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VOTERS OF GEORGIA, READ AND REREAD IN Yf. S JJ2 E^.T^ AND PREMIUM RE CEIPTS TAXES OF LIFE INSUR ANCE COMPANIES SHALL INVEST, That each and every life insurance company now engaged or that may hereafter engage in transiting the business of life insurance In this state, shall, as a condition of its right to transact such businass in this state, invest and keep invested in Texas securities, as hereinafter defined, and in Texas real estate as hereinafter provided, a sum of money equal to at least 75 per rent of the aggregate amount of the legal reserve required by the laws of the state of Its domicile to be maintained on account of its policies of in surance in force written upon the lives of citizens of this state which re serve is hereinafter denominated as Its “Texas Reserve.” And each such com pany doing business in this state shall be deemed to have accepted such cer tificate subject to all of the conditions and requirements of this act. (Chap ter 122, Session Laws of 1909, page 240, section 1.) TEXAS SECURITIES, DEFINITION OF. The phrase “Texas Securities," as used in this act shall be held to in clude bonds of the State of Texas, or of any county, city, town, school district or other municipality or subdivision w'hich is now or may hereafter be consti tuted or organized to issue bonds under the constitution and laws of thia state, promissory notes and other obligations, the payment of which Is se cured by a mortgage, deed of trust or other valid Hen upon unincumbered real estate situated In this state, the title of which real estate is valid and' the market value of which Is double the amount loaned thereon, exclusive of buildings, unless such buildings are insured and kept Insured In some com pany authorized to transact business in this state, and the policy or policies transferred to the company taking such mortgage or lien; the first mortgage bonds of any solvent corporation, incorporated under the laws of this state, and doing business in this state, which has not in five years, next preceding the date of the investment by such company in such mortgage bonds, de faulted for more than three months in the payment of interest upon its bonds or indebtedness, the market value of which bonds is equal to the amount invested therein; and loans made to policy holders on the sole se curity of the reserve value of their policies. And the investments required by this act, or any part thereof, may be made by the purchase of not more than one building site, and in the erection thereon of not more than one office building, or in the purchase at its reasonable market value of such office building already constructed and the ground upon which the same is located in any city of the state having a population of more than four thousand in habitants. And all real estate owned by life insurance companies in this state, on December 31, 1909. and all thereafter acquired under the provisions of this act, or by foreclosure of a Hen thereon, shall be treated, to the ex tent of its reasonable market value, as a part of the investments required by this act. And “Texas Securities” as used in the following sections of this act shall be held to include every character of investment authorized by the terms of this section. (Chapter 122, Session Laws of 1909, section 2.) INVESTMENTS SHALL BE MADE, HOW. The investments required by this act shall be made as follows: (a) Each life insurance company which has a certificate of authority to transact business In this state when this act takes effect, the total amount of whose investments In “Texas Securities” as of December 31, 1908, was equal to er exceeded 75 per cent of the amount of its "Texas Reserves” as of that date shall have so invested not later than January 31, in each year, a sum of money equal to 75 per cent of the amount of its "Texas Reserves” as of the preceding December 31. (b) Each life Insurance company having a certificate of authority to trans, act business fn this state when this act takes effect, the amount of whose In vestments in “Texas Securities” as of December 31, 1908, was less than 75 per cent of the amount of Its "Texas Reserves” as of said date, shall have " so Invested not later than January 31 in each year, a sum at least equal to 75 per cent of the amount by which its “Texas Reserves” as of December 31, preceding exceeded the amount of its "Texas Reserves” as of December 31, 1908, added to the amount of its total investments in “Texas Securities” as of said date; and each such company shall, in addition, have so invested not later than January 31, 1910, a sum at least equal to 10 per cent of the amount by which 75 per cent of its “Texas Reserves” as of December 31, 1908, exceeded the amount of its investments In “Texas Securities” as of said date, and annually thereafter it shal have Invested not - later than January 31, an additional 10 per cent of the amount of such excess, until the total hmount of Its investments In "Texas Securities” shall at least equal 75 per cent of its "Texas Reserves." (c) Each life Insurance company not having a certificate of authority to transact business in this state when this act takes effect, or that may there after discontinue writing new business under such certificate, shall, if it again obtain a certificate of authority to transact business in this state, be required to have Invested in "Texas Securities” annually as above provided, a sum equal to 75 per cent of its “Texas Reserves:” provided, that if on December 31, preceding the issuance of such certificates of authority the amount of its investments in "Texas Securities” was less than 75 percent of the amount of its "Texas Reserves” it shall be Required to have so Invested annually, as above provided, a sum equal to 75 per cent