The herald., 1898-01-12

The question of superseding the present
system of state commissioners OF insur-
ance by n federal law providing for ma
tioral supervision Is being quite anxiously
discussed at the present time, particularly
since the introduction of Senator Platt's
bill providing for the governments man.
aging the investigation of insurance com
panies in the same way as the comptroller
of the currency and his examiners now
handle the national banks throughout the
country.
The system of state supervision un-
doubtedly puts the companies to great
amount of trouble and considerable ex-
pense, which latter is really borne by the
assured. No state commissioner with any
regard for his own dignity as political
officeholder would think of accepting the
results of an examination made by a broth
er commissioner in any other state. AS
each commissioner is empowered to issue
q license or certificate of authority to the
several companies, lacking which the COM
panies may not do businesSwthin his ter
rltory, II has resulted that In some states
there has been the very devil to pay
Dressed in a little brief authority, some OF
these commissioners have transcended all
ordinary business IDEAS and have made
demands upon the companies which have
simply been tyrannical and unbearabe.
The state of Kansas has, perhaps, been
the greatest sufferer through this sort OF
misdirected supervision, Superintendent
McNall having made his demands with
such persistency that some of the large
companies have concluded to withdraw
from his territory rather than submit to
the annoyance and expense which he Is
willing to infict upon them.
As to the wisdom and expediency of a
system of national supervision of insur-
ance companies, the leading men in the
insurance business have been interviewed
and there appears to exist quite a strong
feeling in its favor. 1t is admittedly a
question that will require grave consdera-
lion and of sufficient importance to en-
gage the attention of legislators.
On the one hand so reputable an author
ity as President Charles Plat of the In
surance company of North America does
not think that the passage of such meas
ure as the Platt bill would put an end to
state supervision, and he would deplore
Its adoption. as 1t would simply add to
the heavy burdens of the companies the
additional one of being obliged to report
to the national government. Congress has
no right to legislate on the subject of in
surance between the states. for The su-
preme court of the United States decided
ginia, that insurance was not commerce.
But even IL we should admit that they
mad right. the different states would make
IL condition precedent to any companies
doing business within their borders that
they should submit to whatever laws were
operative within such state. The result
therefore, would be that we would sim
ply have the additional burden of another
statement.
whether the proposed bin would effect
relief is involved in the question of the
right of the states severally to refuse H.
censes to do business within their borders
except on submission to conditions which
they prescribe. That the existing system
IS subject to grave abuses which NAV
damage the interests of the assured as
much or more than they do those of the
companies is not to be disputed.
+ r +
With the close OF 1897 the Mutual Life
Insurance company Will quit Kansas. The
companys attorney in notifying Superin-
tendent McNall, complains of the amount
OF valuable time lost in fighting for their
right to do business there. The superin-
tendent has been for some time trying to
drive the company out of the state, where
Its annual business now amounts to about
Sl,VJo,oVO The present amount in force is
about $S,o00o0o upon which the premiums
foot up about $3.50, 5O,0OO-New York Insur-
ance Journal
Among the more important articles of
merchandise furnished by the United
States to other countries breadstuffs held
the first place. The value of the breadstlffs
sent abroad in the first eleven months of
1897 was greater by over s37, 000 900 than that
or the same class of exports sent abroad
in the year preceding, and greater by over
hat fov
years 1894 or 1895, while 1t exceeded by
over S5S.900.oO0 the value of the breadstuffs
exported in eleven months of 1896 The
value OF the cotton exported in eleven
months was less by over $57 0OO, 900 than
that for the preceding calendar year and
likewise fell below the record for the
two years preceding, though the figures
for the month of December may put the
completed year above the years 1894 and
1885. Taking the record for the eleven
months OF the three years preceding into
account, it Is found. says Bradstreet's
that the value of the cotton exported up
to the end of November in 1897 exceeded
that Tor the two years mentioned, though
falling below that for eleven months of
1896. A similar statement is true as re-
CARDS the value of mineral oils exported
In 1897, the exports for eleven months being
less in value than those for eleven months
of 1896 though greater than those for
ike periods in the two preceding years
Exports of provisions showed decline in
value as compared with the corresponding
period of 1894, though increases as COM
pared with similar periods of the two years
Following, and the same is true as regards
the value of exports of cattle and hogs.
4 4 4
r. G. Dun & Co.'S monthly review of
trade conditions in Southern California
just received. says: A remarkably large
holiday trade closed the year of 1897 a wear
totaling up the largest volume of busi-
ness, both speculative and commercial
ana the lowest commercial death rate
since 1872. The opening of '9S is charac-
terlZeq IN the business world by the pass
ing OF financial distrust, increased indus
trial ACTIVITY, especially in the west, and
quiet confidence in the future. Unusual
BUSINESS Ior the season Is noted in the iron
anu WOOL industries. Cotton only is halt
ing price conditions favoring neither pro-
Queer OF manufacturer. Foreign trade con-
tlnues satisfactory. In our immediate dis
tflct the outlook for good year has i'm
proved. The delayed rain has come and
renewed the anxiety of the farmer and
merchant The cold snap of December
II mas been demonstrated, affected only
ABOUT one-tenth of the orange crop. and
the succeeding warm weather caused most
Oh tnese to fall. The crop is maturing
rapidly and shipping will soon be actively
resumed The demand is fairly good The
destruction of the Florida crop stiIl nm
shipped, although but small percentages
OF the yield, had an effect in stiffenine the
market. Olive picking season Is about
ended Prlces for both olives and olive oil