New-York tribune., 1905-12-19
NEW INSURANCE BILLS.
FOR FEDERAL CONTROL.
Mr. Lands Says He Has Remedy
for All EUiLs.
[By The AssocIated Prees. ]

by The Associated Press.J
Washington, Dec. IS.-Insurance, hazing, the sur
fering Russian Jews, and immigration were dis
cussed in the House to-day under the general leave
to talk The only business done was to SEND the
Canal Appropriation bill to conference FREDERICK
Lands. of Indiana. made his first speech, taking
his insurance bill a text. and applying 1t as
remedy for all insurance evils. The Dill creates d
division of insurance In the Department of COM
merce and Labor, and provides for super1nteno-
ent of insurance. 1t requires annual reports from
all life Insurance companies doing business in the
territory described.
This would Mr.. Lands said. disclose any
scandalous perversion of funds. This would pre-
vent, for instance any life insurance corporation
from holding $90OOOO0O worth of securities marketed
by J. P. Morgan & Co. This would supplant specu-
lation with investments This would disclose how
far these companies had departed from the original
purpose OF insurance and wandered off into maze
of than two hundred forms of policy, puz-
zng the mind and absolutely defrauding the reo-
pie. This will direct attention to amazing field
of fraud 1t will tell the story of conditions mis-
represented. stipulations understood OF
obligations heavy to be borne of dishonest esti-
mates of earnings. It will the people against
the most stupendous trickery in time namely.
the investment feature of life insurance.
I'm one Of the three great life insurance COM
panies last year only 5000 policies to natural
end, 1000 policies surrendered and $50 poll
cies lapsed This will disclose whether the cold
blooded robbery Of the past is being repeated Let
US hope that it will explain to the nquiring policy
holder why his dividend fell from S149 in 1876 to
81 in 1904 and why The dividends of his friend sank
from $50 1876 So in 1904 Let also hope that
such a provision would make 1t impossible for a
great corporation whose profits in 1904 mill
ion dollars greater than in 1903, to 100000 less
In dividends than in 1903.
Mr. Lands described the salaries of life insurance
officers 1.-The touch of kin which makes the
whole company Christmas tree" These salaries,
he said were in the main dishonest.
He said his bill would prevent "a future Perkins
as president of insurance corporation from
buying bad stock from Perkins, as the trusted
agent of J. P. Morgan Co. and later transferring
$4,000 worth of It to Morgan & Co. on December
81, 1903 and buying it back on January l, 1904 in
order to make false report to the State Superin-
tendent OF Insurance 1t would prevent the trans
fer of 600 worth of industrial stock to $500
a-year messenger in order to deceive the German
Empire, which forbids the holding of industrial
securities. This will take them out of the saloon
business, the hotel business, the banking business,
the trust business It will restrict them to the in
surance business This would dissolve the standing
pair which Mr.. Perkins has had with hInseif
for SO many years 1t 1t viii aLS9 5s
from continuing to be member OF sixteen different
surance corporations with which he is identified
This bill will prevent Mr. Hartman rom borrowing
the Northern Pacific Railroad.
exceeds the perfidy Of these Offenders and IS
their impudence Ali but two or three remain In
mower There is of them good enough to
wear the stripes of the felon. For them TO remain
has wrought and calmly invite the American father
has gone away. He has gone to Paris. congratu-
mids i of all this bPaSepness his Night Is as note
worthy that of the belated swallow back to the
tropics through the autumn sky
dor, thank God nor even in return for the the straw ,
Jones And we might say to our sister ter republic ns
nnbf an @T of % hene dead men TO De selected at her
discretion. a band of brfgands, who seem re-
9Patient though the people be- I want to take
away from the deathbed Of the poncyhol6der 6 the the
ugly faces of Hartman, Kuhn. Loeb & Co, the
McCurdys; the McCalls the Perkinses and Pierpont
II wish to say a word respecting the professional
director in the United states. the embossed sta.
is usually politician who knows nothing except t
ted m af from rs o6scuPy IN these
are s IS they "a are fs IN
Their souls are in pawn i but their names are stu n
murrer to the Ten Commandments and the Sermon
the Mount"
Mr. Landis was frequently applauded, and when
he closed the Republican members congratulated
Rm Maa n fhe chair na appealed the
tlemen In the reception line please preserve 0nder
troll of insurance which President Roosevelt had
"A code of laws he said, lis now being drawn
1af @ MoFk aa in it's all hat is in the
laws Of the States of 6gsna snd
Ohio. together with what additional safeguards
lie against the outrageous practices that have been
brought to light by the Armstrong investigation.
1T will prevent any company from doing insur-
ance business in the District of Columbia until 1t
has compiled with the provisions of this code and
has received certificate to that effect. 1t will
provide for the revoking of this certificate of
thority in case the insurance company does
comply strictly with the provisions of the code in
the conduct Of It's business throughout the several
States OF the Union. mis- last provision is the
crux in the matter. and win in effect act as a
a legitimate business.
Mr.. Underwood. OF Alabama. took the floor
against a continuance of immigration from South
ern Europe.
against hazing Mr. Sims. OF Tennessee provoked
q General disc cussion in which every questioner
anxious to find remedy. The hazng topic was
temporarily laid aside for Mr.. Sulzer, of New
York, express his views regarding the treatment
of the Jews in Russia. when it was again taken up
by Mr.. Ma hon. of Pennsylvania and the day closed
with another general discussion of the practices