single purpose OF striking
tho insurance interests which should DO conserved and
not attacked by the law makers.'
SIR. William H. Ross, President Of the Continental
FIRE Insurance Company, In broadway near Pine
street, was waited on but while he was generally rst
Indignation at the attempt to impose double taxation
on the companies. dc said --"rhc insurance organ
zations invest their money government stocks which
by law exempt from taxation, aud this bill evadcs
that exemption We get, perhaps four and one half
per cent interest ON our Investments and this puts
Of about three per cent leaving profit; we bold
ohsr solid securities which already pay tax TO the
State.
THIS BILL DOUBLES THE TAXATION,
therefore the companies having capital taxed while
the mutual companies escape thus placing the stock
corporations at wonderful disadvantage. BY this
law tho tax would amount TO six per cent at the mint
mum the premiums, and perhaps ten per cent
maximum while the foreign corporations. with whom
are In competition arc limited 10 two per cent"
An oriccr connected with the Sun Mutual Insurance
Company sid, in conversation, that evidence OF
the injustice OF the BILL it might only lie necessary to
point that tho Atlantic Mutual Insurance Company,
winch does ten times tho business OF tho SUM- not
affected ut all by the bill Another example OF IN
equality would be that the Continental Company under
tins law would have 10 pay xix times In amount more
taxation than the lEina and Hartford companies
In the course OF investigation by the HERALD
porter discovered that the obnoxious bill
PRODUCED by Mr. Hammond ex-Deputy Attorney General
.srHEgEBy HANGS A TALgn
seems thar Ia year sae hn'eGerDocSer LIE In
by reports OF some kind and Mr.. Miller, tho State ln-
suiancc Superintendent supposed ~ be favorable
receiver being appointed However, IN the lcgisls-
tive investigation OF Superintendent Miller. which
nitcrward followed, il leaked out that Deputy Attorney
General Hammond had received from tho Kncker-
booker Lie Insurance Company fee OF 50, O00
Tho HERALD reporter waited on the Secretary OF tho
kricxerbocker Company yesterday, and he fully con-
nrmed the above, at the same time referring the
porter 10 their counsel, Mr. Johnson. Mr. johnson
was found, and said, Eyes, the money paid TO
Mr. Hammond, but he did not accept 10
until he assured II would not affect anyth ng hav
ing to come before tho Attorney General" "A pretty
big retainer" suggested the reporter ''Yesn said
the lawyer. smiling; '.but thought II best 20 have
Mr. Hammond us associate counsel IN order TO reach
certain influence, rather To countcract IT.
The president OF another insurance company, who
did not wish hIs mentioned, said:-''Thc great
trouble in all insurance Legislation Is the country
bers They will 20 tor anything that looks like
alton 0 the boaed bond stock holders OF the city;
they think m some indefinite way II win lower the rate
Of interest their mortgages II IS 10 the advantage
OF every community that It's IRE Insurance companies
should grow rich and strong Think of the disasters
OF lire III Chicago ana Boston alone when 100 comps-
laid down their lives, the Home Insurance Com
pany IN this city alone paying 81, 500, 000"