The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1915-07-12

willing TO abide By this law and In
vest not only the required seventy
I'VE per cent. but every dollar OF our
Texas reserve in Texas securities.
/ feel IL my duty rs . citizen Of Texas
| to give them 10 the people. II
seems that the impression has been
made that IL Is only the Texas life
insurance companies that desire the
Robertson law TO remain as IL IL and
that they are unfolding the Law IL
order 70 suppress competition Of
the foreign life companies. but after
1.-THE fact Is known that we now have
forty foreign life insurance COM
panies doing business In Texas who
wrote $54. 000.000.e0 business In
this state in 1913. in comparison
with $4,000. 10000 written IT.
1906. the year before these COM
panics withdrew, you can readily
see that the Texas companies are not
seeking protection. These forty
foreign companies are satisfied with
this law and have qualified with 1t
up to this time, will continue not
only to comply with the seventy-nve
per cent investment feature. but are
willing to invest even more than is
required.
Another reason why the repeal
OF the Robertson law is urged Is
that it will bring cheaper money TO
Texas. In this connection you will
remember that the foreign life in
surance companies promised Cover
nor Ferguson that if the compulsory
| investment feature of the law would
| be repealed they would invest $780,
600 10000 in Texas securities with
| in the next five years and thereby
lower interest rates. Is it reasonable
to suppose that these companies
would do that when they have re-
| fused to do anything up to this time.
not only refusing to invest their
| funds in Texas but played the part
| of boy who becomes offended while
playing and withdrew from the
state2 But suppose they are sincere
| in this. What ecact would 1t have
on the interest rate when we know
that there is being invested annual
i " in Texas $500, geo, 00e0 90 of for
eign capital. and that this tremen-
dous sum has not materially af-
fected interest rates up TO this time.
But under the provisions Of the Rob
ertson law there is one thing GER
tain, If life insurance companies col
leet money from Texas people they
will certainly leave it where ii be
longs.
As | see it, it is not SO much 3
/ question OF bringing more foreign
capital here, but It does seem to ms
that The products of any country
would bring sufficient money and the
greatest question is keeping it here
after we get il. | will also cal.
| your attention TO the facts brought
| out in the Pujo investigation in
| which was revealed that j. P. Nor
gan, the leading financier of the
! world, owned the majority of stock
| in nearly all of these great eastern
companies, or in other words. the
| total assets OF the companies in
which he owned control amounted
10 approximately two and one-hali
| billion dollars.
ii we allow this law to remain as
| it is, ultimately il viii mean great
things for this state as there is nc
question but that it will keep the
money where il rightfully belongs.
while on the other hand if the peo-
pie stand for a repeal of this Law
t will be a setback, in my opinion.
that the state viii not get over with
in the next twenty years.
On account of the resignation OF
the Hon. G. w. Mcknight, one OF
| the representatives from this coun-
y, ii is necessary TO elect man to
MI his unexpired term OF Office,
| which means that his successor will
/ only be elected to nh his vacancy
| during the next special session, at
which time, ! believe an extra
ordinary attempt viii be made to
| destroy this law | also believe that
it is our duty TO demand OF the
man seeking our support TO state
| clearly his position on the issue and
not to be misled by any substitute
" amendment offered, for any
| amendment will be satisfactory to
| hese few eastern companies that
sin repeal the compulsory invest
| ment feature.
! Sincerely yours,
T. f. PHILLIPS.
! -----------~---------- -