New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-13
STEVENS BILL ADVANCED.
HIGGINS WILL NOT SIGN.
armstrong Says Each Senator Has
Special Baby" to List.
~ rELEeRAPH ID - rnrnrvr.1

Albany. April 12.-After three hours OF dis
order. four roll calls. vituperation insinuatIon
and endless lobbying on the floor OF the Senate.
the Stevens bill. standardizing the savings
banks investments in the State. amended
against the viii Of the chairman OF the Bank
ing Committee and the state Banking Depart
ment in such shape to admit the mortgage
bonds Of the Chicago and Eastern Illinois Rail-
road. was advanced In the face OF the eun-
phatic declaration that in it's existing form
Governor Higgins would not sign it. The rer-
formances over this bill are generally regarded
as the most barefaeed and outrageous OF the
session. A bill had been framed by Senator
Stevens, with the consent and in conformity
with the recommendation Of the State Banking
Department, which aimed at ending forever
the annual legislative fight to get certain rail-
road bonds on the list of IegaIized savings bank
investments This bin was reported by the
Banking Committee. came up in the Senate and
was suddenly sent back to committee for amend
ment against the indignant opposition OF Sena-
tor Stevens and the better element Of the Iegis-
IatOrs.
When the bill emerged from COMMITTEES il was
found that the mortgage bonds Of the Chicago
and Eastern Illinois Railroad Company. specia-
cally named, had been added to the list, and
that this was the amendment which had been
contemplated when the bill had been recommit-
ted ThereupOn the conservative element OF the
Senate, including the majority Of the Republic
can members, at once attacked the bill while
Senator Gardner. Of Brooklyn, egged on and
coached by Senator McCarren. led a successful
fight for the amendment. Senator Gardner going
back and forth about the Senate and seeking
votes and finally winning the battle although
not before he had been warned that the Cow
ernor would never sign the bill with the "joker''
amendment.
Senator Elsberg fred the hrst gun in the at
tack. saying;
Never again shall stand for general bill Of
this kind. Savings banks investments have been
made the sport Of the railroads too long
Senator Gardner Of Brooklyn. who had as
sumed charge OF the Chicago and Eastern TIts
nois amendment from it's first appearance. hur~
ried to the defence. Although nobody had at
tackled the bonds OF this railroad. he declared
that there no question OF their security. con-
tinuing:
They are short OF the standard Just one-tenthf
Of per cent; for all practical purposes they are
as good as any authorized by the present Law.
Elsberg replied insisting:
But this amendment Of yours defeats the very
purpose Of the bill The bill was drawn TO fz
general standard; also. might say. to put an
end to the general scandal that has arisen from
tampering with savings bank investments by
the legislature.
Gardner kept up the fight. saying:
The savings bank people admitted that these;
bonds (the Chicago and Eastern IIlinols) were a.
safe investment: still they did not want the sos,
changed.
Senator Elsbers then moved 70 restore the bIE
to it's original form. but gave way TO the more.
sweeping proposition OF Senator Brackett who
suggested an amendment striking out every rail-
road mentioned in the present law. and estab>,
fishing as a general standard that the mortgages
bonds OF railroads should be authorized invsss-
nents so long as they continue to earn and pa7-
per cent This" said he. ''wfn DO what such
bill ought to-
The amendment would have stricken from thas
list the names OF the Chicago and Northwestern.
Chicago. Burlington and Quincy. Michigan Can-
tral, Illinois Central Pennsylvania. DelaWares
and Hudson. Delaware. LackaWanna and Wsss-
ern. New-YorI. NeW-Haven and Hartford, Eos-
ton and Maine. Maine Central. Chicago and Az
ton. Morris and Essex. Central Of New-JerssE.
United New-Jersey. Chicago. Milwaukee and Sc.
Paul, and Chicago, Rock Island and Pacific I1s
created more than slight sensation. Ssnata<
Armstrong liked the suggestion and saids
For years each Senator has had his own spes.
cial baby to be added to this company. pro-,
test against the Incorporation In this BIN Of a,
baby list The thing has no end. Still, IL thsi
whole lot can't be stricken out, think Il might
be a good plan to pile 'em all as they come. and
make people 50 sick Of the bill that it viii sOOu
defeat itself"
-
Brooklyn savings bank agreed with Armstrong;
asserting that he objected to forcing on savings
banks securities they should not buy.
Senator Gardner was joined in his defence Os
the bill by Senator Foley. who in the absence Oe
Senator Grady was acting minority leader. Hs
said with some heat:
This kind OF talk makes me tired. Legislators
are Just as patriotic and honest and capable as
the bankers Of the State. OF course. we ara
human and err, but are here jury,
and am tired of hearing our motives as a jury
tmpugned-
To this Senator Braekett retorted hotIy say
ing:
And am tired OF hearing that Mr.. Morgan or
Mr.. Hartman has got in this road and that
It's time we put it out of the power of any one
bonds Of some special railroad have il said that
he made fortune by the appreciation Of those
bonds
Senator Raines refrained from entering the
melee until Senator Arlbler ventured the re-
mark that the Savings Bank Association Ia
vored the bill in it's present form. Assembly,
man Smith. who had fathered the measure on
the other side. he said had just told him 50.
Then the majority leader. with some show os
anger. made this statement:
The Senator well knows that the Chicago and
Eastern Illinois inserted in this Oil against
the strenuous Opposition not only or ~ the SSvlhsS
Banks Association. but also OF the state super
intendent of Banks and OF Senator stevens
chairman Of the Banks Committee, who was not
present when II was done IL IS an attempt 70
foist into the measure a company which does not
come within the provisions OF the law; L Is
the purpose OF the bill I should IKE
to ask the Senate il Il has ever been referred 20
the Bank Superintendent for opinion
..wen. I-er-er-I can't say as to that hest
lated Gardner.
..rr,.r. q no raason vrhv We should stand be-