New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-28
REPORT READY SOON.
Insurance Investigating Committee
VII Finish York about Feb. re.

n
The full report of the New-York state Legis-
lative Insurance Investigating Committee VIII
he presented TO the legislature about February
u according TO information received yesterday
from Senator Armstrong. The rough draft Is
now being prepared and It will probably be
ready for final reading before the committee
within week or ten days 1t is believed that
few changes Will be found necessary. as the
members OF the committee are working in per-
feet accord. Within a day or two after this
reading the report will be ready. Every precau-
ton is being taken to prevent the premature
publication OF the report.
The work Of writing the report has been d.
vlded. The draft OF a insurance code.
which the committee will ask the legislature
to adopt, is being prepared by Senator Tully.
with the assistance of Miles NJ. Dawson, the
insurance actuary retained by the committee.
Charles E Hughes and Matthew c. Fleming
are preparing the statement of facts Senator
Armstrong and Assemblyman Cox are at work
on the general reCommenda tons. Assemblyman
Cox also has the trying detail of bringing the
BrandOw Printing Company, OF Albany, 10
terms in printing the testimony.
The Wisconsin Senators went to Boston yes
terday where they will confer with certain In
surance experts and officials They have about
decided to take the report OF the Armstrong
committee on the New-York insurance com
panies.
1t is not unlikely that the District Attorney
will use the case Of John Williams. policy
holder in the Mutual Reserve, when he presents
the affairs of that company to the grand jury.
Williams declares that he took out policy for
$1,000 in the Mutual Reserve in 1884, and that
he has since paid premiums amounting to nearly
$4,000. He recently offered to surrender his
$i5 -'i il. io' cas-" pay '--'''' anu SO' Oh ''' "
CapeI E. lie Jeune, a certified public account
ant of No 81 Beaver-st., has addressed open
letter to Governor Higgins asking that the in
sUrance investigation be extended to casualty
fidelity and surety companies. He asks that
certain revisions be made in the insurance laws
applying to these companies on the ground that
a Generalization of premium rates exists, which
has brought about questiOnab BILE methods OF ad-
Justing claims. He declares that this has caused
personal distress in some cases. He also be
lieves that the severe competition in the surety
department has engendered much looseness
Of management. In support of this he in
dicates that several surety companies nave
failed retired recently. President Frederick
Frelinghuysen Of the Mutual Benefit Life
Insurance Company. of Newark, n. J., denies
absolutely that his company has paid money 10
influence legislation or for political purposes in
the last ten years as set forth in a dispatch
from Nashville, Tenn, yesterday.
Insurance Commissioner r. E Folk Of Ten
nessee, who was in this city last week confer
ring with the insurance investigating commit
tee issued a statement last night relative TO a
news dispatch from Nashville, Tenn, in which
many insurance companies We're enormously
mentioned in connection with contributions to
campaign funds and the influencing Of legisla-
The companies named in error. said Mr. Folk
were the Germania Life. the Massachusetts,
Mutual Life the Mutual Benefit of Newark. n.
J., the Northwestern Mutual Life, of NIilwau-
kee; the United States Life and the Union Cen
tral Life.
Commissioner Folk said:
The companies which had admitted contribute
ing to campaign funds follows:
The Mutual Life (of New-Yorl1 contributed
an aggregate of $50 900 to the Republican ma
] tional campaign committee for the campaigns
of 1896 1900 and 1904. and 81 800 in 1904 to the
| Republican Congressional Committee the Pru-
Dental acknowledged contributions totang
$4,000 to the Republican committee for the
! last three national campaigns. the Penn Mutual
contributed $4,000 in 1896, the Metropolitan
$500, the Etna 81 500 in the three campaigns,
and the PTOvident Savings $500 in 1900 all TO tbs
| Republican national campaign committee
! The Home Life admitted a contribution of
$1,000 in 1895 for the distribution of literature
! in defence of the gold standard. At least two
! other companies have contributed to campaign
| funds, the Equitable and the New-York Ten
nessee is making investigation into the affairs
/ Of the NewYork in conjunction with the States
| Of Wisconsin, Kentucky, Minnesota and Ne
/ braska.
! With reference to political contributions II is
! the ruling Of the Insurance Department Of the
! State Of Tennessee that prompt and effective
| steps be taken TO secure the restitution of the
| funds thus illegally diverted from the treasures
| of the companies by the officers responsible To
! this effect I wrote on January Il to the several
| companies affected notifying them that it Is
! essential for them that they comply with this
ruling and put themselves within the law