The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-05-19
SHALL SAYINGS BANKS INSURE?
QUESTION BEFORE MASSACHU-
SETS LEGISLATURE.
II Is Proposed 10 Permit Savings Banks 10
supply Industrial Life ~nsurance-The
Plan Approved by Prominent Men and
n League With 600 Members.

10 Is Proposed TO Permit savings Banks 10
Suppiy Industrial Life Insurance-The
Plan Approved by Prominent Men and
n League with IOO.O 900 Members.
BosroN. May ls.-Although attracting
up to this time comparatively little attention
outside OF New England, an important
movement to reform the conditions OF In
dustriAl life insurance has come into promi-
hence In Massachusetts,.
Consideration Of a bill TO permit any or
all OF the 1ss savings banks OF the Bay
State to establish departments OF industrial
life insurance is scheduled TO take place
in the Legislature within the next few
DAYS. The measure is based upon the
plan first proposed by Louis D. Brandeis'
whose Investigations into the cost OF in
dustrial life insurance have been published
and widely read.
The bill Ia fathered by Representative
Norman II. White Of Brookline. Behind
the movement is the Massachusetts Savings
Insurance League. with a membership in
the ~neighborhood Of on hundred thousand
and growing at the rate Of five thousand a
week.
II is commonly believed that the bill will
pass apd that on or after November l
next any savings bank Of the Common
wealth may, after complying with certain
restrictions, begin a hitherto untried form
OF competition with the three great life
insurance companies that do an industrial
business. At the outset Of the present
session it was predicted that the measure
would get through in a single year.
Massachusetts. as all the world knows.
IA . Lance alapnoN1 ~ nNpaoV1yo-
tism, but has always led the way in great
advances connected with savings instisu-
lions. The energetic campaign OF the
Massachusetts Savings Insurance League
directed by Representative White. its
secretary, has resulted in bringing the
question to an issue within six months
after the formation Of the organization.
A long series Of recommendations, in
addition 10 the approval Of the measure
by leading business men Of the State, has
contributed to cause the Legislators Of
both Houses to take the Brandeis-White
measure very seriously The recess in
surance committee early in the winter de-
clared strongly in favor Of the plan. Then
Gov. Guild in his inaugural was outspoken
for il In all it's essential features.
After the bill had been formulated by
Mr.. Brandeis with due explicitness 1t went
TO the Insurance Committee Of the Legisla-
ture, whence il emerged with a record
Of only W opposing votes. II now comes
before the House Of Representatives.
where a majority is said to have promised
to vote for 1t.
The fight, il any is coming at all, will
be in the Senate. In that body the bill
has a number Of stanch friends, though
many OF the Senators are stin non-com-
initial.
II lie not known that there will be any
organised opposition to the measure in
either branch OF the Legislature. At the
hearings before the Insurance Committee
the Metropolitan and John Hancock Life
Insurance companies, both Of which do an
Industrial business, we're represented by
their vice-presidents, who stated expressly
that they would not oppose the bill.
The argument most commonly brought
against the project IL that II lie one OF the
many theoretically good causes espoused
by Bay State sentimentalists, but that 10
practice Il won't work. People will always
have 10 be teased IN do their duty and
their lives. say the representatives
Of the insurance interests. Not until
human nstvre n changed wIi Aag vOlun.
Be-