of the increase in its “Texas Re serves” since December 31 last preceding the issuance of Its certificate of au thority, added to the amount of its total investment In “Texas Securities” as of said date; and in addition it shall, not later than January 31 in each year after the issuance of its certificate of authority, have so invested 10 percent of the amount by which 75 per cent of its "Texas Reserves” as of December 31 preceding the date of said certificate exceeded the amount of its total in vestments in “Texas Securities" as of that date, and shall have invested annually thereafter, not later than January 31. an additional 10 per cent of such excess, until the total amount of its investments in "Texas Securities" shall at least equal 75 per cent of the amount of its "Texas Reserves.” The proportionate amount of the “Texas Reserves” required by this section to be invested in "Texas Securities" as of any date shall thereafter be. maintained; provided, that such investment shall not be required to be made by any life Insurance company after it has ceased to do the business of life insurance or to write policies of life insurance in this state. (Chapter 122, Session Laws of 1909, section 3.) SHALL FILE REPORT OF RESERVES. That each life Insurance company doing business in this state shall, not later than ten days after January 31 of each year, file with the commissioner of insurance and banking of this state, on a blank prepared and furnished him for that purpose, a report showing the entire amount of the reserve on its entire business in force tn this state on December 31, preceding, and an item ized schedule of its investments in "Texas Securities." which report shall be sworn to by either the president or a vice president and the secretary of such company. Such report shall contain such other information as may be re quired by the commissioner to determine whether or not such company has continuously and in good faith complied with this law, and for that purpose the commissioner may. whenever he shall deem it proper, require such spe cial or supplemental reports as he may deem necessary. (Chapter 122, Ses sion Laws of 1909, section 4.) That no occupation tax other than herein imposed shall he levied by the state or any county, city or town upon any life insurance company herein subject to the occupation tax in proportion to its gross premium receipts, or its agents. The occupation tax imposed by this act upon life Insurance companies shall be the sole occupation tax which any company doing busi ness in this state under the provisions of this act shall be required tn pay aft er this act shall take effect. (Chapter 122, Session Laws of 1909, section 6.) CHAPTER 122, SESSION LAWS OF 1909, SECTION 7. That each life insurance company not organized under the laws of this state hereafter granted a certificate of authority to transact business in this state shall be deemed to have accepted such certificate and to'transact such business thereunder subject to the conditions and requirements that after it 'hall cease to transact new business in this state under a. certificate of au thority ami so long as it shall continue to collect renewal premiums from cit izens of this state it shall be subject to the payment of the same occupation tax in proportion to its gross premiums during any year, from citizens of this state as is or may be imposed by law on such companies transacting new busi ness within this state under certificates of authority during such year; pro vided that the rate of such tax to be so paid by any such company shall never exceed the rate imposed by this act upon insurance companies trans acting business in this state, and each such company shall make the same reports of its gross premium receipts for each such year and within the same period as is or may be required of such companies holding certificates of au thority; and shall at all times be subject to examination by the commis sioner of insurance and banking or some one selected by him for that pur pose, In the same way and to the same extent ns is or may be required of companies transacting new business under certificates of authority In this state, the expenses of such examination to be paid by the company exam ined; and the respective duties of the commissioner of Insurance and hank ing In certifying the amount of such taxes and of the state treasurer and attorney general fn their collection shall be the same as are or may be pre scribed respecting taxes due from companies authorized to transact new business within this state. CHAPTER 122, SESSION LAWS OF 1909, SECTION 8. That any life insurance company which has heretofore been, may now be. or may hereafter be engaged In writing policies of insurance upon the lives of citizens of this state, which has heretofore ceased or may hereafter cease writing such policies and which does not now or may not hereafter have a certificate of authority to transact the business of life Insurance in this state, but which has continued or may continue to collect renewal or other premiums upon such policies, shall, before it may again obtain a certificate "f authority to transact the business of life insurance In this state, report under oath to the commissioner of Insurance and banking of this state, the gross amount of premiums so collected from citizens of this state upon poli cies of insurance during each calendar year since the end of the period cov ered by the last preceding report by such company of gross premium receipts upon which it paid an occupation tax. and shall pay to the state a sum equal Io the percentage of its gross premium receipts for each such year that was required by law to be paid as occupation taxes by companies doing business In this state during such year or years and upon the payment of such sum