Papers Relating to the Foreign Relations of the United States, Transmitted to Congress, With the Annual Message of the President, December 9, 1891

Mr. Pitkin to Mr. Blaine.

Legation of the United States,
Buenos Ayres, June 17, 1891. (Received July 29.)

No. 137.]

Sir: In dispatches Nos. 94 and 102, under the respective dates of February 5 and 26, 1891, I had the honor to report my action in respect of the two United States insurance companies, resident here by branches and discriminated against in recent legislation, and in the latter number to state a result accomplished in the dismissal of two of the taxes levied upon such foreign enterprises.

Herewith is submitted a copy, in translation, of a decree in favor of the United States Equitable Insurance Company and a copy of a personal communication which its local director general has thought proper to send to the legation. It should be added that the local manager of the New York Life Insurance Company attached himself to a native insurance company soon after the adverse enactments reported received executive sanction, and that the former company does not thus far appear to have shared in the Equitable’s effort to maintain a foothold here. All other foreign insurance enterprises have retired from the field, and the Equitable is assured not only less competition, but, as related to native companies, a firmer status. In fact, the whole issue inures to the signal advantage of that company, which has recently bought a costly corner on a leading thoroughfare of this capital in forecast of a large business.

I have, etc.,

John R. G. Pitkin.

[Inclosure 1 in No. 137.—Translation.]

Executive decree.

Buenos Ayres, May 2, 1891.

Upon examination of the preceding opinions of the attorney-general of the nation, and considering that the statements made by the Equitable Life Assurance Society are in conformity with the legal prescriptions, it is

Resolved, The Equitable Life Assurance Society may continue its operations on the conditions of the national companies, upon proofs of its having radicated in the country at least 50 per cent of its paid-up capital and appointed a directory with residence in the Republic.

Give the legalized copies which may be solicited. Publish and file.

Vicente F. Lopez.

[Inclosure 2 in No. 137.]

Mr. Watson to Mr. Pitkin.

Buenos Ayres, June 6, 1891.

My Dear Judge Pitkin: In sending you a copy of the decree issued in favor of our society, I wish to express my gratitude to you for the very able exposition which you made to the Argentine Government in our behalf, and to say that in my opinion it has had its effect in removing to a great extent the prejudice which appeared to exist against the American life-insurance companies, and thus aided in securing the decree in our favor.

With assurances, etc.,

T. T. Watson.