The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-02-26
SNyTlrS NEWEST TROUBLES.
1uosE or MS OWN PARTY TALKING OF
TuROUING HIM OVERBOARD.
.-...ed warfare Against the Insurance
n.,nrtment-Proposi to ask smyth 60
v..,x, unrris's Unfair Apportionment
scheme Making Progress In the senate.


n.u,r,ment-P o.ing to ASK smyth TO
y.,.r unrris's Unfair Apportionment
s.hcme Making Progress In the senate.
AtnANY. Feb. 25.-The squeamishness OF
40 Alh1y Insurance Ring shows no signs OF
hating while the disposition to inquire into
,s onerations is as rampant as ever The sue
" ,b,, Inns attended tho calling for the reports
~ Tho examination OF the Globe Mutual Life has
encouraged members OF the Legislature to press
mrther inquiries These. while oetensibly |
rointing in another direction. are all Intended |
10 check tho operations OF Superintendent |
smvth md they come from men Of his own DO |
hucal party 1t is part Of determined effort |
on the mart OF some Of the leaders to unload and
relieye the party from tho odium OF carrying
smith. The action Of the Senate last year
r,akes this in their judgment. necessary. At
,consultation OF few Of the leaders in the As
,or,bly tonight II was decided to present at an
sarly day and press concurrent resolution re-
ouestng Mr.. Smyth to resign as Suporinten-
dent of Insurance. There was disagreement
.sto that policy. several OF the members insist
ing that the fight should be made for the aboli-
uon of the department but both the resolution
for resignation and the bill to abolish the de-
partment are TO be pressed. The former Is more
likely to pass the Senate than the latter.
An important bill amending the general lifo
ing in the Assembly. Harmony Hepburn. who
ehampioned IT, announced that II was drafted
by Deputy Superintendent Mccall and the At
torney- General aud was intended to prevent
eompauies in the condition OF the Globe Mutual
Life from continuing the payment OF dividends
70 its stockholders. and to prevent any life in
surance company. with stock capital. from
paying dividends on i'm paired capital. 1t pro-
yidee that when the Superintendent finds for
eign company has impaired its capital 25 per
cent. he shall revoke the certificate OF authority
10 do business in this State. In case OF like i'm
pairmeut by companies organized in this State,
he shall require the stockholders TO make good
the deficiency within % days. and in tho event
Of failure to do so he shall report the company
TO the Attorney General for dissolution. An
amendment was adopted. however. providing
that the company. by n special meeting OF the
directors may reduce its capital stock TO the
amount OF the impairment II the reduction
still leaves the capital equal to tho amount re-
ouired for the organization OF such companies.
Aao,her amendment was adopted making 1t
obligatory that all bills for examining insurance
companies by the department shall be audited
BY the Comptroller. and the amount so audited
paid BY the companies into the State Treasury.
This is the enforcement Of the point raised by
Gov Robinson In his charges against the Su-
porntendent last year.
Mr. Hepburn in support OF the bill. as
serted that. under the statute as 1t stands to-
dsy. a life or casualty company may have an
Impaired capital Of so per cent, and yet no
anthority IL given the Superintendent TO call on
The stockholders to make good tho impairment.
II the company has sufficient amounts 70 rein
are It's risks It cannot h 6e CoSed up Of ~ ossp esp
by death and unpaid endowments in addition.
