The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-22
INSURANCE MEN
OPPOSE TAX BILL
Ask House Committee on Finance
Not to Increase
Burdens.
-------
CUNNINGHAM HALL RAPs IT
1.,a1. lie Same Old Measure
CUNNINGHAM HALL RAPs IT
Declares 1t Is Same Old Measure
That Has Come Forth for Past
Eighteen Years.

strenuous and somewhat pointed at
time. was the opposition wagcd to the h
rronosod Increased taxes on insurance Fl
comnanies before the House Committee
on Finance yesterday morning On- ,
complimentary references to the sen 7
are. which has already passed the DILL
and to its Finance Committee were
made. A leading figure In the fight was !
Robert Lynn Cox. of New York. gen {
eral manager Of the National Associa-
tion of Life Insurance Presidents, and
described as perhaps the best Informed
insurance man IN the United states.
Mr.. Cox was member or the New
York General Assembly ut the time OF
the insurance scandals, and was q mem
Der OF the famous arinslIonS iHsesN1
eating committee.
but the really warm argument OF the
day was presented by Cunningham Han,
n we'll known Richmond insurance man.
He said II was the same old bill which
had been up for eighteen years lie
asked that the House not PREJUDICE the
bill. as was done in the Senate. lie
suggested that IL more revenue was
needed why not make those who are
robbing tho state by assessing tne'f
property AT low figure and By failing
TO list their incomes pay their proper
share. instead OF raising the taxes on
insurance companies so per cent, when
these latter concerns are making COT
rect returns?
kccxcii TO speak.
This line Of argument Will not pass
unchallenged. Senator keezeA, chair-
man OF the Senate Finance Commi.
tee. was present ana ehsaSsu hi,, 1.,s
In making calculations ana taxing
notes He asked for an opportf atty to
state his case, and VIII bS heard this
morning The meeting is called Tor
8 o'clock.
Several Virginia companies were rep
resented in the fight on the bill "hieh
increases the tax on life companies
from / to ~ per cent. of the gross
receipts and on fire companies from
III 10 u. per cent. The life people
had the floor during most OF the ses-
sion. II was pointed out that great
injustice would be worked 10 virginia
companies which do business in other
State& by reason of the fact that some
states have retaliatory laws. For in
stance a representative of local tre
company said that the Nat charge to
fire concerns in Pennsylvania IL 80,
whereas mis- company has to pay *2Vv
to do business in that State because
Virginia charges 5000 TO Pennsylvania
and all other companies. The inference
was that the same rule would apply
TO ad valorem taxation. The point was
made, therefore, that the burdens would
fall on the Virginia companies wherever
they might go, and on foreign compa-
mics only in this state.
Losing business.
Town councils in Virginia. 1t was
shown. put on local tax for doing
business, and tho company tinds OH
nothing about 1t until 1t begins to dt
business, when ii must pay the tax
whether 1t does any business or not
Replying to question, an officer IN
Richmond life company said that In 1t!
ten wears of business 1t had never pait
cent of dividends TO its stockholders
and has actually been doing business
at a loss. Last year 1t paid 5000 II
taxes and $4,000 in dividends to II
policy holders. II was asked that tn
law as TO life companies be left as a
present-l per cent. on the gross re
cepts.
Captain Hall told how the Senator
arrived in Richmond in December t
plan out the business of the legislativ
session Money must be raised. 20
course. said Captain Hall, .insuranc
was selected as the first victim. Blu
this is the same old bill somebody ha
introduced at every session for eight
cen years except that OF 1905. Some Q
tho members who have considered thi
measure in past years have died aoH
orable deaths; others have died withou
life insurance; still others have retire
from public life and are now deprive
of the privilege of meeting andSMster
ing to the insurance men ! ask the
this committee will not preiudge tn
matter. as was done on the other sid
The doctrine OF stand and deliver
that of the highwayman."
Where the Money Goes.
He said that the chairman of II
Senate Finance Committee had a
tempted to show the large profits
insurance companies by deductins II
death losses paid in this State from t!
gross receipts. Senator keezell sa
that Captain Hall was mistaken;
had meant to say that this amou
went out of the State CAPTAIN Fla
produced figures to show that 9th
amounts came back in dividends, su
renders, loans and annuities makll
a total Of 75A per cent. which car
back In addition. a large part of t
reserve was invested in Virginia, whe
more than s7O.0oO,oo0 is placed In ra
roads, steamboat companies, teleGra
and telephone lines and bonds. T
time was said Captain Hall. when "
snia was not q good place in which
make Investments, and that not ma
years ago, but under Democratic r,
things in this respect are improving
A Senator from Richmond continr
Captain Hall, said during the rect
debate on this bill In the senate u
during the session OF 1903 the ms
ance companies. through an attorn
had consented to a tax of l Is per &C
on gross receipts. This bill passed
House, and when it reached the Sen
the companies foughs it. Captain Il
presented paper, signed by rep
sentatives Of most of the compar
doing buainess in this State, in VIII
it was asserted that they had ayr
to no such thing. had no counsel,
represented themselves and thelrtct
panies before tho Senate.
Denial was made that they had q
..IL. - J