The Providence news. (Providence [R.I.]) 1891-1906, 1905-05-02

a rol, call. on a vote OF q TO % the speak
er declared the amendment lost.
Mr. Fitzgerald moved 10 strike out sec
tion 81 and insert a provision that the
paid up capital and surplus must be one
third the deposits. with year 10 ADJUST
things in.
"Absured." said Mr.. Dennis.
All the trust companies will have 10
shut up their doors, said Judge Harris.
Judge Palmer moved 10 refer back 70
the judiciary committee. and Il was sec
onded-
hoped the house would take the respon-
sibllity OF passing or rejecting
Mr. Palmer raised tho point OF order
that a motion 10 recommit Was not de-
batable The, chair ruled the point not
we'll taken and debate in order.
Mr. Crafts and Mr.. Allen and Mr..
Murphy hoped the house would take the
responsibility. The m2tion to recommit
was lost.
Mr.. Fitzgerald's amendment was read
again. and Mr.. Harris, Mr.. Crafts and
Mr. Dennis spoke along the line OF at
tempting 10 show the absurdity OF Mr..
Fitzgerald's amendment.
Mr.. Dennis said he favored all capital
10 organize into bank, but a trust COM
pany is a different proposition.
Mr. Murphy inquired the need for tack
ing on section 81 10 the bill for bank
examiner.
IL looks 70 me as n certain banks want
ed bank examiner and other banks
didn't but since n you viii freeze out
certain small trust companies we will
favor your bank examiners bill. It's a
freeze out bill. that's the way Il looks
to me.
MORE AMENDMENTS LOST.
A general discussion followed and the
question was put. voting for the amend
ment and a. against II.
Judge Palmer moved an amendment
making the limit $3.50 900 instead of
$500 900 ana other reductions in the limits
OF a material nature.
Mr. Eddy cited the Union Trust COM
pany. which has but S250.000 capital out
side the surplus.
Mr. Eddy inquired what the national
bank limit was and Mr.. Peck said IL was
s95, 900.
The amendments were lost.
SPEAKER LEAD THE FIGHT.
With NJ. Dennis In the chair Speaker
J. r Rurlingame from the floor conduct
cd a strong fight against the objection
able section of tho bill said that several
big trust companies were trying 20 freeze
out the smaller trust companies
This state does not want 10 go on record
as legislating out OF business these
smaller corporations and don't see how
any man with an ounce OF fairness In his
rlakeup can vote against this amend
ment after having voted down these other
amendments 70? the protection OF the
smaller companies. II IS a bill 10 foster
and Irotect monopolies.
Mr. Murphy spoke again and Mr.. Crafts
told al! about the amendment he had al
ready
Judge Palmer said he wanted 20 call at
tention 70 rule q OF the house, which pro-
vides ''No member shall vote on any
question OF private property IN the enact
ment OF which he is Immediately and par
ticularly Interested"
Mr.. Burlingame spoke again in answer
10 remarks by Mr. Blanchard and said
II was useless 10 try and cloud the issue-
the last part OF the section would legis-
late small companies out OF business
Judge Harris said he was very sorry 10
differ from the member from Warwick.
but still contended that II was the bill
intended 70 protect the poor people He
went at some length 10 picture the pit
falls that might come 70 Italian deposit
tors.
Mr.. Burlingame replied and said that IN
spite Of all the arguments there had been
no justification OF the act OF cutting out
these men with a little capital stock
VOTE WAS i8 TO II.
He asked for roll call
Mr.. Allen was recognized and gave a
lot OF figures showing the failures Of
companies with various sizes of capital
stocks
roll call was taken. resulting the pas
sage OF the amendment by q vote OF a to
II.
Those who voted against Il are Messrs.
Andrews, blanchard Goblin, Crafts,
Charles Geuvin, Judge Harris. c. L..
Holden, Peck, Place, Walch and Will
liams
Mr. Fitzgerald moved 10 make section
81 read This act shall take effect from
and after Its passage" Judge Palmer
seconded the motion and Mr.. Bowen with
drew an amendment ne made
roll call was ordered and Deputy
Speaker Dennis ruled further debate out
OF order until after roll call. The
amendment was carried by n vote of Al
10 13 and the act passed At quarter ot
three the house adjourned on motion OF