New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-03
PROBE NEARLY OVER
ErDects to Finish Insurance
Inquiry an another Week.

Superintendent Hotchl1iss OF the Insur-
ance Department thought yesterday tnat
his investigation of fire insurance iegisla-
tive activities might possibly be finished up
in another week. Sidetracks leading out OF
the direct province of the Insurance De
partment will be ignored hereafter, and
would have been ignored before had II not
been for the voluntary advent OF Stewart
Browne yesterday. Browne was closeted
with the Superintendent for an hour and
half YESTERDAY. and was asked when he
came out whether he had been showing MI
Hotchkiss the transcript of the loan &C
counts of the old Seventh National on In
ternational Banking and Trust collateral
'-Oh. no. Just swapping lies" said Browne
The possibility of ending the inquiry in
another week is contingent upon one mat
ter. however. and that is that no new leads
on legislative graft be discovered
Il is probable that the inquiry of the
coming week viii be directed in part tow
ard a housekeeping Of the New York State
Underwriters Association, which from its
headquarters in Syracuse fixes the premium
rates for this state, with the exception OF
the metropolitan district.
That body has a convenient habit of arbi-
trarilv raising rates in localities in which
according TO records of Investigations pre-
viousiy made by the Insurance Depart
ment. The modus operandi is as simple as
the grocer's task of marking up the price
Of eggs 1t is accomplished by what fire
insurance men call The pink slip and
putting on the pink Slip means that the
rates in the district mentioned will take d
sudden jump.
= el1n
ling instances Of the pink slip within the
last two years. one in Buffalo and another
in Rochester, where % per cent increase
followed the putting on OF the pink slip
last April
The idea of Mr.. Hotchkiss. as outlined in
his last annual report 10 Governor Hughes,
is that there should be bureau within the
Insurance Department which would have
in charge the collection Of data on fire pro
lection, premium receipts and losses, to-
gether with surveys and inspections. which
would enable such bureau 10 keep check
on the action of the Underwriters Asso-
citation and its metropolitan counterpart
the New York Fire Insurance Exchange.
The Department does not suggest that the
state make rates. but the position is that
the state. through the Insurance Depart
ment, should be placed in position where
the arbitrary placing of the pink slip
would be made impossible.
For the remainder of the investigation II
is well understood that every clew TO legls-
Iative corruption in connection with either
fire. life or casualty companies will be run
down. and the record. should II be wanted
will be ready to hand over to the prospec-
tive legislative inVestiga ting committee 10
he created by the McInerny resolution
William B. Joyce, president OF the Ma
tional Surety Company, is expected TO add
one definite point at least, TO the inVeStl-
CATION. He is now on his way TO New York
from California. and Mr. Hotchklss wants
10 question him on the point as 10 whether
he ernployad William H. Buckley IN con-
nection with his proposed amendment 70
the motor vehicle law in 1908. If that proves
IN be a fact. as is indicated by the joyce
letter to Buckley introduced last week the
Superintendent will probably lay the matter
before the Albany County District Attorney
for the prosecution of Buckley under the
anti-lobby law.
Emmanuel H. A Correa, vice-president
Of the Home Insurance Company, and Will
lam Z. Hutchins, president of the North
River Insurance Company, will probably De
on the stand Monday