bat II II has suficientto reinsure its risks. with
oat regard 10 the payment OF losses by death
and matured endowments. the department Is
powerless. The present bill seeks to compel
life companies to be In possession Of funds
equal in amount to its reinsurance fund and all
The venerable Ogden thought there was no
certainty ut the present time in regard to the
sNyency Of any stock life insurance company
The majority OF men at % wao got their lives
insured had no guarantee OF obtaini nK theli
Insurance II they lived to be 60. and he would
support this measure rs tending to improve
The Senate was compelled TO resort 10 a call o
that body To secure quorum; rms having
been obtained. and Democratic Senators being
vt absent Senator Harris took advantage o
the circumstances IN call up his unjust Appor'
tonment bill motion W2s made 10y seneioi 81 ,tl
Assembly hv Mr.. Skinner. which was lost by :
tie vote-l3 TO l3-six Senators absent Th'
bill which pissed the Assembly last week n:
far as the Assembly districts were concerned
WIS lost by the same vote. senator Harris, de
Tended his hill ut length. 1t was approved. h'
said. hy the party lenders, ana shnnl,
hs adoptcd Simply ~ msbWVe. msbVn oI over Squib ~
heads Of his Republican nssocetcs, and brough
them AL into line except Mr. Goehel. senate
Tom Murphy voted for all the motions 20 sub
Etltule moro lust and fair measures. hut Harrli
Al length inshed him into the SUPPORT ni hi
In This way tho hil was ordered To n third read
ing II gives NV York % members only an
lumbia q II is the same bin that the confer
encs committee agreed upon lAst year, ana
WAS then pronounced by hyRepublicans 70 be sHcl r
days a ton indicates that Old Salt was speak
ing by authority last week when he said tina
the Senate would not pass one side Of the Hous
bill Harris and Old Salt are plainly engineer
ing for 4 feat Of apportlonment ms year %
forcing ihr9Hgh parliamentary fro tac'icS' d'SS
The Assembly ordered TO third reading tn
brventh Regiment Armory bill. nuthorlzlng
loan hy that regiment on lts hrmory property
also the hi making mn appropriation Tor IN
operation of tho railroad from Plattsburg 10 th
btit" prison At DRnnemnra. " @
senators Ecclesne Harris. Goodwin. Sei
sions, aud Hughes entertained the senate !,
an hour hy telling what they knew about ms
torcAl societies ana ihr rr srrNaati9n ol mon mon
ments on revolutionary battle ne,ds. srnats
Hlrris knew the most ahout battle hfld
having never been to the war and Ike III
stay-Ht- hom" hrigad", he had the most 10 sH
about the exploits 9i 9attlr ana thr conliiiii ~
Grafton Of the battle fields, while the soili'
Senators were silent spectators eNrept thr'
who fought and blcd AS provost mnr7halsi
Gen. Hoiahan introduced the same ENcl'
bin over which there Wns 80 Il cree contest u
winter. il finally passing the Assem-, " hnl D
ing Killed in the Senate. All the other ENei
mrnsur-s hnVn been referred 60 the Committ
on Internal Affairs. which II, sitting on thcl
Old Salt quietly referred Gen. HoahAns bill
DR. Polar IIuycs's Committee.
The venerable Ogden having reached the 60
clusinn that the Committee on Internal ANA
propose 10 hang on to his hill to sell licens
Tor the sale ~ Intoxicating liquors by aurtio
moved 10 take IL out OF the hands OF the Cor
mitiee. CORPORAL Llnghein objected, unle
his license bill WAS iuclu led, and he began
talk about ii SO Old Salt sent the motion TO I
table.
The indefatlgabe seehacher obtained pe
mission TO request the Bank Superntendent
report with all convenient speed whether 4
Grrmania Bank had misnpplied any OF It's mon
In tho past year for pol tical purposes. N
Hogan from the Mackrrelvlllc District secur
ur approval Of his request for the Bank hupp
lutrndent to report the cause OF delay IN 4
having the affairs Of the Third Avenue Shyin
Banks books closed up and the balance OF I
funds strilutel. ,.
Mr. Madlgan insisted upon the appointmo
Of "A committee 10 Investigate the Umbru u'N
tunnel under Forty second street near
Llst River but an objection stopped MN,
Mr. Chase asked for more facts from thr J
eeiyer of the Atlantic Mutual Life lnsuran
Company.
Nj. Braman Of Albany said that he had pro
isrd o. object 10 all insurance inquiries ioflhi
days. and MIR. Chnsr did not obtain the OPP
unty 10 hlt the Insurance King ana d
ffUtH I.N NrH..r 10 To 4