Items of Interest January 13, 1906 Issue

Items of Interest

It is stated that the Armstrong Committee, which has been investigating insurance matters in New York State, will, among its recommendations, include the following:—

That policyholders have an effective voice in the government of the companies; that there be full publicity to the policyholders in regard to the management of the companies' affairs; that a uniform system of audits and accounts be prescribed by the State Insurance Department; that policies be limited to certain standard forms; that policies be safeguarded further than at present against forfeiture; that deferred divident policies be either prohibited or greatly restricted; that the companies be obliged to make ab quitable distribution of the surplus to policyholders at stated periods; that the companies make a greater proportion of their investments in real estate bonds and mortgages; that the control of subsidiary companies be prohibited; that investments in corporate bonds be regulated so as to prevent speculation and lossed in attempts to float doubtful enterprises; that deposits with or loans to moneyed corporations be suitably restricted; that the discretion of the directors be subject to judicial and administrative review.

Henry Clews. of the firm of Henry Clews & Co., bankers, says: "I would not accept a salary of one hundred thousand dollars, because I think that I am worth more than that, but I think that the moders tendency toward what might be called herculean salaries is a mistake. I think, however, that the salary of the President of the United States—fifty thousand dollars—should be the highest paid in this country, and serve as a basis for all others. That is to say, there should be nothing above that, no matter what the service rendered."

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