New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-11

and beneficial. There is no disposition on inc part
of anybody 80 far as l learn, to pursue any OF
the companies unreasOnably or to do anything IN
imcal to the insurance interest. The annual state
expenditure is in round numbers about 81 100000.
OF this sum the insurance companies pay In taxes
from $500 600 to $500 OOO When this fact is Enown
it hardly need be added that Connecticut Legisla-
ture is not likely to do anything rash or ill-consd-
cred in relation to interest from which 1t derives
so large q revenue. Connecticut is thrifty ana
frugal State and not apt to assa its own credit or
the sources of its own prosperity but 1t must IN
Justice be said further that no state i'll the Union
wonld sooner resent and reject any appeal to mer-
cenary motives for the concealment protection oil
fraud.
TIE MIXED COMPANIES
II is doubtful whether the Legislature will con-
slider the whole subject of Life Insurance with the
exhaustive thoroughness its importance demands.
The SPECIAL Commission has given clean bill OF
health to all the companies except the Charter OAK
Continental, and Phoenix. But any legislation
or other action which fails TO reach the man.
agement of tie mixed companies-that is,
the part stock and part mutual concerns-w'ii
be inadequate and incomplete Ii is notorious that
the stockholders in these companies have grown
rich in comparatively few years upon their
dividends. bear of dividends of 100 per cent in
single wear il some of them, and the stock when
offered for sale, which is very seldom, brings
readily $500 per share, 500 being par
1t is hardly necessary to say that lie
insurance business which yields such immense
profits to the stockholders, cannot be managed IN
the interest of the holders OF policies Inc 'nVeslic
cation that stops short of q complete disclosure OF
the methods of this sort Of management can hardiy
he called complete. / do not mean to say or intl-
mate that these companies have been guilty OF any
Of the sharp and dishonest practices winch charac-
teriZed the Charter Oak management; III is Quite
likely that their large dividends have been
declared in strict accordance WIN law, III
the absence of any restriction i'll their charters.
Bnt | do say that the facts are concealed IRON me
knowledge of the pocy-hOlders, who are entitled To
know them and that 1t is only fair and just No them
that the whole story should be told. Some time III
1871, | think, there was special commission ap-
poiuted on this subject at the instance OF the then
treasurer, the Hon Charles NJ Pond consisting OF
Judge James a. Hovey aud the Hon. DAVID Gallup,
and their report t th0nSh not not oy rr r
many interesting facts concerning tire meihoas
of the mixed companies. 1 presume lhc
report is or file in the secretarys Office The lsui-
ance Committee might perhaps, ma some Things III
it which would be interesting and valuable to tiehl
raise no question as TO tie legality proprety oil
these enormous dividends, but | do say, without
hesitation that the policy holders shou he put III
possession of all the facts, and should know pretty
nearly what they paving each year Tor the care
of their property and the management OF ther III
vcstmcnts.
Among TIE resolutions passed on Wednesday was
one instruCtng the Insurance Committee 10 put IN
sIIrancc Commissioner Stedman on the rack III rea-
ton to his knowledge Of the condition of the Char
ter Oak and Continental con panles. HE Colninis'
sioner is not in Il comfortable position; ii is by no
means sure that he will not be removed or forced to
resign IL IL d.