Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-20
INSURANCE BILL COMMENT.
Views of Equitable Official on Proposed
Measure.

Although the so-called Presidents bill for
the regulation of life insurance companies
doing business in the District of Columbia
and in the territories and insular posses
sions of the United States was introduced
into the House of Representatives by KEEP
resentative Lands on Monday of last week.
the men who control the leading life insuf-
ance companies in New York. when asked
concerning its provisions yesterday. were
not anxious to discuss it. Most of them
said that they were unfamiliar with its de-
tails.
The bill aims at complete publicity of all
ings of the conpa MES which aim to do
business or are doing business In the ter
ritory mentioned.
Gage E. Tarbell of the Equitable Life
Assurance Society read the bill through
and said that its provisions were SO sweep
ing that he did not care to give detailed
opinion upon it without fuller consideration
Speaking offhard, should say that the
bill in the main was good one, said Mr.
Tarbell but some of its provisions should
not become operative at once. For In
stance, it provides that no life insurance
company doing business In the districts
named shall own more than 10 per cent OF
the stock of any trust company or bank or
any other corporation or association what
soever. There are some insurance COM
panies doing business in the localities pro-
80 per cent of the stock of other corpora
lions, and to continue to do business in
the localities 1t would be compelled to dis
pose of it's holdings down to the limit pro-
vided. This might cause great loss.
''It is conceivable that some of the COM
panies could not dispose of their holdings
offhand, and so would be compelled to
withdraw from the localities, much as a
company would dislike to go an record as
being unable to meet the requirements of
the law. / do not imagine, however, that
the bill will pass without amendment, and
that it will be seen before it becomes law
that some of its provisions could not be
complied with.
"This is an offhand opinion it should be
remembered. The bill Is such as to call
for the most careful consideration. Many
of its provisions coincide exactly with my
idea of what q law of this kind should be,
and I recommended number of its pro-
visions to the investigating committee.
But one of the troubles with the bill is
that it cannot enforce compete publicity,
for the reason that not more than one-half
of the existing companies do business in
the District OF Columbia and the territo-
ries, and SO would not have to make the
complete public showing that the compa
MES are called on to make which do busi
ness in these localities
An officer of the Mutual Life expressed
much the same opinion as Mr.. Tarbel
I'VE want publicity,'' he said, land plen-
ty of it, 1t is to be the safeguard of the
future. There is not an item that we would
not be willing and even anxious to give, but
we want the other fellow to give it, too.
1t would not be fair to force company to
lay bare the minutest detail of its business,
as this bill seems to provide it should do,
details and profit by the publicity that COM
petitors are forced to make