and securing a certificate of authority to do business in this state the penal, tics provided for the failure to pay such taxes and make such reports in the oast shall be remitted. THE ATLANTA GEORGIAN AND NEwib. _ CHAPTER 122, SESSION LAWS OF 1909, SECTION ». Any company which shall fail to renew its certificate of authority or con tinue to write new business In this state shall, nevertheless, have the right to maintain an agent or agents in Texas for the purpose of collecting re newal premiums on outstanding business written by it under a certificate of authority, and also for the purpose of making Investments as provided by this act. CHAPTER 122, SESSION LAWS OF 1909, SECTION 10. If any life Insurance company, while holding a certificate of authority to transact business in this state, shall fail or refuse to comply with any of the provisions or requirements of this act. It shall be the duty of the commis sioner of Insurance and banking, upon ascertaining such fact, to notify such company by registered letter properly addressed and mailed, or by any other form of actual notice in writing delivered to an executive officer of such company, of his inftntion to revoke its certificate of authority to transact business in this state at the expiration of thirty days after the mailing of such registered letter, or the date upon which such actual notice is served; and If such provisions or requirements are not fully complied with upon the expiration of said thirty days. It shall be the duty of the commissioner of in surance and banking to revoke the certificate of authority of such company, and In case of such revocation such company shall not be entitled to receive another certificate of authority for a period of one year and until it shall have fully and In good faith complied with al! provisions and requirements of this act. Any company feeling itself aggrieved by the action of the commissioner In revoking Its certificate of authority to do business In this state may bring suit against him In the court of Travis County, having jurisdiction thereof, to annul and vacate the order revoking such certificate. CHAPTER 122, SESSION LAWS OF 1909, SECTION 11. If any company shall intentionally fail or refuse to make the invest ments required by this act or make any report required by this act or to make any special report requested by the commissioner of insurance and banking under the authority of this act. or generally to comply with any pro vision or requirement of this act. while holding a certificate of authority to transact business In this state, or after It shall cease to write new business or cease to hold such certificate, such failure or refusal shall subject such com pany in addition to the penalty provided in section 10, in cases to which said section may be applicable, to the payment of a penalty of twenty-five dollars ($25) per day for ellch day that such company shall remain In default after the commissioner of Insurance and banking shall, notify such company of such default In the manner provided In section 10 hereof, to be recovered in a suit to be brought by the attorney general in behalf of the state in the district court of Travis county. And in any suit that may be brought to recover such penalty or penalties there shall be a prima facie presumption subject, to rebuttal that any default that may have occurred was intentional, and that the notice required by this act was given and the burden of proof shall be on the defendant company to prove that the investments required by this act were made as herein required whenever the question of whether or not such investments were thus made is in issue. CHAPTER 122, SESSION LAWS OF 1909, SECTION 12. That each life insurance company engaged In doing or desiring to do business in this state shall file with the commissioner of Insurance and banking of this state an irrevocable power of attorney duly executed consti tuting and appointing the commissioner of insurance and banking of this state and his successors in office, or any officer or boat'd which may here after be clothed with the powers and duties now devolving upon said commis sioner, its duly authorized agent and attorney in fact for the purpose of ac cepting service for it or being served with citation in any suit brought against it in any court of this state, by any person, or by or to or for the use of the state of Texas, and consenting that the service of any civil process upon him as its attorney for such purpose In any such suit or proceedings shall be taken and held to be valid, waiving all claim and right to object to such service or to any error by reason of such service; and such appoint ment. agency and power of attorney shall by its terms and .recitals provide that it shall continue and remain In force and effect so long as such company continues to do business in this state or to collect premiums of insurance from citizens of this state, and so long as ft shall have outstanding policies in this state and until all claims of every character held by the citizens of this state, or by the state of Texas against such company shall have been settled. And said power of attorney shall be signed by the president or a vice president and the secretary of suoh company, whose signatures shall be attested by the seal of the company, and said officer signing the same shal! acknowledge its execution before an officer authorized by the laws of this state to take acknowledgments; and the said power of attorney shall be em bodied in and approved by a resolution of the board of directors of such com pany and a copy of such resolution duly certified to by the proper officers of said company, shall be filed with the said* power of attorney in the office of the commissioner of insurance and banking of this state, and shall