The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-02-23

surance, and similar lists should be
open to Inspection at the home Office Of
the corporation. Lists, also open 10 In
spection of policy-holders within each
State and foreign country, should be
filed at the general agencies OF the
company I'm such jurisdictions. Voting
should be limited To those VINO have
been insured at least one year before
the election and whose policies are In
force when the election is held,
List of Nominations.
THE board of trustees or directors
should annually nominate candidates
to be voted for at the next election, and
should file its nominations with the Su-
perintendcnt of Insurance at least four
months before the election, together
with n designation OF persons TO receive
proxies 10 vote for such candidates. II
should also be provided that any group
Of one hundred members should be
privileged to make and file with the
Superintendent Independent nominn-
tions, together with the names OF per
sons who viii receive proxies To vote
for the candidates. at least three
months before the election.
How Voting May Be Done,
2The corporation should be required
at least two months prior to the elec-
tion TO mail to each pollcy-holder no.
tlce Of the election together with n
suitable ballot containing the names Of
all the candidates whose nominations
have been duly filed. with properly ad-
dressed envelope incloSed for the re-
turn of the ballot The periods above
mentioned have been fixed IN order to
give opportunity to reach distant poll
cy-holders. Votes should be limited TO
the nominated candidates. and suitablo
1,
nations and the casting of votes under
proxies in case Of the death or inca
pncity of any person nominated. Pro-
vision should also be made for the
proper custody of ballots received by
mail and disintcTestcd persons should
be appointed to act as inspectors of
election"
AS TO stock companies the committee /
remommends naturalization.
Company Investments.
on the subject of investments OF life
insurance companies, the committee.
after declaring against "syndicateS"
recommends that the law be amended
so as To provide;
'i.-That no Investment I'm thr stock
OF any corporation shall be permitted
except In public stocks Of mutual cor
poratIons
~2-That investments in bonds Sc
cured to the extent Of more than Cue-
third OF the value of the entire security
therefor by the hypothecation OF corpo-
ration stock. shall be prohibited.
"3.-That no loans shall be made on
such stocks and bonds which are rot
the subject OF purchase under the above |
provisions
Must Sell Prohibited Bonds
'4.-That every company now owning |
stocks or bonds OF the prohibited class |
shall be required to dispose of the same |
within five years from December 81, |
1906, and each year prior thereto shall |
make a reduction OF the amount of !
such investments TO an extent approved
Dy the Superintendent Of Insurance
"5.-The statutes should also forbid
al syndicate paTticipatons, tTansac-
tions for purchase and sale on Joint
account. and the making of any agree
nent providing that the company shall
from sale for any time, or
subject to the discretion of others. any
securities which II may own or acquire
ct should also be provided that
no officer or director should be pecu-
liarily interested either as principal, CO.
agent or beneficiary In any
purchase. sale or loan made by the cor
Ioration except In case of loan upon
MS policy
THE committee recommends limiting
If the larger companies may take TO
$50. 900 year and that no company
loing business In the State, except the
Industrial companies. shall issue poll
les in excess of certain prescribed linn
is
No Political Contributions.
Contributions by insurance corpora
ions for political purposes should be
strictly forbidden, The committee rec
the passage Of an unequVo-
al and drastic measure to remedy this
vii. Not only should It be expressly
prohibited and treated as a waste of
corporate moneys. but any officer. di-
'cctor or agent, making, authorizing or
.onSentinS to any such contribution !
shall be guilty of n misdemeanor and
he prohibition should he extended 10
I'll corporate contributions Of this char
lcter
Lobbying Under Ban
Nothing disclosed by the investiga-
Ion deserves more serious attention
han the systematic efforts of the large
insurance companies to control n large
Jart Of the legislation and defensive
.lliance 10 procure or to prevent the
,assage OF laws affecting not only in
uranca but great variety OF import
INT interests TO which, though subsi-
liary companies or through the con-
ributions Of their officers. they have
become related. Their operations have
extended beyond the State and the
has been divided into districts
% that each company might perform
its share OF the work
enormous sums have been expended in
/ surreputtous manner. Irregular ac-
counts have been kept TO conceal the
payments for which proper vouchers
ave not been required. This course of
onduct has created a widespread con-
,iCtlOn lhat large nnrtlnnn .f IL