Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-10-13
ssghNLLsEI can "a valuablss ecret thats
I--57I 71sTS 90. and q l6bea shieliSor 80 cents
| Mrs. y<Mt1RR,tco98
luz II. sth sIRE6T, (sEE L0u& 80.
BARRY TALKS PLAIN
He HAS SOMETHING TOkSAY TO
NEW YoRkERS
He Receives Letter toy the New York
Life insurance Company, and I'm
mediately Inlfes Reply.
INVESTMENTS IN TEXAS.


INVESTMENTS IN TEXAS
In reply 10 Mr. Il. II. Barry's letter recently
rra.l-hed il the News. the New York life in
slraacc cOmpany's agent Al 81. Louis writes:
~. have got nearly S2,O00.OU0 invested in
bonds Of the cities and railroads OF Texas,
g.ar $1,000 of which are bonds Of your own
IT, This does not look like discriminating
sr4lnst the state Of Texas in investments.
There would. undoubtedly, be much larger
amount OF our money and that OF other COM
rauc~ invested IN your state, were IL not for
Sour obnoxious laws. Your homestead law is
u.r OF AtIn. and your AMEN Ianu law is another.
While the latter does not Immediately aIect
owners OF money residing in the United States,
tns passing Of such a law shows how errattc
-I.r lawmakers are. and they are Just as liable
go mt statute on the books contiscating all
money loaned in your state belonging TO per-
-.Hs residing in other states. While there
NAV he ways OF surmonting the objections to
the homestead law. investors are looking for
= at,5 in which TO loan money where the mat
ter IL foreclosure is the most simple and di-
rect The laws of the state OF New York, OF
which YOU speak, have been SO modified that
&. permits us to loan money outside OF the
state, and ia seeking new fields for these in
v.stnentS, they are. as L said before, seeking
tie states wherein the foreclosure laws are the
most simple Dallas News.
BARRYs REPLY.
DALLAS, TEN, Oct Z, 1891.
DEAR SIR--I have yours of the 9th, in
answer to mine of the I'd, and think the
facts stated by you show that you do dis
rriminate against Texas, and fully Justify
my conclusion that the laws of Texas should
resent the injury
am aware that the laws of New York
have recently relaxed to some extent the
prohi bition against your making loans here,
hut if the laws do permit you and you still
refuse to treat us fairly you are more 10
be- blamed aud the greater reason exists for
us to amend our laws so as to compel
luu TO do right towards our peo-
pie before permitting you 10 do business
here. Accepting as correct your statement
That you have nearly $1,000, 600 in bonds
Of cities and railroads in Texas, that would
represent your collections in this state fer
only d very short period, and l would be
willing TO wager that the most of those
You have are bonds and stocks of
railroads picked up on Wall street during
squalls IN that great center of gambling, that
,,U have never purchased anything you
hold from a citizen or municipality of Texas
direct and, also, that the investments you
have made in railroad securities have never
caused a single mile of new railroad TO be
built in this state.
or homestead law has never been in
The way of people who want 10 DO business
with Us. and who would come here and ex-
anime into it instead of taking the opinions
4tolisIGcrS who know nothing of it. l am
aware that it IS and has been the
practice OF outsiders, especially in
New York, 70 misrepresent our homestead
.aw SO rs TO keep money away from here,
and hold il there for Wall street operators,
and the falsity of the illustration you give of
one OF the owners of the Grand Windsor no.
'al here having claimed it as his homestead
shows this. Our alien law is too recent TO
have influenced anyone in the past, and
uNw, Is i applies in such cases only 10 COM
pIrle5 having alien stockholders, while
yours, and most all insurance COM
3llIgs who c FRIED out of Texas
more than s., 900 last year,
fave neither stock nor stockholders. And
sst NoUr company alone, last year, demon
--~alrd the wonderful feat of having made
fil.52l, so net. without having single dol
ar invested. Your SupposltlOu, however,
.Llr because our lawmakers have passed
ln alien Jaw, they are liable to enact one con-
-S'g'iur al money loaned in this state by
outsiders, Is certainly without reason. In
De first place, US explained in my former
"l,er. il has always been the policy of our
avs 10 keep outside capital from coming
To- the state rather than 10 hold il here,
tHt. ui course as legal proposition,
{ would he about as effective 10
r'"mpt 10 pass law contiscating
i9ar money loaned here as it would be to
ny 10 make YOU pay your life policies be-
- the deaths of the assured. Our laws
nave not been Objectionable 10 many per-
-aaS and companies who have loaned many
millions here, ana l dare say that their ex-
u'IianccS in Texas have been better than in
sngga other states.
AS u our foreclosure laws. they are about
As simple as those Of any state in the Union,
rslu:rIuE only that land shall be sold at the
courthouse door of the county in which it is
aatcd, on the first Tuesday of some
mouth, after twenty days written notice
H.ished at such courthouse door and two
u'ner p bile places in the county, the sale
beng Tor cash without appraisement or any
e.. -i,g of redemption. If this don't suit
You suppose nothing short Of an Irish evic-
'l1n law would.
Now, my dear sir / don't blame you nor
he managers of your company for taking
Advantage OF the situation. You are sim
ply required by our present laws upon COM
.1- here TO get certificate from what IS
'e.incd our department of insurance, sta
sites and history, which is filled out
ou a printed form by some clerk, and
worth in insurance matters about as
! Iu!t 10 our people rs the numerous qucS-
ons asked by this department of our farm
crS about their peanut and other small
clyps, and with this certificate you are
Permitted and are perfectly willing
' Insure our lives IOF all We
" can carry taking out all the
money you can gather, but when we
ask YOU to invest little of it here, or let us
Use ii at good rate of interest, you say our
laws are obnoxious and you are afraid
Of rs. l have always understood that we had
- worse name abroad for killing each other
Than anything else. Why are you not
afraid 70 insure our lives!
No, you and the other companies are not
afraid of US you have only been too smart
for US. Your plans have been to take our
money and keep it in and around New York
Tor the use of yourselves and friends, and as
YOU have. according to published statements,
and what you say, got so much OF 1t IN the
past, which you are anxious to increase in
the future, - think it about time for US TO
call a halt and require you TO invest good
per cent of what you get here, or retire
from the state. Yours, etc,
BRYAN T. BARRY.