The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-02-27
Colby's Resolution to Pro-
vide An Investigating
Committee for Jersey
Comp ny Sent to the Ju-.
dietary Committee
ORGANIZATIONS MEN SAID NAY
REFORM LEADER MADE A
STRENUOUS EFFORT TO CARRY
HIS POINT, BUT THE VOTE
AGAINST HIM WAS OVER
WHELMING
Z 6special to ..rhe Jersey city News. )

WHELMING
Especial to "The Jersey City News.')
TRENTON, Feb. 27, 1808.--War was
declared on the New Jersey life insur-
ance companies again in the Legislature
last night by the Colbyites. but it failed
to get beyond the mere declaration, be-
cause the regular Republicans said nay.
Senator Colby made the declaration in
the upper house by introducing resolu-
ton providing for the appointment OF a
committee of three Senators to investi-
gate the Jersey companies. Senator Col
by made a gallant fight for it, but the
G. O. P. promptly sent it to the Judics-
ary Committee. where the former Colby
joint resolution. making a similar pro-
vision. is soundly sleeping.
Similar tactics were resorted to ia tie
house. Assemblyunan Martin, the Colby
leader there, introduced a similar resolu-
ton, but providing for committee Of
five members to make the investigation.
Leader Perkins got so badly scared as
soon as he learned that another insur-
ance proposition was on that he refused
AEr. Martin the courtesy of permitting
him 10 read his resolution. Mr.. Perkins
interrupted the reading to move to COM
nit. After a warm skirmish this reso-
slution was sent to the house committee
!. on banks and insurance. where the Mar
Sin joint resolution, introduced several
weeks ago, is also slumbering. It was
noticeable that in the house the Demo-
caats and the Passaic delegation voted
with the Colby Followers agailrss tiAe sas-
tion to commit.
It will be remembered that at the pub
lie hearing on tile former insurance in
yestigatioH resolutions. counsel for the
insurance companies insisted that they
had absolutely nothing to conceal, and
then proceeded to fight strenuously
against any attempt at an investigation.
Now, the Republican majority in each
house puts itself on the side of the in-
surance companies by not only refusing
to report the former resolutions, but also
by refusing to permit those introduced
last night to pass.
Senator Colby. after introducing his
resolution. said it was one of great inn
pertance, and he desired to make an ex-
PLANTATION.
He alluded to the proposed merger of
the Prudential Insurance Company and
the Fidelity Trust Company, which, he
said, was prevented by the courts; also,
the insurance commissioners of nine
States had protested against the merger.
He stated that the Insurance depart-
ment Of this State took no acton and
that il eyaded and finally refused to give
to the insurance commits .oner of Massa-
chusetts the st Of collaterals held by
the Fidelity Company. He quoted from
the Massachusetts commissioner to show
that he threatened TO revoke the permit
of the Prudential Company to do busi-
ness in his State, but that an agreement
had been entered into by the Prudential
officials NOT to invest more than 80 per
cent. of the surplus i'm any one trust
company. Senator Colby also referred
to the Wisconsin insurance commissioner.
Senators HilFery and Wakelee had
risen to point Of order, claiming that
Senator Colby was out of order, as the
resolution had been referred to a COM
mittee and was nor before the Senate.
They. however, waived the point. but
when Senator Colby had reached he
reference to the Wisconsin insurance
commissioner, Senator HiIlery asked that
the chair put the question to the Senate
whether or not it desired to hear the ex-
| PLANTATION further. After the presiden:
had rAled that Senator Colby was cut Of
order the latter aequiesced. He said he
felt. however, that the Senate should
want to hear of matters pertaining to
the important insurance question He
said, also, that as his resolution was a
concurrent one, he thought he was in
order.
Mr.. Martins resolution provided for
the investigation Of life insurance com
panies doing business ID This State, with
allied and subsidiary companies. He had
TO CURE ( coin IN oNEDAy