Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-09-27
LOCAL LEGISLATION,
A Number Of Measures Acted On By
the House.

A Number Of Measures Acted On BY
tho House.
THE TRUST COMPANY BILL pAssEp-spErcHrs IN
OPPOSITION TO 1T BY SEVERAL MENBERs-sEv-
ERAL AMENDMENTS AGREED To-rHE INTEREST
on ARREARS OF TAXES.
Yesterday was rather an important day for
District legislation in the House, as several i'm
portant and necessary District bills were
passed. As mentioned in yesterday STAR. Mr..
Grout asked and obtained unani-
nous consent for the consideration
of the joint resolution extending
to the Slst of October the provisions Of the
act Of May 6, 1890. fixing the rate OF interest
to be charged on arrearages OF general and
special taxes due the District OF Columbia il
paid within q time specified
WHY THE RESOLUTION WAS NECESSARY.
Mr.. Grout, in explanation Of the necessity of
the passage Of the resolution. explained that
the act passed May provided that arrears Of
taxes. if paid before July 81, should have 6
per cent interest only charged upon them and
provided by another law should be RENTED.
When this law was enacted it was SO late that
that only small portion of the ar
rears was paid. less than 100000 Between
$500. coo and 400. GOO WAS still to come in and
the present act extends the per cent provis-
ion until October 81. The resolution was
agreed to without division.
OTHER MEASURES ACTED on
The House Also rs mentioned in The STAR,
passed the Senate resolution appropri .ting
$4,000 for the new site OF the Lafayette statue.
The House sent another bill of some District
Importance TO the conference committee. This
was the bill sppropriatIng $1,000 for n road
from Alexandria 10 the National Military
| Cemetery.
Two other Distric. bills of the greatest i'm
portancc were taken from the Speakers table
and passed. One OF these was the Senate bill
prohibiting book making and pool selling in
the District.
| THE Trust COMPANY BILL.
The other WINS the well known bill providing
for the organization of trust, loan, mortgage
and certain other corporations within the Dis
trIct OF Columbia. This bill excited considera-
bic discussion. The Senate bill differs slightly
from the House bill on the same subject, but is
substantially identical. ID.
The bill provides for the carrying on of three
classes of business. First, safe deposit, trust,
loan and mortgage business. Second, title
insurance, trust, loan and mortgage bust
ness. Third. a security, guaranty. indem-
nifty. loan and mortgage business. The capt.
tai stock of any company Is not to be less
than 81 1000, 600. The bill is very full and eGb-
crate III its details especially the portions re-
lating to trust business. stringent provisions
are made for regulating corporations which
are liable to be summarily closed. PROVISION is
made for proper taxation and ,25 per
to be deposited to guard against loss
Regular examination and supervision is pro-
vded for. tho corporations being put under the
| control of the controller of the currency. who
is authorized to incorporate any given COM
pany and who is given vsItorial authority and
power to close any company when in his judg-
ment it is necessary.
After the bill had been read Mr.. Anderson
raised the point of consideration. The House
decided to consider the bill-aycs 49, noes 5.
AMENDMENTS OFFERED.
Mr.. Grout offered amendments of minor
character, one providing that the section pro-
viding penalty for foreign companies doing
| business in this District who full
to comply with the provisions of the act
should not go into effect until six months after
the approval Of this act. The amendments
| were agreed to and it was also decided that de-
| bate on the bill be limited to forty minutes
thirty minutes in opposition and ten minutes
| in favor.
WHY MIR. GRosvESoR OPPOSED IT.
Mr.. Grosvenor took the floor in opposition.
He said the bill supplanted private individuals
b. corporations. He desired to have
read letters from the judges of the
| district courts protesting against
the provisions of the bill. Letters were then
| read from the late Chief Justice Cartier sew
| Hagner. Judge James. Judge Macarthur. Judge
Cox and Judge Bingham.
! Mr. Grosvenor then attacked the bill vgor-
ously. claiming that it conferred monopoly,
giving certain classes of business solely to
porations with capital stock OF S1.OOOOO0 In
speaking of other states Mr.. Grosvenor said:
- am told that in some of the states OF the
| Union this provision works well. Doubtless in
organized states, where the people are perma-
nent and arc not migratory, is largely the
case. and necessarily SO. in this city, it may be
we'll enoughs but protest against the princi-
pie which conters by Legislative enactment
upon corporation power to become private
corporation for all Of the agencies herein sDecl-
fed, and excludes everybody else
Mr.. bingham attacked the monopoly idea and
! the following GnsIed:
Mr.. Bingham wish to ask if there is any
| thing in the bill that excludes the individual
from any OF the ordinary acts in reference to
estates. guardians, Enthusiastically or any
| thing else? Does it not only enlarge the field.
so to speak, so they can have their choibe in
selecting managers for estates, or to wind mp
estates. and Ill Its large capital make safe and
secure the management of the large estates
now common IN this District?
| Mr.. Grosvenor-l have not time to answer
the genilemans question at length. bu. tho
answer is very simple. 1t is that when you
| have once created in q District like this a
power like that the courts will be controlled
instantly by such an aggregation of capital.
Mr.. BinSham-That is q very poor compli-
| ment 10 the courts.
| IN FAVOR OF THE BILL.
| Mr.. Grout also took a crack ut the monopoly
idea. He said: This bill does not incorporate
| any body OF men. The title of the bill explains
its purpose. 1t is an act to provide further and
| additional purposes for which corporations
may be formed i'll the District OF Columbia
That IS all this bill does. The bill does not con-
| fine it to one act of voluntary incorporation
As many different organizations may be formed
as there be people with money to invest to or
| ganize them, and there probably will be half
dozen orSaniZat tons soon they can be
effected under this law, when 1t is once passed
The difficulty with tho general incorporation
law is that il does not extend to corporations of
| this kind. 1t relates to institutions OF learning
, to benevolent and educational societies. to
manufacturing, agricultural, mining. mechan-
zeal, insurance, mercantile, transportation and
market purposes and railroad purposes 1T
does not include this particular feature. This
! Is simply extension of the general law
There Is no monopoly, as / have said,
! because when twenty-five persons see
fit to put their capital together and en-
| bark in this business they have Il right under
the bill TO do il. provided they comply with
| these stringent provisions for the protection OF
| the people and the rights OF those who trust
| their estates with them Under those provisions
they have Il perfect right, say, 10 organize"
Mr.. herr wanted to know II any rate OF inter-
est was provided 10 be paid by the companies
for money held by them in trust.
t,...l Sl,..s 81.