New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-16
MANY SPEECHES MADE.
Sessions To Be Continued, 80 1hdt
Al Can Be Heard.
rpy telegraph to The 7ribuns,I

|
| Albany March 15.-The adjourned hearing on
| the Insurance bills was begun at 100 O'CLOCK
| this afternoon In a brief statement oehator
| Armstrong after asking that the critics OF the
| reform bills be brief as possible and avoid
repetition declared that every one would DC
heard and that the hearing would continue un-
! III Saturday. II necessary.
The first speaker was r. Burnham Monat a
New-York attorney, who represented group
Of New-Yor1 Life policyholders formed a few
DAVIS ago at the Hamilton Club. in Brooklyn.
which has since grown TO include policyholders
in ell parts of greater New-York. He argued
that the election next November should involve
at most one-third of the boards of directors or
trustees OF the companies He said in part:
We do not think the recommendations which find
expression the bill that would legslate out OF
directors Of each ana every domestic mutual rfe
insurance company in the state, and would make
board every TWO years thereafter, is conservative.
The poIicyhoIders know that not a man on the
board (of the New-York Life has derived one dol
transactions, and they know these men to be, as
the al idtge hhoHS IneIn 70 De- anp as
wide experience, sound judgment and high standing
funds can be confded with the assurance that they
are safe and will WILD be well conserved.
tons that all this counts with you naught, and
number OF proxies between September l5 and No
venher Is OF the current year is the the set
S OF en e 80 @ 56e sh0a6 he fea re-
IN the early part OF your recommendations. MT
Chairman, you recognized-1 quote your words
ment Of life insurance company should be rem
oerea unstable or that its personnel should be tre-
ment you completely eliminate the possibility of
perenos of mankind that he G should e be
changed, one-half every year and wholly every two
years.
SELFISH CONTROL POSSIBLE.
gentlemen now on the board would spend one
hs'penny in effort his reelection.
violence to our common or knowledge OF bust
mate and ATTRACTIVE cd rom hich nroxies NAV
be culled by any ambitious gentlemen from the
world OF finance who may tell without fear OF con-
tradiction or explanation any tales that may occur
10 them or make any promises they will, TO induce
AS TO the Remaining 500 900 understanding they
represent as many policyholders, although we know
approximately 70 per cent or 6s505 are in the
United states. and the remainder abroad. Here
Unless you can guarantee Mr Chairman. that the
purposes and motives OF those who will strive to
obtain proxies, in order to obtain control pure
to state it mildly. the poicyhOlders' fund.
H. W. TAFT SPEAKS FOR MUTUAL
Henry ". Taft, a brother Of the Secretary OF
War. representing the Mutual Life declared
on commercial life generally. He predicted
grave differences Of opinion between the two
houses when the legislation was considered He
said that he hoped most Of the recommends.
lions would be adopted and believed the laws
should be enacted, and, If unwise revised later
Mr.. Taft said that the Mutual Life would
comply. without objection. to the law abolish
ing deferred dividends and limiting business
to Sl60,OO0O00 a year.
was that Of investments. He thought the pro
vision embodied IN the bills would cause i'm
mediate loss To the policyhoders and Urged
that they be modified. He agreed that insur-
ance companies should not hold the stocks of
lnoneyed corporations, but that was far from,
saying that they should dispose Of present
hoIolnes IN five years He told Of a letter
which President Peabody had received on
Wednesday regarding the formation of q noo1
to bear" certain stock in which thu NTutua,
Life held more than 100000. This s+ocl,-
holder wanted to form a bull pool to coun-
teract this movement Mr.. Taft contended that
throwing over the insurance stock holdings over
within five years, would tend to disturb the
stock market
Another question OF Importance according N
Mr.. Taft. that of contingency reser,,a NJ
salc that If the per cent rule had been In Of
feet in the last few years. some Of the biggest
life insurance companies would have found
themselves insolvent in time of panic
Senator Armstrong suggested that the conn
pah'es might carry their bonds at a figure sufn-
GENTLY below the market price 10 absorb oil
huctuation. Mr.. Taft said that this would not
be fair to the companies. Clouds in the fnan
cial skies. with the resulting downward ten
denotes, would not give the directors chance to
change their securities.
ELECTION PLANS ATTACYr0