The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1906-03-01
INFORCE THE INSURANCE Law.
Report of legislative Committee Slap
at Senator DepeW.

LuIC " lHNCSL1S due IuO 4l1C 1Houl-
ance companies made its report.
No substantial amplification of the
powers of the state insurance depart
ment seem necessary, according to
the committee, which holds that most
of the evils which haye been dis
closes would have been impossible
had there been a vigorous perform
ance of the duties already laid upon
the insurance department.
Remedial legislation recommended
by the committee provides for the
safeguarding of the rights of policy
holders in mutual companies in the
election of directors; recommends
that stock companies be given
authority to retire their stock and
become mutual companies, but that
such naturalization shall not be COM
pulsory; various regulations are
urged to prevent unwise investments
and improper syndicate operations;
the sale of prohibited securities
within five years is advocated;
recommendation for limiting new
business to S15O,OOO,OOO per year is
made.
The committee favors the pro-
hibition of contributions by insur-
ance companies for political pur-
poses; lobbying is condemned, and
wise and economical management is
urged, but the committee does not
deem it advisable that the legisla-
ture should attempt to prescribe the
expenditures of life insurance COM
panies.
The committee says accounts of
the Mutual Life Insurance company
should be thoroughly examined in or
der to ascertain the extent to which
moneys have been misapplied and
the responsibility for any misapplica-
tion which may be shown may be de-
termined.
Concerning the New York Life
company, the committee found its
transactions with Andrew Hamilton
showed extraordinary abuses.
The syndicate operations of the
Equitable and James H. Hyde; the
relations between the society and
Kuhn, Loeb & Co., as also the $50.
OOO,O 900, Union Pacific pool under the
management of E. II. Hartman,
Jacob H. Schiff and James Stillman.
the committee holds, was clearly an
improper transaction for an insurance
company.
The payment of $4,000 a year to
Senator Depew by the Equitable, the
committee holds, was not warranted
testimony as to the services rendered
by Senator Depew not appearing to
be sufficient to justify such payment
The committee finds that, in spite
of the Irregularities shown, there is
no reason to question the solvency OF
! the Mutual Life company, the New
York Life company nor the Equita
bic Life Insurance company.
Can copper be tempered to a con
dition where it can be substituted fol
use where the hardest of steel only
) is now effective? There is now il
, Jerome gentleman who says it cal
be done, and he is now at work try
ing to demonstrate practically thai
he has rediscovered what is supposed
to have been one of the lost arts
| that of tempering copper. The gen
tleman, a barber by trade, wa
brought to Jerome by Under Sheriff
Neagle, who, with other gentlemen
who may care to, will organize com
, pany or take stock in one ALREADY
organized to handle the process. L
is claimed he has tempered copper tt
point where it was successfully
, used in the manufacture of razors
His work, which is being done at the
United Verde works, is being watched
with interest by many here. The
company has opened every facility tc
allow him to successfully carry out
his rations.-Jerome Mining
News.
IF iS NOT certain that the editor nj