New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-16
ODELL WITHDRAWS VETO.
ApproUeS Foley Insane Hospital and
Grady Insurance Bills.
lBr TELEGRAPH 10 THE TRIBUXE.l

Albany. May 15.-Governor Odell late laa
night reconsidered MS action OF two bills which
he had included In his omnibus veto ana signed
them One was the Foley bill. authorizing New
York City to acquire site and lease IL to the
State for the establishing Of a reception hOspi-
tai for the insane, and authorizing the Commis-
sion in Lunacy TO erect a hospital on this site
The other was the Grady Insurance BILL resu-
Iating the reinsurance OF risks by insurance
companies The Governor vetoed the Foley bin
under the impression that It made necessary
100000 appropriation. which he regarded as
inadvIsable I'm view of the fact that the Stats
had already appropriated 81. 100000 for instl-
tutiOns for the insane.
Ex-Charities Commissioner Homer Folks who
urged the Governor to sign the measure. sue
ceeded yesterday in convincing him that the bill
did not make necessary any expenditure this
year. and as a result the Governor withdrew his
veto and signed the bill
The Grady Insurance bill. which was also
withdrawn after Senator Grady had made
full explanation OF it's purpose to the Governor
last night. provides that when a corporation
other than life insurance company reinsures
a part OF the whole OF risk IL shall, for the
purpose OF computing its unearned premium
fund, deduct from the original or policy pre-
MUM said direct amount at risk the net
sum actually paid for reinsuring each risk The +,
corporation taking over or acquiring the risk
through reinsurance shall enter In premiums
in force time the premium actually re-
ceived for risks thus acquired though reinsur-
ance the unearned premium to be computed BY
the corporation cedtng the risk upon balance OF
policy premium in force after deduCung the
sum actually paid as a premium consideration
for the risk coded. The corporation taking
over such reinsurance shall compute its IN
earned premium fund on account thereof upon
the basis of the actual amount Of net premium
so received and in force at the time OF such
computation. But this provision shall not apply
to a corporation that reduces by reinsurance its
direct liability TO the holders Of its policies as
a step preliminary to its permanent or final re-
tirement from business. SAID retiring corpora
tion shall then be credited in reduction OF it's
outstanding policy liability with the original
or policy premium reinsured. irrespective OF the
net sum actually paid for such reinsurance. and
the corporation taking over such outstanding
risks shall be charged with unearned pre-
MUM fund on the original or policy premiums
on said risks, as the same appear in the out
standing policies of the retiring company"
The Governor also announced that he had
vetoed Senator Frawley's BILL which permitted
owners OF property improperly assessed for 10
cal improvements between December i. 1866,
and December /. 1876. TO maintain suit against
the municipality to recover principal and inter-
est on the original assessment This bill was
obviously drawn TO benefit certain property
owners In New-York City.
DR.. Frederick Peterson. OF this city. who has
recently resigned from the State Commission IN
Lunacy, was advocate OF the Foleyfbiu He said
last night TO a Tribune reporter:
I am delighted beyond measure to hear that hi,
bill has passed. in spite OF the adverse report this
as II VIII give for a long time. Hitherto ia
acute insane have been detained IN the station
houses for several days or in the insane pavilion al
Bellevue till they could be transferred 70 the State
Hospital With a receiving hospital. they "a
When the institution on Wards Island Is
remOved-as IL will be in a few years-prohahly the
in all cases OF insanity The commission has. BE-
VIII compets its Mans iI5s5i s I'll 7, IN $500 SO
oiy De a year before construction will begin.