The New York herald., 1922-03-03
Continued from First Page.

I
out recommendation for the consdera-
! ton of the Legislature a bill having for
it's purposes the creation of a State Trade
Board, and to prohibit corporations or
joint stock associations, societies. clubs,
libraries. institutes or other forms of or
ganization of competitors under whatever
name or pretext, from becoming parties
to any trade agreement with competitors
without having first received the pre-
vious approval of such trade board The
primary purpose of this legislation is to
create a body with wide supervisory
and investigating powers that will be
able at all times to discover. suppress IS
associations or agreements between
competitors that have for their purpose
the fixing OF prices, the regulation OF
output. division of territory or other
methods OF restraining or interfering
with the free flow of competition.
Insurance Company Investments.
Insurance companies are requi. ed 10
invest at least 40 per cent. OF their
future investible funds in mortgage loans
on improved unincumbered real prop
erty to an amount not to exceed S6 2-3
per cent. of the appraised value OF such
property until the total amount of su n
mortgage loans shall from year to year
equal 80 per cent. of the total assets %
such companies. This limit has been ex-
| ceeded by the largest of these companies.
Senator Lockwood and Assemblyman
| Caulfield dissent on this bill on tie
ground that they believe the investments
of insurance companies should be re-
stricted to high class securities. such as
| are now permitted for life insurance
| companies and savings banks.
One hill amapds tho insurance law 50
as to strike out tho provision giving =
the superintendent of insurance the rigst
to extend beyond 1926 the period within
| which such companies are required 70
dispose of their stock investments.
Important provisions in other bills
are:
| Amending section 141 of the in
surance law to provide for State
supervision over all rates and rat
| making bureaus and organizations
| and limiting the activities of these
| bureaus and subjecting them and
| their practices to State control.
Granting to all mutual insurance
| companies that provide safeguards to
| policy holders equal to those provided
| by stock companies the same right
| to transact all kinds of insurances as
| are now possessed by stock COM
| panies organized under the law OF
this State and of foreign states and
countries.
Permitting mutual employers la
| bility corporations to divide their
directors into groups whose terms
! may expire in different years. in the
same manner in which stock corpora
| tions are now so permitted.
| Prohibiting the conversion of mu-
| tual companies into stock insurance
| companies.
Requiring all insurance companies,
except life companies, to sell and dis
| pose within five years from the pas
| sage of this act of all their invest
| ments in common or preferred stocks
or corporations and Of all securities
| held by them other than securities in
| which savings banks and life insur-
| ance companies are now permitted
| by law to invest.
Requiring the savings banks In the
| State to invest and keep invested
from and out of all future investable
| funds not less than 40 per cent. of
their deposits In mortgage loans on
| improved unencumbered real prop
| erty.
Senator Lockwood and Assemblyman n
| Caulfield also dissent from this recon-
mendation.
The committees report states:
THE reform of abuses among labor
unions. the suppression OF the Illegal
! combinations among manufacturers,
contractors. employers and others fur