The New York herald., 1922-03-12

do the same with respect to the fire
insurance companies, and that ii also
take the next step of requiring the
gradual conversion of 40 per cent. Of the
assets OF these companies into mort
gage loans which are safer than the
others and are yielding a 25 per cent
higher return. BY so doing the Legis-
lature will at the same time take the
officers Of the companies that are hand
ling these billions Of our money further
away from the allurements of Wall
Street. They may not hereafter be
such prominent figures in the specula-
tive world. but they will be better
officials.
Points to Mutual Life.
This is especially true Of the Mutual
Life, which has actually reduced its
mortgage investments fifty per cent.
since 1912 and has at the same time
lost many millions Of dollars OF its policy
holders money by hanging on for years
to the stocks that it was directed by the
Legislature to sell.
IF the insurance lobby Is sufficiently
strong to defeat this bill, to which there
is no answer, what is the use of spending
money on investigating committees? 1t
cost the State S50,000 in accountants
spent) to prove these facts by the COM
nittee's own statistics. Apparently 1t
might as well have been spent on waste
paper for all the attention these facts
and figures have thus far received as
against the mendacious lies that are
carried from the lobby pipe lines into
the legislative halls and there distrib-
uted.
zone is often sorely tempted to cry
81 oil {c ha
use Of it all? The abuses of the power
full interests cannot be reformed except
by the natural evolution Of Govern
mental standards Why run ones head
up against this impenetrable wall? It
does not hurt the wall That is the
way shall feel II this program of leg
islation is emasculated or any part of 1t
| is defeated, as is now threatened.
| Suppose that in the last resort the
Governor were to suggest that the Leg
| islature remain in session a few days
longer, If that were found necessary, in
order to obtain for this program the
calm consideration to which its impor-
| tance entities It? Would that be such
great misfortune as compared with
the catastrophe of permitting this
brazen lobby to work its will in the de-
feat of this legislation?
Il DelleVe tndL MOST Oh the DlllS are
beyond danger Of defeat, but there are
| others that are marked Tor slaughter
unless they can be rescued by the power
| of outraged public opinion. / advise
you to keep your eye particularly on the
following bills:
81. The bill limiting the investments
OF fire and casualty insurance COM
panies and that allows them five years
In which to sell their present stock hold
ings.
"2. The bill compelling insurance COM
panies to use their new assets In gradu-
ally acquiring mortgage loans until 40
per cent. Of their assets are so invested.
"3. The Downing bill giving to the
State the monopoly of workmen's COM
pensation insurance, which would save
40 per cent on the cost of that impor-
tant item of building construction and
an equal amount to all the industries of
the State.
"a. The bill creating a State Trade
Commission to watch and suppress IL
| legal combinations which can only be
done by administrative action. II
would be a boon to the business man.
He would just know what trade asso-
citation he may join and would be safe
In doing go.
"5. The bill requiring Jail sentences
for offenders under the antitrust law"