New-York tribune., 1901-01-03


The Superintendent Of Insurance renorts that
there 253 fire, marine. life and casualty COM
NAMES doing business this State with assets
Of sl,943 coz al and liabilities. except capital
strck of Sl,515.309. 131, and capital stock of
sl05 1920 These companies report a srIrpIus
Of s353326,ll9. and risks in force $50, ,925 249-
SO There are hfty-fve fraternal beneficiary
societies. which show rec'i ipts for the year 1899
Of s33O44.64s. and disbursements of about s31-
100000 Flfty-three nonofraternal ASSOCIATE
claims S7.956.S03. and for expenses So ans n2e
The work Of this department is constantly on
The increase, and unusual efforts are necessary
in order 10 protect the rights of the policy hold
ers and members Of the beneficiary ASSOCIATIONS
have no suggestions TO offer concerning this
department
PUBLIC UTILITIES.
During the last two years there has been con-
siderable discussion in regard TO the u1unici-,al
ownership Of public utilities. It is proper in
the consideration OF this question to view IL
however. from the standpoint OF those inter
ested in private corporations now owning such
utilities and of the taxpayers of the munich
pality.
past from competition between private corpora
tons. which for a time had the effect of lower
ing prices, which competition, however. usually
results iE combination of such competing in
terests. Then prices are raised again in order
that dividends may be made upon a capitaliza-
ton far in excess of that warranted by busi-
ness possibilities
Then It is that dissatisfaction arises and the
demands for municipal ownership are most
have been avoided had the power TO authorize
the formation Of new company been lodged
in some competent authority And ii would be
possible with such authority, in the event of
the desire by a municipality TO acquire such
properties, To protect the rights of both the
corporation ana the municipality. The question
is one properly deserving the attention Of the
Legislature. Those corporations owning and
controlling public utilities are all organized un-
Eer The TRANSFORMATION law They are ali suh
feet the same provisions. with this exception
that the railroad corporations have now been
.E-n
Commission / am convinced that the execution
Of the law which created that Commission has
been Of such a beneficial character TO the citi-
sens at large that none would now think of re-
turning TO the former method of bringing
the Legislature. there TO be hurriedly acted
upon. questions Of such great importance.
This subject is one deserving the wisdom and
attention OF men who may be specially charged
with the duty Of. investigating the desirabilty
for the creation Of such corporations, as well
IS the question whether they are created for the
purpose OF threatening or attacking existing
corporations, created in their interests. The
Railroad Commission, if charged with this duty.
could readily determine whether there was a
necessity for another company, or whether the
desired result could not be accomplished by en-
forcing a reduction OF rates compliance with
ether reasonable requests of citizens. In the
event of desire for municipal ownership this
Board could act mediator and conserve all
interests equally.
recommend. therefore. that gas and electric
lighting companies and the questions relating
10 their organization, administration and con-
troll. shall be placed in the hands of the Rail-
road Commission, care being taken to provide
such limitation their discretion will secure
due regard TO the wishes of every locality and
prevent the Commissions sanctioning the crea-
ton Of such corporations without the consent of
the local authorities
BANKING DEPARTMENT.
The number of State banks of deposit and
discount has had a net decrease of seven during
the year, the trust companies of two and the
savings banks OF one. The total resources Of
the State banks Of deposit and discount on Sep
tenber 4, 1900. were 1851. .OsO. $50. The trust
companies reported gain in resources from
January to July aggregating S124, ,293 165 and
fhe savings banks increase of S37, ,460,061 in
the same period. The statement may be made
Unreservedly that as whole the banking in
sttutlons OF the State are in excellent condition
The total resources OF the state banks OF de-
posit and discount, of the trust companies and
Of the savings banks at the dates of their latest
reports amount to 50 1S5 433 800 which is
increase of S121, ,116.072 from the preceding year
On the part of some of the savings and loan
associations in the State, among those which
are classified nationals" there has been a
tendency TO engage in business which brings
disaster Besides the payment Of eXtravagant
salaries 70 their officers and q waste of money
IN maintaining luxurious offices at a large cost
for rent, abuses Of the graVest character obtain
N some OF these associations. Real estate
owned py orncerS individually is purchased by
such associations at prices advantageous TO the
management, but runous TO the institutions.
Speculative dealing is undertaken gn real estate
which, even where the intention is honest is al
most sure to cause loss and embarrassment.
Associations are given over TO the control of
earnings above an agreed percentage are taken
by the officers in lieu OF salaries; and il goes
without saying that the managers realize their
proportion regularly in cash, while the share
holders generally get only paper profits. With
GTawalS are paid upon basis destructive 10
the hopes and interests of the persistent mem
hers These and similar methods which, when
not actually dishonest. are at least unwise and
unsafe, cannot but wreck any institution which
persists in employing them, and the record for
the last year shows that several associations
were sacrificed to them. having gone into liQui-
oatiOn through a receiver otherwise. and
subjecting many innocent investors TO losses
which mean embarrassment and hardship Such
practices ought not to be possible under the
law. and legislation is recommended which will
serve 10 prevent them
STATUTORY REVISION.
In 1889 the Statutory Revision Commission
was appointed 70 prepare bills for the consoli-
datiOn and revision Of the statutes (L. 1889, CHI
2s9). In 1895 the Commission designated
- revise the Code Of Civil Procedure lI1. 1885,
the General Laws in 1889 and since that time
foFty-eight Of their General Laws have been en-
acted by the Legislature. AT the last session Of
the LEGISLATURE the Commission presented GER
nearly all Of the General Laws previously
acted. which bills. in the judgment Of the Com
mission. were necessary to bring the General
Laws down to date. The Commission also
eented eleven bills as plan for the revision Of
the Code Of Civil Procedure. All of these bills
introduced in 1900 were referred 10 special
committee Of the Assembly, and upon the ad-
f0uFnnneut Of the Legislature a joins committee
of the Senate and Assembly was appointed TO
consider them and report thereon 10 the Legis-
iature Of 1901. On January l. 1901. the Statu-
tory Revision Commission went out Of exist
ence by legislative enactment IL. 1900, Ch. 664)
The plan of Code revision proposed by the Statu-
tory Revision Commission has been dsapproved
ny bar associations Of the State on the ground