be record ed bj’ him in a book kept for that purpose, there to remain a permanent rec ord of said department. CHAPTER 122, SESSION LAWS OF 1909, SECTION 13. That whenever the commissioner of insurance and banking of this state shall accept service or be served with citation in any suit pending against any life insurance company in this state as provided by Section 12 of this act, he shall immediately inclose the copy of the citation served upon him, or a substantial copy thereof, in a letter properly addressed to the general mana ger or general agent of the company against whom such service is had; If it shall have a general manager or general agent within this state, and if not, then to the home office of the company and shall forward the same by reg istered mail, postage prepaid, and no judgment by default shall be taken in any such cause until after the expiration of at least ten days after the gen eral agent or general manager of such company or the company, at its home office, as the case may be, shall have received such copy of such citation, and the presumption shall obtain, until rebutted, that such notice was received by such agent or company in due course of mail after being deposited in the mail at Austin. CHAPTER 122, SESSION LAWS OF 1909, SECTION 14. Any life insurance company, organized tinder the laws of this state, may, at its option, deposit with the treasurer of this state securities in which its capital stock is invested, or securities equal in amount to its capital stock, of the class in which the law of this state permits insurance companies to in vest their capital stock, and may, at Us option, withdraw the same or.any part thereof, first having deposited with the treasurer, in lieu thereof, other secur ities of like class and equal amount and value to those withdrawn. Any such securities before being so originally deposited or substituted shall be approved by the commissioner of insurance and banking, and when any such deposit is made the treasurer shall execute to the company making such deposit a receipt therefor, giving such description of said stock or securities as will identify the same, and stating that the same are held on deposit as the capi tal stock investments of such company and such company shall have the right to advertise such fact or print a copy of the treasurer's receipt on the policies It may issue; and the proper officers or agent of each insurance com pany making such deposit shall be permitted at all reasonable times to ex amine such securities and to detach coupons therefrom and to collect interest thereon, under such reasonable rules and regulations as may be prescribed by the treasurer and the commissioner of insurance and banking of this state. The deposit herein provided for, when made by any company, shall there after be maintained so long as sard company shall have outstanding any lia bility to its policy holders in this state. CHAPTER 122, SESSION LAWS OF 1909, SECTION 15. That any life insurance company which has deposited securities with the state treasurer or other depositary in accordance with the terms of the act of the Thirtieth legislature of the State of Texas, approved April 24, 1907, and published and known as Chapter CLXX of the general laws of the Thirtieth legislature, and which act is repealed by Section 19 of this act, may withdraw from such depositary any securities so deposited upon tile execution and de livery to the state treasurer or other depositary of a proper receipt for such securities, which receipt shall release the state treasurer or such other deposi tary of all further liability on account of such deposit. CHAPTER 122, SESSION LAWS OF 1909. SECTION 16. That tile provisions of this act requiring investments In "Texas Securi ties" shall not apply to any life insurance company the total amount of whose “Texas Reserves” does not exceed $5,000, or to any such company doing only a reinsurance business in this state, but all of the' other provisions of this act shall apply to such companies. CHAPTER 122, SESSION LAWS OF 1909. SECTION 17. The provisions of this act shall not lie held to apply to fraternal bene ficiary associations as defined by the laws of tills state. CHAPTER 122, SESSION LAWS OF 1909, SECTION 18. That any life Insurance company not desiring to engage in the business of writing life insurance in this state, but desiring to loan its funds in this state, may obtain a permit to do so by complying with the laws of this state relating to foreign corporations engaged in loaning money in this state with out being required to secure a certificate of authority to w rite life insurance in this state. CHAPTER 122, SESSION LAWS OF 1909. SECTION 19. That the act of the legislature of Texas, approved April 24. 1907, and pub lished and known as chapter t'LXX of the General Laws of the Thirtieth leg islature. entitled "An act to require all incorporated or mutual companies doing .a life Insurance business within this state, to Invest a part of the re serve set apart on account and for the final payment of policies of Insurance written on the lives of citizens of Tex is In Texas and other securities and Texas property, or in the bonds of the United States or any state of the United States, and to define Texas securities and the property in which such Investment may be made and to require that a part of the securities in which such reserve is invested be kept on deposit In the vaults of the treasury of this state, or in national or state banks or trust companies in Texas, desig nated as depositaries for the security of policyholders, and declaring an emer gency,” be, and the same is hereby, repealed, and also that ail other laws or parts of laws in conflict with the provision of this act, be, and the same are hereby, repealed; provided, that nothing in this act shall be held or con strued to affect or destroy any rights of the state of Texas to collect penal ties or gross receipts taxes from any life insurance company that withdrew from the state after January 1. 