Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-08-26
THE BAR ASSOCIATION
Considers Insurance Law Proposed
Chanqe-EIection and Adjournment.

Narragansett Pier, r. l., Aug. 25.-
| The delegates to the annual meeting
of the American Bar Association held
their final sessions here, today. The
election of officers for the coming year
| was held, and other business was COM
pleted.
The special order for the forenoon
session was the consideration OF the
| majority and minority reports present
ed by the insurance law committee.
The majority report signed by Ralph
W. Breckenridge, Burton Smith, AL
fred Hemenway and X. w. Mercer,
recommends legislation by Congress,
providing for the federal supervision OF
insurance; the repeal of all valued pol
icy laws: a uniform fire policy. the
terms of which shall be specifically de-
fined; the repeal of all retaliatory tax
laws; stricter incorporation laws in the
several states i'll so far as they AFFECT
the creation OF insurance companies,
and federal statute prohibiting the
use of the mails to all persons, associa-
tons or corporations transacting the
business of insurance In disregard of
stat, or federal regulations. The report
says in part:
"The officials of the leading compa-
MES life. fire and accident, recognize
| the steady growth of the sentiment in
favor Of national supervision, and they
generally favor it. if thereby the state
departInents to whic.. ;ney must now
make returns will be superseded. The
leading state Insurance commissioners
are also in favor of federal supervision
o. Int b,,t-
reau of corporations, % states in the
year 1902, received from insurance COM
panies, exclusive of taxes. over $1,000.
600 more than they expended in the
SUPERVISION of those companies. The
iniquity Of such q condition is obvious,
Tor it lays an unnecessary burden upon
all who seek to provide for their fami-
lies ami to avert disaster from fire
through Insurance. 1t IS estimated that
the expense OF federal supervision
of those companies. The iniquity OF
such a condition is obvious. for it lays
an unnecessary burden upon all who
seek TO provide for their families anC
| To avert disaster from fire through in
suranCe. 1t is estimated that the eX-
p'usc Of federal supervision would not
be- over 10 per cent. of what state SUI
pcrVisiGn now costs.
"a FEDERAL regulation requiring ar
accounting Of the uses made of the i'm
mense sums accumulated through the
prudence, sacrifice and thrift Of mil
lions of policyhOlders. will prevent i'm
provident and improper investments
and eXtravagant management"
The minority report, presented by W.
| II. Vance. declares that no reason has
been shown why the business OF in
| surance should be regarded as inter
| state commerce. Therefore the report
| says. ii is clear that the regulation and
| control of the business is beyond the
| powers of the federal government. l.
| Is the opinion of the minority that fed
| eral supervision If il We're cOnStitu-
| tionally possible. would probably rem
| euy many OF the existing evils, but
| that such supervision is not possible
| without constitutional amendment
| The report CharactcriZes existing meth
| OILS of state regulation rs most eff
| fectfre." as they are inefficient In pre-
| venting wildcat" companies from en-
| gapilS in the business and are need
| lessly expensive to the policyholders
who in tn" last analysis bear the ex-
| penses incident to the business.
| After discussion the whole question
| Of insurance law was left to the in
| coming Insurance committee.
| The committee report on real estate
| Titles. etc. which recommended more
| uniform mortgage laws throughout The
| country was adopted as WAS the cc1or:
of the committee on patent laws which
| recommended the establishment of a
| special court for tho cnnsde ration of
| patent cases.
| The report Of the committee on obi
| tua-ies was also accepted The commit
| toe on nominations then rrnorted tht
report being read by Amas NJ Eaton Of
| Providence and officers were elected az
| follows:
President Geo. r Peck Chicago;
seer, ;ary. John Hinkl,y, Baltimore, Nd
treasurer, Frederick +. Wadhams,
Albany. y. Y.
Executive committee, President, Sec
rotary and Treasurer ex-otficio; elected
| members NJ. s. Dickinson, Boston.
Ralph w Breckenridge Omaha. Neb;
&. a. Munroe. Los Angeles. Cal: Theo-
dor. S. Barnett. Norforlk. Va; William
T. Brecn, Fort Wayne Ind.
Among the vice presidents elected We're
| FRANK H. fflRBlilS OF Limerick, Nc, jos
| W. Elbows of Manchester. n. II; AL
fred IIcmenway. Boston and Elihu r.
| TAFT OF Burlington. vi.
Before adjournment Of the business
meeting the convention passed the fol-
lowing resolution concerning President
| Roosevelt's endeavors to bring about
peace between Russia and Japan.
| Resolved that the American Bar As
socittion desire to express 10 President
| Roosevelt its warm approval and admi-
ration for his efforts to try to bring
| about peace to millions Of people abroad
who are devastated and made desolatc
| 10y war. And. that ii hopes that ne VIII
| continue to use his utmost endeavor to
| aid in every way possible those who
are trying to end the war between the
great nations who have always been
friends of this country
The session will he concluded. tonight
| with the annual dinner.