New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-28
STRIKE BILL FIGHT
INSURANCE MEN GLAD
President of a Company Bares
Recent Legislative Acti1ities.

President OF Company Bares
Recent Legislature -Acti1ities.
A president Of a fire insurance company
who has not as yet been suhponaed-yes,
Indeed there are one or Two ~ then who
have not Yet fallen under the eve of Will
tam II. Hotchkiss- gave the inside story OF
the legislative activities 81 the fire insur-
ance interests al Albany in 1897 20 The
Tribune yesterday, and. more than that
confessed his willingness 20 repeat the story
or the witness stand II the Superintend-
en- should sec M 70 subpoena him.
INSURANCE matters Al Albany that year
vurc stirred up by the attempt 10 repeal
the Grady reinsurance act Of 1894, which
s'tempt Senator Grady smothered under
tn weight ~ his famous ;iIbuster.
Tie Cohh-IoNe bin. which aimed 20 put
the American insurance companies back CA
III same footing on which they had been
before tho Grady law as 10 the amount OF
their reserve. was introduced In 1907, and
INSURANCE men who visited Albany 1t that
time were supposed 10 be there IN the in-
terest % that bill.
such testimony as has been offered SO Tar
IN lie inquiry which Mr.. Hotchkiss is con
quoting has pointed 10 tha; conclusion. but
the insurance company president who rs
quoted below stated authoritatively that
their Efforts that wear as they had been
for some five years before that. and, n
fact, every year un 10 The present were di-
rected mainly against the anti-compact bin
which has been brought out in almost every
session 81 The Legislature Tor the last ten
years, except The present one.
Introduces by 6radys Friend.
'"The anti-oompact hin !n 1877" said he,
was introduced by Tammsny Assembly
man from the ueiGhborhood Of the lower
Fast side who was very friendly To Sen
s1or Grady. whose reinsurance act was be-
ing attacked
That attack, however, though apparently
aimed solely at Grady's act OF 1914. was
more for the purpose OF establishing
trading ground, 50 that we could call OF
The anti-compact hin and persuade Grady.
ny the attack on his bill, TO get after his
friend. the Assemalyman. 10 withdraw thai
eternal nuisance--thc anti-compact hin.
THE anti-compact hin. by the way. Is
one OF the most iuiquitous bills ever intro
iuced ir any Legislature. and the worst OF
e Is that 10y crying out that IL aims 20
break or curtan a combination il some
lines enl!sts The support OF Legislators who
40 not know they are lending their aid 10
strike bill.
That bill-and ] know whereof I speak
n this connection, because II has been be-
fore the insurance men every year Tor ten
years back-would, IL i were passed. seri-
eus'y curJsil tho activities 81 the New
Work Fire Insurance Exchange, which body
makes surveys and inspections from which
inform rates are computed for the USE Of
an companies. III the bin went through
the ultimate result would be that eacE indi-
yidual company would be forced 10 make
rs individual survey and inspection OF each
,isk offered, and that could not help iD-
creasing rates 10 the insured.
Burden on Small Companies.
Further on. the Grady reinsurance act,
passed in 1904 and successfully defended
ince-the wealthy insurance companies
nave not even Vet made strong, con-
,erted attack upon that bill-forces the
American companies 20 record reserve
liability which should properly be upon
tho shoulders Of The foreign reinsurance
companies; but the larger American COM
panies can stand the pressure, and, in fact,
he result OF the Grady law has been only
burden upon the smaller home COM
panies."
When this insurance company president,
n cuHpoii. VIII Two oti4tIS anu a NV
York lawyer whom they retained. visited
Albany in 1907 10 protest against the anti
scmpact bin OF that year. he had an APP
pointment with the Senate Committee on
Insurance for O'Clock ia the afternoon.
The party arrived few minutes before
chat hour and was kept waiting IN tic ante
room OF the committee until o'clock. in
The mean time they had seen the Assem-
tlvman who introduced the anti-Compaci
hin Of that year IN that body pass through
the anteroom and heard the welcome that
greeted him when he walked IL upon the
!. celebrating body 81 Senators
II When the parry OF insurance men was
~ admitted their spokesman. the lawyer. who
~ had an argument which would have taken
him about twenty minutes 10 present. was
lut short "a The cud of five minutes the
majority OF the committee saying that
they didn't need 10 hear the rest Of his
argument