Watson's Magazine, Vol. IV, No. 2, April, 1906Various
History
Watson's Magazine, Vol. IV, No. 2, April, 1906
Various
United States -- Politics and government -- Periodicals
Because of his stand for an honest investigation of the Mutual
Life Insurance Co., the trustees who fear exposure plan to oust
Stuyvesant Fish from the presidency of the Illinois Central
Railroad.
February 22.—John Mitchell, president of the United Mine Workers, has
another conference with several mine operators on a new scale of wages to
be paid after April 1.
Mrs. Minor Morris, who was forcibly ejected from the White
House some time ago, issues a statement in which she denounces
the President for her treatment.
Senator Knox, of Pennsylvania, introduces a railroad rate
regulation bill giving the courts the right to review any
order or action of the Interstate Commerce Commission. It is
the intention of the railroad senators to add the court review
clause of the Knox bill to the Hepburn bill.
In the report to the New York Legislature the Armstrong,
or Insurance Investigating, Committee, makes the following
recommendations.
Not only should stock corporations be permitted to give
policy-holders the right to vote, but an opportunity should be
afforded for conversion into purely mutual companies.
The law as to investments in securities should be amended so as
to provide: That no investment in the stock of any corporation
shall be permitted, except in public stocks of municipal
corporations.
The statute should forbid all syndical participations,
transactions for purchase and sale on joint account, and the
making of any agreement providing that the company shall
withhold from sale for any time or subject to the discretion of
others any securities which it may own or acquire.
No officer or director should be pecuniarily interested in any
purchase, sale or loan made by the corporation.
Contributions by insurance corporations for political purposes
should be strictly forbidden.... Any officer, director
or agent, making, authorizing or consenting to any such
contribution should be guilty of a misdemeanor.
The company should be compelled to set forth in its annual
statement to the Superintendent of Insurance all sums so
disbursed (for lobbying), giving the names of the payees, the
amounts paid and the specific purpose of the payment.
Limit the amount of new business; prohibit bonuses, prizes
and awards; limit renewal commissions to four years and to,
say, 10 per cent. of the first year’s premiums; prohibit loans
and advances to agents; limit total expenses to the total
“loadings” upon the premiums.
The companies should be required annually to file with the
Superintendent of Insurance a gain and loss exhibit for the
year in a prescribed form, showing the amount available for
distribution, the amount of dividends declared and the method
of calculation by which they have been determined.
Public-domain text, read in full here on John Shaqi.
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