New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-16

Bill so be amended so that the elections shan
yenber Is and that there be inserted in the amend
provision recurring the companies W W Ia
list Of policyhoiders with the Superintendent OF IN
No successful canvass Of the policyhoders can
be made next autumn in the heat Of the approach
counting the ballots is after the election Is OF no
should be possible to approach them when other
10 necssstS for this sRS delay
conservatism, but is mischievous in its results
AGAINST LIMITING CANDIDATES.
Our second suggestion affects Section 81 OF the
main bill entitled AN act to amend the Insurance
ing the election. and refers to the provision OF the
@ F6r 10 o ME o s' OK th
''adminstraton ticket of the management In Office
This provision limits voting for directors to the
candidates thus nominated by the polcyholders It
world only thirty days In which to get together for
the purpose of cooperation. and would limit the
or proxies to such candidates as had been already
ever poiieyhoiders REPRESENTED in person. or By
proxy shall file with the officers OF the company not
Tess tlan ten days before an election request to
ne @oIed tb inspectors OF election the inspectors
equal to the inspectors named by the management.
Our fourth suggestion IS that the ballots be re-
of TO the ao officers Of the that they be
on the day OF the eiection. and that the Ballots as
voted be preserved by the Superintendent OF In
review IN the event Of an election being contested
s Our MN suggestion is that majority Of the
given ticket against the minority.
ton s. Of the Insurance law It is one Of the most
VICIOUS pieces Of legislation ever put upon the
been given TO that clause. every attempt OF the
defrauded poicyholders to get from the companies
thwarted.
OTHERS URGE REFORMS.
John De Witt Warner, representing the wash
fngton %. c. poHcyhoIders' committee, fol-
lowed with an argument to support the reform
eiectlon bills The joint committee of the New
York Society of Certified Public AccounIa nts
and the American Association Of Public 40
countants filed memorandum on changes
Whch 1t considers necessary in the book
keeping OF the life insurance companies AL
though they think the matter of equal If not
greater importance than many of the subjects
Wnich the Armstrong Committee has taken up.
IL mas received little or no attention. They say
that there is no doubt that the present form OF
statement is, from an accounting point OF view
incomplete. unsuitable and misleading in mary
particulars. and in the opinion Of many who
nave studied this subject is largely responsible
Tor the irregularities recently disclosed.
AT the night session s. c. Durham and John
b. Lunger, both OF the Travellers Life Insur-
ance Company of Hartford, argued that for
elsh insurance companies should be exempted
from the provisions of the bills Mr. IunCe-
sald MS company made speciality of non-rar-
uclpauhg insurance. stock company writ
ing thls business would have to have excessive
loading on its premiums he declared If il com
pied with the recommendations
me committee adjourned at IL o'clock to-
HIsHt uhtl IL a. m. Tomorrow, when several
actuarle5 and accountants will be heard. 1t was
PoSltNeIy announced that the hearings would be
IlnIsheu Tomorrow. A subcommittee still TO
NC seIectGu, VIII meet In New-York City early
next week with Charles E Hughes 10 30 go
me mass or suggestions and protests made and
make aake recommendations to be submitted to the
IuI committee about next THURSDAY either here
OF IN New-York Chairman Armstrong said to-
t t mat he expected to present the bills in
tnt!I amended and final form so far as the com
after next. 4 '4'o "eeh