New-York tribune., 1906-04-03
ARMSTRONG BILL A LAW
SIGNED BY GOVERNOR.
Postpones Ne1c York Life and Mu-
tuaI Elections Until NOUember.
IBy telegraph to me Tribune !

Albany April 2.-Governor Higgins signed
to-day the first of the insurance reform bills,
which will prevent the regular annual elec-
tions of the New York Life and the Mutual Life
insurance companies and November Is GUST
from office their entire boards of directors. Under
a special law special elections then will be held.
and, to the phrase of Senator Armstrong in
pleading for the passage of this measure. there
will be deal with clean deck" The law
also postpones until November 10 the annual
elections of the Mutual Reserve of New York
and the Security Mutual of BinghamtOn-
The bin was passed by the Assembly
Thursday, went back to the Senate Friday
and was sent Immediately to the Governor. He
was out of town Saturday. but Immediately
his return took up the consideration OF the
measure In his memorandum of approval he
said:
The bill is a useful 1t takes the control
of certain companies from the present boards
of directors. members of which have been dis
credited by the poor account given of their
stewardship to the investigating committee.
Some were careless. some selfish and few proved
so loyal to the interests Of pOlisyholders- as 10
Justify their being continued IL Office. except b.
the exercise of the enlightened franchises OF
such pOlicyholders-
on the other hand the policyhOIders must
now act with calmness and intelligence lest their
last condition be worse than their first; lest ur-
der the new regime an anxious and hungry horue
of adventures. of self guaranteed integrity, OBJ
tain by loud assurances of good will the misplaced
confidence of those who blindly seek refuge from
existing ills The bill provides that proxy
executed prior to September 13 1906, shall be
valid Each pOlicyholder affected by this act
should think carefully and inquire cautiously
into the motives of those who solicit his vote
before giving his proxy. Organization is m
evitabIe but the control of the companies should
pass TO wise and conservative hnanclerS, and
not to energetic and plausible promoters
One of the most important effects of the act
hitherto
cured. whether by the companies themselves. by
Thomas W Lawson, of Boston. or by any one
else
All Of the insurance bills which were not
amended after the recent Insurance hearings
were advanced TO order of final passage in the
Assembly tonight. They would have passed
the House at once by unanimous consent. except
for an objection raised by Mr. Palmer. the mi
nority leader. who blocked their immediate pas
sage by a declaration that discussion might be
desirable before the measures were put through,
He did not say that he or the minority would
oppose them.
The six bills which were advanced are those
penalizing perjury. rebates. false statements
insurance lobbying and political contributions
and regulating the acquisition Of real property
by life insurance companies. The bills which
were amended will be placed the calendar
Thursday.
The Assembly took up the unameG3e5 bills
Immediately after the opening of the session
Chairman Rogers of the Assembly Insurance
Committee moved that they be advanced.
Assemblyman Tompkins, of New York, asked
for an explanation and Mr. Rogers detailed the
cause and purpose of the measures. No further
objection was raised and the six bills We're ad-
vanced TO third reading
Now said Mr. Rogers, Il ask unanimous
consent that these bills be passed at ence. There
has been little or no objection 10 them. They
have not been changed from their original
form and their provisions well known 10 the
members of this House and the people Of the
state at large
Il must object to the passage Of these bills
tonight" answered Mr.. Palmer. There are
some provisions which We may desire to dis
tuSS.
Unanimous consent was denied and Mr.. kog-
ers withdrew the request. The six bills VIII
probably pass the Assembly "Wednesday