New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-30
TIE ARnsrRoNG BILLS.

It would probably not be safe TO take the vote
ON the first Of the Armstrong insurance bills as
an index OF the disposition OF the members Of
the Legislature toward the other more I'm
portant though perhaps less spectacular, meas
ures yet to come. The bill to legislate mutual
company directors out Of Office on November
- and invalidate proxies signed before Sep
TENDER Is has passed both houses by & unani-
nous vote But the bill was by no means unaD-
imousIy favored. Senator Malby, for instance,
was emphaticaIIy in favor of what he called
caution" and fearful that some Of the good
men among the present directors would be the
victims Of popular hysteria. Yet seeing the
hopelessness Of further opposition, he let him
self be recorded for the bill, having served the
useful purpose Of providing Senator Bracket
with texts for several enthusiastically clever
epigrams. This measure was pushed to passage
TO anticipate the impending election of the
New York Life board 1t may, as Senator
Malby feared, subject present directors to tQ-
justice, but, on the other hand the poicyholders
are likely to be in a saner frame Of mind next
autumn than now and less likely TO be the tools
Of speclous Adventures. At least they will
have a fair chance to exercise deliberate 5udg-
ment on the administration Of their own prop
erty, and the companies for the first time viii
be really mutual.
The real struggle is likely TO come on other
that they will be continued IN control by policy
holders next November will feel It much more
important to prevent the destruction Of insur-
ance methods which they approve than TO battle
over methods Of election. Mr.. Morton, who has
nothing TO fear from the election bill, not being
the head OF q mutual company, is publicly Op-
posed TO the selling Of stocks and the divorce Of
the insurance companies from trust companies
and other outside corporations. The agents are
~9v-.a Il @Ep49
quisites. The limitation Of business also has
It's professional critics, while the bills prevent
ing campaign contributions and regulating lobby
ing may meet obstacles more or less covert out
side insurance circles. Senator Armstrong and
his colleagues, therefore, may have no such easy
task before them as their first complete victory
would seem TO Indicate Nevertheless, they will
probably be entirely successful and at the end
Of the session viii have put TO the credit Of the
Republican party a complete set Of sane and
workable reform measures adequate TO the pro-
lection Of polcyholders and satisfactory TO the
people
The public demand for the passage Of what
the committee may recommend seems too strong
10 be successfully resisted. 1t is true that the
public does not and cannot know IN detail how
these measures VIII work. But It has faith in
the committee, and is justified In its faith. If
Senator Armstrong had started out to put the
bills through by clamOr, regardless Of criticism,
there might be some reason for opponents to
complain He has, however, preserved On open
mind given q fair hearing to every director and
modified the original bills to meet criticisms
which appeared TO be well based. 1t is under
stood that the compensation Of agents will be
made more liberal, as they succeeded In show
ing that the proposed limit would unduly dis
courage their activities. This patent judicial
attitude Of the committee and its readiness to
make use Of every light given it warrant the
public In trusting to the wisdom Of its conclu-
siOns The bills as originally introduced com
manded the approval Of intelligent public sentl-
ment The objects sought and the means pro-
posed were discussed in the press generally with
discrimination. At the hearings critics created
surprise by their moderation. They left the
framework Of the proposed measures untouched.
They wanted changes here and there but the
general scope and spirit of the recommends
tons were conceded to be right. Now the COM
mittee has gone over the bills carefully TO cor
rect every flaw proved to exist in them It's
fairness Is beyond question, its knowledge is
great anu there is every reason TO expect that
the bills as reported Will be as perfect as any
measures could be made under the circum-
stances, and they will probably be passed, If not
unanimously, at least by substantial maJOrites.