The Barre daily times. (Barre, Vt.) 1897-1959, 1906-02-23

made, and will, therefore, be competent
10 vote properly.
In the matter OF limiting investments
OF the funds Of insurance companies, the
committee recommends that no invest.
ment in the stock of any corporation
shall be permitted except in public
stocks Of municipal corporations.
That investment in bonds secured Ia
/ the extent Of more than one.third the
value Of the entire security therefore by
the hypothecation of corporate stocks
shall be prohibited
That no loans shall be made upon
stocks and bonds which are not the sub
iect OF purchase under the foregoing pro-
visions
That every company now owning
stocks or bonds Of the prohibited classes
shall be required to dispose of them
within five years of Dec. 81, 1905.
No Syndicate Operation.
That the statute shall forbid an syn.
ldicate participations, transactions for
tnase Oh safe on JOINT account, ana
ie makine OF any agreement provo
ing that the company shall withhold
from sale any securities which il may
own or acquire.
That no officer Of director should be
pecunarily interested in any way, IN
any purchase, sale, or loan made by the
corporation, except in case of loan
upon his policy.
The committee makes the following
Recommendation regarding the limita-
ton OF new business;
For companies having in force on Dec.
Isl Of any year total insurance less
than $4,000, 0o0-no limit on new bust
ness.
For companies having total insur-
anee in force between S50,0o0,000 and
100000, 900, limit Of so per cent.
thereof
For those having between 100000, 900
and and S300,000,000, a limit of 20 per
cent. thereof.
For those having between 100000
900 and $500, 100000 limit of 90 per
cent. thereof.
For those having between 100000
600 and $1,000, 100000 limit Of Is
per cent thereof
III the total insurance Of any company
shall be more than 81 ,000,000,000 the
new business shall not exceed $3.50, 900,
600 annually.
To Prevent Contributions.
The committee recommends the pas
sage Of drastic measure designed 10
prevent contributions BY the officers OF
insurance companies 20 campaign funds
using therefore the money Of policy
holders.
Lobbying IS unuAlihedly condemned
The report sets forth that enormous
sums have been expended in n surepti-
tious manner for such purposes, and
that the conduct Of the officers has
created a widespread conviction that
large portions Of the polieyholders'
money has been dishonesty used"
Comment is here made that Andrew
/ G Fields, who represented both the
Equitable and Mutual in such transae.
tions, remained without the jirisdie-
tion Of the committee during its public
hearings. Attention IL also called to
the fact that Andrew Hamilton, who,
within ten years, received upward OF
/ 81 100000 from the New York; Life,
has remained abroad, and has failed 10
render any proper account showing the
| disposition OF the money"
The report takes up, in the following
order, expenses, valuation of policies,
rebates, surrender values, ascertain
ment and distribution OF surplus, and
non-pa participating policies
Section 56 Of the insurance law, which
now prohibits and policyholder from
bringing suit for an accounting or a
receiver is condemned by the committee,
and its repeal is recommended.
Standard forms Of policies are strong
lly recommended, as is full publicity Of
all tho affairs of all the companies,
| III closing the recommendations, The
committee suggests that suitable penal.
ties be provided for all infraction Of the
law.