The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-05-23
Preliminary Arrangements
Made for the InVestiga-
tion Of Banks, Insurance
and Trust Companies
COMMITTEE TO MEET FRIDAY
ALL THE MATTERS PERTAINING
TO THE OFFICE OF THE BANK
ING ssIoNER WILL
FIRST COME UNDER DISCUS
SION.
Especial to "The Jersey city News. .

Especial to 'eThe Jersey City News'')
TRENTON, May %, 1906.-Prelim-
mary arrangements for the investigation
of insurance companies, banks and trust
companies Were made yesterday by Sen
ators Hillery and Minturn, two members
Of the Judiciary Committee appointed
for the work. Senator Wakelee was ab
sent.
After a conference between the two
members present it was agreed to select
William H. Corbin, of Jersey City, as
chief counsel. Mr. Corbin has been ap-
preached upon the subject. and consent
ed to serve if requested. Scott Snyder,
legislative correspondent, was chosen
as chief clerk, and Mayor Frank W..
Gnichtel, of Trenton, as official stenog-
rapher. Sergeant-at-arms John L. Low
EFT. of the Senate, was selected to act in
the same capacity for the committee. Al
| er general discussion relative to the
scope of the investigation the committee
adjourned. ,ntil Friday afternoon at z
o'clock, wheff it will meet in the office OF
Mr.. Corbin, in Jersey City.
The question of assistant counsel was
not considered yesterday, as the commit
tee preferred to consult with the chief
| consul before taking any action. Senator
Wakelee favors the appointment of Mat
thew J. Fleming, who was associated
| with Mr.. Hughes in the Armstrong m
vestigation in New York.
Owing to che fact that the session was
entirely preliminary it was made e1ecu-
tive and it is probable that the meeting
next Friday will be the same, but after
/ that it was announced that the COM
rnittee intends to give its deliberations
| full publicity, believing that nothing is to
be taken up in which the public has not
a full right to be interested and to be
| kept advised
| After the meeting Senators Hillery and
| Minturn made a general statement to
the newspaper men of what had been
done. One of the first things TO be taken
up, they said, would be to go over with
| the commissioner of banking and insur-
ance all matters pertaining to his office
| in so far as they relate to the pending
| inquiry. The full scope of the iavesti-
| CATION, however. wills not be dehnitely
determined until next. Friday, at least,
and probably not until the committee
has opportunity to further enlighten itself
upen the subject Senator Hillery said
| he believed the resolution appointing the
committee gave it the right to subpoena
/ witnesses and records, and wherever
necessary the committee would invoke,
or at least test that power. Senator Min
| turn added that the general statutes re-
| lating to legislative Investigations give
| ample power in this direction, and that
the committee would not have to rely
upon the resolution itself.
In view Of the fact that the three
members of the committee come from the
northern section of the State, where the
larger insurance companies have their
Headquarters; it Was said that most of
the meetings would sproaably be held in
| Newark aid Jsrsey- City. the selection
l
of places4being nadesto best suit the con-
venience Of fiall concerned.
lne committee took up informally the
question of expenditures which were au-
thorized to be made. by the resolution,
upon the approval Of the Governor. No
! specific appropriation; however, was
maze for the pnrpose,. and it is probable
that the expenses sWil Ret charged to the
contingent fund Of sS2AOe0, allowed the
| Governor. Senator Mihturn said it
wonld be the purpose of the committee
| to curb expenses as9 Gar as is consistent
with IL thorough investigation.
Both Senators were of the opinion
| that the expenditures would necessarily
be somewhat large, although neither felt
/ that it was possible e& mike any definite
estimate on this question.
Senator Hillery has in his possession
"a large quantity OF dataswhich was hand
| ed up during the hearings on the insur-
anee investigation resolutions sduring the
| last session. This ineItdcs report of
| the Armstrong investigation in New
| York, and it will be supplemented by
such other data as may be collected in
| Guiding copies of the laws of other
| States bearing upon insurance companies
| and financial institutions.