The sun., 1905-07-18
ASKS LEGISLATIVE TO ASK.
Senator Stevens OFFERS Resolution. but 1t
Is Ruled Out,

ALBANY, July l7.-Senator Frederick
Stevens of Attica, Wyoming county. the
millionaire of the State Senate, tonight
took a hand in the endeavor to force Gov.
Higgins to permit the Legislature to IN
yestigate the big insurance companies.
When the Senate met tonight. before the
Hooker joint legislative session convened
he tried to introduce a resolution for
legislative investigation.
Lieut.-Gov. Bruce asked If the resolution
referred to the Hooker question. Senator
Stevens said it did not, adding that at the
Roosevelt special session OF 1890, which
considered the special franchise tax law,
another question not germane had been
passed upon. Lieut-Gov. Bruce decided
that the resolution could not be enter
tanned. 1t follows:
Whereas we are Informed by the prelimi-
nary report of the Superintendent Of In
surance that the business methods and prac-
tises of the Equitable Life Assurance Society
have not been such as to best conserve the
interests of all parties. and that great evils
exist, which should be prevented in the future
by enactment Of wise and proper laws which
will protect policyholders. and feeling that
possibly the practises and methods adopted
by the Equitable Life Assurance Society may
be followed by other insurance companies;
and
demand that the entire Insurance & business
companies doing business under charters
FROM this, State, should be thoroughly In;
vestigated by legislative committee. clothed
with ample power of authority to obtain all
facts which would enable it to report to the
Legislature at, its next regular session such
remedial legislation as in the Judgment of
the members OF the committee would be
necessary to protect the policyholders and
restore public confidence: and
Whereas. under Section 4 OF Article ".
Of the Constitution the Legislature is pro-
hbited from acting M on any ba5s sH65eGt not t. sub
q respectful communication be sent to the
opinion OF the Legislature the public interests
demand that all life Insurance companies
tbs sfss In bond 5n 1'bs' be bY
Joint committee of the Legislature, clothed
with ample, power, and AUTHORITY. and that
to communicate with the Legislature in
such form and in such manner and at such
time during the present & eHtraordinafy Es Session
lature to take action as herclabeiore sue-
gested and proposed
Tonight Senator Stevens said the dis
have revealed a condition which demands
legislative action at once. Such action.
the Senator declares, should be limited
to the appointment of committee, with
power to call witnesses and TO investigate
the affairs Of all insurance companies. This
committee should go over the ground care
fully, taking three months, if necessary,
presenting its report. with bills embodying
Its ideas, for consideration of the Legis-
lature at its session next winter.
1T will take three months to study the
situation Senator Stevens said "and it
would be folly to begin this work when, the
Legislature meets again. That should be
done now and we could then act with
fair idea of the conditions when we meet
in the winter.
"The general subject of insurance should
be taken up. 1t seems to me that We should
place the investments of insurance COM
panies as high as those Of banks. The
interests at stake, that is, the peoples
money and policies are the same
Il am also Of the opinion that no insur-
anoe company should he allowed to obtain
business, or underwriting the business OF
other companies. When such transac-
tions are successful thev &C to the other
companies, and when thev fail they are
charged up to the insurance companies.
Insurance companies lend money, banks
and trust companies also lend money, and
insurance companies should not control
banks or trust companies. The policy of
putting up costly buildings all over the
country by insurance companies should he
changed The tendency is to rent these
with loss to the company, and the policy
holders suffer.
1T would he difficult thing to reach
salaries by legislation, but there should
be some way to regulate this. Ii may be
all right to pay man slG0oG0. He may be
worth that to the company. That is, he
corporation. hut unless that Ia true such
n Ia rie shplIId Ia raid