The sun., 1896-02-14
RErALIAToRY INSURANCE BILL.
Its Advocates and Opponents Are Heard by
the Governor.


the Governor.
ALBANY. Feb. 13.-Gov. Morton this afternoon
gave hearing on the Hustled Retaliatory In
surance bill, providing that II any foreign Gov
ernment shall refuse to permit any insurance
corporations of Now York State to 90 business In
their territory. the Superintendent Of Insurance
of this State shall refuse to allow the companies
of such foreign countries to do any business In
New York State. and that II any insurance cor
porations of such foreign countries are now
represented In this State, the Superintendent
shall revoke the licenses issued to them.
Among those who appeared before the Gov
ernor we're Joseph II. Choate. J. hoffman. and f.
r. Kennedy. representing tho Prussian National
Insurance Company and Munich Fire Insurance
Company. Among those who appeared in favor
of the bill were DIR. Emory McClintock, Chan
dler l.. Lewis. Andrew c. Fields, the Hon. d. =.
Kinsley. r. \. Wicks. and Judge Andrew Ham
ilton, representing the Mutual New York Life
and Equitable Life Insurance Companies of New
York, and George p. Sheldon, President of the
Phoenix Fire Insurance Company Of Brooklyn,
who also represented several other companies.
The first speaker was E. II. Kennedy. who OPP
posed tho bill and presented letter from the
II. B. Clafin Company OF New York city, and
other big business houses saying that tho bill
would largely increase their troubles and dfii-
culties In the securing of adequate insurance.
He also presented a petition largely signed by
bankers and merchants. protesting against the
signing OF the bill.
A letter from Charles Stewart Smith. o direc-
tor of an American fire insurance company. was
read, saying that the retaliation proposed was
too harsh and would operate to the end that
there would be an inadequate capital employed
in the fire. insurance business in this State here
after.
Attorney George p. Sheldon Of New York
city. appearing for q number OF domestic hre
Insurance companies, spoke in favor or the
bill, saying 1t was the only character of legisla-
tiOn possible to be enacted TO cover tho case.
Every fire risk abandoned by Prussian compa-
nies, he said, would be taken care OF by the
companies now doing business here and nobody
would suffer.
Lawyer hoffman. representing the foreign fire
Insurance companies, spoke in Oppos tion TO the
| bill. As To the emergency calling for the bill.
| lie said that n question OF fact was involved
which could not he determined by the Executive
| within n fortnight. There We're no regulations
In Prussia aimed against American life com
papics which were not aimed against the COM
panies. The Prussan law was equitable, treat
| Ing all companies alike The Prissan statutes,
too, are not So harsh to foreign panes AS the
New York State laws are.
| IL q retnliatory law were necessary. the law
! should be fair and not force contiscatiOn OF the
| business OF the German companies The bill 10
class legislation and particularly dangerous.
| Prof, Charlton I. Lewis spoke In favor of the
fret insurance law had been to treat all classes
| of insurance companies as a whole, which this
| bill does. Referring to the statement that
| Prussia's laws OF insurance were not harsh.
| insurance laws. but the insurance business was
| under the supervision. OF the Minister OF State
| in each kingdom or princpality. There were
! DEGREES and orders innumerable. The harsEest