The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-01-16
Leader of the Colby Forces
Introduces a Bill Provid-
ing for the Investigation
Of Banks and Trust Com :
panies
SENT TO SLEEP In COMMITTEE
ALTHOUGH IT'S FATHER. PROM
Uses TO FIGHT HARD FOR IT'S
FREEDOM IT is THOUGHT THE
MEASURE IS DOOMED TO LIFE
IMPRISONMENT.
Especial to "The Jersey city News.'D

Especial to "The Jersey City News')
TRENTON, Jan. 16. 1906. Assem-
blyman William r. Martin, leader of the
Colby forces in the House, sprang a SEN
sation last night by introducing joint
resolution providing for an investigation
of all life insurance companies, trust
companies, savings banks and other fnan-
cial institutions doing business in this
State.
Under the rules of the House there
was no debate and the resolution was
Immediately referred to the Committee
on Banks and Insurance. This Com
mittee is composed of Mills, of Morris;
Buck. Of Cumberland; Giles, of Camden;
Kayser. of Essex, and Crowther, Of
Middlesex. Kayser is the only Colby
man on the committee and the fate of
the resolution is problematical. Unless
the State House ring, which is controlled
by the large interests doing business in
this State, so decree, the Joint resolution
will never leave the hands of the COM
mittee.
Mr.. Martin said last night he would
give the committee ample time to con-
slider the resolution. but if it failed to
make report thereon within three
weeks he would make fight to have it
taken out of the committees hands and
insist upon it's passage by the House.
This will likely precipitate one Of the
sliveliest fights OF the session.
The resolution reads as follows
Whereas, the recent investigation of
insurance companies in the State of New
York has caused doubts to arise as to
the conduct and management Of such
companies and allied corporations, such
as trust companies. savings banks and
State banks and the sufficiency Of the
supervision and control Of said conpa-
nies and the safeguards provided by law;
and
~Whereas, some Of the investments
permitted by law to be made by insur-
ances companies, trust companies, saw
ings banks and State banks have been
charged to be unsafe: and
Whereas, the State Department of
Bankinga nd Insurance is limited in its
power 10 examine the officers and agents
of insurance companies. trust companies.
savings banks and State banks, and it is
expedient that as basis for legislation
the operations of such co1npanies shall
be investigated as fully and promptly as
may be: now therefore. be il
sResolved ftae serate eoneuirinsee
that joint committee be appointed, con
sisting Of three meurbers OF the Senate
and FIVE members Of the General Assem-
bly,, with power and authority to investi-
gate and examine into the business and
affairs of life insurance companies. trust
companies, savings banks and banks do
ing business in The State of New Jersey.
the investments Of said companies, the
relations of the officers thereof to such
investments, the relation of such com
panies to subsidiary corporations, the
government and control of such compa-
nies the cost of transacting business,
/ the expenses of said companies and other
phases of the business of~each of said
companies, IN the discretion of the CONS
mittee, ana also to investigate and re-
port fhe operations 81 {he State depart
ment of banking and insurance, its SUI
peryision and control Of said companies,
and any other matter in relation to the
said department or companies which the
said committee may deem proper. for the
purpose of reporting a revision of the
laws regulating the business, authority
|
and affairs of said companies as said
committee may deem proper; and be It
further
.'Resolye6. That said joint committee
be and hereby is authorized and empow-
cred 10 sit during and after the session
of the legislature, to require and enforce
the attendance Of witnesses the produc-
ton Of hooks and papers, to administer
| catis. u employ conosel, stenographtrs.
clerks a.l1 saeh CHER employee as may
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