New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-17
REFORM BILLS TO RUSH.
END INSURANCE HEARING.
Measures Nay Be Ready an Too
Weeks-LitHe Change Likely.
rBv Telegraph to The Tribune

| y Hughes the counsel and Miles NJ. Dawson. the
| actuarv. in the next few days. According TO the
/ members OF the committee comparatively Few
| points are at issue The disposal OF these once
agreed on which probably will take a week, the
drafting Of the amended bills will be rushed The
committee hopes 10 have the bills In their revised
| form here in two weeks and on their way to pas
/ sage early in ADri
The main point for discussion will be the per-
| centage of contingency reserve On the Limitation
OF expenses the committee will have arguments.
but Assembyman Cox pointed out tonight that the
committee. in providing two ways for limitation
OF expenses. had amply assured the policyhoders
OF reduction by at least method. Said he;
II may not have been apparent TO the cursory
glance that the report provided two separate dis
tinct methods OF reducing expenses each of which
would be effective. The companies. for instance
while opposing the section placing a limit on ex-
penses have not argued against publicity OF &C
counts. Now, that in itself will work out TO limit
expenses since under the bills. with a standard
form OF policy the companies will have the same
common denomination. and policyholder having
the reports of two companies before him. easily
which one,is giving to'its policyholders the
better treatment
LITTLE CHANGE LIKELY.
AS to the Limitation of business st is practically
certain that the section will not be changed. Nei-
Their will the important provision wiping out OF ex-
istence the present boards OF trustees be altered
Just what method OF limiting business expenses
appears likely that the publicity provision will be
retained. with perhaps some modification of the
section placing a definite limit to expenditures.
Said member OF the committee:
I am almost willing to say that within five years
the average man will not know in what company
his life is insured any more than the average man
knows in what companies his house and furn-
as safety. either. 1t will be simply that he
takes out a certain amount OF insurance as per
contract with a reputable agent, knowing DEFINITE
ly from his contract what he viii get, not caring
II will work a great change with the agents there
WI be al least hve thousand lever; t 3It II VIII 'e
The question of agents expenses will receive much
careful thought. It seems probable that COM
promise will be reached. giving to the agents a
smaller renewal period than exists, with posi-
bly, IS per cent first year commission
A section of the bills certain to be greatly mod-
fed. IL not eliminated altogether. IS the pro
viding that OF state insurance companies must
comply exactly with the new regulations Deferred
dividends will be left the discretion of the policy
holders as the bills provide now. The annual ac-
counting TO earnings is important phase Of
the publicity method OF limitation OF expenses
which Assembyman Cox pointed out
The progress OF the revised bills will be rapid
the committeeman estimate In the Senate. Of
course, the real opposition will The Assem-
bly,. from present indications, will pass the meas
ures without any difficulty. AS The Tribune has
said canvass has been made by members Of the
committee TO the prospects in the Senate, which
assures them that the bills Will pass there because
OF political exigencies. Nevertheless, d party
caucus probably viii be called 10 hasten the ad-
vancement OF the reforms. The Governor has in
dictated several times that he wanted speedy
action. and il is expected that IL any dangerous
opposition is manifested he will use his influence
The public hearing on the reform insurance legis-
lation ended this afternoon, after a final hearing
which more than ever confirmed the Impression
that the companies have made poor case with
the Armstrong committee.
HAMILTON IN 'LIMELIGHT."
Andrew Hamilton whose speech YESTERDAY rnada
such a sensation, did not come near the Assembly
Chamber, where the final hearing was held TO-DAY
lie was about town after he had read the morning
papers His attitude that Of man Of sure
position. aad the sort Of friends who had been
holding aloof came iockIng back
The Judge called at the Albany Club and spent
some time at his Office. When asked by a Tribune
correspondent If there not something he would
say 10y way of experimenting his statement before
the Armstrong committee his answer might well he
Interpreted in the phrase OF the street. Not yet
but soon"
The Albany men who own yellow dogs threw
out their chests to-day. That particular color of
dog has been at discount for some time in Al
bany- BY his decided stand before the committee
by his cheerful assumption Of the appeIlation
Judge" Hamilton has given ali such dogs a blue
ribbon pedigree.
The effect Of his appearance and statement, di-
vested Of its surprise and considered in the cold
calm judgment OF the next morning. was variousIy
discsted. There preponderance of opinion
that if the Armstrong committee ever had an idea
Of letting the mutual insurance companies off with
out clean sweep election IN November. Judge
Hamiton's utterances had dissipated IT,
There DOUBT that he had given certain
former associates such a fright as they have not
had since the insurance investigation began
Whether not he purposes follow the request
OF the Fowler committee TO appear before it for
examination is not at all certain There We're
friends Of The Judge who know the mass Of in
formation regarding inner workings which he has
his command who declared to-day that there
were members Of the Fowler committee who would
he glad II the Judge his regrets that he
WAS unable to accept their invitation They also
seemed certain that the suits for an accounting
and restitution would never be pressed.
There were those about the Capitol who inter
preted Hanilton's speech Observation-Disclosures
out Of his own mouth" was their verdict They
called il gigantic bluff. which would speedily
be called by real refoTmeTs within the compauy
The Judge" himself said yesterday thar his stat.
ment WAS only the first chapter of A volume
The last day OF the hearing developed only one
new feature-tfe tight. OF the assessment and fra
ternal companies against the section OF the hill
which gives them a black eye. There was further
protest from the companies outside the state
threatening reprsals il New York State tried ~
force drastic laws them. There was further
protest on behalf OF the life insurance agents
against the proposed cut IN their first commissions
and renewals. A man who appeared as a Main
pohcyholder attempted 10 attack the skill and
accuracy Of Miles M Dawson the committees
actuary, but was cut short by Senator Armstrong
There was savage attack on the committees plan
10 mutualize the Equitable.
The first speaker was A. l.. Dickinson who rem
resented the American Association OF Public Ac-
countants, organization numbering some sf,
hundred, and the New-York State society of ia
members He declared that nowhere in the reform
bill there any provision for tho improvement