The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-02-27


g. O. 2. machine. moved to refer it to
the Committee on Banks and Insurance.
y Mr. Martin explained that this was an
original resolution. subject only to the
authority OF the House. and should not
be committed. He referred to his former
joint resolution. which had been intro
dlsced January IS, and had not yet been
reported. rs this House prepared to
smother this investigation n he asked,
warmly He claimed he should be per-
mitted to speak on the motion to COM
init. He then proceeded to explain his
resolution.
He outlined the New York inyestiga
tion and charged yehemently that it had
showed that men high in public life had
made regular business of robbing and
grating. He said that at the recent pub
lie hearing on the former resolution the
attorneys of the insurance companies
urged that the Legislature should wait
until the New York investigation was
completed sNow that investigation is
completed said Mr.. Martin, .and l
shall endeavor to prove that now is the
time to act.
He then referred. as Senator Colby
had done, to the attempted merger of
the Prudential and the Fidelity Trust
Company. He also charged that GER
tain information had been refused to the
Massachusetts insurance commissioner.
and to tre Wisconsin authorities, by the
New Jersey State Department Of Bank
that it was plainly set forth in the New
York investigation report that there had
not been time to probe Industrial insur-
ance.
Mr.. Martin showed that when the New
York investigation was started John A.
Mccall and others were asked: Is
there any grating in your company?
and the answer was NO But when
the proof was submitted. the officials
soon changed their tune. MI. Martin
thought this Indicated that an inVestiga
tion should be prosecuted in this State.
He said It had been admitted that there
had been an attempted alliance between
an insurance company and a trust com
pany, which had been denounced by the
courts and enjoined
The speaker charged that as far as
the practical effect was concerned that
deal had gone through, and at the
present time each 5f those companies
practically controls The other. He inti-
mated that trolley and other reals had
been put through as the result of the
combination.
Here AsseInblyman Barber, of Mercer,
interrupted, and claimed the gentleman
from Essex was out of order. He in
sisted the bill should be committed, and
that Mr.. Martin was not speaking to the
question.
Mr.. Martin retorted that the insurance
scandal facts were staring the lawmak
ers in the fact. He said some of the.
members of the house had been elected
on platforms demanding an investigation
in this state. Then he pleaded: Pass
this resolution tonight. and let the house
so on record as faYoring fair investiga-
tion."
Mr.. Perkins again objected to the
passage of the resolution. He said: IF
ever a resolution should be committed,
surely this one should
The motion to commit was adopted,
81 10 20.
Ayes:-Barber. Buck, Burk, Cattell.
Chaplin. Dippel, Drake, Elvins. Gibbs,
-AdHstS, 44tch, 4AEui5, AAliUiSlll, 1lOoS-
land, Hunt, Trick, Jones, Mabie, Mills.
Patterson. Perkins, Reed, Robbins,
Scott, scovel, Thompson H. D.,
Thompson (H. FL; Tillman. Wander
veer, Warren and Woolley31
Nays:-Berg, Bierck Colgate. Coyle,
Firth, Hines, Holcombe, Jiey, Kayser.
Marelli, Martin, Morgan. Morris, Roe
Der, Serte. smithurSt, sommer. Under
wood. Walsh and Wise-20
Mr.. Martin then served notice on the
committee on banks and insurance that
he would. next Monday evening, move
to relieve that committee of further con-
sideration Of his two resolutions provid-
ing for an investigation of insurance com
panics.