Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1917-01-26
INSURANCE BOARD
VALUE DEBATED
AT conference
Continued from page one.)


called upon. that be is not on the
banking committee of the senate, but
said that he had noted George Rogers
hanging pretty close TO that COM
mittee, and would not be at all sur
prised to see the bank guaranty bill
reported with the recommendation
that it do not pass" or so altered
that bankers will not object to its
provisions.
Brown Discusses His Bill.
Senator Brown of Cleveland, dis
he is the author This measure would
provide for the assessment of all
property at its full value; for en-
forcing the assessment of mortgages
and notes, and the cash surrender
value of life insurance policies. Mr..
Brown said he thought it kind of his
hosts to invite him to the dinner, aud
explained that he did not seek a con-
troversy, but intended to defend MS
measure, as he believed it right and
just In regard to the assessment of
property at full value. he explained
that his bill would cut the rates in
two, except for schools and when
levied by local boards. His reason
for advocating higher assessment and
lower rates is that the present GUS
tom frightens off investors, and that
in the event of one county being man
damused to asses at full value in
order to redeem warrants, that coun-
ty would be paying more than itS just
proportion of taxes.
hn
lose their priority unles assessed.
Mr.. Brown explained that the law re-
quired mortgages to be assessed, and
those who have been complying with
the law would not be affected Prom
issory notes would have to be as
sessed, or the holder would lose his
interest. He believed 1t is right to
assess the cash surrender value OF
life insurance policies. He pointed
out that property in Arkansas is
valued at two billion dollars, while
only about 400 millions of property
has been assessed for taxation. He
believes that the very wealthy are
escaping paying their fair share,
while the little fellows" are bearing
the burden.
Asserting that he knew it to he
fashionable" to attack the man OWL
ing considerable property as being 4
tax-dodger", J. E. Boyce. president
of the Cotton Belt Savings & Trust
company took issue with Senator
Brown. Mr.. Boyce said that before the
establishment of the tax commission
banks were assessed so per cent, and
since then they have been assessed
SO per cent. He declared no other
property comes as near to paying rs
full share of taxation as the property
held by banks, because they are as
sessed according to their statements.
and no other business houses are re-
CURED to submit as complete state
ments as the banks. Mr.. Boyce de-
clared that the men of moderate
means pay their share of government
al expense. and that chief beneficial :
les of present method are persons
owning small trocts. He said homes
worth $1,000 are on the tax books for
$500. and that property on the Dol
larway, appraised at from SIS to $40
an acre, is assessed at 50 per ACRE.
Notes are assessed, he said,> by the
banks. and should not be subjected to-
such a provision as is contained IN
the Brown bill. To tax life insurance
Poyce asserted. because that would
tend to discourage purchase of this
protection for the widows and or
plans.
Insurance Rates Justified.
Introducing Mr.. Leigh to discuss
the Gentry bill, providing for the abo.-
ishment of the actuarial bureau,
Chairman Alexander voiced the opin
ion that the Brown measure, if adopt
ed, would inflict double taxation.
The petition from Pine Bluff. urging
support of the Gentry bill, was as
founding. Mr.. Lee said, especially be-
cause two years ago, he averred the
people here expressed satisfaction
with the manner in which the bureau
was operating and the results being
achieved. He declared that the rates
are Is to so per cent lower than ba-
fore the creation of the bureau, ad.
hitting in responding to the question
by Senator Caldwell. that these reduc-
tons were partly due to improvements
equipment.
MI Leigh Sdlu lie DelieNeU CHerG
was some misunderstanding about the
matter, ana hoped that it could be
discussed calmly and judiciously. to
the end that adjustment be reached.
He cited figures showing that in tn j.,
five years from 1911 to 1915. inclus-
ive-later statistics not being availa-
ble-the insurance companies hal
written in Arkansas insurance OF
1851 $50, on which the premiums
totaling $13,4S5.074 had been collect
ed. The losses during the period to-
tailed 11,933.592, he said, and the cost
of doing business. including taxes.
agents commissions, etc, amounte
to $4.394 900, showing a loss of $2,.
S42.51S. u was here that Mr.. Lee
pointed out the great burning ra-
ito" of Arkansas and the heavy risk
assumed by insurance companies,
whose rates are based on the hazard,
rates on property where danger Of
fire is greatest being highest. The
actuarial bureau. he said. has achiev-
ed remarkable results in decreasing
the fire risk. and thus effecting reduc-
oh, hui,