The Portland daily press., 1893-03-23
Loan and Trust Taxation.

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trustand banking companies. This, bill
included in its provisions tax upon the
interest bearing deposits, as we'll as upon
the capital stock. The Senate rejected
the bill altogether in favor of plan pro-
posed by Mr.. Holman for the taxation OF
these companies, in somewhat the same
manner and at the same rate that savings
banks are taxed. But the House dldn't
see it that way and Mr.. Holman's plan
met sharp opposition in the House
branch, the Senate substitute being re-
jected.
This afternoon the matter again came
up in the House and Mr.. Powers OF Houl-
ton offered Amendments to make the
taxation of these trust and banking COM
panies similar to the taxation OF the
stock of national banks.
| After considerable discussion, Mr..
| Powers's amendment was adopted, SO
that the bill now reads as follows:
EVERY corporation organized under the
laws of this state for the purpose OF doing
a loan, trust and banking business, and
Having capital divided into shares, shall
be subject to municipal taxation the same
as shares in national banks. The pro-
visions of this act shall not apply to loan
4 and building associations" What the
| fate of this new scheme will be when it
reaches the Senate remains to be seen.
| Tinkering the Insurance Laws.
Insurance laws were considerably tink.
| cred by the senate this afternoon. Sena-
tor Jersey proposed an amendment to
bill additional to Chapter 40 r. S. relat-
| ing to insurance. The amendment was
| adopted and the bill was passed to be en-
| crossed. AS the bill now stands it pro-
| vides should any insurance company not
| org 'nized under the laws of Maine but
| doing insurance business within this
state or their representatives residing
out of 1.-THE state make an application,
| render any suit or action to which it is a
| party heretofore or hereafter commenced
| in any court of this state to the United
States district or Circuit Court or shall
| enter into any compact or combination
with other insurance companies or agents
for the purpose of governing or controll-
ing the rates charged for fire insurance
on any property within the state the In
surance Commissioner shall forthwith
revoke the license or authority of said
company to transact business and no
renewal of said license or authority shall
be granted for the period of three years,
from the date of such revocation. After
! the long agitation over reinsurance the
| Senate has finally embodied the results
| in the following bill. Being the bill re-
ported by the committee as amended.
| The chief amendment is that clause re-
| quiring co-insuranee contracts to state
the value of the,pnoperty. The bill now
goes to the House for concurrence in
the Senate amendments. This is the
bill: All contracts of fire insurance
| written in this state shall cover the ac-
| tual loss or damage not exceeding the
amount insured exeept in such cases
where it may be otherwise agreed in
writing and signed by the assured. Co.
| insurance contracts shall state the value
of the property.
A Speech by Major Diclksy.
After considerable discussion this
afternoon the House adopted the adverse
report on the bill relating to the transport
tation of game. The law now reads that
no moose, deer or caribou shall be trans
ported from place to place unless the
owner travels with it. The bill would
permit the sending Of such game without
the owner travelling with it. The action
of the House leaves the law as it has
been.
During the debate, Major Dickey made
an amusing speech. He didn't believe
in these game laws anyway. They didn't
increase the game in Aroostook. He be-
lived if they were repealed the game
came to the legislature-and they used
| pewter plates in those days-they had
venison for diAner whenever they wanted
it. They didnSg Get it now.
| Miscellaneous.
The bill relating to the inspection of
| milk passed to be enacted in the House.
The bill to exempt American citizens
who are blind from the license fees re-
quired by the hawlers and peddlers' act
passed the House today. All other
pending amendments to the act were de-
| feated. I'LL
In the report of yesterdays debate on.
the woman suffrage question, by error
DR.. Rogers of Bar Harbor was men,
toned as speaking. 1t should have been
Mr.. McGregor of Enfield.
The Senate this afternoon passed the
| bill to protect the labels of labor unions
| to be engrossed.
The militia bill was passed to be en-
| crossed with an amendment fixing the
| rate of taxatisn at LIP of one mill instead
| of lilo. This amendment was offered by
Mr.. Hersey and is acceptable to Mr..
Mallet who first made the point Of the
increase in the appropriation caused by
| tho bill. - il fli tara
| Mr.. Mallett's amendment to the resolve
| appropriating $125, 600 for the pension
department for the next two years failed
of passage. Mr. Mallett thought that
as $4,000 had been returned to the
treasury as an unexpended balance of the
last appropriation, reduction could be
| made this year. He also did not under
stand why the resolve provided $50, 900
for one year and $60, 600 for the other.
Gen. Harper EXPLAINED that the divi-
sion of the resolve Unto amounts of $65,
| 900 and 100000 was simply the result of
custom.
Senators Wiggiu and Warehouse
maintained that the amount set aside for
pensions was certainly not too large.
Mr.. Waterhouse said that while treas
urer of his city he had distributed the
| pension money and the recipients were
ball old and needy and some were blind.
Mr.. Waterhouse thought his record in
favor of economy was a good one, but
IL.