The San Francisco call., 1906-06-06
WOULD COMPEL
STOCK REISSUE
Owners of Lost Certifi-
Gates to Be Aided
by New Law.
Ralston Introduces Pro-
tective Measure in
Senate.
Special Dispatch to The Call.

SACRAMENTO, June 5.-The third
house of the Legislature grows with
each passing day. Edward Mills Adams
arrived from San Francisco this morn
ing, commissioned by a general meet
ing held in the metropolis to frame a
measure under which owners of lost
and destroyed certificates of stock may
compel a reissuance to them of GER
tificates.
At the meeting held in San Fran
cisco Walter W. Kaufman presided
and Edmund Tauszky acted as Sec
retary. Attorney George c. Sargent
drafted measure to be offered for in
PRODUCTION for the consideration of the
Legislature and to put this bill through
Adams came to Sacramento. His COM
ing was anticipated. however, for early
this morning and before his arrival
Senator Ralston introduced a bill of
similar import. This bill provides that
owners of stocks, bonds and other Sc
curities may maintain action and, upon
establishment of proof that their Sc
curities has been burned or lost, may
compel the reissuance of the same. AS
the law now stands, corporations may
renew certificates if they desire, but
there are many that are unwilling to
assume this responsibility unless so
directed by the courts, a decree from
which would operate to invalidate the
original issue, in event the certificate
believed to have been destroyed
should turn up in future years.
|. 1t is believed that lost and burned
stocks and bonds in San Francisco
amount toimany millions of dollars and
the law proposed by Ralston is abso-
lutely necessary that the owners may
recover those things which are theirs.
This morning the Senate passed the
contingent bill appropriating $4,000 for
the mileage of the members The
finance committee reported favorably
on the bills appropriating $4,000 a year
for the maintainence of the insurance
commissioner and $4,000 to cover the
deficiency in the travelling and con-
tingent expenses of the insurance COM
missioner. 1t also reported favorably
on the bill appropriating $4,000 for
the repair of the State Normal School
building at San Jose.
The committee on revenue and tax
alton recommended the passage of the
bill appropriating $4605, with which to
repay 921 corporations. who were penal
ized SIS each for non-payment of the
corporation tax prior to August last,
the penalty having been enormously
collected through misunderstanding
of the law. senator WOlIe lntTOouccu
a bill appropriating $4,000 to enable the
State Board of Pharmacy to restore its
properties, that it may continue with
it's work.
The most important work of the
morning hour was the passage of the
bill providing for the REIMBURSEMENT
to the Federal Government of right
of way for canal to divert the waters
of Mormon Channel into the Calaveras
River east of stockton and TO take the
same along the channel of Calaveras
River in the San Joaquin This bill
was hurried to the Assembly for its
action.
The judiciary committee reported an
amendment to Senate bill 35, provid-
ing that Justices of the Peace shall
have power to grant stays of execu-
ton of not exceeding ten days in all
cases, including cases of unlawful de-
tainer and forcible entry. The amend
ment was adopted and the bill went
to third reading
The committee also reported the sub
stitute for McEnerny's bill to restore
land titles in San Francisco, which
was also adopted and passed to third
reading.