The San Francisco call., 1905-03-07
Strong Opposition
Develops in As
senbly.
CronnweIILeadSt the
Fightin Heated
Session.
sp.elal plsps,eh 70 The c.l.

sembly tonight denied passage to the
building and loan bill presented by the
select committee of FIVE from the joint
building and loan committee and
known variously as the Curtin, the
Hahn and the Grange bill, also as Sen
ate bill 723. Cromwell Of Petaluma led
the tight and was ably assisted by
Beardslee, Amerige and others, all OF
whom stood for the small home or
local associations as against the ma
tionals.
Cromwell. after denouncing the bill
as II stood as measure that would
cause loss to small investors and to the
honest small companies that were help
ing them TO save their earnings, sub
mitted forty-one amendments, making
radical changes. and moved their adop-
ticn. There was a long and exciting
debate and amid a great hubbub the
amendments were defeated by a vote
of 80 10 33. after they had first been
carried, 1892. some of the San Fran
cisco members changing their votes.
BATTLE FOR DELAY.
This morning the measure was called
up for final passage by Iransue Of Los
Angeles, chairman of the Assembly
Building and Loan Associations Com
mittee.
Il have some amendments to that
bill. which 1 wish TO prepare" said
Cromwell, and 1 ask that II go over
until o'clock that 1 may have time
to get them into shape
Transue at once opposed delay.
He gave Cromwell the credit of hav-
ing good intentions in the matter and
made the declaration that interested
parties were trying to defeat all build
ing and loan legislation attempted at
this session. He offered as an amend
ment to CromwelPs motion that the
bill be taken UP Immediately upon
reconvening in the afternoon. He
gave as a reason for this that
the Senate file would be taken up at
that time and he wanted to see no
delay.
We can take UP this measure last
on the Senate file as well as first" in
sisted Cromwell. This Senate bill
was framed hastily and If the other
house had time to put in its amend
ments, we should have time to put in
ours
While l know nothing of the
amendments to be offered by Mr..
Cromwell" said Chandler, II do know
that this building and loan bill
is one Of the most important before
this Legislature and I shall oppose
any effort to push it through with un-
due haste
1T depends altogether on the de-
bate which way my vote on this bill
Will co. said Anthony. Il know lit
tie about the subject and want to be
informed"
IF this matter goes over till 4
o'clock it will give time to those who
wish ii to prepare amendments said
Busick. IF there is not time left
\ then to discuss IT we can take it up
tomorrow morning and no just in
| terest will suffer"
Transue receded from his position
and 1t was agreed that it should go
/ over until 4 o'clock.
LONG LIST OF OBJECTIONS.
At the afternoon session Transue
resumed his argument and talked for
| an hour The wrangle that followed
| lasted until 6 o'clock.
Cromwell at the night session sub
mitted his amendments. They .prac-
| tically tore the bill to pieces, doing
away with the sale OF investment GER
! tificates," cutting out the savings
bank features of loans to members
''and others striking out the provision
for the deposit of securities with the
| Secretary Of State or banks, cutting
out entrance and withdrawal fees,
eliminating the clause prescribing a IL
cense fee for solicitors and cutting out
the definition of deposits" In the Sec
ton of the bill referring to minors
Cromwell said that what was re-
ferred to fourteen times in the bill as
| investment certificates" was not de-
! fined anywhere in the bill, but had
! been explained as being the same as
! bonds, and no concern doing business
| on the building and loan plan has "a
right to issue bonds. He asserted that
lending to members and Others cre-
/ ated hydra headed organizations upon
! rr-7i iNn Of nfn f1fO
tions; that depositing securities with
/ banks was unnecessary under another
! part Of the bill providing that the notes
must bear on their face the words
! "non-negotie ble," and would also give
banks an insight into an association
private business and enable them to
take away its business; that the
'wherevers,' ''whenevers" and how
evers" would let in every kind
Of a corporation that lends money
/ on realty, even tontines and get
| rich-quick concerns; that in small
towns the secretaries Of the mutuals
went out and secured business and the
imposing of q license fee for solicit.
ing would injure them; that the smaller
| capital, and that the portion referring
TO minors holding stocks was purely
a savings bank feature.
IF the amendments are not adopted, .
said Amerige, Il must vote against the
whole bill"
Cromwell read a letter from Secre-
tary Corbin Of the Continental, IN
dorsing the Hahn -Curtin-Grange bill
Anthony said the letter was "das-
tardly political trick
Severance said Grange and the ma
tionals were trying TO freeze out the
locals, which had built him home.
Espey said he had many telegrsms
from his constituents urging the defea,
of the bill, which. he said, had been
framed by the Corbins and Oranges.
The vote was 81 to 80 against the bill
PROTEST FROM THE SOUTH.