The Connecticut labor news., 1921-05-20

have every reason to believe that these figures are substantially true of all Ot these many foreign owned and foreign controlled insurance COmpancS.
 According to this report for one year the Employers Liability with a deposit capital of $7OOO0O re1nitted to its home office in London %56435; the London Guarantee and Accident with a deposit capital of $5OO000 remitted to it's home office in London $466. .535; the Ocean Ac- cidcnt X Guarantee remittcd to it's home office the sum of $795 ,38l; and it has a deposit capital of $500,000 and the Guar antee Company of North America with a deposit capital of $200,000 remitted to its home office the sum of S428, l98.'
 In other words. Mr. President, these four companies with an investment or de- posit capital of $1 90OO0 in one year re- l nritted to their home offices in a foreign country the sum of $2,426,850 or more than l25 per cent.
 Let us take page Xviii of the last printed report of our insurance commits sioncr and we find that the London X 1 Lancashire Indemnity Company of America (notice the Anerica) paid out l in losses incurred 25.8 per cent of earned premiums and the cost of acquisition to l this same company was on the same pate | 2526 per cent of premiums written. A l total, MT. President, of less than 50 per cent.
 ! q have referred to certain American companies as foreign owned and foreign controlled among them l named the ] Royal Indemnity; the Globe indemnity; ; 1 and the London and Lancashire Indem- 1 ility of America which company 1 have 1 just given you some figures on.
 
 1 Company of America is capitalized for 1 $750OO0 and the amount paid in Is $780, GOO. Their official report, as published in l the report of the insurance commissioner shows that the directors of this company own total of $6,5OO worth of the capi- tai stock of this company. In other words, MT. President, the directors of this $75O,OOO corporation own less than one per cent of their own concern. 1 The Royal Indemnity of New York with paid in capital of one million dol | lars issues a report to your insurance | commissioner which shows that the di- ] rectors of the company own total of 1 $6, 500 worth of the capital stock. Mir. i President, this report shows that the Di- rectOrs of the company own but frac- ton of one per cent of the capital stock.
 But, MT. President, there is one other
 1 would like to cite and 1 believe that 1t is an Illuminating case The Globe In- demnity of New York is capitalized with paid in capital of $75O,0O0. The report of this company few years ago showed that the directors owned total of but $5.700 worth of the capital stock. An other instance of where the directors owned less than one per cent of the capi- tai stock. However, MT. President, for some reason or other there was change i'll the board of directors and even in the executive officers of this company. Did the proportion of capital stock owned by the officers increase with the change? 1 Why, Mr. President the following re- ports of the company showed that the di- rectors of this $750,OOO company still owned $5,700 worth of stock.
 ''Is 1t possible, MT. President, that the owners of these companies are so little concerned with Americanism and the na-
 fioral pride of Americans that foreigners will parade as an American institution 1 and at the same time show such con-
 tempt for our customs and our lnst1tu- tions that they will aout in our faces that | the directors of some Ot our large 1nSur-
 ance companies are but mere dummies ?
 II, for one, Mir. President, believe the
 Americans have as much ability as that
 of any foreigner and with this Ill mind 1
 presume that the profits of the strictly
 American owned and controlled compan-
 ies are just as large as those owned by
 foreigners If this is true 1 believe that the sooner we reduce the premiums Charg-
 cd to our employers or at least increase the benefits to those injured in the course
 of their employment, the sooner will we | be legisating for the best interests Ot our
 citizens"