New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-09

have seen how, in the Charter Oak management
where there was no express limitation Of dividends
on the stock incorporated in the charter large sunni
of money, which honestly belonged to the policy
holders, were gObbled up under one pretext and
another, in violation Of law, by the holders OF
the stock. 1t is notorious that in Other
companies exOrbitant dividends have been made
to stockholders and that great pains have been
taken to conceal the facts and the precise amounts
from the public. Now do not think man need be an
actuary, or even a medical examiner to understand
this part of the business and have reasonably just
idea of the relations of the policy holder to the
stakeholder II policy-holder has any rights
whatever beyond paving premiums, he certainly
has the right to know how much he is paving for the
services of the gentlemen who manage his invest
ments. III the gentlemen are managing the properly
fairly and hOnOraby they should raise no Objection
to making such disclosure. Any investigation, l
repeat, which falls short OF introducing the policy
holder to the stakeholder. and admitting the former
to an acquaintance with the practices and methods
aud rate of compensation of the latter, will fail to
meet public expectation. And any leglsla-
tlon which aims simply at the rehabilitation I'D
suffered detTiment. and which does not undertake.
to place stockholders aud policyhOders more nearly
on al equal footing. will be entirely inadequate to
the emergency This Is one OF the few things re-
gardng life insurance that am quite certain about.
don't think even al actuary could drive me from
this position.
DUTY OF TIE LEGISLATURE
But there not to be the slightest probability
that investigation will make public past transac-
tons of the companies-it is claimed that the facts
concerning illegal and exOrbitant dividends have
been already pubshcd-Or that legislation will be
had in the direction of limiting future dividends on
the stock Of mixed companies TIE Legislature
will content itself with such action may
be decided on with reference to the Charter
Oak and Continental Companies and not attempt
much besides. Plenty of bills have been introduced,
but it Is quite clear that none of them will pass. 1t
81 better, perhaps that none of these should They
are, for the most part, either crude and
i'll onsidcred altogether too ambitious
and sweeping in Their scope There is
very general impression that something
Ought To be done for the protection of policy hoders
and the public and il seems TO be the prevailing
ida that it only be done by rigorous State sn-
pcrvlson. There are accordingly various methods
proposed to increase the strctness of the present
oversight. Ii has not occurred to anybody
yet, presume, that the best protection
the public can have is in the utmost pub
LEFTY and that If the Legsl sture will only compel
the companies TO tell the whole truth to the public,
IL would answer the purpose much better than to
appoint commission or committee to 20 III and SIT
down with them i'll a kind of dark sednCe and report
everything far afterwards. There some Oppo-
sit0n III the Senate To the hill reorgauizing the
Charter Oak but II passed aud is in the House.
where il the order Of the day for next Wcdnc day.
There is 10 report yet in the matter of the C"nti-
mental. l. II. u.