1907, but continued to collect premiums and ■ issue renewal receipts on policies therefore issued, as provided by the terms of section 8 of the act passed at the first called session of the Thirtieth leg islature, approved May 16, 1907, and published and known as chapter XVIII of the laws of said session of said legislature, providing for the levy of oc cupation taxes, and all taxes not due, or hereafter to become due, under the provisions of said act, shall be and remain collectible by the state as provided therein, without prejudice to the state or to any company taking the benefit of the provision of this act. CHAPTER 122, SESSION LAWS OF 1909, SECTION 20. The fact that by reason of an error of engrossing in the enactment of said act, approved April 24, 1907, and repealed by section 19 of this act, life insurance companies now transacting business in this state are not allowed credit on their required Texas Investments for loans to Texas policyholders, unless the total amount of such loans equals 25 per cent of the total reserve on Texas policies, creates an emergency and an imperative public necessity exists that the constitutional rule requiring bills to be read on three sep arate days, be, and the same Is hereby, suspended, and that this act take effect and be In force from and after Its passage, and It is so enacted. OPINIONS UPON THE ROBERTSON LAW. A letter from the president of the New York Life Insurance Company early in February, 1912, to the commissioner of insurance and banking of Texas, stating that his company might be willing to do voluntarily that which it refused to do under compulsion probably Indicates the only remaining ob jections which the outside companies have to the Robertson law. The following representative quotations are Interesting: STATEMENT OF HON. R. T. MILNER. ‘ ’ “It has been the policy of this department to encourage and foster i spirit of home enterprise, believing that we have men possessing business ac umen and Integrity sufficient to build up and manage large Insurance com panies. It requires no higher order of business ability to manage insurant* than It does a bank or a cotton mill. The wisdom of a more equitable dis trlbutlon of the premiums which the people pay for Insurance is apparent t< every right-thinking person. There is no sound reason why the state o Texas can not carry a large majority of its risks upon both life and fire, and thereby reserve millions of dollars for the development of our almost unlimited resources, Instead of retarding the progress of our country by send ing its money to distant fields for Investment. In this connection it Is a source of much gratification to know that this spirit Is taking deep root in the minds of our people, and In spite of Eastern companies and their foot men, who hold themselves 1n readiness to do their bidding, to thwart the efforts of the South and West in establishing and building up Insurance com panies of their own, the trend of thought Is along sane lines, and the home company 1s given the preference. Public policy and sound business intelli gence dictate a change, such as the people of Teifat are manifesting in buy ing their Insurance at home, since It Is equally m safe, as no one well In formed will attempt to raise the integrity and honesty of foreign companies above the honor of the home companies.”— Extract from report of Hon. R. T. Milner, commissioner of agriculture, insurance, statistics and history. Au gust 31, 1907. COLONEL ROBERT E. COWART. “It is also urged that Texas securities are so limited in amount thatthsy can not be obtained as a security, for the business done. This objection has a very strange and sinister sound. It means that these companies annually take out of Texas more money than they can safely Invest in it. If the time has come when the $10,000,000 an nually paid out by Texas policy holders to Eastern companies can not be safely Invested here, and must be paid to the companies In other states tn order that it may be invested In those states and managed and controlled for the direct benefit of the companies In those other states, the good people of Texas are smitten with industrial and commercial paralysis and our policy holders are abject slaves of aliens and foreigners."—Colonel Robert E. Cow art in Farm and Ranch, August 24, 1907. FARM AND RANCH. "All of the surplus funds arising from the great volume of insurance business done in this country has for years been placed at the disposal of cer tain corporate Interests for the exploitation of the plain business and com mon people of this country. This stream of cheap money has flowed into the channel already made for it by the tariff protected industries of the East, which center in Wall street.” —Farm and Ranch, September 7, 1907. GOVERNOR COLQUITT. Governor O. B Colquitt, in addressing a convention of life Insurance men at San Antonio on February 29, 1912, stated that in his opinion It would be useless to attempt to bring about a repeal of the Robertson law during his Incumbency. HON. B. L. GILL.. “When the Robertson law became effective 21 life companies withdrew from Texas. Two of them have since returned and are still doing business here. The withdrawal did not seriously affect the procurement of life insur ance by the citizens of this state. Many new and solvent companies were or ganized In Texas, the premiums on life Insurance were kept in Texas, and the investments of life Insurance companies under the Robertson law have also served to keep money spent for life insurance in Texas, and the law generally has stimulated and enhanced the value of Texas securities. “Some of the withdrawn companies have Indicated a desire to re-enter Texas, for the sole purpose of Investing in its securities. In my opinion, gen eral results have been good and are generally approved by our people.”