The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1906-03-12
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Chairman Aunsifuns ui-fir,i TO- rrp.
rs,'iing. uiih o. silsfi aiir.s. Timo
ihi T. w~-ifnn wio aris,i as uiHsisf
- rrr-HHsuis-s. tiirn iuipsinr,,i raul
Nufi"n. president u iiir Eluiiabi"
NJ Nrffun admitted that serious
-tlls hnd rr,t'i isis i.i- Insurance husi.
us--. aid assrr-i thr o,mmiiirr that
30 wus ln H~,,ni with n. E-u'Tai pur
I.ssc. adding Your Recommendations
upon The sul,i~.i. II political couirlbu.
tlou-. lplil'yinR publicity and state ~.
peryi~ion. N" prevention ~ rrbating
aud deception. the prohibiting ~ per.
sonai profit by ofiiccrs aud. indeed.
most 81 your other Recommendations
are admirable"
lie cOnicudctl. however. that II these
hills were enacted without changes II
would seriously lnjurc the Insurance
interests Of tile state
The Investments Of life insurance
companies ~ this state In trust bonds
aud railroad stocks aggregate s2oa.2Sj..
ii1G0. the result Of years 81 labor. and
he held that they should Lee allowed 10
retain such II them ~ are sound and
lo not tend 10 create any ~ the evils I
OF.
The companies argued that their
present investments were safe aud 4.
hat II compelled Ia market their hold
ngs IL would mean n serious lO.s To
hem. II was admitted that life nsur
lncc companies should not control
,anks and trust companies. but the
officers saw no reason why the insm
incc companies should not hold stock
n such concerns, the amount 10 bc
United
Briefly, the insurance companies ask
o retain their present investments in
trust bonds and railroad
tocks and also their present invest
uents In banks ana trust companies.
provided that no insurance company
hall hold more than 20 per cent Of
he stock of any one company
An interesting feature of the hearing
vas the presence of the three new
residents of the big three" life cont-
,anes of New York clty-lnIl Nor
on. ex-secrctary of the navy. who sue
ecded james w Alexander ri The
cad of tha Equitable; Alexander Il.
)rr. successor to the late John \. Nc
all rs president Of the New York
life. and Charles j. Peabody. success
or to Richard A. McCurdy as presi-
ent of the Mutual Life. All three
poke briefly. President Morton filing a
'rittcn communication, one of the
rlncipal subjects of which was the
roposed restrictions upon the invest
rents of life insurance companies.