New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-15
INSURANCE REPORT CRITICISED.
Correspondent Analyses Conclusions {
Chamber Of Commerce

To the Editor of The Tribune.
Sir: I have read with keen interest the report Of
the insurance committee OF the New-York Chamber
of Commerce which you published the other day.
In fact. have reread It and studied 1t with care,
for IN these days. when almost everybody is throw
ing stones at the poor old insurance companies 1t
seems worth while ponder the carefully pre-
pared verdict Of honorable and so distinguished
a body Of representative business the Cham
her Of Commerce. Especially does It seem worth
while when committee of that body presumably
selected for its expert knowledge Of the subject of
insurance. has prepared that verdict.
It was only natural to look for careful. inteli-
gent discussion of the subject and to expect
recommendation that would point the way TO a
correction Of the evils under discussion, 1t Is true
that John A. Mccall. the only life insurance man
the committee. did not sign the report. and is
understood TO have taken part in the prepara-
ton Of it. but certain facts Of considerable noto-
riety might be taken explanation Of that
before reading the report After reading II, one
perceives more clearly why he did not sign il
This insurance committee comedies that deferred
premiums may not be an unmixed evil but insists
that Legislative action should be taken in curtail-
ing the form Of policies, in requiring them 10 be
uniform, that in all cases the deferred premiums
shall accrue TO the assured
OF course, If this committee OF experts had in
CURED little more closely into the subject It was
discussing, it would have learned that premium
is the sum Of money which the assured is expected
cases it Is more convenient for him to pay SENT
annually. or quarterly, and the companies allow
n Of ths second shTd and fonrh quarters in
stead Of the beginning Of the year Just how these
deferred premiums be made by legislative
action to accrue to the assured is something
which policyholders would doubtless like to know.
No life insurance man will be able 10 tell them.
Further along IN the report the committee says:
Attempts have been made to influence legislation,
and large sums Of money have been used TO that
end Here IS a serious charge indeed-one which
the Chamber OF Commerce would not put on record
without possessing proof Of It's truth Where is the
ference is easy but has vet publicly adduced
proof. Why does not the committee submit the
proof with the charge? Is It because the charge is
brought against no person individually, but only
fired off in the air? The yellow journals do better
than that. They, than this committee
have proof of their charges, but they at least
do not hesitate TO make them personal
These two points all find in the report
as published which apply to the insurance stua-
IS criticised. There are, however, gems Of
thought that adorn the report most 1ttingly and
which should be quoted
The very atmosphere OF our commercial life"
says the committee has become impregnated with
undue desire for wealth and power Surely Sir
Boyle Roche never did better. The thought OF a
desire inlpregnating the atmosphere Is choice one
Again, the committee says: Publicity is really
the best means OF keeping those who hold fduciary
the community will indorse this proposition, il
pains be taken TO understand It.
Seriously what hope Is there OF q clear under
standing and q rational Judgment the serious
problems of life insurance when such z body Of
men the Chamber of Commerce will soennly
listen to and approve such report this?
New-York. Jan. Il. 1905. o. c. PHELPS.