Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-04-04

The Senate was called to order by Lieutenant
Governor Sumner. Prayer was offered by Chaplain
RESOLUTIONS from the Committee on Contingent FIX
penses submitting bills follows: The Rev. Graham
Emo and Charles P. White $500 each and mileage
for services messengers; Demand g. Perkins
clerk of the Senate $500 for clerical assistance and
office rent; g. W. Anderson, of Stamford, F. NJ.
Cooke ofIWinchester, and c. II. Thomas of Hartford,
$500 each and one mileage for services door
keepers; Frank D. Rood, for extra services execu
tive clerk, 5000; pa sed.
Senator's Cooley Cla1k al King appointed as
the Senate Debenture committee.
Resolution authorizing the quartermaster- general
to furnish tents if necessary at the unwilling of the
Buckingham statue on the 18th of June; passed.
Mr.. Plunkett, from the conference committee on
the claim s239) of II. Stison for services the
building of the New Haven armory; passed.
Report of the Railroad committee on the resolution
directing the committee to ascertain report what
raiIros companies if any, have bought up and
troll the securities Of other railroad companies The
committee do not find that such Investments are
authorized by law by the charters of the compa
MES, neither do they hnd such purchases directly
authorized, and they find that the various roads in
which su2h investments made have been i'm
proved, and the public benefited thereby, and they
bd that legislation is necessary, as the laws and
power of stockholders are sufficient to protect Their
respective interests
Mr.. scoheld strongly opposed the ground taken il
the report, an Endorsement of the transactions
road with the other. Many States have constitu
tional provisions for ding this, and the Senator
gave as an illustration the evil of the buying up
one road by another the purchase of the Valley bJ
| the Consolidated read He moved to Indefinitely
| postpone the report.
facs; they did not consider the question of policy
Mr.. DeForest thought that the finding Of the
mittee that the public was benefited by such pur-
Mr. Malthie said there was no enforcement of such
report. .,.,,.,. -. ..-...- ..,.
tMatbe) would hardly indcrte the policy that rail
road company could do anything and everything for
| hidden by law. An old argument against parable
| the consolidated would buy 1t up The resolution
called for necessary legislation to prevent this
Mr.. Alsop opposed the report He thought tn.
public suffered ffom the buying up of one road by
Mr.. Maltbie said it was only quest on of misap
plicAtion of funds
Mr. DeForest-Lhe sommittse say theree is nothing
Mr. Clarke, of the Second, agreed with the posi-
3ion of Messrs. Schctield and DeFrrest, and thu
| ton to indefinitely postpone was carried
House bill appropriating 500 extra to MI: Hotch
these appropriations MessTs schofiee, Piunket ant
Maltbie favored the payment, the clerk had beer
called upon for extra services, and the resolution
| passed, II to Q.
| few minutes past II o'clock Mr.. Clark, of tbs
Second, called from the table, the order of the
day. his two resolutions directing the Committee OF
Insurance to invest gate and report the manner
doing business by life insurance companies. One
related to life companies, and the other with seret
of questions to be asked to companies doing stocI
and mutual business.
Mr. Clark spoke at length in support of his resolu
tons There are eight life insurance companies in
Hartford, and tbsy carry $32l of risks 1872
900 policies According to law, these eight compa-
MES should hold 50 200 OOJ per cent.
to pay maturing policies They in fact hold $1O4,-
600 eOO-a surplus of 000 This reserve shoud
be hedged about by the law and sacredly cherished
Connecticut people in 1888 held Is 401 policies in
these eight companies valued then at 1889 900,
and tnsuring over $22 COO. Outside companies
issued H. 237 policies valued, December 81 1888, at
s. 062 6S4; and insuring SOL 765, SO. The eight
Hartford companies do more than half the regular
life insurance business OF the State There many
thousands Of policyholders in the cooperative
panes also in the State I will show why many
of people insure 10 outside companies. The in
surance companies hold more of the peoples money
than all the savings banks in the state. The laws
not perfect regarding business that has grown to
such colossal proportions as life insurance. Some
legal restraint is necessary to compel it to do justice
and grant equity 1t is absolute MISTER in too many
quarters and only revolution will free fettered
pie. introduced resolution to inquire into thu
alter, and in order that the Insurance committee
might proceed undeFstandin9ly gave them fifteen
questions rclaing to the conduct of mutual insurance
and stock insurance business at the time in
combination.
The second resolution Introduced February g.
This went to the House by mistake intended II
now returned here rejected The propriety of con.
Quoting mutual business and q stock business OF
| life Insurance in company, and with directors
solely interested in tho stock side of the
questionable. Governor Hubbard, speaking to oil
my efforts to have these abuses corrected by statute
crush you all the The immense capital in thii
business will crush any who tries to correct tht
wrong"
At the close of his remarks the Senator from the
Second offered an amendment appointing Charles E
Perkins, Charles R. IngersolI and jeremiah Halsey
doing business in the life insurance companies of the
State and report to the next Legislature It made
the order of the day for 3p, day, motion o.
Mr.. Scofeld