New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-11

Tas presidents OF the big Three" il ives said
by MANY hardly rose TO the occasion. Paul
Morton. OF the Equitable, according to those al
irhe hearing. presented tho only real argument
All that in ;he form Of letter. The actuaries
slso were Disappointing. II was said that while
shey handled figures with and rapidity
that perplexed the Official stenographers. several
OF them became somewhat tangled when cues
sssoaed.
II was declared that about all the companies
accomplished yesterday, far shaking the
committee in its views is concerned. was 20 cast
q doubt that tho percentage OF contingency re-
serve placed by III. committee was not high
enough: that 81 might be entirely satisfactory
10 provide for the distribution OF dividends once
in five years instead OF every year; that posi-
BY some restriction on stock holdings might be
made which would permit the insurance con-
'oerDs 10 hold stock IN companies that had good
dividend records
The agents did make an impression but II was
not ss complete as II seemed when they left the
Capitol The general agent. with bis enormous
first year commissions is practically doomed. so
Far as New-York state business is concerned. II
the Armstrong committee has its wsy. The
committee may have indeed probably has. some
idea OF making better terms IN its reform iegis-
lation for the agent who actually writes the
b. sEess. It is almost certain that he VIII not be
cut down at once, but VIII get from three to fire
years for readjustment 1t is likely that COM
missions on renewals will be permitted on some
new scale.
In regard TO the Limitation Of new business
the facts that counted worst against the COM
panes was the mass OF data in the possession
Of the Armstrong committee regarding lapses
after the payment OF premium. This sort
OF business viii certainly be prohibited II the
committee can frame law 20 do II. The mem
bers OF the committee rsmsin mistaken in their
idea that the big companies Will write batter
sort OF life insurance II they are limited. The
question Of the number OF millions year is still
open.
THREATS NOT FEARED By COMMITTEE.
The outside companies. with their pleas OF in
Justice. with their thrests OF leaving the state
90 FAR as new writings are concerned. and Of re-
taliation from their home legislatures did not
seem 10 make serious impression. AS Assem-
blyman Rodgers. OF the committee, put IT
Insurance and other corporations very
much more prone 10 threaten TO leave the state
sn March than they are in June and November.
We have been threatened many times before,
IS. for instance the Nsw-York Stock Exchange
II is ga old story"
The hearing next Thursday promises already
10 be more severely contested. The mutualiza-
tion OF companies WILL perhaps. be the most
important topic. The question OF legislating
ell trustees out OF Office next November and
providing for new election under strict proxy
rules will be contested Samuel Untermyer.
appearing IN behalf Of the Stuyvesant Fish pol
3cyholders' committee OF the Mutual Life, will
make the principal argument for the November
clean sweep. He VIII be opposed by r. Burn
ham Moffat representing committee Of policy
holders OF the New-York Life who believe that
the present trustees should have more OF
chance.
The question Of campaign contributions on
the part OF insurance companies will probably
come up. il is not likely that any insurance
Official VIII appear in defence Of the practice.
An EFFORT viii be made 20 have District Attor-
ney jerome. who has that subject before
the grand jury, appear in argument against it.
II developed AT the Albany hearing Friday
that the actuaries OF twenty-seven companies,
in the states Of New-Yorl. New-Jersey, Massa-
Chusotts, Connecticut and Pennsylvania, had
5oIned in printed report TO the Armstrong
committee criticising some Of it's most cherished
figures. committee Of seven was appointed to
confer With the Armstrong committee and pre-
sent & number OF suggestions. They speak OF
errors and antiquities which have crept into
The report, and ask the privilege Of pointing
them out They declare that however sound a
theory may appear. II must often be modified In
practice They then beg to consider the inper-
aeCuons OF me DIS which the committee has
asked the Legislature to pass.
SURPLUS DISTRIBUTION DISCUSSED.
IN regard TO the distribution of surplus 20 pol
soyholders the actuaries say:
This section may be IN direct opposition 10 tha
lroElsions of the charters OF various Companies
operating in the state. II applies 10 EVERY noIicv
Sssueo Gy any company doing business in New
aoik end PROVIDES that at the option of the policy
hoioer. any share Of surplus spportioned 10 his
800 saSll oe permitted TO accumulate to the
be allowed by the company such shares Of sTrIIs SIS.
!ett 70 accumulate at interest involve no life con-
t4Isehcy Whatever, and form q purely banding
business, which form business is denied to some
4laLes py ohaIler provisions and is allowed
OF this state '''0 ~'S'His laws
Jnder The provisions Of this section shares O,
sUIpus may Dc accumulated interest from vear
70 year during nearly the entire lifetime of noicT
5Ss allo , On ms oeaShbed he may instruct that
- 9e aIteo % purchase reRersionaZy additions
s - ms PoHcs, Inc company is precluded from
Sesifs 'o 80 Sos;qeIauon the state Of the
ssIloas loss through what is known as adverse
u Is far from clear at what tim. -.vsrsIon.r,
soolnons are 70 take effect If, however the COM
1sssnohs are TO be made as Of date three months
sLtef uae premium becomes due upon The nolicv IN
which The share OF surplus IS apportIoned thew
saoqa Dc mace al the then nearest attained age Of
NE company In writing OF his election in the matter
- Sppaoation Of any share OF surplus apportioned
20 ms Polioy PRIOR 10 the payment of the premium
The cash value only Of such share of surplus shou6
e paced to the credit OF the policy, be paid on
u our opinion. under the proposed law. no amor
- o5 snares o: surplus should be made prior
nueh shares shall be due and payable ONLY upon
Sa.ineht OF the ensuing years premium, IL any be
CONTINGENCY RESERVE
On the important question OF contingency re-
serve, the sotuares say:
A Corff ro.rv