Pine Bluff daily graphic., 1907-07-11
MANY NEW
 TEXAS LAWS Some of the Most Drastic Laws Ever Passed by the Legislature of the Lone Star State
LIFE COMPANIES QUIT
The Baskin-McGregor Liquor Bill q Strict One-Bucket shops Thing ef the Past-Can't Even Bet Soda Water on Baseball Game.


 most drastic laws ever passed by the Legislature of any state were enact ed at the session of the Thirtieth Tex as general assembly and will become effective tomorrow. As a result, near ly all the larger life insurance con- panes will close their offices and re- tire from the state today, many buck ct shops will quit business and the saloons of Texas will be closed for ten or twenty days Or until new Ii- censes can be secured This is only a small part of the havoc worked by the Solons and many declare that they didn't know it was loaded when they fired the legislative broad side.
 By the terms of the Robertson bill regulating life insurance companies, all companies in the state are requir- ed to deposit 75 per cent. of the reserves on Texas business inside the state. and pay tax of per cent on
 gross premiums collected Among the companies which have left the state rather than comply with the terms of this law are the New York Life, New York Mutual Life, North western Mutual, Equitable Life, Man haitian Life, Home Life and Massaehu- setts Life While the big companies are leaving, numerous smaller COZ cerns have applied for permission to conduct offices in Texas and the eti- zens of the state will not be depriv- ed of the opportunity to get life in surance Hereafter policyholders of the deserting life insurance compa- nies will have to remit premiums due to the headquarters of the companies, as they will not be allowed 10 have representatives CT agents in Texas for the collection of premiums on business secured prior to the time of withdrawal or even to collect such premiums through any bank or other agency within the state. The loss Of revenue to Texas will be about s200,- [ 000. Or about one-twentieth of the states annual income from all [ sources The action of the Associa.- ton of Life Insurance Presidents in deciding to withdraw from Texas marks the first time in life insurance that all the leading companies have united in a plan to practically black list one of the states of the Union.
 By the terms of the bill, companies remaining in the state will be re- quired to show ar investment of 3 per cent of their reserves on Texas business when the law goes into ef- feet tomorrow and the balance of the investment of 75 per cent must be made before January The insur- aEce companies are authorized to in- vest in the stocks of any solvent na- tional bank doing business under the laws of this state or the stock of any state bank organized under the laws of Texas, provided that not more than 10 per cent of the stock of any such bank shall be owned by insur- ance companies; also, investments may be made in the first mortgage bonds of any solvent dividend-paying corporation incorporated and doing business n the state and which has never defaulted in the payment of in terast. The companies are also al- lowed to invest funds in the purchase of not more than one building site and the erection Of not more than one office building in any city of the state having over 25,00o population.
 The Baskin-McGregor bill, regula. ing the sale of liquor, also goes into full force and effect tomorrow and will force evry saloon keeper to take out new license Through an over sight no provision was made for shp
 continuance of business under old licenses until new ones were granted. The attorney general caused great eonsternation in the ranks of the liquor dispensers by ruling that 1t would be necessary for them to close their places of business for ten or twenty days after the law becomes effective Whether this decision will be adhered to by the saloon men de- bends largely upon the attitude of the local officials in the various wet counties. In San Antonio and sever al other large cities the saloon keep [ CTS will probably disregard the rul- ing and continue to dispense their wares under the old licenses. A bill | imposing an occupation tax Of s2000