New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-23
HUGHES TO AGENTS.
TELLS OF REFORM LAWS.
Says Best Way TO Repeal Bad
Measure rs by Test.

,..,s.r E. Hughes made a straight-frou-tho-
SHOULDER speech last niehf before an audience OF
=, who at one time thought he was working a
-, injury 10 their business. He talked on the
tes,,,- for the reform life insurance legislation
"a the benefits that have been and would be de-
s.s from II. re won his audience. which was
-. m Of agents assembled AT the dinner OF the
.-,ss Underwriters association Of New York IN
- ~ the ezccutsvA committee OF the National
.'.-oeiation Of Life Underwriters. at the Hotel
s,.o, This committee is in session IN this city
:. arrange the details Of the national conveufion
!, Ct Iou,s on octoter % 10 g.
A. Hughes spok, f-agn the hypothesis that in
~r,,ee companies ale essentially ana primarily
a. tte benefit Of the polieyholdeF. and should be
,onased in a way 10 safeguard his rights Il was
~ mart of the duty Of an insurance Official 20 be-
~ a financial magnate.'' he said He also said
80 many OF the evils developed through auto
r-otc management.
ere Of the great benefits Of the Armstrong legfs-
,sirn was the enforcement of life insurance from
,sHtics ard another that II enforced economy Al
~ management Of the companies. said Mr.
T1uabes He added that he hoped there would soon
n substantial uniformity in the insurance laws OF
The various states
REGARDING the law for annual elections in nrstua,
companies. Mr.. Hughes said:
believe il viii be found that under the eon-
ons ' onsTt;sn Viii II prevail tbaf fho 5see only
vii be intTusted with these important duties who
J conceive the choice 10 be made when those who
Tor period Of several months.
Concerning the divorce OF life insurance from
poltics and from the temptation to influence lagis-
iation indirectly the speaker said:
II the Legislature insists passing laws that are
inimicable the life insurance company, let the
unjust and injurious results be disclosed. Why
should the management representing the policy
holders seek BY indirect and Improper means to
Working OF an unjust law viii do more to procure
s repeal than any amount Of its effort can properly
do In the direction IN when II has hitherto been
expended 10 protect the interests Of the policy
/ hope a precedent has been established during
she last few months for honorable dealing with the
a. The future only by insurance eoTnpanies but
81 other companies whose interests may be affected
= Is thar any attempts in any dIreotjo- - olo+aiT
gsvors from departments Of government Is a stroke
a. the foundations OF business stability
Mr.. Hughes said II had been deemed wise % limit
the business because certain companies had already
ggoEn beyond the limit that conservative students
of life insurance affairs had thought proper The
problems OF investment he said, became almost in
soluble when they grew TO such large extent.
Then Mrs Hughes explained the reasons for the
ellis affecting the underwriters particularly such as
limiting the first years expenses and renewal ac-
counts II nothing else had been accomplished by
ehs investigation the transferring OF the attention
from the quantity the quality Of business writ
cen had been Of great value. He said no New York
company need fear composition with companies not
restricted by so stringent laws.
7 would rather take insurance in a New York
company compelled to transact business under
these restrictions than IN any company not re-
sircted and believe that win be the sentiment Of
these United States declared the speaker.
aEr Hughes said that when a surgeon called
50 perform an important operation az once, he had
No tine TO dlate on the general good health Of the
ratieut but now that the legislative investigation
1a lad - all att
s5lFsncy Of the companies. On this point he said
n part:
We have been fortunate. despite the extTava-
gases that have been disclosed, despite the evils
shat have been seen, in having great solvent IN
glfghors brought under our observation We
s5srI5e ansivss only to md that their soiidity
vas the rock Of Gibraltar.
The questions discussed were not those which
affected solveney but those which affected admin
1strauon-not that one should be emphasized Tor
not that any one, as has been the practice in the
past should skulk behind enormous aggregates OF
business and assets TO conceal coFTuption ROT mat
laeTe should be fair understandlng q the pros
one hand and unsparing condemnation OF what
was wrong in their management, on the other
new era IN connection with this business No
one can exaggerate its Importance !ApBlause)
Interests Of our great population
Presiding Justice Morgan J. oBrien. of the APP
pellste Division of the Supreme Court, one OF the
trustees of the Equitable. said that she principle
than any other achievement, and that this a
country of Law. Speaking of the Armstrong legs-
kfion he said:
Al the present moment the opinion Of the people
Is in favor of these laws. 1t is our duty TO give
them fair trial. We may get benefits from them.
even though may think otherwise. You may
te certain that the laws finally interpreted Will
D. laws that viii perpetuate the vested rights Of all
and tend 10 the peace and happiness Of US all.
The Rev. Or. Donald Sage MacKay, Haley Fiske.
T1oe-pTesident Of the Metropolitan Life; Ernest J.
af
oerwIiters, and T. Reid Fell, president OF the Life
Underwriters OF New York also spoke. The latter
presided
otto Kelsey, the new State Commissioner of In
suFance. was expected, but unable TO attend
Haley Fiske vice-president Of the Metropolitan
ale Insurance Company, in vigorous address
leggsd the men TO forget the past. Recounting the
1iols matters brought out IN the investigation, he
SO would avsn the agents nothing Mr. Fiske
60 nat Nj Hughes had never rounded out as a
aa4iig great lawyer until he studied insurance