The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-02-02
FRENZY" TALKS ON
The TRIMBLE BILL

Fargo N. D., Feb. Ito The Fo-
rum: In an article which appeared in
The Forum this evening, under the
heading. Keep the Money at Home,
VIII Freeman states some very i'm
portant facts in regard to the immense
sums of money that have been taken
out of this state by the large life in
surance companies of the east, and
fully agree with him that this con-
tinual drain is one Of the greatest
evils now confronting the state, and
is of vital Importance; also 1T is one
of the chief reasons why North Da-
kotans are so hard up for ready cash
this year.
Mr.. Freeman, however, makes a
general statement that would lead the
reader to believe that al companies
having their general offices in New
York and Chicago, are following this
practice. Since the company, which
| represent as northwestern manager,
is resident in Chicago, 1 feel that in
justice to ourselves l must state
few facts, namely: Our company is
under contract with banks in all but
one county in this state, as it is in
nearly all of twenty-six other states of
the union, to leave it's entire reserve
element right in the county where it
is produced, for reinvestment. This
is part of our plan. We did it of our
own free will and accord We did it
because we thought it would appeal
to the people OF the west as a square
deal. We did it because we are own
ed and controlled by 1900 of the lead
ing men of the west, and it was the
purpose of our organization to keep
life insurance reserves where they are
produced, and, while we are residents
in Chicago, insofar as our home Office
is concerned, the people who own and
control this company are scattered all
over twenty western states, and
we are in reality the most honey"
company in the world,
While our company keeps it's re-
serves right where they are produced,
and while we can still continue to do
business in North Dakota if the
Trimble bill should become law, yet
there are features of this bill that are
unjust, and, l believe, unconstitutional.
There are a number of life insurance
companies that are already investing
thousands of dollars in securities of
this state, and it is not just that they
should be deprived of their business SO
long as they show a desire to be right
with the people of this state. If the
Trimble bill called for the reinvestment
of a certain portion of the reserve
element of all policies written In the
state, and gave the companies reason
able latitude in regard to the nature
| of their investments, instead of spe-
| cifying only real estate liens, any com
| pany that had good intentions could
remain in the state. AS it now stands
the Trimble bill calls for the invest.
ment of SIS per cent of the entire pre-.
MUM, and this would make it i'm.
possible. even for companies that wan
to be right to remain in the state
long.
This bill would not compel us tx
leave the state, and it would meaf
that we could divide a large yolum,
of business among q few companies
4 and the Trimble bill in its presen
I condition is not just, and I do no
believe it will become law, becaus
our North Dakota legislators are emf
nently just. A. c. Reinecke.