—Ex tract from letter of Hon. B. L. Gill, commissioner of insurance and banking, to T. M. Perry, insurance commissioner of the state of Mississippi. THE HOUSTON CHRONICLE. “Texas municipalities are apparently up against a boycott instituted by the great New York insurance companies. Hitherto these companies, and oth ers of the kind tn the East, have been among the best buyers of municipal bonds. Texas bankers say these big companies, or some of them, have de clared their intention to buy no more Texas municipal bonds, byway of pun ishing Texans for having 'driven Eastern insurance companies out of the state.' This, it is stated, is the explanation of the difficulty lately experienced by Texas cities and counties in marketing their bond issues. “It is every insurance company’s privilege to cut off Its nose to spite Its face. If it be true that some of the big Eastern companies have put the ban on Texas, as a means of getting vengeance, we wish them joy of It. Texans will plug along without them. Texas people who formerly sent Insurance pre miums East will hereafter, in even larger numbers, pay those premiums to good Texas companies. The funds created by such premium payments will stay in Texas and be invested here. They will gradually build up a home market for Texas municipal bonds. The home insurance company will draw the interest on the bonds. The money will help build up Texas Instead of helping to build up Eastern states. “All Texas ever asked of the Eastern Insurance companies was that they should invest in Texas a proper portion of the funds which they drew from Texas policy holders. Some of them turned up their noses and got out. Oth ers met the requirement and stayed here. Home companies, financed by Tex as men. took up the places vacated by the arrogant down-Easterners who were willing to take money out of Texas, but unwilling to take a chance on Texas. “Texas is getting along all right without them. We don’t care if they never come back.” —Editorial Houston Chronicle, Sunday. December 17, 1911. FARM AND RANCH. “Since the Robertson law became effective Texas has benefited. That law has not operated to choke business development. On the contrary, there has been a decided impetus directly traceable to the fact that these companies pulled out; and we are Informed that this kind of development has but just begun. We may ask. when did a life insurance company that took the money of Texas policy holders Invest in Texas securities to the extent of three fourths of its Texas reserve fund before the Robertson bill became a law. "It is readily apparent that the Robertson law has stopped an enormous drain u)«>n the .surplus wealth of this state, and has caused that surplus to be used for the further development of Texas. "Notwithstanding this fact. Farm and Ranch has been informed that an effort to destroy the usefulnes of this law will be made at the next legisla ture. Such an act we regard with hostile eyes, and will fight it to the last ditch. "The people are satisfied with the law we have. It has made good, Just as the homestead law has made good. And tffday, with the homestead law, it stands upon our statutes as one of the very best laws ever enacted for the benefit of the people of Texas. “Leave the Robertson law alone and 'Let Texas Grow.’” —Extract from Farm and Ranch, February, 1912. DALLAS MORNING NEWS. “The reports of the proceedings at Houston indicate that a majority of the members of the commission were favorably Impressed with the showing made by the Texas life insurance companies in favor of retaining the Robert son law. for it was shown that much more money had been invested by life insurance companies In Texas since the enactment of that law that was so In vent'd theretofore. The law as originallj passed whs objectionable in several of its features, notably in the provision which required the deposit in Texas of the securities purchased in this state, which deposit, among other things, would subject the securities to local taxation. The Texas insurance men ad mit that this feature was objectionable and that it justified companies in withdrawing from the state. Hut the law was amended in 1909, removing this feature, ami the companies which retired no longer have that excuse for re maining away. The law now imposes no greater burden upon foreign com panies than it does upon those organized in Texas; indeed, as a matter of fact, It taxes the Texas companies heavier than it does the foreign companies. "Regardless of theoretical reasoning in advance, It does seem that, judg ing the law by its fruits, fair-minded persons must admit that it has worked well. The purpose of the law is to require life insurance companies to invest, in T< xas the bulk of the funds which they collect in Texas and hold in trust for Texans. Before this law was passed such companies did not Invest any considerable amount of such funds in this state, and there is nothing to assure us that they would pursue a different policy were they permitted to return, freed from requirements. “Therefore, and in view of the further fact that there is no really good rea-on for any company refusing to comply with the terms of the law, we believe that the law should be permitted to stand. In so saying, we are mindful of the force of the assertion of Colonel John N. Simpson, a member of the welfare commission, tn the effect that nn mutter what agreement the welfare commission should reach, the people of Texas probably would object to epealing the Robertson law. -Editorial, Dallas Morning News, April 19, 1912.