The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-20
Assembly.

ALBANY, March 10, 1872.
Mr.. FORD had consent to introduce bill author
izlDg the city of Binghamton TO portion OF the
canal for street; also to amend the charter OF
Bnghamton; also authorizing the same city to
borrow money for school purposes; also to allow
the same city to fund railroad bonds.
by Mr. RAY-To change the name OF the First
Unlversalist church OF Hudson.
BY Mr. SNfPER-Providlng Tor the employment OF
as many clerks In the several military departments
OF the stan oil the State as may be actually neces.
sary. a
BY Mr. FoLEv-To extend the charter OF the Bar
bers' Lie Insurance Company OF New YORK; also to
incorporate the Erie Basin and Dock Company or
by Mr.. WELLs-Con1errlng additional powers ON
the Rochester Court OF SPECIAL Sessions.
by Mr.. Misunderstanding regulations for
The House then went into the consideration OF
bills on general orders. and ordered the following
to third reading uness otherwise noted;-
Amending the charter OF tt.'tt
NEW YORK LIFE INSURANCE
ana ana Trust motion to, to strike out the
ried.
privilege to take on trust sum ten times the
amount of their capital. Other companies had no
limit liked to the amount they are allowed to take.
He could see no good objection to the Dill.
Mr. TWOMBLY TOOK a similar view.
Mr.. Hustled moved to restore the first section
than was In possession or rival companies. This
was an old and substantial company-one which
had stemmed the tide OF al, past hnanclal disasters
and was still sound to the core. ~
Mr. HAwKlNs Thought It right and proper to
terests OF the people. lie wanted certain amount
OF the capital say One-haf invested IN bonds and
stocks, which might be swept away at any moment.
Mr. Hustled had no objection TO this.
Mr.. FOLEY SAID no one could question the security
OF the State and United states stocks when the
company was allowed to invest in.
Mr.. MosELEY advocated investments by these
companies IN such bonds and mortgages Us were
safest
Mr.. MAcKAY SAID this company had been In ex-
tstence forty years, and mainlaned It's credit be-
cause 1t was based on good and sound security 1t
now has surplus OF some SIX millions, and they
come here and ask that they may have the privilege
OF increasing this ten tlmes-Or 10 the amount OF
sixty millions-with which they may 20 into Wall
street and Invest upon entirely different seCurltleS.
Any one could see what the object was. 1t was
purely
Mr.. TwOMBLY SAID the surplus was really only
MIR. EASTMAN said, as no understood this bill, 1t
was for the purpose OF allowing this company to
change Its securities from bonds and mortgages to
stocks. The company was really organized for the
benefit OF builders and others holding bonds and
mortgages who wished to raise money. Pass tnis
bill ana you will strike blow TO and paralvze
A motion to reconsider the vote striking
out the first seclion was lost. 1t permitted the
bonds and mortgages within the State, or IN public
stocks OF the United States, or IN public stocks OF
bill provides for allow ing the company to receive In
trust and loan TO the extent OF $4,000, OoO
I'll In the House Mr. Mackay moved TO resommis the
clause thus ei1ectualy DESTROYING the bul.
The motion to recommit was lost-3o TO ga.
The bill was then ordered to a third reading as
Providing regulations for an additional supply OF
water 10 POughkeeD5ie.
THE MALARIA SHIP CANAL
Dill was made the special order Tor this evening.
TO allow Van Brunt Street and the Erie Basin
Railroad Company, Brooklyn, to charge Increased
fare.
on motion OF Mr. ROCHE the enacting clause was
stricken out, destroying tue bill.
ON motion OF Mr.. WHITE the motion agreeing to
this act was laid on the table,
D..