The Portland daily press., 1901-02-20

srn Paper company and the Bangor ium-
] bermen,
section 1.-The contract dated February
10th, 1901, bstween the Penobsoot Log
Driving company and the Great Northern
Paper company relative TO the driving OF
logs and storage and use Of water In the
West Branch OF Penobsoot river during
the term Of two years from the date OF
approval Of this act IL hereby ratified ana
confirmed and power and hutnorlg
necessary for the execution OF tnis .saa
tract, and 70 curry uut terms OF tne salns w
are hereby conferred upon the directors "
the Penobscot Log Driving COMPANY anu
upon the Great Northern PaDer company
Section a.-Fred W Aver: JAMES ".
| eioners first named In said contract. are
/ hereby authorized to exercise the powers
conferred upon them In said contract and
/ TO III the date OF starting the rear OF the
drive from the head OF Chesuncook lake
In each OF the years 1901 and lSO2, and all
corporations and persons interested shall
be bound by their decision In fixing said
dates, and the charter OF she Penobscot
Log Driving company shall be regarded
rs amended accordingly.
Should any vacancy occur In said oom-
mission during said two years, it may be
judicial court. after such notice as ne
shall order and hearing.
Section 3 The Penobsoot Log Driving
company IL hereby authorized during
said two years to hold and store water In
| Its dams for manufacturing purposes as
we'll as for log driving PURPOSES, and to
permit the Great Northern Papsr COM
pany so to do, in accordance with the
terms OF said contract
Section 4.-The Penobscot Log Driving
company for the purpose OF repairing It's
dams, carrying out the provisions OF said
I or nda m
powers and perform the du ties imposed
| by It's charter and acts amendatory there
OF Is hereby authorized to borrow money,
as the directors OF said company may nno
Section 5.-This act shall take effect
when approved.
THE STREET RAILWAY TAX.
The committee on taxa tion has made
another report. This one comes in the
shape OF IAN act in relation to the taxa
tion of street railroad companies" 1t
will be remember that the question OF
the taxation OF the street railways was
the subject OF an animated hearing, at
which objections were strenuously urged
to the provisions of the Grange bill which
by change In the rate OF taxation appnr-
emily sought to single out the Portland
railroad and place upon It n tax three
and three-quarters per cent upon Its gross
earnings. The committss needed the pro-
test and the bill as reported makes the
increase OF the rats conform to a uniform
scale. The bill was reported Friday and
tabled for printing. 1t is as follows:
Section Section forty-se OF chap
ter six of the Revised Statutes aH amended
by chapter forty-four OF the public laws
OF eighteen hundred and ninety-hve Is
hereby amended SO that the fame shall
read as follows:
s'Section 47.-Street railroad corpora
tions and associations are subject TO the
six preceding sections and TO section
four, exceps that the tax shall be ascer-
tainad as follows: When the gross aver
age receipts per mile do not exceei one
thousand dollnra the tax shall Do equal to
three-t wentieths Of one per cent on the
gross transportation receipts; and Tor
each thousand dolla~s additional gross re.
csirts per mile, or fractional part thereof,
the rate shall be increased three-twen-
tieths Of one per cent.
Section 2 This act shall take effect
when approved.
INSURANCE LEGISLATION.
A bill which was taken from the House
table today by Mr. Chase OF Portland
and put upon its passage, Ia expected to
add 5000 to the revenue of the state. The
bill Is AS follows;
"When by the laws OF any other state
or country, auy fines, penalties, licenses,
fees, deposits or other o bligations or pro-
hibitions additional to or in excess of
those imposed by the laws of this state
upon foreign insurance companies and
their agents are imposed on insurance
companies OF this state and their agents,
the same fines, licenses, fees, deposits,
obIi cations or prohibitions shall be i'm
posed upon all insurance companies of
such state or country and their agents
doing business in or applying for admis-
sion to this state ="
AS an illustration OF how the measure
will work, 1t is explained that the state
OF Maryland charges license fee OF $50.
The Maine license is only SEQ. Under
the bill Maryland companies doing bust
ness here would be required TO pay $500
each instead of SO. Four Maryland COM
panies now do business in Maine. In the
State OF Massachusetts, fee OF $50 is
charged for recording returns. No Tee
has heretofore been charged In Maine,
but the bill would require $50 from each
Massachusetts, company making a return.
Another insurance bill introduced to-
day 10 that presented by MIR. Minott of
Phipsburg. This bill repeals all the state
law in reference to assessment life insur.
ance companies and thus prevents them
doing business in Maine. No company is
now doing such business here and other
states have taken similar action to bar
them out. The bill does not affect the
law so far as IL relates to accident insur-
anne upon the assessment plan.
HOUSE BUSINESS.
In the House this morning, Mr.. Plum
mer Of Portland presented the rsmon-
stranoes Of the Portland and Maine Saw