Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-03-10

Mr. RYAN moved to amend by MAXI. Y !. :.oV ~
Mr. SEARS moved to amend the ipstr, ise, - III
10 ADD TO Section II the following "Pro> .raza @
| no marine or inland insurance companies o. S-. Yam.
| under the laws Of any state or country fofea, -
the United States shall write any risk . W.
exceeding 10 per cent. of its paidup capital wiso
hhewise relnsurng the excess above 10 per cent
Mf. JOHNSON strongly opposed the amendGenf
onered by Mr.. Ryan. He said that effort was
being made ON the part OF some " wildcat" COM
psnes TO rob the bill of its vitality. deposit OF
| SZvo,uuO would be Of comparat ely value.
Mr.. RYAN urged his amendment Thenext Legis-
| visable.
Sir. ZUcK favored the bill in its present FORM be-
cause ne believed It TO be good measure, and be-
Cause 1t wa reported fayorably by the Committee
on corporations, after very thorough and search
ing investigation. He thosght the deposit Princi-
pie In the original bill would have made it still bet
ter He was in favor of at least s400, 900, and be-
heved 100000 would be better. Some companies
might leave the state, but companies that were do
ing business ON less capital than 100000 ought to
CO. Ihis bill was not to favor local companies, but
20 guaran ee security He said that the rates were
iower IN TINS State when we had deposit law
than they were when we did not. That was part
OF the history OF insurance in this State.
Mr. CHASE held that the people of the State re-
quired law that would guarantee security In in
suralce and at the same time leave them compete
tion He would vote for the bill if the $500, 600
amendment was adopted. He thought that high
enough.
Mr. WENDELL took the same ground. There were
many good features in the bill especially theincome
tax on foreign companies. He did not believe it
would drive out any good companies.
Mr.. kANE agreed with Mr.. johnson about the in
huence being brought to bear upon this bill, and
said there was pressure on both sides. lie believed
in the principle of live and let live" He favored
Mr.. Ryans amendment. The bill without it would
send up rates. He believed they were all honest
companies and ought to be allowed to compete for
business
Mr.. JOHNSON again opposed the Ryan amendment,
and read the minority report favoring s5oooCo.
Mr.. RYAN again spoke in favor of his amendment
Out of local companies there were three that
had only Sc00, 900 deposited. No more ought TO be
asked OF foreign comp anies.
Mr.. SEARS said that the bill as heretofore amended
had been agreed upon among the insurance people
The committee did not know Of any objection to it
until the dispatch received from certain oompa.
nies protesting against it. He hoped that whatever
amount of capital stock was required the bill would
pass he thought $500, 600 about the right figure.
The bill would bring the State about 100000 in
taxes:
Mr.. HILL favored the ssoo,oOo amendment as be-
ing the nearest right
Mr.. PAGDEE believed the bill would be Injurious
to the industrial classes of the State He would
vote raise his voice to drive capital from
the State. lie wished he could cause five hundred
insurance companies to come into the State with
100000 capital stock each. He believed it would
be great benefit to the State. II this bill passed
would drive forty out Of the eighty companies now
in the State out OF the State. 1t would not leave
sufficient capital here to insure the property of the
the State to keep all the companies ii has and try
and induce more to come.
Mr.. JOHNSON said that if these companies left it
would leave 500, 100000 of insurance money in the
State
Mr.. JOHNSTON opposed the Ryan amendment. The
bill did not drive out capital. 1t only compelled
men who wished to do business here to have capital
to do it on 1t was to bring capital in the State.
Mr.. WATSON believed that there necessity
for the passage Of this law. There was no com
plant against the insurance companies. He favored
the Ryan amendment
Mr. ENos favored the Ryan amendment and was
opposed to driving out of the State these foreign
companies. He had received peetitions day after
day denouncng this bill. II this bill passed the
rates would be higher. 1t would simply make |
monopoly for the local companies. There was in |
San Francisco a company having only $500 600 cap
ital stock and 100000 assets, which carrying
risks to the amount of S2l, 600 0OO He cited the
fires in Chicago and Boston illustrating the sound
OF the foreign companies. He favored the bill
its income-tax clause. No other State in the |
Union required more than s2O0, 900 Of paid up cap
ital stock He could reason for changing |
the law in this respect.
Mr.. Ryans amendment was lost by vote of Is |
ayes to 10 noes
Mr.. Wendells amendment was adopted by vote |
of q ayes to l6 noes.
Mr. Sea Is amendment adopted, and the bill |
recommitted with those instructions.
BILLS APPROVED.
A message was received from the Governor, |
announcing his approval OF the following bills:
sen1te Dill no llo-Aii Act 70 amend sections |
1872 454 and 473 of the Code of Civil Procedure re-
ating to pleadngs in civil actions Senate Bill No.
1A-An Act to amend Sections 4S0 493, 525, 5iS,
554, $50 and 565 of the Code of Civil Procedure
relating to provisional remedies in civil actions;
Senate Bill No. l15--An Act to amend Section |
593 of the Code Of Civil Procedure relating to entry
of civil causes Court calendars Senate Bill No.
124-An Act To an end Sections ia and us of the |
Code of Civil Procedure, relating TO proceedings
supplementary TO execution; Senate Bill No. 40
An Act TO amend ctioDs e3 94s and $50 of the Code
OF Civil ocodure, relating to appeals in civil actions
Senate Bill No 147-An Act to amend Section 1854 |
Of the Code of Civil Procedure, relating TO the time
within which certain acts to be done and Sen.
ate Bill No. 159-An Act to amend Sections 1I63, |
1l6e 11G7 l15S III, 1i76 and 1l79 of the Code OF
Civil Proc dure, relating to summary proceedings
for obtaining possession of real property in civil
cases.
ENROLLED.
Mr.. HUDSON reported correctly enrolled Senate |
Bills Nos ll3, III, lis, 124 40 and 159.
Mr. SEARS reported back amended according to in.
structions Senate Bill No. 1SS, and it made the
special order for tomorrow at 1:30 T. N.
on motion of Mr. JOHNSON, at 5:l5 P. NJ. the Sem |
ate adjourned.